Here’s the deal. MLS stands for Multiple Listing Service and that is exactly what is is. The Multiple Listing Service was originally formed as a tool for Realtors to communicate with each other regarding properties for sale and an agreed upon commission arrangement .For a fee, Realtors join the MLS and there are still hundreds across the country. There all agents see listings in their town or area and in the past they (the Realtors ) kept all the information proprietary. (I’m sure many of you remember a day when Realtors drove around with black binders full of listings and if you were lucky, you got to look through it.)

Listings on Local Real Estate Websites are the Same....

Enter the Internet and all those black book listings became available directly to consumers through Real Estate Brokerage websites and sites such as Trulia,Zillow and Realtor.com.No longer were Realtors the keepers of the information..now everyone had it.

Small local MLS’s consolidated, syndicated the information and now use it to populate sites like Trulia etc. It’s all coming from one source so the data is the same,wherever you look. Of course, the Trulias and Zillows of the world  know that the data is identical and try to develop “value added” info…hence things like Zestimates are created.

There were and continue to be, smaller, Mom and Pop brokerages who  have what is known as” pocket listings” or “exclusives” that are not on the MLS. However, their days are numbered.First, these boutique firms are being gobbled up by larger ones and it’s the rare occasion when there is a house for sale that isn’t on the MLS and hence the Internet.In fact, it’s a huge disservice to a seller  since any homeowner should demand the widest possible marketing for their home.

THAT SAID, you may notice that a house can appear to be listed by one agent on say a XYZ Realty.com and  by another agent on ABC Realty.com . The MLS  allows agents to brand listings with their Brokerages’websites name regardless of whether it’s their listing or not.Confusing for the consumer,you bet. But that’s the way it is right now.

Long story short, almost all available properties in a town (in the case of Darien it’s 96% or more) are populating  real estate websites from one source…the local MLS. Other than being  confusing as to the identity of  listing broker, there is NO REASON to visit multiple websites in the hope of finding more or different properties Pick one you like and stick with it. William Pitt Sotheby’s has just rolled out one of the most beautiful and easy to search sites out there so,be sure to go there. Or,sign up for an account with Listingbook on this site and you’ll get the MLS feed like everywhere else and other great features like real time price reductions,selling prices, email notice when homes have bindered and open house schedules.

Clear as mud? No problem.Call me for further explanation.203-554-0951

The results of home inspections here in Darien and elsewhere are responsible for many of the glitches in a home sale. Invariably,inspections will turn up a myriad of problems with dated wiring, furnaces,roofs,plumbing etc. Mostly the problems are minor but they can throw the transaction into slow motion as the homeowner either gets chewed down in price or remediates the problems.

Just as you would spruce up the interior of your home before listing it,I highly recommend spending $500 or so on a pre sale inspection.You will learn if your roof is at the end of its life,if there is evidence of pests or termites among  other things.THEN you can decide to fix the problems or build them into your pricing without being under the gun to get to the contract stage of things.

There is nothing worse than pricing a home for the current market and then being ”nickled and dimed ” after a less than stellar inspection.

One caveat here is that prospective buyers will probably want to do their own inspection anyway to insure reliability but its a great selling point to have a documented inspection while marketing and may save you, the seller big bucks down the road.

Real estate propertry taxes are expressed in something called a mill rate.The mil rate is equivalent to dollars of tax per thousand dollars of assessed value of a home and land. (Assessed value is a lesson for another day).As you’ll see below the rate can vary within a town depending on whether your home is on a septic system or using town sewers.

The point here is that compared to our neighboring towns,Darien has THE lowest mill rate,making Darien a fantastic real estate value.Couple low taxes with excellent schools and a great commute (just under one hour to NYC) and you have the trifecta of real estate!

The rate in Darien is $11.74 versus $13.5 in New Canaan, $14.85 in $westport, $20.16 in Wilton and $19.37 in Fairfeld.

So if you are thinking of selling your home  you might be wondering just how Realtors come up with home prices in a place like Darien.You’ve probably heard this before but it is part science,part art ,and part market experience and knowledge.

I’ve been doing my share of Comparative Market Appraisals (or CMA’s as they are known )in the past few months and thought it was time to reveal what actually goes into this seemingly, mysterious process.

First, the  science part. As  Darien Realtors, we look  first for properties that have recently sold or bindered that have similar characteristics and locations to the subject property. Those factors include, size of property,square footage,age,condition.location,style of home and extras such as a pool,out building, tennis court etc.

Of course, no two homes are exactly alike and that is where the “art “comes in.A good Realtor in Darien  or elsewhere will know which homes are truly comparable. Just because two homes match up on paper doesn’t mean they are comparable. Is one on a busy street versus a cul de sac? Does one have a new kitchen?Does the property have wetlands or other issues? Does one have a finished versus unfinished basement?Is exterior condition comparable? What about the quality of the interior finishes??Is one home close to the neighbors and the other sited better? These are just a few of the intangibles that must be factored in to the pricing process.

Then when we  settle on several “comps” (and there should be about six) a truly experienced Darien Realtor will have even deeper knowledge as to why those homes may have sold at a certain price.For example, last week I was doing a price opinion for a client and one of the “comps” was home that looked perfect on paper. Then I remembered that the builder sold the property on the low side because there was a illness in the family and he simply needed to get on with a sale.

This kind of information is why it is so important to select a Realtor who works full time in real estate and really has an ear to the ground.I could have easily used the low priced home as a “comp” for my client but instead omitted it because it did not reflect true market value.

If you’re selling your home ask  your Realtor why they selected the “comparables”they did. You can even ask them to show the ones that they didn’t use.It will give you a greater understanding of the process and hopefully make you more confident of your asking  price.

Now there are those who do this because they’ve never bought a home or don’t understand the protocol.  Then there are those that feel that they will see different listings with different brokers or somehow get a “leg up” in the process.

Let me explain why this will inevitably backfire.First,almost all listings these days are “multiple listed”.That is to say,they are available  to agents via computer databases that we all share. Gone are the days where agents held onto “pocket listings” or didn’t make all information available to the general public.(If you have a home listed with an agent who is still doing this….run…do not walk…in the other direction.) The point is that the Internet has made this practice obsolete and you therefore, will gain nothing on this front.

Second,a really good agent will want to get to know you, what you like or don’t like in a home,neighborhood or town.They will want to know about your commute, your children and other information that will help them to find your next home. If you are hopscotching between agents, they are ALL JUST SHOWING HOUSES and you will inevitably “drag out” your search process and wind up being confused.

Third, and listen up here….if it becomes known that you are utilizing the services of multiple agents,even for a day, an agent may be disinclined to invest the time it takes to educate you and find you the best deal.

This is where trust comes in. All good business arrangements, big or small, with a  written contract or without, are  based on trust . The first one to breach that trust loses!

When looking for a home,find an agent you like and stick with them. It will pay off  in the long run.Trust me.

“A provision in a contract that requires a certain act be done or a certain event to occur before a contract is binding.”

The most familiar contingency is a “mortgage contingency” where a prospective buyer and seller agree not to proceed with a sale until a buyers’ mortgage is confirmed.Other examples of contingencies include, inspections or specified repairs to the property.

“As is”,  means without guarantee as to condition, (as in a sale ,not the condition of the property)               

A property therefore is being sold as it appears, including  obvious or seen defects,or defects uncovered by an inspection. So,if a home is being offered “as is” and  roof is  obviously in poor shape or there is water in the basement…..caveat emptor…BUYER BEWARE.

However,the” as is’ rule may not apply to” latent defects. “A latent defect is one known to the seller but not the buyer and is not discoverable by ordinary inspection.So for example if the homeowner built the house and knows  he did not install the floors properly this could be a latent defect.

When buying a home in the state of CT condition disclosures are the law  and no buyer should enter into a contract without them.