Karen Brewer

Sellers Category

Mortgage Fees Set to Rise this Spring

A recent article in the Wall Street Journal reports that the cost of getting a mortgage is about to get a lot more expensive. If you’re thinking about buying a home here in Darien or just about anywhere ,consider the following:

• Fannie Mae and Freddie Mac are adding new fees to borrowers with even the best credit ratings.Previously,there had been no fees assessed on those  with credit ratings of 720 or higher who put down less than a 25% deposit.Now there will be a fee of 0.25% to 0.5% of the loan value for those  borrowers. Those with credit scores of 700-719 and a 20%or less deposit will be assesses a full percentage point on the loan.
• The Consumer Financial Protection Bureau a new agency will be analyzing how  interest rates and closing costs are disclosed to consumers.Undoubtedly, this will result in consumer education programs and more paperwork the cost of which almost always gets passed down to the consumer himself.
• The Obama Administration is proposing a reversal in loan limits for high cost areas back to $625,000.Loans up to that amount will be considered “conventional.” Anything above that will require a “jumbo” mortgage and those rates are traditionally a half a percentage point higher. In a town like Darien, changing that limit may make the cost of the loan too expensive effectively excluding some first time buyers from the market.

There are a number of other changes coming up that will affect not just the Darien real estate market but all markets. FHA loans,primarily aimed at moderate income families will carry greater fees and the mortgage insurance associated with those loans will be harder to get.

Just when the market seems to be rallying,there are new hurdles to overcome.If you’re thinking of buying real estate, this could be the best, or at the lease the cheapest time to “pull the trigger”.

14 Broker Open Houses Tomorrow

Here we go….as promised… the Darien real estate market will begin to heat up as the weather warms.Tuesdays and Thursdays are”Broker Open House” days and tomorrow will be busy one.There are 14 homes on the tour in Darien and Rowayton alone.Some  of the homes for sale are inventory leftovers from the winter but many are new and range in price from $700K to $6million.Ladies and gentlemen…..start your engines.

44th Annual Darien Antiques Show Opens This Week

The 44th Annual Darien Antiques Show open here in town with a preview party on Friday,March 4. The show itself runs through the weekend to Sunday March 6.

The  show is run by the First Congregational Church of Darien and the proceeds support local charities including emergency shelters,and food banks.The weekend of events will kick off with a preview party ,”An Evening Out” on Friday March 4 from 7-9PM. The preview party will specifically benefit St.Lukes LifeWorks, a non profit organization that provides support services to the homeless in Fairfield County. Tickets to this event are  $50 and you can go to the show all weekend with this ticket. The best part of the preview party is the opportunity to view and purchase antiques before the general public.                                                                                                             

The show itself will feature Classical American and European furniture,fine art,silver,estate jewelry, glass and ceramics in a relaxed and totally unintimidating setting. Bring in a family heirloom for a free appraisal by Christine Downing, a featured appraiser on HGTV’s Cash in the Attic.

The hours of the show are Saturday,March 5 from 10AM-5PM and Sunday,March 6 from 11Am-5PM.Admission is $10 or $8 for seniors.

For more information and directions call 203-202-7342 or Facebook.com /The Darien Antiques Show.

Why is The Darien Real Estate Market Like The Weather?

Why is the Darien real estate market like the weather? Well think about it. This has been one of the worst winters in recent history for most of the country and particularly in the Northeast. The snow has piled up, literally holding us hostage in our homes as we wait for the next storm.

The real estate maket has behaved similarly. We’ve been hit by one punch after another for the past couple of years. While some volume has returned to the market, in 2010,the first two months of 2011 have been off to an anemic start.Houses have come onto the market one and two at a time. There have been sales but buyers and sellers are,for the most part  waiting for spring.In my conversations with other agents and homeowners, there is a backlog of buyers and sellers  who will ignite a  buying spurt at the first sign of crocus.

As a result, I’m going to go out on a limb and make a prediction. As the ice melts and snow recedes, the Darien market will take off like a Ferrari.The most popular price point,as always, will be the $1-$2million price point. If you’re a buyer or seller, keep your eyes open and ear to the ground.This year is being recognized as one that is very near the bottom of the Darien market and I think we will come out of the bad economy and bad weather stronger and more resilient than ever.

Darien Downsizers, Where to Go?

If you’re a downsizer in Darien,don’t get all excited.I don’t have a reasonable answer to the question.Lots of my contemporaries, with kids out of the nest,wish to  move to smaller digs yet,stay in the town of Darien. However,Darien has a  real lack of  alternatives for those wishing to rid themselves of  lawn maintenance and snow plowing.

There are of course condominiums in Darien such as Middlsex Common,Villager Pond,Sedgewick Village and Darien Close.Few if any of these offer one floor living or privacy though.

Darien Real estate inventory is at an all time low,owing I hope, to recent meteorological events.If you happen to be a seller with a home on the smaller side,say 2500 sq ft or less, this spring real estate season in Darien may be a great market for you. I guarantee there are “in town” buyers ready to jump.Beware however, these buyers are demanding homes in ship shape. No kitchen remodels, knocking out walls and the like.They have done their share of that and are looking for a breather.Contact me for a price opinion of your home, big or small. 203-554-0951 or kmbrewer2@aol.com.

Year End 2010 Real Estate Market Report, Darien and Fairfield County.

Every quarter and and year end,William Pitt Sotheby’s International Realty publishes a recap of the real estate markets in Fairfield and Litchfield,Ct counties.Unlike other reports that just provide statistics, this report is well worth reading.It provides context for the various marketplaces in Connecticut and offers excellent insights into,what’s selling,why and who is, in fact buying.Its a must read primer for anyone entering the Darien real estate market in 2011.

http://viewer.zmags.com/publication/ddb5fafd#/ddb5fafd/1

Why Your Darien Home Won’t Sell,and What You Can Do About It.

2011 is a brand new year but there is one thing that I guarantee has not changed form 2010. An overpriced listing in Darien or anywhere, will not sell.

Contrary to popular belief, it is the MARKET that determines value. whether it is for a stock, a used car, or your home.The only thing that counts is what someone is willing to pay.

One of the first things a  Darien homeowner does when they wish to sell their home is call their real estate agent.Typically, that agent will do a Darien Home Comparative Market Analysis and determine the best price for that particular property based upon factors including past sales,location and condition.

Many homeowners however, have a number in their  minds of what their house is worth that may or may not have a strong connection with reality.

If an agent suggests a price with which a homeowner doesn’t agree, the knee jerk reaction is to suspect the motives of the agent and price the home where they wanted anyway. This will only result in an overpriced listing that will languish on the market.

If you find yourself in this dilemma, I suggest a simple solution.HIRE A PROFESSIONAL APPRAISER. For $400 or so, and impartial appraiser can be hired to offer his opinion of your property.Appraisers are used all the time to determine value for insurance companies and banks who underwrite your mortgage. Why not use one for helping to determine the  asking price for your house?

If you and your agent are at an impasse over asking price,get a certified,local appraiser and break the logjam.You’ll sleep easier and get your Darien home SOLD.

Home Staging for Sellers….If You Do One Thing….

When you live in a home, it is obvious when you need a new roof or the furnace is on the fritz.But when it comes to selling your home, we all have a blind eye about certain things. I don’t have my house on the market right now but I did have an  personal home staging epiphany.

One of my daughters thought it was time to remove some dated wallpaper from her room and she was correct.We did that and  then painted.No biggie right? Right. After we finshed, I realized that her bed looked well, kind of yucky. I launder and (when the stars are aligned) have even been known to iron sheets each week. But after a while old bedding becomes well -old.Nothing is crisp or ever quite,white .With this in mind,I went to Home Goods, the Darien version TJ Max -but for housewares.

For $100 bucks I found new sheets and a comforter set that looks like it came out of a swish New York hotel.I cant believe the difference in the room!

Now armed and dangerous with another couple of bucks in my pocket,I replaced the sheets, etc. in my other kids rooms’. VOILA. Crisp, clean,like Id redecorated. For $20 each I also got some new pillows,a welcome change from those flattened,polyester things  that have been around for too many years.

Ive watched countless HGTV shows that espouse painting and changing linens.Duh basic…..but I never realized how true it was!

If you are thinking of selling your Darien home take a cold, hard look at the bedrooms.In terms of staging it will make all the difference in the world.

Darien Real Estate,2010 Year End Market Report

I’ve published a snapshot report of how the real estate market in Darien fared over this past year. In spite of gloomy reports from other markets around the county, Darien is bouncing back from a poor 2009. All the numbers are headed in the right direction for recovery,owing largely to the recuperation on Wall Street. For those of you who don’t know,Darien, Ct is to Wall Street what Silicon Valley is to Northern California.It’s the engine that drives this market. As  Wall Street bonuses and income go-so does Darien real estate.

As you can see, volume has picked up over the past year.There were 436 homes sold in 2010 versus 426 the prior year which is not huge but compared to other local markets, is terrific.Additionally, average price is up indicating that homes on the higher end of our market are also being sold.In fact in 2009, only 5 homes in the $3million plus range were sold compared to 13 in 2010 including several in the $6million plus category. The entry level of $600k-$1.5million accounts for the lions’ share of the market, which is not unusual. The” days on market” or average time it takes a home to sell has not decreased much and I attribute that to lingering, unrealistic expectations on the part of many sellers.

If we have learned anything in 2010, it is that if you price your home correctly, a buyer will turn up quickly.Most sellers,however, afraid of leaving “money on the table” prefer to start their pricing high and take their medicine in small,protracted doses.

Darien condos remain a soft spot int his market.Few were marketed and sold and I don’t have a good explanation for that.In 2010 only three condos here in town were sold compared with 13 in the prior year.

Basically,if you’re looking for a rebounding market with good value,great schools,waterfront and  a terrific commute to New York City,Darien and environs is the place.This market,combines with historically low interest rates provides the long anticipated “bottom” for Darien,CT homes and condominiums.

Darien Real Estate and Sotheby’s International Realty, A Growing Partnership

This comes under the heading of unabashed promotion but if you are a seller and want to know what Sotheby’s International Realty can bring to the sale of your  Darien home that the local firms cannot, simply read on. I leave this article behind on all my listing appointments. Very few of the other local Darien Realtors are in this league and in a market such as ours, sellers need all the help they can muster. RIS media has written a great article for buyers and sellers alike.