Real Estate in Central CT

Real Estate in Central CT: Things are looking up as home sales rise!

2011-09-27T12:41:00.000-07:00

Real Estate in Central CT: Things are looking up as home sales rise!: I wanted to post some news regarding August home sales...!! THEY ARE UP READ ON... August Existing-Home Sales Rise Despite Headwinds,...

Things are looking up as home sales rise!

2011-09-27T12:38:00.001-07:00

I wanted to post some news regarding August home sales...!! THEY ARE UP READ ON...

August Existing-Home Sales Rise Despite Headwinds, Up Strongly from a Year Ago

Washington, DC, September 21, 2011
Existing-home sales increased in August, even with ongoing tight credit and appraisal problems, along with regional disruptions created by Hurricane Irene, according to the National Association of Realtors®. Monthly gains were seen in all regions.
Total existing-home sales¹, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 7.7 percent to a seasonally adjusted annual rate of 5.03 million in August from an upwardly revised 4.67 million in July, and are 18.6 percent higher than the 4.24 million unit level in August 2010.
Lawrence Yun, NAR chief economist, said there are some positive market fundamentals. “Some of the improvement in August may result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations,” he said. “Investors were more active in absorbing foreclosed properties. In addition to bargain hunting, some investors are in the market to hedge against higher inflation.”
Investors² accounted for 22 percent of purchase activity in August, up from 18 percent in July and 21 percent in August 2010. First-time buyers purchased 32 percent of homes in August, unchanged from July; they were 31 percent in August 2010.
All-cash sales accounted for 29 percent of transactions in August, unchanged from July; they were 28 percent in August 2010; investors account for the bulk of cash purchases.
“We had some disruptions from Hurricane Irene in the closing weekend of August, when many sales normally are finalized, along the Eastern seaboard and in New England,” Yun said. “As a result, the Northeast saw the smallest sales gain in August, and some general impact is expected in September with widespread flooding from Tropical Storm Lee. Aberrations in housing data are possible over the next couple months as markets recover from disrupted closings and storm damage.”
Yun said an extremely important issue currently is the renewal and availability of the National Flood Insurance Program, scheduled to expire at the end of this month. “About one out of 10 homes in this country need flood insurance to get a mortgage, and we would see significant negative market impacts without it,” he said.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.27 percent in August, down from 4.55 percent in July; the rate was 4.43 percent in August 2010. Last week, Freddie Mac reported the 30-year fixed rate fell to a record low 4.09 percent.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said the market is remarkably affordable for people with secure jobs, good credit and long-term plans. “All year, the relationship between home prices, mortgage interest rates and family income has been hovering at historic highs, meaning the best housing affordability conditions in a generation,” he said.
“The biggest factors keeping home sales from a healthy recovery are mortgages being denied to creditworthy buyers, and appraised valuations below the negotiated price. Buyers may be able to find more favorable credit terms with community and small regional banks, and Realtors® can often give buyers advice to help them overcome some of the financing obstacles,” Phipps said.
Contract failures – cancellations caused largely by declined mortgage applications or failures in loan underwriting from appraised values coming in below the negotiated price – were reported by 18 percent of NAR members in August, up from 16 percent July and 9 percent in August 2010.
The national median existing-home price³ for all housing types was $168,300 in August, which is 5.1 percent below August 2010. Distressed homes – foreclosures and short sales typically sold at deep discounts – accounted for 31 percent of sales in August, compared with 29 percent in July and 34 percent in August 2010.
Total housing inventory at the end of August fell 3.0 percent to 3.58 million existing homes available for sale, which represents an 8.5-month supply⁴ at the current sales pace, down from a 9.5-month supply in July.
Single-family home sales rose 8.5 percent to a seasonally adjusted annual rate of 4.47 million in August from 4.12 million in July, and are 20.2 percent above the 3.72 million pace in August 2010. The median existing single-family home price was $168,400 in August, which is 5.4 percent below a year ago.
Existing condominium and co-op sales increased 1.8 percent a seasonally adjusted annual rate of 560,000 in August from 550,000 in July, and are 8.3 percent higher than the 517,000-unit level one year ago. The median existing condo price⁵ was $167,500 in August, down 3.3 percent from August 2010.
Regionally, existing-home sales in the Northeast increased 2.7 percent to an annual pace of 770,000 in August and are 10.0 percent above a year ago. The median price in the Northeast was $244,100, which is 5.1 percent below August 2010.
Existing-home sales in the Midwest rose 3.8 percent in August to a level of 1.09 million and are 26.7 percent above August 2010. The median price in the Midwest was $141,700, down 3.5 percent from a year ago.
In the South, existing-home sales increased 5.4 percent to an annual pace of 1.94 million in August and are 16.9 percent higher than a year ago. The median price in the South was $151,000, which is 0.8 percent below August 2010.
Existing-home sales in the West jumped 18.3 percent to an annual pace of 1.23 million in August and are 20.6 percent higher than August 2010. The median price in the West was $189,400, down 13.0 percent from a year ago.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Power-Assisted Roof Vents: Lose the Heat and Save the Money

2011-07-24T17:39:00.001-07:00

Power-Assisted Roof Vents: Lose the Heat and Save the Money
A power-assisted roof vent gives your attic air flow a boost, reducing moisture buildup and possibly lowering energy costs. Read

Visit houselogic.com for more articles like this.

Real Estate in Central CT: Another Day Trip Jonathon's Dream

2011-07-06T11:39:00.000-07:00

Real Estate in Central CT: Another Day Trip Jonathon's Dream: "A few years ago, my friend introduced me to Jonathon's Dream in West Hartford, CT. It is a beautiful playground and here is the story: T..."

Real Estate in Central CT: Another Day Trip Jonathon's Dream

2011-06-28T17:40:00.001-07:00

Another Day Trip Jonathon's Dream

2011-06-28T17:40:00.000-07:00

A few years ago, my friend introduced me to Jonathon's Dream in West Hartford, CT. It is a beautiful playground and here is the story:

The Inspiration for
Boundless Playgrounds
A little girl in a wheelchair sadly watched the other children play on a playground she couldn't get to or on. She probably wondered why the playground wasn't a place where everyone could play.
Several months later, after the heartbreaking death of their nine-month-old son Jonathan from the terminal form of spinal muscular atrophy, Amy Jaffe Barzach, her husband Peter and Jonathan's older brother Daniel, sought a meaningful way to honor his life. Remembering the little girl in the wheelchair, they decided to create a playground where children with and without disabilities, and their families, could play and learn together. They imagined that in Jonathan's dreams, he would have wanted playgrounds to be places where everyone could celebrate life together. After the playground opened in 1996, hundreds of people contacted Amy wanting to learn how they could build playgrounds for the children of all abilities in their communities. This inspired Amy to lead a passionate team of parents and professionals to establish Boundless Playgrounds in 1997.
Over the years, two other children, Alyssa and Michael, joined the Barzach family and also got involved with Boundless Playgrounds. During her tenure as its founding executive director, Boundless Playgrounds raised awareness of the need for and benefits of inclusive playgrounds generating interest from people in every state, helped communities develop 135 inclusive playgrounds in 25 states, successfully implemented three state initiatives, and raised millions of dollars for this cause including $10,000,000 in challenge grants that directly helped more than 50 communities develop their own inclusive playgrounds.
After dedicating more than a decade of her life to Boundless Playgrounds, Amy turned leadership of Boundless Playgrounds over to Fred Leone, CEO in September 2008 to start Powerful Inspiration. Her new venture is dedicated to inspiring people to work towards a world where everyone matters and everyone can make a difference. Through speaking engagements, workshops and other educational programs, Amy's new company will help people and organizations discover their passions and learn to use their unique strengths to achieve success and make a difference. In addition, through national leadership roles, she will be educating policy makers and the public, building partnerships, and developing innovative programs designed to inspire people to create more inclusive and empowering communities. Amy can be reached directly by phone: 860.983.5040 or by email: barzacha@yahoo.com.

Directions: Jonathan's Dream is located less than four miles from downtown Hartford at the Greater
Hartford Jewish Community Center, 335 Bloomfield Avenue, West Hartford. From the city, follow
Route 44/Albany Avenue West, then make a slight right onto Bloomfield Avenue/CT Route 189.
Jonathan's Dream will be on your left. The sign for the playground is small, so watch for the Greater
Hartford Jewish Community Center entrance sign, then follow smaller signs that lead to ample free
playground parking.
Accessibility: The playground is designed to be universally accessible. While the needs of children
with disabilities played heavily in the design considerations, Jonathan's Dream is definitely a
playground that all children will love.
Hours: Jonathan's Dream is open during daylight hours daily year-round.
Parties: To inquire about holding a party at Jonathan's Dream, call 860-243-8315.

CTvisit.com: One Tank Getaways Family Fun

2011-06-23T10:13:00.000-07:00

CTvisit.com:+One+Tank+Getaways+-+Family+Fun

Recently CTvisit.com has posted some one tank getaways! I am going to try and review some of these trips. So you know what is in store.

I am going to start off with one that I am very familiar with Lake Compounce.

Lake Compounce is located in Bristol, CT near ESPN and the Southington line. It is listed as one of the oldest continually run amusement parks in America if not the oldest.

In the 80's and early 90's it was a concert destination with such bands as New Kids on the Block, The Beach Boys, Chicago, Aerosmith, etc. It started running into problems in the 90's right after Guns N' Roses was booked there. Not too long after that the park stopped hosting bands and went into financial difficulties.

It was eventually sold off and the current owners have now changed the image of the park. It has an extensive kiddie land, a large water park with plenty of different water slides. The main attraction for thrill seekers is Boulder Dash.

Season Tickets to the park are 69.99/ea and if you purchase 4 you get a free pizza!

https://tickets.lakecompounce.com/WebStore/Shop/ViewItems.aspx?CG=SPPIZZA&C=SPPIZZA

2011 SINGLE DAY TICKETS

Buy and print single day tickets for your 2011 visit to the Lake.
Hint: They make great gifts for Birthdays, Graduations or Special Occasions!

Save $6 on Regular Admission when you enter Promo Code 301147971 at checkout!**

Regular Admission (52" and taller)	$35.99* each
Junior Admission (Under 52" tall)	$25.99* each
Senior Admission (Over 60 years of age)	$17.99* each
3 years and under	FREE
After 5 P.M. (tickets not available online)	$17.99* each
Parking	$8.00

Great Family fun, Free Soda All Day, and close to everything in CT!!!

ENJOY

Real Estate in Central CT: An article I came across about smoke damage!

2011-06-21T12:28:00.000-07:00

Real Estate in Central CT: An article I came across about smoke damage!: "Smoke Damage Cleanup: Act Quickly When Smoke Gets In Your Eyes and House By: Craig Guillot Published: April 28, 2011 Smoke damage beco..."

An article I came across about smoke damage!

2011-06-21T12:27:00.000-07:00

Smoke Damage Cleanup: Act Quickly When Smoke Gets In Your Eyes and House

By: Craig Guillot

Published: April 28, 2011

Smoke damage becomes harder to repair over time. Get rid of odors quickly to avoid a persistent problem.

Ventilate and vacuum

Once the fire’s out or the flue is open, ventilate the house as quickly as possible to mitigate smoke damage.

Throw open doors and windows.

Turn off HVAC systems to avoid further spreading smoke.

Rent a few industrial fans ($25 for 24 hours) and angle them towards the windows and doors. This will help suck smoky air from the home.

Vacuum soot and ash with a shop vac ($30). Hold the nozzle just above the soot and suck it up—pushing down could cause stains.

Deep clean

Throw away heavily damaged or heavily smoked items, and start cleaning the house top to bottom.

Wipe down all hard surfaces—countertops, appliances, and furniture—with a cleaning cloth.

Wash walls and ceilings. Wipe soot away with a dry sponge. Rub away stubborn stains with a vinegar spray. If you need more muscle, use paint thinner (open windows for ventilation).

Wash or clean all household items, even light bulbs. Remove bulbs to wash and dry thoroughly, then reinstall.

Wash or dry-clean all clothing and drapes.

Deodorize carpets and window coverings with odor counteractants such as OdorX 9-D-9 ($68 for 1 gallon) or No Smoke Odor Counteractant ($59 for 32 ounces).

Throw away all food that was not sealed in airtight containers.

Replace all HVAC filters.

Call the professionals

If you’ve had extensive smoke damage, professionals can help you clean up and get rid of smoke odor.

Smoke or fire remediation company: Certified by the Institute of Inspection, Cleaning and Restoration, these companies use ozone treatments or thermal fogging to eliminate smells in hard-to-reach areas. Ozone treatments use an ozone generator to send an electrical current through the oxygen, which attacks the smoky odor ($125/day for 2,500 sq. ft.). Thermal fogging works at the molecular level and generates fine particles to infiltrate the pores of affected materials ($125/day for 2,500 sq. ft.).

Professional duct cleaning company: Vacuum-scrubs ducts to clear soot and smoke residue ($450 to $1,000).

Carpet cleaning company: Steam cleans your carpets ($100-$200 for 900 sq. ft).

Craig Guillot is a New Orleans-based writer who has covered personal finance, real estate, and housing topics for such sites as HGTVPro.com, Bankrate.com, CNNMoney.com, and Entrepreneur.com.

Plainville CT Norton park Berner pool

2011-06-11T20:47:00.000-07:00

Understanding Real Estate Representation

2011-05-07T07:14:00.000-07:00

Understanding Real Estate Representation

Whether you’re buying or selling, it’s important to choose representation that meets your needs in the transaction. Read

Visit houselogic.com for more articles like this.

Real Estate in Central CT: How do I get paid???

2011-03-08T06:21:00.000-08:00

Real Estate in Central CT: How do I get paid???: "So your contractor has finished demolishing the insides of your house. But he just can't demolish everything there and walk away! His job ..."

How do I get paid???

2011-03-07T10:30:00.000-08:00

So your contractor has finished demolishing the insides of your house. But he just can't demolish everything there and walk away! His job is not only to remove all the debris and reduce the insides to studs, he has to document EVERYTHING! Yes he has to know what is in the house and what needs to be replaced for the house to be re-built.
The insurance company is looking for your house to be re-built to pre-disaster condition. The important thing to know when you are doing any repairs to your house is that plaster is worth more than sheetrock. You may be saying huh? Ok, they are looking for replacement cost, so to put plaster back in cost about 3x as much as putting sheetrock. So for the home-owner that value will help in the long run. The insurance company will always find something they won't cover. So the extra value will help you. Also if you plan on making any changes to the design of your house. This is the time to do it. Here is a sample(an actual form of mine)

The contractor will give the estimate to the insurance company and they will come back with two numbers.

One number will be the full cost of repair. The second will be the actual cash value. The full cost of repair would be the actual estimate that the contractor gave to the insurance company. They then subtract a depreciation. That next value gives you the actual cash value.
In other words the money you initially get will be the actual cash value and if you need actually need more than that, the depreciation is used to withdraw from.
Please if you have any questions on this, ASK! It is not an easy part of this ordeal!

So now the fire is out...what next?

2011-03-03T08:08:00.000-08:00

So now the fire is out. What do we do next? In my case, I returned home at 4am and called my insurance company. An adjuster was assigned, and he came out the next day. I had to meet with the fire Marshall and the building inspector. The damage that was done, made the house unsafe. The second floor had the most fire damage. Most of the tenants belongings were ruined. They did not have renter's insurance, so it was a total loss for them. The first floor sustained water damage. Their belongings were mostly destroyed but they did have renter's insurance. Their insurance company helped them move, clean, and take care of most of their needs.
The only problem with their insurance, was that I had to wait till they got their stuff out.
I was told to have the house boarded up and winterized. Then I had to start to figure out who would do the demo. It is so overwhelming at this point! Take a step back, go about your normal business and get quotes. Also it is best to start getting quotes now on getting it repaired. I waited until the place was gutted.
So at this point, you are still dealing with your tenants, and trying to start repairs. It isn't an easy job. It takes some time.
My next blog is understanding the numbers that the insurance company gives you.
IT IS ROCKET SCIENCE!!!

So what do you do after the fire is over?

2011-02-17T14:48:00.000-08:00

I called my insurance company at 4am that day, when I got home from the fire. They immediately contacted an adjuster who works for "me" and the insurance company. I put me in quotes because in essence, they work for the insurance company but help facilitate the claim. When I showed up the next day, contractors were already at the scene. They are the ambulance chasers of fires. Also public adjusters show up too. I will explain more about that in my next blog. The insurance company will want you to board up. So I just told one company to do that. That was a mistake, which I will explain later. Also the next mistake was just getting a company to winterize. As it was winter and freezing temperatures would lead to broken pipes, winterizing the pipes and boilers must be done. Now to deal with the building inspector and the fire marshal. Also time to deal with the tenants!!

It is a big ordeal, and the most important thing to do is document, take pictures, and stay on top of the workers!
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Next blog will discuss how to deal with the tenants, if you are a landlord.

Here is a video of the fire:

What Happens When Your House Burns

2010-09-03T10:04:00.000-07:00

I am going to start a new series of blogs about fires and what a consumer/owner must endure. One may think that the procedure is pretty cut and dry but it is not. Yes the usual process happens, you call the insurance company. But there is much more to deal with after the fire.
In my circumstance, I am a landlord and I had tenants. First off, everyone got out of the fire virtually unscathed. One tenant did jump off the roof from the second floor, which was the egress to escape. He sustained a broken foot but now is okay. The second floor was completely destroyed by the fire. The first floor was destroyed by water damage. Once the fire was over the fire marshall deemed the building unsafe. The first floor tenants had rental insurance. They were able to escape with little damage and were covered. The second floor tenants virtually lost everything. So my first advice for landlords, or tenants; get rental insurance.
Rental insurance is fairly inexpensive. It covers everything in your unit. It helps pay for moving expenses. It will cover theft, etc. GET RENTAL INSURANCE!!!
Ok...my next blog will be about,...the Day After the Fire!

Here is the link about my fire.

Prevent New Tax Burdens on Real Estate

2010-05-24T17:17:00.000-07:00

Prevent New Tax Burdens on Real Estate

Congress is considering new tax proposals that would place additional burdens on owners and investors in residential and commercial real estate.

The real estate industry is still very fragile and likely to remain so. In better times, the real estate industry would be a dynamic engine of job creation. Any new tax burdens on real estate owners will impair and delay further recovery. These proposals are ill-advised, inopportune and potentially destructive. Please take action today to tell Congress "No New Real Estate Tax Burdens".

2010-04-10T19:42:00.000-07:00

What Your Remodeling Contract Should Say

Review your remodeling contract carefully and adjust it to make sure it protects you in terms of payments, work schedules, and project specifications. Read

5 Essential Questions to Ask Before Hiring a Contractor

You’re ready to remodel but you want to make sure you get the best contractor for the job. Here’s what to ask the candidates before you decide. Read

When It Pays to Do It Yourself

Doing home-improvement jobs yourself can be a smart way to save money, but choose the right DIY projects or you’ll end up paying dearly. Read

Budget for a Remodel

To calculate how much remodel you can afford, follow these four steps: Ballpark the cost, establish a spending limit, make a wish list, and set your priorities. Read

Should You Move or Improve?

Whether to move or improve is a harder question to answer than it was a few years ago, but a few cost-benefit calculations can help you make the right decision. Read

Visit houselogic.com for more articles like this.

Foreclosures

2010-03-26T06:32:00.001-07:00

Seems like there still is an increase in foreclosures and bank-owned properties BUT the banks still aren't budging on their prices.

CHANGE how a President makes change happen!!

2009-12-19T17:18:00.001-08:00

Dr. Jill Landesberg-Boyle, President of Florida Keys Community College has announced the approval of$2,240,000 to the Florida Keys Community College for Instrumented Underwater Training Systems (IUTS) to provide an advance in water maritime security training programs for the Department of Defense. She credits the strong leadership of Congresswoman Ileana Ros-Lehtinen, a senior member of the Florida Congressional Delegation, in the securing of this very important project funded in the Defense Appropriations Bill that was approved by the House today.

My cousin working to improve a college in one of the best Real Estate areas in our country Key West

2009-11-21T11:26:00.000-08:00

Some links about my great cousin Jill Landesberg-boyle

Some useful websites

2007-12-28T11:42:00.000-08:00

It is amazing to see the world we live in change each day. With that we get new sites and changes to old ones.

First off we have Google maps, yes everyone knows about Google. But do you know about the street level feature? You can actually view areas from the tops of cars. Okay, suburbia may not be available but if you are looking to buy a house in or rent an apartment in New York, you can check out the neighborhood without leaving your current house!

The second is Everyscape.com this is a new company but it has some pretty cool technology and could be better than google maps.

The last one that I USE(there are a lot more than the ones I'm mentioning) is maps.live.com. Finally Microsoft has found some competition to Google. What I like most about maps.live is the Bird's Eye view. Check out the neighborhood before you see the house. You can see in the surrounding houses backyards and how many jalopies they have in the back!!

A great interview for your home inspector!

2007-12-19T12:38:00.000-08:00


		10 Questions to Ask a Home Inspector 1. What are your qualifications? Are you a member of the American Society of Home Inspectors or National Associaton of Home Inspectors? 2. Do you have a current license? Inspectors are not required to be licensed in every state. 3. How many inspections of properties such as this do you do each year? 4. Do you have a list of past clients I can contact? 5. Do you carry professional errors and omission insurance? May I have a copy of the policy? 6. Do you provide any guarantees of your work? 7. What specifically will the inspection cover? 8. What type of report will I receive after the inspection? 9. How long will the inspection take and how long will it take to receive the report? 10. How much will the inspection cost? Portions adapted from Real Estate Checklists and Systems and used with permission. www.realestatechecklists.com

I'm Back!!

2007-10-02T11:35:00.000-07:00

It's been a long time but I took the summer off to spend extra time with my children so once again I will be adding blogs about two times a week. I would like to touch on the sub-prime market and how that's affected us!!

Sometimes Real Estate is where you don't want to be

2007-06-13T08:02:00.000-07:00

Ok, we have all heard it Location, Location, Location. But this photograph says it all. I am not a fan of being eaten by another animal, although some wouldn't mind getting close to these animals. Just remember to always check around the house or property you are buying. Now Olive pythons are native to Australia so in the United States it would be difficult to meet up with one. There are all kinds of dangerous animals in the U.S. from Black Widow Spiders to Rattlesnakes. Oh don't forget the two-legged danger. Yes, I'm talking about the human race. The best place to find out about the crime in your area is to check the local police department or just ask the neighbors.Publish Post

How Brokers go Bad!!!

2007-05-19T10:25:00.000-07:00

Feds probe real estate agents

Money magazine investigation shows Justice Dept. looking into anticompetitive practices.
April 22, 2005: 5:27 PM EDT
By Jon Birger, Money Magazine

NEW YORK (CNN/Money) - Did you pay your real estate broker too much? The U.S. Department of Justice may be set to turn Tulsa, Okla. into a test-case for ending the stranglehold 6 percent commissions have over the real estate brokerage business.

MONEY has learned that Justice's Antitrust Division is gathering information on the bully tactics that full-commission brokers in Tulsa allegedly use against their discount rivals to discourage commission-cutting. The probe follows other recent efforts to spur competition in the real estate industry.

According to a copy of a Justice Department subpoena obtained by MONEY, federal investigators are seeking information on "possible anticompetitive conduct in the provision of real estate services in the Tulsa area" as well as "documents related to refusal to cooperate on real estate transactions."

An Antitrust Division spokeswoman confirmed the existence of the investigation but declined to provide additional details.

Al Unser, executive director of the Greater Tulsa Association of Realtors said: "We received a CID [civil investigative demand] from the Justice Dept. and we have responded."

Economists who study real estate, such as the University of Cincinnati's Norm Miller, believe anti-competitive behavior is the primary explanation for the persistence of the 6 percent commission.

J.D. Smith and Bob Meyer are two Tulsa discount real estate agents who say they were interviewed by federal investigators. They say the investigators wanted information on full-commission agents' alleged refusal to show home-buying clients properties listed by discount brokers -- a tactic known as boycotting.

Boycotting exploits the one major weakness of the multiple listing service.

The MLS's upside is that it centralizes all homes for sale in a single electronic marketplace that can be accessed by all agents -- and these days by Web-savvy consumers as well.

The downside is that brokers must depend on one another to help sell their homes, and that discourages them from undercutting each other's commissions.

While boycotting the listings of discounters is generally considered an antitrust violation -- if undisclosed, it's also a breach of fiduciary duty to clients -- industry insiders are well aware that boycotting goes on, even if they claim not to condone it.

For Smith, the Feds' investigation comes a year or so too late. His realty business on the brink of ruin, Smith recently abandoned discount brokerage and went back to charging 6 percent. "In one week," Smith said, "I've had more showings and more offers from other realtors than I had in the previous two months."

The Tulsa investigation is part of an ongoing Antitrust Division foray into the sharp-elbowed realty world. In March, the Antitrust Division sued the Kentucky Real Estate Commission over a state law that prohibits real estate brokers from offering commission rebates to consumers.

More recently, Assistant Attorney General R. Hewitt Pate sent letters to lawmakers and regulators in Oklahoma and Texas, urging them to reject proposals that would effectively prohibit brokers from engaging in limited-service or fee-for-service realty -- such as listing a home for sale on the multiple listing service for a flat fee of $500.

Bruce Hahn, chairman of the American Homeowners Grassroots Alliance, argues that state prohibitions on rebates and fee-for-service discourage competition and inflate commissions paid by consumers. "We've talked to Justice, and we think what they're doing is tremendous," he said.

2007-05-15T12:19:00.000-07:00

NAR Responds to 60 Minutes' May 13, 2007 Segment
CBS News Magazine Show Misses the Mark

May 14, 2007 -- In the world of political campaigns, it's a standard ploy to set the stage with an empty chair when one candidate refuses to debate his opponents.

The CBS show 60 Minutes gave the NATIONAL ASSOCIATION OF REALTORS® the empty chair treatment in a May 13 segment that examined the impact of online brokerages on the real estate industry. The show featured interviews with a representative from the now-defunct eRealty and the president and CEO of Redfin, but no one from NAR, even though NAR twice offered and prepared Association spokespersons for interviews with Leslie Stahl. It was CBS that made the decision it would rather interview our opponents and let them make unanswered -- and inaccurate and unfair -- accusations about REALTORS® and NAR policies.

The one-sided journalism and egregious errors served no one well, especially the once-vaunted news magazine show. NAR staff spent nearly a year working with CBS, briefing producers on the issues involved. The producers attended the REALTORS® Conference in New Orleans and met with NAR's legal counsel for half a day in Chicago. Yet, still the segment was full of major errors.

NAR is in communication with 60 Minutes about its unbalanced reporting and presentation of misinformation and will be sending the CBS network a letter demanding an opportunity to correct these errors and misrepresentations.

Here are some examples of the misinformation:
Error: The six percent commission is "sacrosanct."
Fact: All commissions are negotiable. The average commission rate is not 6 percent, but 5.1 percent, according to Real Trends.

Error: NAR is the industry's "governing body."
Fact: NAR is a trade association. It does not govern the industry.

Error: In 2003, NAR issued new rules of its own that threatened to block Internet discounters' access to the MLS.
Fact: The Virtual Office Website policy did not block access to MLSs for discounters or any other brokers who are members of the MLS.

Error: The MLS is the database that lists virtually every home for sale in the country.
Fact: There is no single national MLS. Rather, there are more than 900 local and regional multiple listing services. These are not simply "databases" but private exchange of offers of cooperation and compensation between real estate brokers.

Error: Eight states have "minimum service laws" that require REALTORS® to provide a level of service many Internet discounters can't afford.
Fact: "REALTOR®" is a trademarked term and should never be used synonymously with "real estate agent." The intent of minimum service laws is to ensure consumers receive a minimal level of service from licensees.

Error: The brokerage industry has a powerful lobby. Eleven states flatly prohibit rebates.
Fact: The intent of anti-rebate laws is to prevent kickbacks in real estate transactions, not to limit brokers' incentives to attract customers. The brokerage industry does not lobby for anti-rebate laws.

Other key points 60 Minutes misrepresented or overlooked:
NAR supports all business models and favors none. Our 1.3 million members include REALTORS® who work on a full-service basis, as well as those who consider themselves to be limited service, fee-for-service, minimum service, and discounters. We think it's great that consumers have a choice today.
The real estate industry has harnessed technology for the benefit of consumers and will continue to do so. Real estate is both high-tech and high-touch, so can be enhanced by both electronic and personal interaction.
There is no such thing as a "standard commission." Commissions are negotiable and prices vary. The fact is that commission rates have decreased 16 percent from 1991 to 2004 (source: Real Trends).
The real estate business is unique in that competitors must also cooperate with each other to ensure a successful transaction, and MLS systems facilitate that cooperation. The first MLS was created more than 100 years ago as way for brokers to share their listing agreements with each another in hopes of procuring buyers for their properties more quickly and efficiently than they could on their own.
The MLS is a tool to help listing brokers find cooperative buyer brokers to help sell their clients' homes. Without the collaborative incentive of the existing MLS, brokers would create their own separate systems, fragmenting rather than consolidating property information.

A case of non-disclosure

2007-04-13T10:34:00.000-07:00

As Realtors we are informed weekly of current issues in Real Estate by our local board. I want to relay you a case that just passed before a judge.

The buyers of the property looked through the disclosures, no water or seepage in the basement. Their inspector found no defects. The buyers believed what they read in the MLS as true, mint condition and like new. The "like new" was in reference to the repairs the sellers had made. It was freshly painted and there had been repairs to the basement within the six months prior.

After the buyers moved in they found the basement to be wet. They pulled the carpets back and lo and behold there had been repairs to rotting wood. They found mold and rot in a room that the inspector was unable to test due to storage.

The buyers filed suit against the sellers and real estate agents alleging they new about the defects and hid them with the "like new" reference.

The sellers said they knew nothing, and the inspection didn't uncover anything.

The court claimed that if they had no knowledge the pictures the buyers had taken of the basement sure showed guilt.

The court dropped the case against the Realtors saying they had no knowledge of the defects.

The court ruled in favor of the buyer and awarded $92,282 for repairs and $25,000.00 for emotional distress.

So Let the Buyer Beware and Let the Seller Beware too! Remember to disclose everything wrong with the property or it may cost you in the end!

The Foreclosure Process

2007-04-07T22:05:00.001-07:00

You open the Sunday paper and in the back you see the foreclosure listings. How did they get there? What does it mean to you the buyer? There are 4 steps from this process courtesy of www.Realtytrac.com
1. The owner of the houses fixes his debt
2. The owner sells the property.
3. The bank sells the house at auction(The Sunday paper option)
4. The bank takes control and sells it. REO properties(Real Estate owned by the lender)

Well as a buyer you may have a few options, you can purchase the property directly during pre-foreclosure when the bank has issued a lis pendens. This may allow the seller to reclaim some equity in the property.

Auctions are risky. You must have a large cash deposit. You may be responsible for evicting the tenants. The property also may not be free and clear(you may have to pay back taxes, sewer liens, mechanic liens, etc.) You may get a good buy but it is at a higher risk.

REO homes are free and clear the bank owns them. There will be a clean title. The price of the house may be higher. The risk vs. reward plays a big part in this. The best advice is to consult a Realtor and an Attorney!

If you are in pre-foreclosure get out while you can!!! Get that equity that you put in out. Try and sell it if you only make a penny it may be worth it as your credit could be destroyed by a foreclosure on file!

To Stage or Not to Stage

2007-04-01T17:00:00.000-07:00

OK....I said that this new post would be about foreclosures. But I read a very interesting article titled "Five Reasons You Should Never Sell a Vacant Home" by Jill Mendoza. I will give you the 5 summarizing each one and give you my experiences selling vacant properties.

1. People like to buy "homes". Its amazing what decorations and furniture could do to a home. Its like walking into a store with nothing on the shelves. You quickly see what they don't have and are quick to get out.

2. Having furniture in the house makes a big difference to buyers. They have an easier time judging if their stuff can fit.

3. Buyers tend to notice the negative. This is so true. They see the marks on the wall. The scratches on the floor. The carpets that need replacing!

4. Buyers just have a hard time imagining how it would look with their stuff in it. Its so much easier with the sellers belongings in the home. Even though they might not like your old couch, they just may envision their new couch in its place.

5. For the seller's side, money gets tight when you have two bills to pay. So buying after you sell may be the best option.

Here is the original link at Broker Agent News

This article was worth the time to read and in my opinion dead on accurate! Vacant properties are much harder to sell on both sides.

I promise next post on foreclosures!!!!

First Time Buyers

2007-03-02T15:56:00.000-08:00

As a first time buyer there are alot of choices out there for you. What type of property should you purchase? How much can I afford? Where do I start?

All good questions to ask yourself before you start. The type of property to buy truly depends on your situation. Do you want to mow your lawn every week? Do you want to be responsible for your repairs to your house? Do you want to shovel 3 feet of snow? If you answered why not then a house may be where you are heading. If you answered no then a condo would probably suit your needs.

How much can you afford. Well there are some great websites to figure that out like BankRate.com. I find that site invaluable. It has everything that you would want from calculators to a comprehensive list of Mortgage companies. Just remember that when you are purchasing that everything depends on your credit. So pay your bills on time and the next time you are at a Red Sox game or at your favorite mall remember each time you open a credit card that may effect your score.

Where do you start? Well you are always welcome to visit my page at www.SethWinkleman.PrudentialCT.com or check out Realtor.com. Good luck.

Next Blog will be on foreclosures!!

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