The Best Time To Sell…Is It Spring Yet?
Technically spring arrives on March 21st but in the world of real estate serious buyers begin prowling the spring market by February. The average buyer will view 15 homes over a period of 6 – 8 weeks. By starting the search in February the buyer will typically make an offer by March or April and schedule to close by May or June. 60% of all moving takes place by summer each year.

How Do You Take Advantage Of This Market?
Get there first. List your home as early into the spring market as possible. Often the most serious buyers are out early in the season hoping to get the best pick. Inventory usually rises again later in this season making for more competition. Secondly, price it to sell. Insist that your Realtor provide a market analysis to substantiate the perfect listing price. Homes that incur multiple price adjustments over a long period of time can make buyers fearful of underlying issues with those homes. Homes priced correctly from the start inevitably sell faster and closer to asking price. Lastly, be prepared. Let your Realtor evaluate which areas of your home need to be addressed before you hit the market. Curb appeal, making small repairs and general freshening up will absolutely make all the difference. It’s no exaggeration that a small investment up front could earn you thousands back in your sale price.

Is This Year Any Different?
This spring will be the first following the end of a 10 year cycle of rising prices. Homeowners serious about selling their homes quickly and for the most money will rely on a Realtor that has done her homework. In the past it was easy to pull comparable homes that recently sold and add another 3 – 4% to the asking price. Now homeowners need their Realtor to follow market conditions closer than ever. What’s happening with interest rates? What’s the absorption rate for this type of home? In addition, the Realtor must stay on top of the competition daily. What just listed? Which homes just reduced their asking prices? What buyer incentives are out there? Ultimately, the Realtor must provide distinction to the client’s home. A home properly prepared for this shifting market will most definitely be the buyer’s first choice. With that accomplished, spring 2007 will prove to be one of the best times to sell your home.

Sizing Up The Neighborhood
While quarterly reports (like the one found in last month’s “Sizing Up The Neighborhood”) provide you a broad picture of the changing market, DHA’s monthly Area Market Survey will give you a snapshot of the previous month’s real estate activity.

Easton: 115 Active Listings, 2 Sold – MT 179 days, 4 Pending and
21 Expired – MT 159
Monroe: 218 Active Listings, 5 Sold- MT 120 days, 8 Pending and
43 Expired – MT 136
Fairfield: 688 Active Listings, 10 Sold – MT 88 days, 48 Pending and
121 Expired – MT 155
Shelton: 328 Active Listings, 10 Sold – MT 93 days, 28 Pending
and 48 Expired – MT 110 days
Trumbull: 245 Active Listings, 5 Sold - MT 59 days, 20 Pending
and 50 Expired – MT 121

Take notice of the difference between Sold Market Time and Expired Market Time – anywhere from 10-67 days. Pricing a home properly is the most important decision you will make. Pay close attention to the Comparative Market Analysis provided by your real estate professional and base your list price on past sales not on the perceived worth of your home. The difference in price could mean the difference between selling your home and having it gather dust on the Multiple Listing Service.

What’s Hot, What's Not
What's Hot
1. Listings with Home Warrantees. Buyers should be looking for listings that offer home warrantees. Considering 68% of homeowners spend an average of $900 each year on major systems and appliance repairs, it’s surprising that only 103 out of 12,790 listings on the Consolidated Multiple Listing Service (covering most of lower Fairfield County) offer a warranty. This service contract, which usually covers the first year of homeownership, will protect you against the cost of unexpected repairs or the replacement of heating, plumbing, and electrical systems as well as major appliances (depending on the coverage). What’s really “hot” is that the warranty should be paid for by the seller OR your real estate agent which gives you peace of mind and saves you $300 or more at closing.
2. Buyer Incentives. “It never hurts to ask” should be the motto for buyers in this adjusting market. Many listings, especially new construction, offer incentives from wine coolers to increased appliance/cabinet allowances. Be sure your real estate agent gets you the best price possible and then go for the incentives. Consider home warranties, furniture, electronics, and/or appliances and make them part of your negotiation. Your agent makes the request and you reap the reward. The worst that could happen is the seller says no. The best case would be a great house at a fair price with a new television or upgraded oven paid for by someone else.
3. Researching Your Realtor. There are 7,887 real estate agents registered on the Consolidated Multiple Listing Service. With inventory on the rise and serious buyers at premium, buyers shouldn’t settle for the “newbie” on desk duty. At the official RE/MAX website you can choose a realtor based on location and view individual profiles. Also consider visiting personal websites like ours at The Distinctive Home Advantage to learn about the agent or team. A “hot” buyer’s agent offers distinctive service AND buyer incentives. Don’t settle for less.

What’s Not
1. Compromising your buying power. The worst way to do that is to start the buying process before you have sold your current home. Of course if you don’t have a home to sell first this is not an issue. But for those who do have to sell before they can buy, it is critical to have that contract in place before you start negotiating your next purchase. Sellers judge offers not just on the offer price, but on the strength of the prospective buyer. A buyer who doesn’t have a property to sell first is a stronger prospect than one who does. On occasion a seller will accept an offer with a Hubbard Clause, which allows the seller to continue to market the home to other buyers, but almost always the seller receives another offer and the original buyer’s offer is cancelled. Be the strongest buyer you can be and get your own home sold first.
2. Limiting your search based on price. Of course it is vital to set a budget and to stick with it, but it’s also prudent to look at homes listed tens of thousands over your maximum. Historically, most homes sell within 95 – 97% of their asking price. In this shifting market though, some sellers might still be overvaluing their homes. That additional $20,000 or more might make a home appear to not be an option. A savvy agent will know which listings might fall into this category and encourage her client to consider looking at these homes. In addition she will be a strong negotiator uncovering the seller’s motivation and presenting comparable evidence of a fair offer on your behalf. Getting the most for your money is what this buyer’s market is all about.
3. Rushing into an offer. Once your agent has found you a home that you want to make an offer on, be sure you take your time in determining what you want to give and what you want to get out of the deal. Work closely with your agent to understand the motivation of the seller and the market value of the home before you determine an offer price. Also, take the time to consider what you’d like included in that purchase price. Often sellers won’t include all appliances or window treatments initially, but if you would prefer to have them included, ask for them. Most importantly, be comfortable with your contingencies including inspections, a mortgage commitment, and the deadlines for them. Be sure you have the opportunity to withdraw your offer should anything unexpected change your mind about purchasing the home before you go to contract. With ample inventory and continuing low interest rates, you can afford to take your time and get exactly what you want.