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Connecticut Real Estate Search
Feb. 7, 2023
Home buying tips
260 Route 171 Woodstock, CT 06281
214 Flanders Rd. Suite A Niantic, CT 06357
CRPREMIER.COM
Are you looking for a new home? What is the first step? Typically, a buyer will go online looking for homes on one of the big national websites like Zillow and Realtor.com. When they find a home, they like they click the link to make an appointment to view it. They are then connected to a local agent who will meet them at the property. This seems like a relatively easy process except that most people don’t realize the following:
- The State of CT requires that all Licensed Real Estate Agents sign a contract with the buyer before showing any properties. This can be awkward when meeting at the property.
- Many times, the buyer doesn't want to sign any paperwork since they have just met this agent and they don’t know each other well enough to sign paperwork.
- If the buyer doesn't like the property, and they are not willing to sign the contract. The agent has just worked without compensation. You may think. Just one house isn't a big deal. Well, often it isn't just one house, and an agent may work for many weeks without receiving any compensation. A buyer / seller agent usually split a commission which is paid by the sellers.
- If the buyer does like the house, they will usually consent to signing the contract with the agent, so they can proceed to writing up an offer. However, now you have a random agent that you may or may not work well with and it could make the difference of whether you get to the closing table or not.
- The Agent also is now obligated to pay the national website (Zillow etc.) up to 40% of their commission back to Zillow for connecting them with the buyer. This can be a significant amount of the agents pay.
What should a buyer do? My recommendation would be to find a local agent. Ask you friends, often word of mouth is the best source. If you don't have anyone a friend can refer you to the next option would be to interview some agents. Call, email, or text a few, see how they communicate with you. Having a good communication relationship is key to the success of your purchase or sale. Read online reviews about them. Agents contact information is online and most are very accessible through multiple avenues. Maybe this seems like too much work? However, given that you are buying the most expensive purchase you may ever make ( a home) it is well worth the effort. Choosing an agent should be an informed decision. Here are some questions you can ask an agent to determine if they would be a good fit for you.
Interviewing tips:
Let the agent know you are not sure if you will be buying, and you are just exploring your options. Information obtained from a local agent will help you determine the best time for you to buy. Most agents are happy to provide information, understanding that it is what you need to make an informed decision. If someone is too pushy, just move on to the next one. Interviewing is an important part to you overall success.
Here are some questions you can ask an agent to determine if they would be a good fit for you.
- Do you work in the towns/ location I’m interested in purchasing a home?
- How long have you been licensed. Keep in mind, newer agents can be just as good as more experienced agents if they have a support network in the office. They are often very motivated and engaged. So, if they are newer, just ask what their office support is like or are they independent.
- Do you sell Real Estate full or part time? Depending on your schedule, this may be important for your schedule to view homes. So, make sure the agent has time when you will be looking.
- Determine your preferred communication method: phone call, email or text and ask if they are comfortable with this method as your primary communication preference.
- Ask them to outline the home buying process from showings, submitting offers, inspections to closing. Being informed streamlines the process incredibly!
- Ask if they have a recommended network of lenders, home inspectors and attorneys. Utilizing people that are the best in the field and having a good team can make a huge difference in the process.
- If you don’t want to take the time to search and interview, call a local real estate office, and ask to speak with the manager. Let them know what you are looking for in an agent and they can often connect you with an agent that will work hard for you! Utilizing a local agent to buy or sell a home can make a huge impact on how smooth your transaction goes.
- When buying a home, there is typically no fee for the buyers agents services, so make sure to ask and confirm this is the case with each agent you interview.
One of the most important aspects of this process for buyers is the data integrity of the properties.
Earlier I mentioned that the MLS is the database that feeds the national real estate websites such as Zillow, Realtor.com etc. The transmission to other sites can be anywhere from 15 minutes to 24 hours later after a property is entered into the MLS. By partnering with a local Realtor, buyers can gain access to the MLS data instantly, often times giving them an advantage in the market. This can make a huge difference to buyers and give them a head start on new properties. In conclusion, partnering with a local agent will help you position yourself in the Real Estate market and help you get into the home of your dreams.
Happy home hunting!
Written by Carol Ryniewicz Broker / Owner of CR Premier Properties
Multi-Million Dollar top producerCT Magazine 5 Star Award WinnerNorwich Bulletin Best Real Estate Company 2022
Posted in
Home buying tips
Aug. 10, 2022
Will the housing market crash?
by Carol Ryniewicz
As a local Broker / Owner of an active Real Estate Company in Connecticut, I am often asked questions regarding the Real Estate housing market. Lately I have been asked repeatedly, "Is the Market going to Crash?" So I thought I would write a short article addressing this question for our area. Since markets around the state and country can be so different, I am going to provide a glimpse into the Northeastern part of Connecticut, specifically Windham County.
For the last 3 years Real Estate prices have dramatically increased. According to Connecticut's Multiple Listing service in Windham county the median sales price of homes has risen 12.5%. That is almost a $100,000 increase in sales prices in just 3 years. See the chart below.
The trend of home prices continues to rise, yet there are still other factors that contribute to the market that will determine whether it will rise or fall. They are inventory, home prices, and mortgage rates. All of these must be evaluated to determine the course for the next year or more. So let's discuss each one briefly.
Inventory levels are still quite low. With a shortage of homes and a high volume of buyers still actively looking we continue to have homes going under deposit quickly. More homes for sale in all price ranges are essential in this current market.
Pricing is the tricky part. Buyers and sellers learn the markets quickly. Therefore, in the past year with home prices rising, we have been in multiple offers with homes selling for way over asking price. In some cases as much as $80,000 over asking price. This has taught buyers that they must be very competitive with their offers by removing contingencies and submitting their highest and best offers to be competitive. The number of cash offers being submitted has been extremely high and has hindered buyers with financing contingencies from being able to compete. However, since the buyers and sellers have now learned this process we are now seeing a change that may start to slow the market a bit. Sellers and agents are seeing what people in their area are getting for homes, so they are pricing the homes at top dollar. Buyers are then looking at the price and then they are not willing to put in an offer way over asking price and therefore the home may sit for a bit while buyers watch to see if it goes under contract quickly. Then if it doesn't they come in with lower bids, resulting in a lower accepted price for the seller. It is very important to price the home correctly for this reason. Pricing at top dollar actually brings in a price lower than if you priced it competitively, which would result in an increase in offers and create a multiple offer scenario.
Mortgage Rates are increasing and though they are rising they are still very good rates. I hear people saying that the rates are still good if you look at the big picture. Looking at rates over the last 30 years, we are at an all time low. In 1982 rates were approximately 16%. Demand continues to be high even with increasing rates and we have little to no rental inventory and this is keeping a high volume of buyers.
Given all these factors it is quite variable and hard to predict what the market will do. We still have a lot of buyers who are looking to buy and a low inventory of homes for sale. This will continue until the supply levels out. Even with interest rates rising, we will continue to see homes selling. Once the inventory levels increase, then the market will start to level out with a more equal number of buyers to sellers. I do not believe this will happen this year but it might for next year. So if you are thinking of selling, this is the year to do it.
Make sure you have a good agent who knows the market. Ask them and make sure they explain their strategy. Speak to a few agents to find the best fit for you and the one with the highest price for your home won't necessarily be the best one for you.
Posted in
Market Updates
Feb. 5, 2021
It's a Seller's Market!
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Thinking of selling! Call or email for a free home market analysis! You may be surprised how much your home is worth! Contact us today at homes@crpremier.com
Posted in
Market Updates
Feb. 5, 2021
2020 was a great year!
Congratulations to all our Agents at CR Premier Properties!
Over 73 million dollars in Sales in Connecticut, Massachusetts, & Rhode Island!
With Special Thanks to all of our clients you made 2020 a great year! We are so pleased to have been a part of buying or selling your homes!
Thank you to all of our agents who worked so hard through 2020 and Covid to assist people during while staying safe and healthy.
For more information or to contact any of our agents, check them out here! https://crpremier.realgeeks.com/about/
Licensed in Connecticut, Massachusets & Rhode Island
Office locations 260 Route 171 Woodstock, CT and 214 Flanders Rd East Lyme, CT
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About CR Premier
July 31, 2017
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Market Updates