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        <title>Minna Reid's Blog</title>
        <link>http://www.homesbyminna.com/blog/</link>
        <description>The Blog of Minna Reid, CT Realtor, short sale specialist. All about real estate and short sales in Connecticut from Minna Reid - CT's #1 Short Sale Realtor.</description>
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            <guid>http://www.homesbyminna.com/blog/are-short-sales-in-connecticut-dying-out.html</guid>
            <link>http://www.homesbyminna.com/blog/are-short-sales-in-connecticut-dying-out.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Are short sales in Connecticut dying out?</title>
            <description> <![CDATA[ 
Has recovery hit Connecticut? Are prices finally appreciating so short sales will dry out?


You can't escape the media hype about appreciation...while some areas nationwide are in fact recovering, recent market reports of local towns show no such appreciation in central CT towns just yet.


In fact when examining the past 12 months of real estate sales here in CT, we find that the overall percentage of sales that are short sales has in fact increased again as it has for the past 5 years:





It seems we have aways to go before we can call this an improving situation.


Considering a short sale in Connecticut? Contact me for a free and private consultation.
 ]]> </description>
            <pubDate>Mon, 20 May 2013 09:12:30 -0500</pubDate>
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            <guid>http://www.homesbyminna.com/blog/how-can-i-buy-a-house-i-found-that-is-in-foreclosure.html</guid>
            <link>http://www.homesbyminna.com/blog/how-can-i-buy-a-house-i-found-that-is-in-foreclosure.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>How can I buy a house I found that is in foreclosure?</title>
            <description> <![CDATA[ 
At least a few times a week I get an inquiry from a would-be-homebuyer who has found a house in foreclosure on realtytrac or some other foreclosure site, and they want to purchase the house and want to know they can do it or request my help in doing so.


A HOUSE IN FORECLOSURE IS NOT NECESSARILY A HOUSE FOR SALE!


The truth is unless the house is listed for sale or you have personally approached the owner and they have agreed to sell to you - you can't buy a house simply because it is in foreclosure.


BUT WHY CANT I WORK WITH THE BANK TO BUY THE HOUSE?


Until the lender completes the foreclosure process, they do not own the property and therefore cannot sell it. It is not theirs to sell.


BUT IF ITS ALREADY FORECLOSED BUT NOT YET LISTED CAN I BUY IT DIRECT FROM THE BANK?


No - banks are not in the business of coordinating property sales. They will not work with the average Joe to sell a house before they have a hired a Realtor to list the property and it has been placed on the open market.


SO HOW DO I BUY A HOUSE IN FORECLOSURE THEN?




You can buy a (pre) foreclosure IF the owner has listed the property for sale (likely as a short sale) and it is listed on the open market. Seek the services of a buyer agent knowledgeable with this process.


You can buy an unlisted pre-foreclosure if the owner has agreed to sell to you. This requires tracking down the owner, negotiating a sale, completing the proper paperwork and seeing the transaction through. Professional help will likely be needed unless you are a real estate expert.


You can buy an REO ( bank owned) after the foreclosure is complete and the lender has hired a Realtor to list the home on the open market.


 ]]> </description>
            <pubDate>Thu, 16 May 2013 20:24:20 -0500</pubDate>
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        <item>
            <guid>http://www.homesbyminna.com/blog/wallingford-ct-short-sale-report-2013-no-good-news-for-wallingford-just-yet.html</guid>
            <link>http://www.homesbyminna.com/blog/wallingford-ct-short-sale-report-2013-no-good-news-for-wallingford-just-yet.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Wallingford, CT Short Sale Report 2013: No good news for Wallingford just yet....</title>
            <description> <![CDATA[ 
May 14, 2013, Wallingford, Connecticut: While the year is not even halfway over yet, so far 2013 seems to be a fairly stagnant year of short sales in Wallingford as short sales hover at just under 6% of market share  - virtually unchanged from 2012. Of all residential sold inventory since 2008 (when the MLS required disclosure of potential short sales) sales of short sales as a share of the Wallingford market has continued to climb yearly:





Other recent Wallingford market reports also suggest no growth in sales or values, which certainly explains the continued pace of short sales in town as Wallingford homeowners continue to watch the values of their homes decline.
 ]]> </description>
            <pubDate>Tue, 14 May 2013 09:20:42 -0500</pubDate>
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            <guid>http://www.homesbyminna.com/blog/home-seller-myth-if-i-just-wait-long-enough-the-right-buyer-will-come-along-and-pay-my-price.html</guid>
            <link>http://www.homesbyminna.com/blog/home-seller-myth-if-i-just-wait-long-enough-the-right-buyer-will-come-along-and-pay-my-price.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>HOME-SELLER MYTH: If I just wait long enough the "right" buyer will come along and pay my price!</title>
            <description> <![CDATA[ 
If I only had a dollar for every time I've heard this one...


Pricing right is the key to a quick home sale! If you overprice your Connecticut home for sale - waiting around won't fix that problem! Many home-sellers mistakenly believe that if they just hold out long enough someone will just fall in love with the home and pay whatever is asked. The truth is this rarely happens. 


The last two years of single family residential sales in Connecticut tell a very different story...





30,295 single family residences sold in CT in the last two years. You may notice that the majority (34%) sold in under 30 days. You may also notice that of those homes that sold within 30 days sold at almost 98% of their listed price! Every 30 day period thereafter leads to a declining list to sales price ratio.


Waiting it out won't lead to getting more. In fact...the longer you wait - THE LESS YOU'LL GET!


PRICING RIGHT FROM THE GET GO IS KEY TO A QUICK AND PROFITABLE CT HOME SALE!
 ]]> </description>
            <pubDate>Mon, 13 May 2013 13:04:39 -0500</pubDate>
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        <item>
            <guid>http://www.homesbyminna.com/blog/i-just-want-to-see-house-why-should-i-have-to-sign-anything-or-get-pre-approved.html</guid>
            <link>http://www.homesbyminna.com/blog/i-just-want-to-see-house-why-should-i-have-to-sign-anything-or-get-pre-approved.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>I just want to see the house! Why should I have to sign anything or get pre-approved?</title>
            <description> <![CDATA[ 
As a would be homebuyer wanting to go see homes there are generally two initial questions you are likely to encounter when talking to real estate agents:


#1 - Are you working with a Realtor in your home search? The reason Realtors ask this is to find out whether you are already working with another real estate agent as agency laws prohibit us from assisting buyers who already have an agent. If you have a Realtor you are already working with - there is no need to seek assistance from other Realtors. Contrary to popular belief, calling the listing agent won't get you a better deal, but it will leave you without representation in the largest financial transaction of your life. Not a wise choice, but if you do decide to proceed without your own agent, by law the listing agent needs your written permission to A: represent you, or B: Have you acknowledge in writing that you wish to go without representation. This form must be signed.


#2- Have you already spoken to a lender about your financing options? Sellers go through a lot of effort to keep their homes in show shape and to vacate the home so that buyers can view it. It is very reasonable for sellers to expect that this effort is made for QUALIFIED BUYERS ONLY. Would you feel comfortable with strangers walking through your home for the sole purpose of seeing it? Probably not. Lending is tough nowadays. You cannot be sure of your buying power without having a talk with a lender to get the details. This also protects you from surprises down the road - do you really want to fall in love with a home only to find out there is no way you can purchase it? And last, but not least, real estate agents are commissioned sales professionals. We do not get paid to open doors or show strangers homes. We get paid when homes sell. We have families to feed and that we like to spend time with. Any solid real estate professional will absolutely want to know that the clients they spend their time and efforts on are truly able to purchase a home. 


A Realtor ready to hop in their car and show you a home with no questions asked, is probably not a Realtor worth working with.
 ]]> </description>
            <pubDate>Wed, 08 May 2013 08:54:16 -0500</pubDate>
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            <guid>http://www.homesbyminna.com/blog/mortgage-interest-rates-set-to-rise-by-end-of-2013.html</guid>
            <link>http://www.homesbyminna.com/blog/mortgage-interest-rates-set-to-rise-by-end-of-2013.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Mortgage interest rates set to rise by end of 2013?</title>
            <description> <![CDATA[ 
According to the Mortgage Bankers Association (MBA), rates are headed to rise by the end of the year- to a predicted 4.4%. After a 4 year boom in refinances due to historically low rates in the 3%'s...the party may be over as rates start to increase by the end of the year. Economists seem agree with MBA's prediction of increasing rates, according to this Yahoo article.


Homebuyers-to-be still sitting on the fence watching the market should take note and consider taking action on their home purchase plans. While recent market reports for central CT towns do not yet suggest that values have increased significantly, rising interest rates could easily outweigh any savings from further drops in prices in many CT towns.


READY TO GET STARTED ON YOUR CENTRAL CT HOME SEARCH?
 ]]> </description>
            <pubDate>Wed, 08 May 2013 08:05:29 -0500</pubDate>
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        <item>
            <guid>http://www.homesbyminna.com/blog/setting-the-right-price-on-your-ct-short-sale-listing.html</guid>
            <link>http://www.homesbyminna.com/blog/setting-the-right-price-on-your-ct-short-sale-listing.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Setting the right price on your CT short sale listing</title>
            <description> <![CDATA[ 
Many CT home sellers, especially those facing a short sale have questions as to how to properly price their home. Most short sellers have a tendency to believe that what their home sells for will impact whether the lender will be less likely to approve their short sale. The common held myth is that the larger the loss - the less likely the lender is to approve the short sale, which is just not the case. 


The truth is the most important number that will sway the lenders decision in a short sale is MARKET VALUE of the property - Market value is the price at which a particular property in its current condition will sell for in todays market. Once a lender is presented with a request for a short sale - the lender will order a valuation of the property, which could be an appraisal or a BPO ( Broker Price Opinion). This valuation has nothing to do with what is owed on the home - it is a determination of what the home would sell for today based on other recent sales of similar homes. This is the number the lender will use to determine what purchase price will be approved for the short sale. The amount of the loan owed on the home has no bearing on its Market Value.


Therefore - the best price to list a short sale home for (or any other home for that matter) is in fact - Market Value. Pricing too low will end in securing a buyer at a price that will not be approved by the lender and the result will be a lot of wasted time. Pricing too high will end in a home sitting on market that simply won't sell which will also result in a lot of wasted time. 


And how do you determine the market value of your home? By contacting a local, experienced real estate professional.


 
 ]]> </description>
            <pubDate>Mon, 06 May 2013 13:48:51 -0500</pubDate>
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        <item>
            <guid>http://www.homesbyminna.com/blog/buying-a-connecticut-home-did-i-miss-the-bottom-of-the-market.html</guid>
            <link>http://www.homesbyminna.com/blog/buying-a-connecticut-home-did-i-miss-the-bottom-of-the-market.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Buying a Connecticut home in 2013: Did you miss the bottom of the market?</title>
            <description> <![CDATA[ 
There is no shortage of real estate recovery headlines all over the internet and the news - making some buyers wonder if they missed their opportunity to buy a home at rock bottom prices. While in fact some areas of the country are experiencing a turn towards a sellers market - this is certainly not the case here in Connecticut. While recent CT market reports do in fact show an increase in sales activity since 2011, these same reports also show sold prices still on a downward trend year over year. 


The first 4 months of sales here in CT reflect a similar trend. Sales have in fact increased a bit in the last two years, although nowhere near the activity levels seen in the early 2000's:





However - sold prices have not improved and in fact are still lower overall than sales prices during the same period in 2004:





So, did you miss the bottom of the market in CT ? It certainly does not appear that way...


Is now the time to buy? While no one knows what the future holds, interest rates are still hovering at historic lows and inventory is abundant. In fact there is currently 14 months of inventory sitting on the market (which likely explains why sales prices have not yet improved...), leaving you with lots of homes to choose from, and money to borrow at ridiculuously low rates.


Need help with your CT home search?
 ]]> </description>
            <pubDate>Wed, 01 May 2013 06:50:58 -0500</pubDate>
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            <guid>http://www.homesbyminna.com/blog/2013-meriden-ct-market-report-the-rise-and-fall-of-meriden-real-estate.html</guid>
            <link>http://www.homesbyminna.com/blog/2013-meriden-ct-market-report-the-rise-and-fall-of-meriden-real-estate.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>2013 Meriden, CT Market Report: The Rise and Fall of Meriden Real Estate</title>
            <description> <![CDATA[ 
Meriden, CT Market Report - April 2013: The state of the Meriden real estate market today and a look back at the ten year trend. Today in Meriden we have 511 properties on the market listed at an average price of $170,035. So far this year 147 properties have sold at an average sales price average of $128,499 - The lowest average sales price in over 10 years. While sales prices in Meriden have fallen back down to 2003 levels in 2012 and seem to be continuing to fall so far in 2013, there is at least some refreshing news for Meriden homeowners when looking at the ten year trend in real estate sales:








While sales peaked at 1154 residential sales in 2005 and 6 years of declines have followed (except for a slight jump in 2009), 2012 saw a 20% increase in sales activity from the lowest ten year point in 2011. This is indeed good news for Meriden and perhaps a signal of more to come.





Unfortunately while sales increased a bit in 2012, home sales prices in Meriden have only continued their downward slide. Prices peaked in 2007 at $195,984 and 2012 showed the lowest sales prices in 9 years at an average of $135,704 - almost identical to the sales prices of 2003.





Will home sales prices in Meriden, Connecticut increase by the end of 2013? Perhaps. While the increase in sales volume is optimistic, it wil take a while for market supply to dwindle to a point where demand will push values to rise.


WHAT'S YOUR MERIDEN, CT HOME WORTH?.






 ]]> </description>
            <pubDate>Tue, 30 Apr 2013 07:52:20 -0500</pubDate>
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            <guid>http://www.homesbyminna.com/blog/southington-ct-2013-short-sale-report.html</guid>
            <link>http://www.homesbyminna.com/blog/southington-ct-2013-short-sale-report.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Southington CT 2013: Short Sale Report</title>
            <description> <![CDATA[ 
April 29 2013, Southington, Connecticut: While the year is not even halfway over yet, so far 2013 seems to be a year of improvement in Southington. Of all residential sold inventory since 2008 (when the MLS required disclosure of potential short sales) sales of short sales as a share of the market peaked in 2011 and has been slowly climbing down since:





The reason for this is unclear as other market reports suggest values in Southington are still on a downward trend. Perhaps news of "recovery" and improving conditions have left many Southington homewoners hesitant to list their home as a short sale, and instead continue to wait for their home's value to improve and get them out of their negative equity. The wait may be a long one.


 
 ]]> </description>
            <pubDate>Mon, 29 Apr 2013 13:23:21 -0500</pubDate>
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