Tag Archive | "buying"

Listing Shortage

Listing Shortage

The Fairfield County market is so dynamic in nature and we all hold our breath in early January until we see the sale numbers. The real estate market is directly impacted by weather, mortgage rates and confidence (or lack thereof) in the economy. Connecticut budgetary woes and poor job numbers have been impacting how confident buyers feel about jumping into the market. Knowing the specifics of the market become a larger factor into your success as a buyer or seller. Another important factor is what type of inventory is available for buyers.

Currently, many price ranges are experiencing a shortage of quality listings. Some listings have been languishing on the market. It will be critical for a fresh batch of listings to enter the market in the next few weeks. Sellers in low inventory price points that are well-conditioned in desirable neighbors are getting attention in the market.

If you are a seller interested in getting objective feedback about pricing on your home, I would like to offer the best real estate agent for your needs. Contact me at (203)253-9222 or melissabrownriley@gmail.com with any questions on the process.

 

Posted in CT Real Estate, Fairfield County Real Estate, FeaturedComments Off on Listing Shortage

Get a CLUE (Report)

Get a CLUE (Report)

Given the latest events in the Northeast, including an earthquake and hurricane Irene, it would be timely to include a guest blogger in the insurance field. Robert Reade captures an important topic known as CLUE Reports (Comprehensive Loss Underwriting Exchange). These are similar to credit scores but for homes. We are encouraging all of our homeowners to order a report on their existing home for accuracy and our potential buyers on any home they are considering purchasing. Claims made against a house directly impact the insurability of a home and premiums, affecting overall affordability. So, please read our post by guest blogger and insurance expert, Robert Reade, and his information on CLUE reports:

As a home seller you want to make sure that your home is as appealing as possible to potential buyers.  You will make minor repairs, fix up the flowerbeds and clean the home from top to bottom.  With all this activity do not forget to get a copy of a CLUE report. 

As a home buyer, you want to make sure that the house you have decided to make a home of, you want to feel comfortable that the home’s past will not come back to haunt you in the form of higher premiums on your homeowner’s insurance.

CLUE stands for Comprehensive Loss Underwriting Exchange, which is a database featuring loss information submitted by insurance companies.  A C.L.U.E. report provides a five-year history of losses that have been filed against insurance policies covering a specific property.

There are two major property claim databases, CLUE and A-PLUS (Automated Property Loss Underwriting System).  Property claim databases enable insurers to check the claim history of both the homeowner and the property that the homeowner is purchasing.

Many people may be more familiar with the Automobile form of a CLUE report, which is popularly, know as a CARFAX report.  This report reflects damages that the car has been involved in, normally reported just through personal lines insurance companies.

CLUE reports are playing an important role in the real estate transaction. In several states, realtors complained the deals were falling through because insurers were canceling new policies after examining claims information.  It is not only the home that is being purchased that is checked.  The new homebuyer needs to be aware of their CLUE history as well, for claims that they may have made in the past five years could now allow their current insurance company the legal right to not issue a policy on the new property.  In ordering a CLUE report, the consumer can order a report on his or her own address and/or an insurance agent can order a report on the property that is looking to be insured as well as on the person that is purchasing the property. 

As an insurance agent, have been informing realtors as well as clients of the need to know the claims history of a property that they will be listing or representing to a buyer.  On the listing side, having the homeowner order a clue shall serve two purposes:

First it will allow the potential buyers to know, in advance, if there will be any insurance claim issues that could impact the premium cost of insurance negatively, it is a great sales tool to present at open houses.  Second, for the realtor, knowledge is power.  Knowing what the claim history is on a property shall allow the realtor to know in advance if there could be issues that would cause the house to be uninsurable or that could cause the potential buyer to back out of the deal.  Knowing what the claim was: water damage, fire, burglary, lighting and liability, will allow the seller to explain what was done to mitigate any future claims.

Most importantly to realize is CLUE reports are being used and that locating competitive insurance rates could be jeopardized if there are multiple claims.  You, as a consumer, need to start on the insurance purchasing selection as early as possible in the home buying process.

Contact Robert for additional information at:

Robert S Reade Sr, CPIA, LUTCF, Connecticut Insurance Services, 860-690-5052, readersr@gmail.com.

 

Posted in CT Real Estate, Fairfield County Real Estate, Weston Connecticut Real Estate, Westport Connecticut, Westport Connecticut Real EstateComments Off on Get a CLUE (Report)


Buying, Selling Or Renting In Fairfield County Connecticut? Contact Us At (203)253-9222

FreshPickedRealEstate.com is known as "Fairfield County CT's Favorite Real Estate Blog". We feature market statistics, community events and interesting happenings in and around lower Fairfield County Connecticut, including Westport, Weston, Wilton, Norwalk, Fairfield and Easton. Look for real estate tips with a focus on "green living" in the area.
Contact me at MelissaBrownRiley@gmail.com or at (203)253-9222 for info on all real estate services, including buying, selling or renting in Fairfield County, Connecticut or in any other county or state through our national network. We also specialize in buying or selling "short sales" and foreclosures.

Search Like An Agent For A Home Or Rental

Do you think online marketing makes a difference in exposing your home to the market?

According to the National Association of Realtors, 91% of all buyers begin their search on the internet. As a seller, having a definitive online strategy creates a differentiation to maximize your exposure to the right target market. I offer 31 years of real estate experience with a strong technology twist and focus on utilizing Google to attract attention to your listing. Find out how we can create an advantage for you.

Investors from New York Searching In Fairfield County

Are you an investor from New York looking for well-valued properties in Fairfield County? We will pair you with an experienced agent who can assist you in your search. Melissa Riley (203)253-9222. Berkshire Hathaway HomeServices-New England Properties

Luxury Rental Listings Are Needed

Fairfield County, including the towns of Westport, Weston, Fairfield, Easton, Wilton and Norwalk are highly desirable towns for rentals.
We are experiencing a lack of quality luxury rental listings in lower Fairfield County. We have tenants looking for rental properties that fit their needs.
We will assist you with establishing the rental value on your home and helping you through rental process. Proper representation is the core of our business and I we zero in on your needs no matter if you are landlord or tenant.

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