Erica Byfield

Hi...
Like everywhere else in the state and the country within the last year the market in Storrs,CT is experiencing an increase in inventory and buyers are taking their time to purchase. Recent issues: forclosures, decline in new home sales have contributed to this current market condition. Let's face facts... homes that are over-priced will stay on the market longer. This isn't to say that home values are decreasing, just that buyers have more options and seller's have tomake the adjustments. Homes that are priced appropriately, are well-maintained and in good locations continue to sell within 30-45 days.

Storrs has much to offer prospective buyers and with interest rates still at historic lows, buyers are motivated to purchase. If you are in the market to sell and/or purchase a home in that area, you should consult with a Realtor to provide you with a CMA or (as a buyer) a report of recently "just listed", "sold" or "on deposit" homes in that area.

Best of Luck: : - Sat Oct 20 2007, 09:48

If you are working with a Realtor he/she should be able to provide your with market data for active, under deposit and recently sold properties. If you're working on your own...check your local paper's Real Estate section or online. If you're thinking about selling your home soon, you should consult with a Realtor to obtain a current Comparative Market Anaylsis (CMA) on your property based on comparable properties within your area.

Best of Luck : - Thu Oct 11 2007, 13:00

The short answer is..YES. ex. You list your home as a for sale by owner for $319K...comps in your area are selling at or below $289K... ABC Relo company offers to purchase your home at $235K if you don't sell it in X #of days. Whatever amount they offer to you is "fair" because if there are no other buyers, THEY are willing to purchase your home.

Consider selling with a relo company as a dead-last resort, not a first option. Obtain a current CMA for your property and partner w/a Realtor to discuss a strategy for marketing your home. Well-maintained properties that are priced appropriately and have the right exposure in the marketplace continue to sell within 30-45 days.

Listen to solid feedback from prospects (and your Realtor)...if they are consistently commenting on the price or condition of your home in a neagative way, make the necessary adjustments quickly.

Best of luck : - Thu Oct 11 2007, 08:59

Hi...
I agree w/the last responder...The State of CT doesn't have clear guidelines on lease-to-own options for tenants/landlords. The owner/landlord can ask for a % of the rent, a flat fee to at time of lease-signing or annually, etc. The tricky part is what happens when the fair market value of the property increases or decreases? or the tenant changes his/her mind? or any other variables that can occur in the wonderful world of real estate. It can lead to a very uneasy situation between you & your tenants...

Don't go fishing for "lease w/options", prospects will end up reeling you in. If you really feel this is the only way you can rent the property definitely consult w/your attorney and partner w/a Realtor that can assist you determining fair market value of your property in your area and will keep you informed throughout the term of lease-option.
Best of Luck : - Thu Oct 11 2007, 08:11

Stamford is committed to fostering a safe, welcoming & exciting community. Springdale is a metro-area w/suburbun appeal. They have many programs and services geared towards providing youth with activities and educational opportunites. Highview Avenue is near Hope Street where several of the areas public & magnet schools are located. This year the Mayor provided additional funding to this area through the Mayor's Empowerment Grant Program.

The Springdale area has several golf & country clubs which makes this a prime location for those looking to reside in the area. Median home prices range from $470,000-$515,000. Transportation optons include Metro North. Minutes away from Downtown Stamford, which has some of the best shopping & reataurants in the state, also in close proximity are several local beaches & parks & recreation activities.

Pls let me know if you have any other questions... - Tue Oct 9 2007, 09:09