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Home Selling in Darien : Real Estate Advice

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  • Home Buying11
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Activity 7
Fri Sep 12, 2014
Ted Kostzewski answered:
Hi Matt:
The addition of a finished basement including heat to make it legal additional square footage, certainly raises the value of any home. However the amount you spend on that improvement returns only about 55%-65% on your investment... and the range deals with the location of your home. Many other variables will contribute to the "how much" value factor and some of those have been mentioned in the other answers. But for example, if the basement becomes a 3rd BR you have increased the market for your house by a significant factor due to demand for 3 BR homes vs. 2 BR homes. Also, as cautioned, don't spend money if the improvement will price your home out of your neighborhood. As a general rule of thumb, buyers will not pay more for features or size in a neighborhood comprised of homes appraised at a relatively low price. However if the neighborhood is a high priced one, and your house is the "black sheep", buyers will be more likely to slightly overpay recognizing the return on investment the house can eventually bring when improvements are made.
Best of luck with your decision.
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Fri Apr 11, 2014
Anna M Brocco answered:
You really should be asking your agent the question; generally accepted offers mean nothing until an executed contract is in place, signed by all parties...
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Tue Sep 17, 2013
David Epprecht answered:
Matt, Why are you getting an appraisal? Are you planning to sell? Refinancing? Or is this appraisal just to keep you current on the value? You might consider as a first step, contacting a real estate agent from the Darien area with experience in multi family investment properties. As an owner of investment real estate, developing a relationship with an agent is helpful to you regardless of whether you are selling or holding.. Regardless, if you must have a certified appraisal, I can recommend two local appraisers that will be able to answer this question for you. Just let me know. I am happy to help. ... more
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Fri Apr 19, 2013
Greg Hanner answered:
I took a phone call while posting below and forgot to include the latest update from NAR on Open Houses.

* Repeat buyers are more likely to find their home from an open house than first-time buyers and repeat buyers use open houses more frequently.

* Mid-income buyers, those with income between $55,000 and $75,000, are most likely to find their home through an open house compared to other incomes. However, as income increases the use of open houses actually increases as well. So higher income buyers are walking into open houses, but not finding their home through them.

* Older buyers, 65 years and older, are more likely to find their home through an open house than other age groups. As age increases the likelihood of using open houses as a search tool increases—45% of buyers aged 45 to 64 used open houses, compared to only 28% of buyers aged 18 to 24.

* Buyers in the South are most likely to find a home through an open house compared to other regions.

* Buyers of new homes use open houses much more frequently than buyers of previously-owned homes.

* Married couples and unmarried couples are more likely to walk through open houses than single buyers.

* Buyers whose primary language in the home is not English are more likely to use open houses—44% of buyers whose primary language is English use open houses, compared to 59% who use a language other than English in the home. Similarly, buyers who were not born in the U.S. are more likely to use open houses as a search tool—43% of those who were born in the U.S. use open houses compared to 57% of those who were not born in the U.S.

http://economistsoutlook.blogs.realtor.org/2013/04/10/2013-realtor%C2%AE-nationwide-open-house-information-from-the-profile-of-home-buyers-and-sellers/
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Fri Apr 19, 2013
Nancy Lanigan Moore answered:
Maureen, If you have the address, in our area the registry of deeds is accessible online. If you do not wish to contact an agent, which I would suggest as they will be able to give you more information regarding the exchange, the registry might be available to you. ... more
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Thu Mar 8, 2012
Jack Mulrooney answered:
Hi Benefactor, There are realy two items in your question.

An Arms Length Residential Transaction is a transaction between two related or affiliated parties that is conducted as if they were unrelated, so that there is no question of a conflict of interest. Or often, a transaction between two otherwise unrelated or affiliated parties.

A Warranty Deed is a deed warranting that the grantor has a good title free and clear of all liens and encumbrances and will defend the grantee against all claims
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Fri Mar 11, 2011
Ellen Christian answered:
I actually know the street well, been in the business for a long time, work in the Darien office of Coldwell Banker and have lived on Hoyt - almost right around the corner. You know that Greenwood Avenue is located in an area where the spur line goes right behind this home. Comps need to be pulled from the street and from Hoyt near the graveyard in order to get some sense of value. If you are the homeowner I am sure that the Wesport agent that listed your home gave you comps. If you are a buyer, the buyer agent should be running the same. ... more
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