Kara Phadael's Discussions

How much are rentals in Detroit? I might want to buy!

I just wanted to throw this out there for people to think about. Today there are 261 single family homes on the mls in East Hartford, CT.Today there are 8 single family homes on ISoldMyHouse.com in East Hartford, CT.Today there are 4 single family homes on ForSaleByOwner.com in East Hartford, CT.Today there are 0 single family homes on FSBO.com in East Hartford, CT. Today there are 5 single family homes on HomesByOwner.com in East Hartford, CT.I have just barely touched the number of FSBO sites out there. So, do buyers really want to spend hours searching the hundreds of FSBO sites so that they can find maybe 20 houses (maybe 3 of which actually fit their criteria). Or go to a realtor, who can send you listings in your email of all of the homes that actually do meet your criteria (# of BR's, baths, price range etc). In most cases the buyer pays no commission. Where do you think the buyer will go to find a home?Just as realtors are finding it harder to sell homes these days, imagine how much harder it is to sell a FSBO- unless it's in a high traffic location where many people will drive by it everyday. In our area, ISoldMyHouse.com is the leader in fsbo's, they're on the radio advertising all the time about their millions of listings. They may have millions, but how many are actually in your area.

Yep, Curtis and Kary are right on. Zillow does an excellent job for what they have to work with. However, they cannot take the place of an agent, who can walk through your home and compare the condition of your home with all of the other homes they see on a daily basis. Just by pulling comparable homes, even an agent cannot get an accurate value. Only by seeing your home and the other homes that are on the market or have been sold, along with the comps, can anybody get an accurate value of your homes value. Zillow, by the way, does not say that they are accurate. They do the best they can.On one level they do make an agents job a little harder, when we have to explain to sellers that the Zestimate is not accurate, and I'm sorry, but your home is not work 450k. People tend to doubt your ability when you tell them Zillows wrong. And, if you talk to multiple agents for a cma, you're going to always get a variety of numbers. There are some agents who will tell you it's worth more to get you to list with them. There are some agents who will tell you it's worth less, because they like to sell as many homes as possible, and a house listed low will sell fast. So, use Zillow for what it's worth, but if you really want to know, call multiple agents and take an average.

Hi Lindsey, I'm an agent in South Windsor, CT. I have dealt with many buyers going through CHFA and went through it myself when I bought my first home. CHFA is definitely the way to go if you are qualified for it. If you do go CHFA, you can actually finance 100% of your home and your closing costs. It will be in the form of a first mortgage, and a 2nd mortgage for your down payment and closing costs. The rates are very good. You probably won't find those rates anywhere else. You still will have out of pocket expenses, which will be:Earnest money - (which you can get back at closing) can be as low as $1000.Inspection - around $350 depending on the size of the home and which company you chooseAppraisal - also around $350.Feel free to ask if you have any more questions

Sorry, I did leave out any optional inspections such as radon, lead paint etc. I know radon is approx. $100., but I've never had a client elect to have anything else tested, so, I'm not sure on pricing for other things.

Oops, and all of the spellcheckers on Zillow may notice, as I'm sure you will that I spelled your name wrong. Sorry Lindsay.

Definitely get a cma, then when you make your offer, you will know at least approximately what the value of the house is. Regardless of what the value is, make your offer based on what the house is worth to you. If this is your dream home and you've looked at many already- If you have to have this house, then don't go too low, but if you like it, - it's alright, has all of your requirements, but you haven't looked at much else, then lowball it. Maybe you'll get a deal. I would recommend that you get an agent to represent you, the agent will check with the seller to make sure that they are willing to pay a commission (probably only 3%), and you will not have to pay anything to have someone looking out for your best interests and advising you. If the seller is not willing to pay a commission, then your options are to not use an agent, or pay the agent yourself. When talking to an agent do not sign an agreement until after they check if the seller would be willing to pay a commission.

Hey Curtis, don't you love the first time buyers who want a brand new house, but can only afford $150 k.

Yes Daniel that is true. I've had clients who I've taken out to see over 100 homes. I Spent my gas, spent my time, and never got paid a penny for working with those clients for over a year. Many agents would have turned them away. I kept going, and finally they found a house that they both liked. At that point, I got my check. However, along the way there were issues, and stressful situations that I had to deal with, negotiations etc. Clients need us to be available 16 hours out of the day (they do allow us to sleep). So, do I think we're paid too much- No. It is a big check when we get one, but we do a lot of work for that check. And, there are no weekly paychecks to help us through the rough spots.

When you're ready to buy your home - which has a 30 year mortgage attached, then that is the time to buy. If the market happens to be low, that's really great, if it happens to be high, well, although your home is an investment, the primary purpose of your home is a place to live. And although you are not "locked-in" to a mortgage payment for 30 years (you can sell), if you stay for 30 years and maintain your property, it will undoubtedly be worth substantially more than it is right now. For example, 31 years ago, my parents bought a home for $39,000. I haven't seen it lately (they sold it), but I can guarantee, (knowing the market in that town) that it is worth at least $150,000 now, and probably actually over 200k. Would they have made more money if they bought it at $22,000- undoubtedly. But, if you're buying a home to live in, buy when YOU'RE ready, not when the markets ready.