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Archive for the month “May, 2012”

U.S. Home Sales Up

Source: Record Journal

WASHINGTON (AP)Americans are buying more homes in every region of the country, the latest indication that the housing market could be on the mend.

An increasing portion of those sales are from first-time buyers, who are critical to a housing recovery.  Sales of previously occupied rose 3.4 percent in April from March to a seasonally adjusted annual rate of 4.62 million, the National Association of Realtors said Tuesday.  That nearly matches January’s pace of 4.63 million – the best in two years.  It is still well below the nearly 6 million that most economists equate with healthy markets.

A pickup in hiring and cheaper mortgages, combined with lower home prices in most markets, has made home buying more attractive.  While many economists acknowledge that the market has a long way to go, most said the April sales report was encouraging.

“The trend in sales is upward, and we think it has a good deal further to go over the next months as payrolls pick up further and mortgage availability improved,”, said Ian Shepherdson, chief U.S. economist for High Frequency Economics.

Sales rose last month from March in all regions of the country.  They increased 5.1 percent rise in the Northeast, 3.5 percent in the South, 4.4 percent in the West and 1 percent in the Midwest.

And more first-time buyers entered the market.  In April, they made up 35 percent of sales.  That’s up from 32 percent in March.

“First-time homebuyers are slowly making their way back,” said Jennifer Lee, an economist at BMO Capital Markets.  “That is still below the 40 percent-to45 percent range during healthy times, but the highest measures completed sales.  A sale typically closes a month or two after a buyer signs a contract to buy a home.  But a growing number of buyers in recent months have been investors who pay cash, which speeds up the process.

For questions, concerns, assistance in Connecticut Real Estate and Homes for sale or Condominium Property Management, visit www.BarberinoRealEstate.com or call 203-269-0284 x 110

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In The Swim – Decisions you need to make when considering a pool for your home

Source: William Hageman – Tribune Newspapers

A swimming pool can be the crown jewel of your property, capable of turning a bland yard into an outdoor oasis.  But before you take the plunge, it’s best to weigh the pros and cons of various pools.  Here are sone things to consider:

Categories:  Aboveground and in-ground are the two main types of pools.  Above ground pools are  less expensive, less permanent and come in a choice of sidings (resin, aluminum, steel).  There are also inflatable varieties.  These are typically do-it-yourself projects.

In-ground pools – more costly, larger and permanent – come in four basic types; vinyl liner (a linter is attached to a frame built in the excavation), aluminum (a cheaper material but not as sturdy), fiberglass (a large factory into an excavation by crane) and concrete (construction on-site to your specs and available in these, professional installation is the norm.

Is it worth your while?  A key consideration – before size, depth, shape or cost is whether you are planning to stay in your home for a while.  If confronted with a foreclosure, layoff or job transfer, there are few alternatives for relocating the pool.

“An aboveground pool is not meant to be moved, but they can be,” said Dan Harrison, president of online pool and spa retailer poolandspa.com. “They have to be taken apart carefully, boxed up and moved.  With an in-ground, you’re making a very big commitment.  If you’d asked me 10, 15 years ago, those word wouldn’t have come out of my mouth, but that’s a very big concern these days.”

Design.  Harrison said have a pool design in mind before visiting and installer.  He suggested checking out pool websites or doing an online search of pool images.

“Look at 500 images, then print out five of them that you like,” he said. “Then when you’re going to the pool store, you can tell them; this is kind of what I like.  What is so important to one person might not even be on the radar of someone else.”

The design or shape of the pool will also depend on intended use.  If you want to swim laps all day, rectangular is the way to go.  If you want to host neighborhood or family gatherings with games and splashing, consider other shapes and depths.  (Above ground pools don’t provide deep and shallow ends.)

Cost.  A soft-sided, above ground pool from a big box store can cost $200 to $800.  Harrison said.  “If you took those same types of dimensions and decided on steel or aluminum sides, you’re probably talking $2,000 to $6,000 or $7,000, depending on the quality, the pattern of the lining, things like that.”

Go in-ground and the sky’s the limit.  Custom concrete can be built to any design or shape.  “You can have bar stools in it, an island, a waterfall, all that stuff”, Harrison said.  “On in-grounds you can go $15,000 to $200,000.”

Beware of additional costs such as a deck and fence. “Somebody comes to us and said they want a $30,000 pool, they have to realize you’ll have to double that for the walkway and rock and all that, “Harrison said.  “When you’re considering and aboveground, it’s the price of the pool, put it up and there you go.  An in-ground, you’re paying tens of thousands for somebody to come in and dig up the yard.  Then you need brick work, landscaping, and the deck.  You have to think of it as a total yard make-over.  There are a lot more elements to in-ground pools.  Fencing kind of gives people a heart attack.  They figure they call the fence guy because they have an acre and a half, and he tells them it’s another $12,000.”

 

Construction.  An above ground pool can be set up in a few hours if youo have capable help and have done the necessary preparation.  Tome frames for in-ground pool can vary from one to three weeks (vinyl-lined), to two weeks (fiberglass) to up to we weeks (concrete).

Life  expectenancy.  Above ground pools can last 10 or 15 years or more; their liners will need replacement in 6 to 10 years, depending on use, care and climate.  In-ground pools have longer life spans.  A vinyl liner mat have to be replaces in 10 years; a concrete pool is durable and can last for decades.  If you live in an earthquake-prone area, fiberglass may be a better choice because it has some give.

Safety.  This is one area people overlook.  Above-ground pools, protected by gates and locks are safer when it comes to children.  In-ground pools can be made safer through technology – infrared sensors, gate alarms, locks, video cameras, etc.  But homeowners are often lax.

“If you’re in the house and there are kids and there’s a pool, you have to think every second that a kids can get in that pool,” Harrison said.  “Do most people think that way?  No, but that’s the truth.”

 

For questions and to get more information about Connecticut Real Estate and Condominium Property Management, visit www.BarberinoRealEstate.com or call Alan Barberino at 203-265-7534.

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New Federal Timelines May Speed Short Sales

 By:  Kenneth Harney; kenharney@earthlink.net

If you’re one of the estimated 11 million homeowners burdened with an underwater mortgage, a new federal policy could be good news starting in June when you want to do a short sale to shed your mortgage debt load and avoid foreclosure, you may not have to wait for months to hear back from your bank when you submit an offer from a potential purchaser.  Instead, if your loan is owned or securitized by either of the dominant conventional mortgage market players – Fannie Mae or Freddie Mac – you can expect a response within 30 business days, with a final decision no later than 60 days.  If you don’t hear back during the first 30 days, the bank will be required to send you weekly update telling you precisely where the holdups are and when they are likely to be resolved.  None of this is typical of short-sale procedures today.  Banks and servicers who don’t comply will face monetary and other penalties.

The mandatory timelines, which real estate and mortgage industry experts say should help speed up what traditionally has been a glacial process, are being imposed by the Federal Housing Finance Agency, the regulatory overseer of Fannie and Freddie in conservatorship.  Short sales represent and important alternative to foreclosure, and involve the lender or loan servicer agreeing to accept less than the full amount owed by the borrower.

Though they can be complex and messy, and can take anywhere from several months to more than a year to complete, short sales are turning into a mainstay of the real estate market.  According to a report from the foreclosure data firm RealtyTrac, short sales jumped by 33 percent in January compared with the same month the year before.  In 12 states – including California, Arizona, Colorado, Florida, New York and New Jersey – there were more shorts sales recorded during January than sales of foreclosed properties.

This trend is welcome, say regulators, but the total time required to complete short sales is still far too long,.  The 30-day and 60-day mandates address just one of the key points of delay in the process, but regulators promise a series of additional steps during the coming months designed to speed transactions.  They include clearer guidelines on borrower eligibility, property valuations, compensation for lenders holding second liens, and mortgage insurance issues.  All of these are points of friction that can delay short0sales agreement for weeks or months.

Realty agents who specialize in short sales say setting mandatory timelines is a step in the right direction, but won’t solve all the problems.  The new rules and promises of more “are great if they really happen,” said broker Erik Berry of Erik Berry and Associates in Sacramento, Calif.  Short sales that his firm handles take an average of “about six months” from start to finish on Fannie-Freddie loans.  But FHA transactions – which will not be affected by the new regulations – average much longer, and sometimes drag on for a year.

Berry also is skeptical that banks and servicers will be able to reform their staffing practices quickly enough to meet the compressed timelines – even if penalties are imposed, In some cases, he said in an interview, banks switch personnel and negotiators five or six times over the course of a short sale. “You’re dealing with one person one day and they say, don’t worry, everything’s fine, then suddenly they’re gone and you never hear from them again,” leaving the deal stalled for weeks.

Matt Battiata, whose Battiata Real Estate Group in Del Mar, Calif., handles hundreds of short sales a year, said a reliable, 60-day decision deadline for responses to offers will be helpful – 30 days better than the 90-day average he now sees from banks – but the whole process will still take longer than traditional sales.  For clients seeking to do short sales today, Battiata estimates five to six months from offer to closing.  After June, assuming the new federal rules and penalties work, the estimate might only be cut by a month.

On top of this, some of the complications inherent in short sales are beyond the control of regulators or banks, he pointed out.  For instance, buyers put in offers to purchase but then change their minds, forcing the sellers and brokers to come up with replacement offers, and the bank to reset the clock to analyze the new package.

The takeway for potential short sales:  Be aware of the new moves afoot to streamline the process but don’t expect miracles

For questions and answers on Connecticut Real Estate, Homes for sale, Leases and Condo Property Management, feel free to visit us on the web at www.BarberinoRealEstate.com or call Alan Barberino at 203-265-7534

Thank you to all who attended the 2012 All American BBQ After Hours Business Fundraiser on May 16th.

Wallingford, CT Railroad Station

Pictured from left to right: Dana Zingarella & Mike Cody from Belfore Restoration; Carrie J. Mott from Bouvier Insurance & Alan Baberino of Alan Barberino Real Estate, LLC in Wallingford CT

Check out the photos from the 2012 Annual All American BBQ After Business Hours Fundraiser to benefit “Wallingford Holiday for Giving/Meriden Spirit of Giving” on Wednesday May 16th at: https://www.facebook.com/media/set/?set=a.3911585304937.278981.1138527918&type=1.

 
 And what a wonderful time we all had! A special thank you to everyone who helped putting this event together – Praline’s Ice Cream, Zandri’s Stillwood Inn, Valencia Liquor and the Meriden Chamber of Commerce. Additionally, thank you to our friends, family, business associates & Rotary Members for supporting two great causes. Feel free to “tag” any photos. And LIKE US on Facebook athttps://www.facebook.com/pages/Alan-Barberino-Real-Estate-LLC/102859561802  ; follow us on Twitter @BarberinoREM .
 
Alan Barberino Real Estate, LLC 
“The People’s Choice in
 Connecticut Condominium Property Management Companies”
 
For Real Estate Sales. Leases and Condominium Property Management, contact us at 203-269-0284 x 110 and visit www.BarberinoRealEstate.com

Get Ready for New England Condominium;s 2012 Condo Expo! Where Buildings Meet Services.

Brought to you by the publishers of New England Condominium, on May 22nd at the Seaport World Trade Center in Boston, MA, beginning at 10:00 a.m. to 5:00 p.m. is the 2012 Condo Expo.

In once day, one location and endless solutions, there will be over 150 exhibitors, thousands of products, educational seminars, peer networking opportunities and free advice booths.

Amongst the Guest Speakers will be:

  • Ellen A. Shapiro, Esq.
  • Frank A. Lombardi, Esq.
  • Henry A. Goodman, Esq.
  • Janet Oulousian Aronson – MEEB
  • Monica Tawfik – National Grid
  • Richard E. Brooks – MEEB
  • Vincent Graziano – Rise Engineering

 

 

Save time and build relationship – Meet with over 150 exhibitors.

Learn from the experts – Attend educational seminars

Network with your peers – Join over 2,000 attendees

Receive FREE expert advice – Visit the FREE Advice Booths

Enter to WIN great door prizes

Register for FREE for the 2012 Condo Expo!

www.ne-expo.com

Visit www.BarberinoRealEstate.com

For all your Connecticut Real Estate Needs & Condominium Property Management

Pending Home Sale On The Rise!

Source:  Carol Riordan www.HartfordCourant.com – HomeLife

 

Pending home sale for February were up significantly versus a year ago according to a study just released by the national Association of Realtors (NAR).

Their Pending Home Sales Index (PHSI)* showed an overall increase across the United States to an index of 96.5, a rise of 9.2 percent compared to February of 2011.  In the Northeast, the index rose 18.4 percent to 77.7.  The Midwest also posted large gains with a 19.0 percent increase to an index of 93.8.  There was an increase of 7.8 percent in the South to an index of 105.8 and a decrease in the West of 1.8 percent to an index of 99.3.

NAR Chief Economist Lawrence Yun predicted a strong buying season based on recent monthly PHSI increases.  He said, “We had a very good January, now we have a nine-percent increase in February figures.  These are implying that this buying season will be a quite decent year.”

The unseasonably warm weather has encouraged people to go out and look for properties.  Potential buyers are not just browsing, however, but shopping seriously for homes as indicated by a rise in realtor confidence.  “Realtors are looking at some of the qualitative factors,” said Yun.  “Whether or not people are returning on their open house visits; whether people are examining homes very carefully or just kicking the tires.”

Another indication of the real estate market’s recovery is declining shadow inventory which is measured by seriously delinquent mortgages and homes in foreclosure.  Shadow inventory reached a high in the last quarter of 2009, but has been steadily declining since then.  There has also been a decline in bank-owned properties and properties owned by the government through Fannie Mae, Freddie Mac and the Federal Housing Administration.  In addition, visible inventory has reached its lowest level in the five years.  “So all three buckets of potential inventory…are declining and therefore, because it’s declining consistently, it’s implying that the market is able to absorb this inventory and it’s all moving in the right direction, “said Yun.

He noted that home sales have been essentially stable since 2009 and that the recent uptick in the PHSI is noteworthy.  “If activity is sustained near present levels, existing-home sales will see their best performance in five years,” Yun said.  “Based on all of the factors in the current market, that’s what we’re expecting with sales rising seven to 10 percent in 2012.”

*The PHSI is a forward-looking indicator based on contract signings.  The data reflects contracts, but not closings.  The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales.  Information about NAR is available at www.realtor.org.

Visit www.BarberinoRealEstate.com for all your Connecticut Real Estate Home Selling and Buying needs.  Specializing in Condominium Property Management in CT, Leases and Sales. Go with the pro! Alan Barberino.

The Board/Management Relationship – A Joint Effort

The Board/Management Relationship – A Joint Effort.

The Board/Management Relationship – A Joint Effort

Source: By Hannah Fons, Manning Krull, Article Options www.NewEnglandCondo.com

ImageUnless they’re self-managed, most urban residential buildings employ

professional property managers to handle their books, bid out repair

jobs, hire contractors and deal with the day-to-day administrative

functions that few unit owners or trustees have the time (or desire) to

handle themselves. The property manager is a key player in a condo

building or HOA’s day-to-day functioning.

So how do managers and boards of trustees work together for the benefit of their building communities? As with most such relationships, it depends on the manager, the building and the expectations each has for the other. By clearly communicating roles, concerns and expectations, the management /trustee relationship can be a rewarding, functional partnership.

Put It in Writing

Every building community is different—and while certain aspects of running them are similar, there are bound to be points at which buildings differ. A good manager will adapt his or her approach to each building in his or her portfolio and find out exactly how that community wants to do things.

“Some boards like to be told every little thing,” says Mark Weisman, president of Boston’s Brownstone Real Estate, “and some don’t. Sometimes, a board will say, ‘Don’t call us unless the bill is over $500.’ Some don’t want to do anything themselves. They may not even want to take their trash out—they want us to pay the bills and keep the place clean and just send them a bill every month.”

Whatever your building’s preferences and expectations, it’s impossible for anybody to carry them out if they don’t know what those preferences and expectations are in the first place. To ensure that everybody’s on the same page, it’s wise to articulate expectations clearly and then commit them to print. In other words, put it in writing.

For example, if your trustees feel that the manager should be on-site at least one day a week to deal with building business, meet with residents and staff, and inspect the property, while the manager feels that one day every other week is adequate, clearly there will be friction unless a compromise is met. By clearly stating your expectations to your manager, then allowing them to explain their own obligations and concerns to you, working through to a mutually agreeable solution and then putting that solution in writing, the potential for misunderstanding is greatly reduced.

It’s also important to have things in writing for the benefit of non-trustee residents. If a tear sheet or informational memo is available outlining exactly when management will be on-site, whom to contact in case of an emergency and the schedules for things like trash collection and snow removal, residents will more likely adhere to house rules and regulations. Better still, they may be less likely to complain about lack of communication from trustees/management.

Another benefit of spelling out roles and expectations is that your trustees will have a ready-made checklist against which to compare your management company’s performance. Should your building ever opt to change companies, you won’t have to reinvent the wheel with the new managers. You can simply present them with a copy, so everyone understands what’s expected and there are no surprises for either party.

Reaching a joint agreement about what your building wants in a manager—and what your property manager can reasonably provide—is one of the most important elements of the trustee/manager relationship. With clearly defined expectations, both sides of the relationship can know where they stand and have a good idea of whether or not the relationship itself is working.

Your Manager Works for You

It’s sometimes easy for a group of trustees to forget that their building’s manager is really their employee—and that they, the board, are the ones charged with making the final decisions about how to run the building. Given that most trustees are volunteers, and not professionals in the real estate industry, informed input from the management is vital—but it’s just that: input. The trustees have the final word in the decisions that affect the building community.

To that end, boards and managers must both commit to an agenda for meetings—and an action plan for afterwards—and to do their part to carry out that action plan once the meeting adjourns. That means establishing deadlines for specific tasks, delegating responsibilities fairly and practically and following up to make sure everything that needs doing has been done.

When it comes to handling problems and complaints within the building, trustees and managers must determine who will receive complaints and how they will then be acted upon. Whether it’s a complaint committee, a phone hotline, or simply a designated go-to person for managing hot-button issues, the important thing is to establish a system and adhere to it consistently.

“I like to get an e-mail list going,” says Weisman, “so I can get in touch with everybody all at once. I know who the owners are, the tenants, the mortgagees.”

“You need to be on top of everything,” agrees Ed Lyon, owner of Preservation Properties in Newton. “As a manager, you need to set the pace for the agenda. You need to be one or two steps ahead of the trustees, the tenants and the boards.”

A good manager with years of experience can be invaluable when it comes to this part of building administration by divvying up assignments and helping individual trustees take on only as much as they can reasonably accomplish in the given span of time. It’s also up to the manager to check in periodically with committee members and other trustees to make sure the projects and initiatives decided upon at the meeting are coming along on schedule. While managers are working for their boards and buildings, it’s their experience and cumulative wisdom that enables even the greenest trustees to hit the ground running and conduct their community business smoothly.

For questions, quotes, information about Condominium Property Management in Connecticut, feel free to call

 Alan Barberino Real Estate, LLC at 203-265-7534 or visit our web site at www.BarberinoRealEstate.com

We Service Connecticut Real Estate Condo Property Management, Leasing and Sales

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Join Us Rain or Shine on Wednesday, May 16th Time: 5:00 pm to 7:00 pm. You are invited to attend. Please RSVP.

On May 16th, 2012, from 5:00 pm to 7:00 pm; the Annual All American BBQ Business After Hours & Fundraiser will be held at Alan Barberino Real Estate, LLC; 194 North Plains Industrial Road, Wallingford Connecticut – in association with The Greater Meriden Chamber of Commerce & Friends of Holiday for Giving (Wallingford) and the Spirit of Giving (Meriden).

You are invited to attend. Please RSVP to Alan Barberino at 203-269-0284 x 110 by May 15th, 2012, email abarberino@aol.com and/or RSVP to The Chamber office by phone: 203-235-7901 fax: 203-686-0172; email: info@meridenchamber.com ; visit www.meridenchamber.com .

$20.00 per person at door with exact cash or make checks payable to Holiday for Giving or Spirit of Giving. Net proceeds to benefit “Holiday for Giving & Spirit of Giving”.

The All American BBQ Business After Hours is Still ON Rain or Shine – Tonight May 16th at 5 pm

Tonight at 5:oo pm; May 16th, The Annual All American BBQ Business After Hours & Fundraiser is still on and still happening!

Enjoy the gathering of people, businesses with plenty of food and beverages.  There will be a raffle too!

Location: 194 North Plains Industrial Road, Wallingford Connecticut – Alan Barberino Real Estate, LLC in association with The Greater Meriden Chamber of Commerce & Friends of Holiday for Giving (Wallingford) and the Spirit of Giving (Meriden).

Come out and support the cause “Holiday for Giving” & Spirit of Giving”

Looking forward to seeing you here tonight!

Alan

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