Yes, we were pleased when, after having our clients home on the market for a number of months, we finally got them a full price offer!  The house had been languishing on the market, and after reviewing market statistics with them, they followed our advice to use our “Current Pricing Strategy” along with some unique marketing strategies. Almost immediately the showings for their home increased dramatically, and within 3 weeks they received a full price offer.

Identity Crisis: A Tale of Two Houses

(more…)

Storrs Ct Festival on the Green

Tom and I love the Mansfield Festival on the Green held in Storrs Ct every year, we get to see so many people we know, the atmosphere is great and we try to have a fun, vibrant booth.  As Realtors and life long residents in this wonderful community we look forward to being a part of many community events throughout the year and this is one of our favorites.

(more…)

Peaceful Andover Lake 

Andover Lake in Andover Ct is one of those areas and lakes that just make you want to slow down, relax and enjoy your life a bit.  Tom and I have always loved this lake and the fact that it is so peaceful and quiet enhances the quality of the lifstyle on Andover lake even more.  I grew up in neighboring Coventry Ct, spent all my summers on Coventry lake and have always treasured the quality of  a lake lifestyle.

Lake Lifestyle Experience and Lake Expertise go Together

When you own a lake property, just waking up everyday to the view of the water pretty much gets you off to a good start – if it doesn’t, well, probably nothing will.  We have shown and sold properties on every lake in the area for years and our love of lakes and lake lifestyle has led us to own a number of different lake properties over the years. We even owned 2  lake homes at one time for about 2 years!  Lake life is unique and so is listing and selling lake homes – you really need to know what your market is and the many qualities about lake homes and the surrounding areas in order to find the perfect match when someone is ready to sell or buy a home on a wonderful lake like Andover Lake in Ct. Wth our office location in Storrs Ct and the office in West Hartford, CT we are well known expert lake home specialists for a  large part of Ct

Hmmmm……..I’d like to make a lake please

Andover Lake is known as one of the cleanest lakes in Ct and was first formed in the 1920′s.  Many people do not know this, but almost all the lakes in a large area of Ct are man made!  Usually a couple of streams were dammed up (as is the case with Andover lake) and then the bed of the lake was cleared and the lake was formed.   Years ago, you could do something like this – can you imagine dealing with the DEP now and telling them you wanted to “make a lake?”  Probably not……

Powerboat or Non Powerboat…Which Fits Your Lifestyle?

The homes on Andover lake are always highly sought after and swimming, canoeing, kayaking and fishing are some of the recreational activities enjoyed here.  There are no powerboats allowed on the lake and we have found over the years that there are two kinds of lake property buyers.  There are those who want a power boat and water skiing lake, or those who absolutely do not – Andover is the perfect lake for someone looking for a peaceful, tranquil setting for a year round home or weekend/vacation home.  I also love the proximity to everything – you can easily commute to UConn in Storrs or  Eastern Connecticut State University in Willimantic as well as an easy commute to Hartford Ct.  Andover is that great mix of small town America with all the amenities you could want only a short drive away – The Shoppes at Evergreen in South Windsor, one of my favorite destinations with Burtons Grill (delicious) located right there is only about 20 minutes away.  For more information on this beautiful lake check out our lake website  http://www.ctlakeliving.com/

Changes are about to occur with FHA in Connecticut and throughout the country, the conditions needing to be met for a condominium complex to be approved for FHA backed financing will change as of Oct. 1, 2009 . Currently, a complex can be on the FHA approval list with 50% of the units having mortgages insured by FHA.  Looking to reduce their risk as the number of loans they have insured in the last 2 years has soared, FHA will now only approve a condominium complex with no more than 30% of the units  having mortgages insured by FHA. 

The FHA website offers a “pre” Oct. 1st approval list and a “post” list – much to my surprise, there are currently no condominium complexes in Connecticut on the “post” list.  I assume that the transfer of information has not been completed yet, but it does give me pause to realize that if a complex was not approved by FHA within the last year, the complex will now have to reapply for approval and I am told that process will take a minimum of 4-6 weeks.

At a recent FHA seminar, the discussion was held that the current list of over 10,000 currently approved condominium complexes will be reduced to 400-500 approved complexes for the entire country.  This is only until the complexes area able to obtain a new approval, but given the new restriction on  30% or less of FHA mortgage insured units, many of these complexes will not be able to overcome that barrier for years to come. 

One of the Attorneys we work with closely has stated that the expectation at the FHA seminar was that only one in 200 currently approved complexes will retain their approved status.  We see many of our first time home buyers buying condominiums under $200,000 and up to $250,000 in the Storrs, Coventry, Glastonbury, Tolland, Manchester, South Windsor , Willington and Vernon areas with an FHA backed mortgage, so some creative challenges will be facing Realtors, sellers and buyers with these new changes.

FHA has become a central player in financing as a buyer can be approved for an FHA backed loan with as little as 3.5% downpayment.  Most banks and lenders are no longer approving loans with a 3.5% downpayment unless it is guaranteed by FHA.

These changes will take place as of October 1st and if you are a buyer or a Realtor with a client  involved in a condo transaction I would strongly encourage you to have the lender get the FHA case number on or before September 30th.

As I listen to buyers and review the offers coming in on homes for sale in the Storrs area,  Tolland County, Windham County and Greater Hartford areas, it does not look  like  home prices have leveled off yet…and one of the indicators we are now seeing of this is the appraisal.

I had an interesting conversation with a loan officer last week who stated that she felt Connecticut property prices in the Storrs, Tolland County and the Windham County areas were starting to go up.  

I was pretty surprised to hear this - and when I asked her why, she said because she is no longer having any problems with homes appraising at the agreed upon sales price. She said, in fact, many appraisals are now coming in OVER the sales price.  This immediately made a bell go off in my head and supported what we have been seeing  in the market: housing prices are still going down.  I even wrote a blog about an appraisal coming in $20,00 above the selling price just a couple of weeks ago. (more…)

Cynthia Van Zelm, Executive Director of the Mansfield Downtown Partnership, wanted to  invite everyone to the Festival on the Green planned for this weekend in Storrs, CT! Here’s the information:

Festival on the Green in Mansfield Storrs, CT

“The Mansfield Downtown Partnership invites everyone to “Celebrate Mansfield” at this year’s Festival on the Green which will be Sunday, September 13 from noon to 5:00 pm behind the Storrs Center commercial plazas.  In the event of rain, activities will move inside E.O. Smith High School.  (more…)

I love this upcoming weekend! We are one of the sponsors of the Mansfield Downtown Partnership’s  ”Festival on the Green”  which is taking place this Sunday, September 13th from noon to 5PM. 

Festival on the Green Weekend in Storrs, CT

The entire weekend is filled with activities in Storrs CT, and Tom and I will have a booth set up on Sunday at the festival. Look for our banner – “The Burns Real Estate Group”  as we will be  handing out free popcorn and holding a contest with a $100 gift certificate to the winner!  

The festival will be kicking off with a parade and the UConn marching band. Don’t you just love them? I grew up going to every UConn event imaginable and loved it when the UConn band played at  football games. How DO they play and march perfectly like that?  (more…)

Can a wine label really help you sell your home?  We sell homes in the  Tolland County, Windham County or Hartford County Connecticut area and one thing I would NOT recommend is to put out a bottle of wine with a name like (OOPS), Frogs Piss or Senile Farms – the buyers touring your home may think you are trying to tell them something……

Sell That Connecticut Charm & Elegance

When you are staging your Connecticut home for sale, leaving out a great looking bottle of wine and a couple of wine glasses is a nice touch.  Remember, you are selling not only your home, you are selling a lifestyle and anything you can do to convey how much they will enjoy living there is important. We call it “emotionally moving in” when buyers get attached to a house and start thinking about what it will be like to have this be “their” home. (more…)