Monthly Archives: April 2009

How to Price Your Home to Sell in Greater Danbury

Pricing your home to sell is the most important factor to determine whether your home will sell or not. At the correct price, buyers can look past certain defects in your home,size, location or lot. There are several things that you need to look at when determining the price of your home:

  • Recent sales of homes in your neighborhood or similar neighborhoods in recent months. It doesn’t matter what your neighborhood got a couple of years ago, because the market is different now. Sales should go back about 6 months.
  • The sales on the homes in your neighborhood or similar neighborhoods should be about the same size and condition of your home. There will be some adjustments made based on the size, condition, location in the neighborhood and lot compared your home.
  • One should also look at the listings of houses that failed to sell after being on the market for some time. The biggest reason why they didn’t sell was the price. You need to offer a better value or package than what the houses that didn’t sell had.
  • One thing that I look to in pricing homes is by looking at similar homes that are currently on the market. Buyers will often look at different homes in the same neighborhood to see what property best suites their needs and budget. In today’s real estate market, you do need to be the best value.
  • The only real thing that you can control in the real estate market is your home. You do control the condition of your house. A thing to keep in mind is that you might not get all of the money back which you put toward improvements. If your property has some things that might deter buyers, such as deferred maintenance, a strange floor plan, steep driveway or any other thing might be seen as a negative, your home prices should reflect that.

It doesn’t matter that your neighbors house is listed $ more than yours. It’s been on the market for a very long time. I’m trying to sell YOUR HOME, it doesn’t matter what they are doing.

Request a free home value evaluation.

After looking at that information, I do come up from a price range of what your home is worth.It is ultimately your decision on where in the price range you would like to list at, based on your goals & time frame.

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New Construction in the Danbury Area

One thing that surpises people from outside of the Danbury area is that we are do not have large subdivisions of 75-500 + single family homes. One reason of we why don’t have those large communities is that there is not much large parcels on land to built on. Typically new devolpments in the area are about 2 dozen homes, but sometimes builders just buy vacant lots in established neighborhoods and put up some newer homes. Towns also limit the number of homes that can be built on land because of the impact the new homes will have on the school systems. The towns in the Greater Danbury area also like to have some of the land preserved as open space. More often that not, most homes are on about 1 acre( depending on zoning), which will limit the number that were built, under construction or proposed. Almost all properties do require septic & wells. One final thing about new construction is that most of the new construction communities in the Danbury area do not offer amenties, other than townhome communites.

New and newly construction communities include:

Ridgebury Hills (Danbury),Brookfield Crossing (Brookfield),Spring Ridge (Danbury),Tobin’s Court (Danbury),Rock Ridge (New Fairfield),Red Fox Crossing (New Fairfield),Tilson Woods (Newtown),White Oak Estates (Danbury),Fieldstone Estates (Danbury), Fieldstone Estates (New Milford) and Whispering Glen (Brookfield)

Things banks look in for condos

In addition to seeing if buyers are approved for financing, they want to make sure your condominium or townhome community is in good standing. There is a big form that they want completed by the property management company. The information that banks want include:

  • Are all of the common elements and/or amenties complete?
  • Is the project subject to additional phases?
  • Is the project a conversion of a previous building?
  • When was the community turned over to the HOA from the builder?
  • Number of total units & # of units rented out
  • Does any person or entity own more than 1?
  • # of units delinquent by 30 days?
  • Any special assessments for the community, involvement in litigation, or any adverse environmental things affecting the project or certain units?
  • Amount of money in reserves, income budgeted for the current year & amount going toward reserves
  • If the unit taken over by a foreclosure or deed in lieu, is the mortgagee responsible for delinquent HOA fees?
  • Coverage on insurance (liablity, fidelity bond, is the community in a flood zone)

Danbury CT Condo & Townhome Units

Newer condos & townhomes in the Danbury area go in all shapes, sizes and layouts. The advantage of this is that you can find a community that you feel the most comfortable in, location, amenties as well as having the space set up in a way that best suites your lifestyle. The most common layout set up is a tri level. The advantage of having three different levels of space (living area level, bedroom level, and basement) is that you can divide the space and minimize noise from public areas to sleeping areas. Three level townhomes are available at Woodland Hills, Sterling Woods, Kensington Woods, Stetson Place, Arlington Woods, Lake Place and others.

The second most popular set up for townhomes in the Danbury area having 4 levels of space. The extra level is created by either having a loft space in (as is the case for some of the floor plans in Woodland Hills) or creating a level along the slope from the garage (kind of a sub basement) which was done at some of the units over in the Westville Commons. You do get a some additional living space, but it might be difficult to do things like calling people to something & also could be difficult to climb the stairs if you get ill or incapacitated.

There are surprising very few two level units. Some communities that offer two level units (main level, and either an upper level or basement) include of the set ups in the Poet’s Landing community and Summit View (Old Brookfield Road). Some two level units are in older (20 years or so) such as Park Ridge, Lakewood, Arrowood and Barclay Commons.

There is a very small supply of newer ranch style units. They are desireable because they are typically easier to clean and maintain. They are also good if you become in a position where climbing stairs can be difficult. There are ranch units models in Poet’s landing & Crystal Bay (both with direct access to Candlewood Lake) Lake Place, Westwood Village, Barclay Commons, Shepherd Hill as well some units in the original section of Sterling Woods.

Work with a realtor who knows the market, the various complex, as will listen to your needs & help you get the unit that you want, fits your lifestyle & budget!

Why Renting in Greater Danbury is Expensive

Renting is not a great plan if you are staying in the same area for more than 3 years.The average rent in Danbuyr is around $1500 a month. Assuming a 5% increase in rent per year, you would be out a considerable amount of money:

Year Monthly Rent Annual Rent

1 $1500 $18000

2 $1575 $18900

3 $1654 $19848

4 $1737 $20844

5 $1824 $21888

Total Rent Paid for 5 years:$99,480

The numbers even become more shocking if you are paying even more in rent.

Year Monthly Rent Annual Rent

1 $1800 $21600

2 $1890 $22680

3 $1985 $23820

4 $2084 $25008

5 $2188 $26256

Total Rent Paid for 5 Years = $119,364

In the same 5 years, if you had a $300,000 loan, lets look at your net worth.

After 5 Years (Assuming 3% increase in value per year):

Appreciation $47,625 to $347,625

Mortgage Balance ($279,163) $20,873 from $300,000

Total Net Worth $68,500

Even a 1.5% Home Appreciation Still Yields $35,000 Net Worth. Stop making your landlord rich. Call me to talk about how you can become a homeowner!

The Benefits of owning include:

Growth of equity over time: Over time, owners have opportunities to build equity and receive a great return on their investment.

Cash access: You can borrow against your equity or turn into into cash when you sell.

Tax Advantage: The interest on your loan is usually tax deductible.

Security: With a fixed rate mortgage, your payments will remain the same unlike rent.

Investment: Owners can make renovations that reflect their personal style and possibility raise the value in your home.

Why Units Sell at Westwood Village,Danbury CT

There are many reasons units always seem to sell over at Westwood Village on the west side of Danbury.

  • The community is composed of spacious well designed 1, 2 and 3 bedroom units.
  • A proactive condo board & professional management company keeps the community well maintained.
  • Great amenities including two pools, dog park and playground.
  • Prime location minutes to I-84, I-684, train stations and New York state.
  • Because of the community is set high upon a steep hill, some of the units do offer great views of the surrounding hillside and nearby lakes.
  • Westwood Village is close to shopping along Mill Plain Rd.

See what is for sale in Westwood Village in Danbury below

The difference between New York & Connecticut

There are some differences between living in Connecticut & New York. They include:

  • There is no county government in Connecticut. Everything is handled by the town or city in which you live in.
  • There is no separate school tax on top of the property taxes. They are included in the property taxes. Also in Connecticut, there is no program similar to the ‘STAR’ discount.
  • The school districts in Connecticut are typically for just the town you live in.
  • The property taxes in the Greater Danbury area are typically about 35% lower than in nearby towns in Westchester & Putnam Counties in New York.
  • Lower income taxes
  • You do have to pay taxes on cars and personal property in CT.
  • The lots for homes in the Greater Danbury area are typically larger than comparable desirable neighborhoods in Westchester.
  • There are some little things different, ranging from things such as where & when you can purchase alcohol to where license plates on cars have to be.