Safety and prevention

Written by Mary Ann Clark
Thursday, 18 March 2010 00:00

In challenging economic times, home burglaries increase and our area is no exception. Last week, State Senator L. Scott Frantz (R-36) e-mailed members of our community an important warning along with preventive measures. Burglaries occur during late afternoon and early evening hours in vacant homes. Burglars typically enter rear doors using a device that “defeats the door.” Realtors also advise their clients of safeguards that may prevent burglaries:

If a home is occupied, do not leave jewelry, cash, credit cards and other valuables out in plain sight to make them easy to take. Vehicles left in garages should also be locked with valuables removed or concealed. Burglars also do not like homes with dogs. Dogs bark, are unpredictable and can attack strangers.

Understandably, if a home looks occupied, it will not be as much of a target.

Global economy yields mixed results

Written by Mary Ann Clark
Thursday, 11 March 2010 01:00

Last week the financial markets felt the concerns over foreign economies going into default.

This is despite U.S. companies doing relatively well (reporting approximately 30 to 40% gains when compared to last year’s performance). Some economic analysts contend that you need to “grow out” of a recession; and anticipate that companies will start hiring more employees during the second quarter of this year.

U.S. real estate market

In December 2009, 16.7% fewer homes sold. However, the prices of these homes increased 1.5%, and home inventory decreased by 3.29 million units in December. Although far fewer homes sold when compared to previous years in December, home inventory decreased and prices slightly ticked up.

Joint ventures and other trends

Written by Mary Ann Clark
Thursday, 04 March 2010 01:00

An increasing number of couples are purchasing property without being married or before marriage. Tom Ward, an attorney and partner at Ivey, Barnum and O’Mara in Greenwich, counsels that they should treat the purchase as a “joint venture.” He explains that buyers will be holding title to the property as tenants in common. This means that the property will not automatically pass to the survivor. If a party’s contribution is not equal, the percentage of ownership will be commensurate with the participatory contribution.

In such cases, Mr. Ward also counsels that there should be an agreement between the parties that outlines an exit strategy. Will one party buy out the other’s interest? Will they sell the property and divide the proceeds according to their percentage of participation?

Honesty and integrity are key

Written by Mary Ann Clark
Thursday, 25 February 2010 01:00

Real estate professionals need to be knowledgeable and skilled in negotiation among other required qualities. In this challenging market what is also becoming highly valued is whether the real estate agent is respected and gets along with others. A resourceful and productive real estate agent can reach out to colleagues in other brokerages to bring sellers and buyers together. Collaboration and cooperation in selling has become a necessity.

Unaccompanied buyers should be candid and inform a listing agent at a public open house that they have signed a representative agreement with another real estate professional. Real estate agents should accompany their clients to showings and to public open houses. If an unaccompanied buyer who is represented by another agent attends a public open house they should be mindful that the hosting agent can only allow them to see the home. The hosting/listing agent cannot discuss particulars with these buyers concerning the home and its seller(s).