When it comes to selling your home, how you present it is crucial. It’s not just about opening the doors and letting potential buyers in; it’s about creating an experience that connects with them emotionally and practically. Every little detail can make your home irresistible to buyers, from decluttering and showcasing its best features to creating a warm and inviting atmosphere. Knowing how to show your house to potential buyers involves paying close attention to every aspect and creating a welcoming ambiance that allows buyers to imagine themselves living there. This blog will provide effective strategies and practical tips to help you showcase your house in the best possible light and increase its appeal to potential buyers.

• Setting the Stage

The first step in presenting your home to potential buyers is decluttering and depersonalizing the space. Remove personal items such as family photos, memorabilia, and excessive decorations to create a neutral canvas that allows buyers to envision themselves living in the home. Clear out any clutter from countertops, shelves, and closets to create a sense of spaciousness and organization. By decluttering and depersonalizing, you’ll help potential buyers focus on the home’s features and envision their own life in the space.

• Highlight Key Features

Every home has unique features that set it apart from others. Whether it’s a stunning view, a gourmet kitchen, or a luxurious main suite, it’s essential to highlight these critical features during the showing. Use strategic lighting, staging, and presentation techniques to draw attention to these features and make a lasting impression on potential buyers. Consider creating visual focal points, such as a cozy seating area by the fireplace or a beautifully set dining table, to showcase the best aspects of your home.

• Setting the Tone

Creating a warm and inviting atmosphere is crucial for making potential buyers feel welcome and comfortable during the showing. Start by ensuring that the temperature is comfortable throughout the home and that there are no unpleasant odors or distractions. Add soft lighting, fresh flowers, and subtle scents to create a sense of warmth and hospitality. Play soft background music to enhance the ambiance and make the space feel inviting. Creating a welcoming atmosphere will help potential buyers connect emotionally with your home and envision themselves living there.

• Reaching a Wider Audience

In today’s digital age, offering virtual tours and high-quality photography is essential for attracting potential buyers, especially those who cannot attend an in-person showing. Invest in professional photography and virtual tour services to showcase your home in the best possible light. Utilize these visual assets on your listing page, social media channels, and other online platforms to capture the attention of a broader audience of potential buyers. Virtual tours allow buyers to explore your home from the comfort of their devices, making it easier for them to envision themselves living there.

Culmination:

Presenting your home to potential buyers is a crucial step in the selling journey that requires careful planning and attention to detail. By organizing and depersonalizing, showcasing key features, creating a cozy and welcoming ambiance, enhancing the curb appeal, and providing virtual tours and high-quality photographs, you can effectively display your house and maximize its attractiveness to potential buyers. With the proper presentation and marketing strategies, you can make your home irresistible to potential buyers and achieve a successful sale. Howard Dubman, an experienced real estate professional, offers valuable tips for home sellers based on his years of industry expertise. His insights and guidance can assist sellers in confidently navigating the selling process and achieving optimal results.

Selling a house requires finding the perfect buyer and agreeing on the price. Sellers should also know the different closing costs involved in the transaction. Understanding these costs is crucial for a seamless and financially secure selling experience. This blog will delve into the various closing costs that home sellers might encounter, offering valuable advice and tips to assist sellers in navigating this aspect of the real estate process.

• Breaking Down the Costs

Delve into the closing costs that home sellers typically incur, such as agent commissions, transfer taxes, title insurance, attorney fees, and prorated property taxes. Please provide a detailed explanation of each cost, including what it covers and who pays it. Breaking down these costs can help sellers anticipate their financial obligations and avoid any surprises during the closing process.

• Agent Commissions

Explore how agent commissions are calculated and negotiated between the seller and their real estate agent. Discuss the standard commission rates in the local market and provide tips for negotiating a fair commission structure. Additionally, highlight alternative selling options, such as selling by owner (FSBO), which may allow sellers to save on commission fees.

• Transfer Taxes and Title Insurance

Explain the purpose of transfer taxes and title insurance in a real estate transaction. Discuss how transfer taxes are calculated, who typically pays them, and the importance of title insurance in protecting the buyer and seller against potential title issues. Offer guidance on selecting a reputable title insurance company and understanding the associated costs.

• Attorney Fees and Closing Agent Charges

Discuss the role of attorneys and closing agents in the closing process and the fees associated with their services. Provide insights into when sellers may need legal representation, such as for complex transactions or disputes. Offer tips for finding an experienced real estate attorney and understanding the scope of their services and fees.

• Additional Costs and Considerations

Highlight any additional closing costs sellers may encounter, such as home warranty fees, home inspection repairs, and prorated utility bills. Offer advice on budgeting these expenses and negotiating with the buyer to determine responsibility for specific costs. Additionally, discuss any local or state-specific closing costs that sellers should know.

Winding Up:

Selling a home involves closing costs that cannot be avoided, but sellers can navigate this process confidently with the proper knowledge and preparation. By understanding the different types of closing costs, negotiating effectively, and seeking guidance from experienced professionals, sellers can minimize their financial burden and ensure a successful closing. They are intended to empower home sellers with the information they need to make informed decisions and achieve a smooth and financially sound transaction. Howard Dubman, a real estate veteran, has created a comprehensive Listing Your Home Checklist to assist sellers in efficiently preparing for the selling process.

Clients and Friends,

The following is the March 2024 Southern Connecticut Real Estate Market Analysis.  In preparing this report every month, I keep myself up to date on the market economics for all Southern Connecticut.  I have a financial background (MBA in finance), and I enjoy analyzing detailed financial data so I can maintain a good understanding of the market.  I then use this knowledge to help my clients (both buyers and sellers) understand the market and get them the best deal possible.

Single family home sales for March 2024 in Stamford, Greenwich, Darien, New Canaan, and Norwalk were 109 units vs. 81 in February, 146 in March 2023, and 191 in March 2022.  The best leading indicator for future sales is homes with accepted offers/under contract.  As of April 15^th, there were 86 homes with accepted offers/under contract, which is higher than last month (62) and last year (73), but much lower than 2022 (140).  Last month I noted that selling prices had declined slightly in both January and February versus the Q4 2023 average.  In March, average selling prices were higher than the Q4 2023 average for 4 of the 5 towns.  New Canaan average sales were a bit lower but that is based on only 8 sales and is probably not a true indication of the trend.   More importantly, the selling price per square foot in March was higher in all 5 towns vs. the Q4 average in 2023.  In both January and February, inventory increased versus the prior month.  However, total inventory declined in March, and this notably is the first time since I started keeping detailed statistics in 2011 that March inventory was lower than the prior month.  In March, there 191 new listings in the 5 towns vs. 266 last year. March/April is normally the time that inventories increase for the Spring market, so the March inventory trend is very disappointing, and reverses the trend I noted in January and February.  On an overall basis, the market continues to be a strong sellers’ market.  During March, 83% of the homes that sold were at, or above, the list price.  In January and February, 65 % and 72% of the homes sold above the list price in Stamford.  In November and December 2023, 66% of the homes sold at, or above the list price – so this trend seems to be getting stronger.  For comparison, back in 2020 (the last year before the decline in inventories), only 34% of homes sold at, or above the list price.

Stamford condo sales in March were 36 units vs. 40 last month, and 45 in March 2023.  In Stamford, 70 condos had accepted offers/under contract as of March 15th versus 65 in February, and 96 in March 2023.  As reported the last several months, condo sales have also been severely impacted by the lack of inventory.  Similar to single family homes, condo prices are holding firm.  During March, 70% of the condos that sold were at, or above, the list price.  During January and February, 65% and 60% of condos sold at, or above the list price. For November and December, 68% of the condos sold at, or above the list price.  It is clear that similar to single family homes, this trend seems to be getting stronger.  For comparison purposes, in 2020, only 23% of condos sold at, or above the list price.

Interest rates for conforming loans have increased over the last couple of weeks and are now in the low 7% range. I expect that interest rates will fluctuate between mid-6% and low 7% range over the next few months..  Even though inventories declined in March, I still believe inventories will increase modestly over the next 3 months.  Demand clearly remains very high, and (as I have been stating for months) I believe the lower interest rates will lead to higher selling prices UNLESS inventories increase significantly (which is highly doubtful).  The real estate market is driven by supply and demand, and high demand with low supply means higher prices.

The above-mentioned statistics clearly indicate to me that the sellers’ market is getting even stronger.  None of the key statistics show any kind of weakening in selling prices.  Home viewings are very strong.  I showed a home in Port Chester priced at $470,000, and the listing agent told me they had 147 showings schedule between Tuesday and Sunday last week.   That is a lot of competition.

The National Association of Realtors (NAR) has reached a settlement in the litigation of claims brought on behalf of home sellers related to broker commissions.  In the proposed settlement, which has not yet been approved by the Department of Justice or the courts, NAR would pay $418 million over 4 years to the home sellers as compensation.  Historically, commissions were paid by the seller, and the split between the buying and selling brokers was communicated to all parties by the various multiple listing services.  This practice will be discontinued, and both sellers and buyers may negotiate commissions separately. The agreement, if approved, is schedule to be implemented in mid-July.  There are lots of unanswered questions, but everyone should be aware of what is happening, and if approved in the current format, this could change who pays and how real estate brokers receive their fees.

If you have any questions regarding this report or are interested in buying and/or selling a home, please contact me anytime.  If there is anyone you know who is interested in buying or selling a home, I would very much appreciate you giving them my name or sending me their email address and I will contact them.

To view the detail report please click on the below link.  Additionally, if you would like detail information on any town in Connecticut let me know and I will provide it.

https://drive.google.com/file/d/16jUj2-OeeyWBbmPiPsFI_Ult2_O5LbDH/view?usp=sharing

Real estate investments can be a great way to grow your wealth. But it’s essential to know the taxes and fees involved, such as the realty transfer tax. This tax, charged when property ownership is transferred, can significantly impact your investments’ profitability. This blog will look closer at how the realty transfer tax affects real estate investments and discuss strategies for minimizing its impact to maximize your investment.

• Understanding Realty Transfer Tax

Before delving into its impact on real estate investments, it’s crucial to understand what realty transfer tax entails. Realty transfer tax is a state-level tax imposed on the transfer of property ownership, typically calculated as a percentage of the property’s sale price or assessed value. The tax rate and exemptions vary by state, with some jurisdictions offering preferential treatment for certain types of transactions, such as transfers between family members or first-time homebuyers.

• Impact on Investment Returns

Realty transfer tax can significantly impact the returns generated from real estate investments. For investors engaged in frequent property transactions, the cumulative effect of transfer taxes can erode profits over time. Additionally, the upfront transfer tax cost must be factored into the investment analysis, affecting the initial cash outlay and overall return on investment. In markets with high transfer tax rates, investors may need to adjust their investment strategies to account for the tax burden and optimize profitability.

• Strategies for Mitigation

While realty transfer tax is an unavoidable cost of property ownership transfer, investors can employ various strategies to mitigate its impact on their investments. One approach is strategically structuring transactions to minimize tax liability, such as utilizing tax-deferred exchanges or installment sales when feasible. Additionally, investors can explore opportunities to leverage exemptions and exclusions offered by state tax laws, such as exemptions for certain transactions or property transfers. By proactively planning and strategizing, investors can minimize the tax burden associated with realty transfer tax and preserve more of their investment returns.

• Considerations for Investors

When evaluating real estate investment opportunities, investors need to consider the implications of realty transfer tax on their investment strategy and financial objectives, conduct thorough due diligence on local tax laws and regulations, understand the tax implications of different types of transactions, and incorporate transfer tax considerations into their investment analysis. Investors should also stay informed about tax laws and regulations changes that may affect their investment decisions and adjust their strategies accordingly.

Ending Note:

Realty transfer tax is a significant consideration for real estate investors, influencing the profitability and feasibility of investment opportunities. By understanding the implications of transfer tax, employing strategies for mitigation, and incorporating transfer tax considerations into their investment analysis, investors can navigate the complexities of real estate transactions more effectively and maximize their returns. Howard Dubman is an expert in assisting investors and understanding the real estate market. Our team of skilled professionals provides tailored advice and valuable insights to help investors comprehend the real estate market and make well-informed choices that align with their investment goals. Allow us to assist you in unlocking the possibilities of real estate investing and attaining success in today’s dynamic market environment.

Selling your home can be both exciting and daunting. Whether you’re downsizing, upsizing, or relocating, it’s essential to have a solid strategy in place to ensure a successful sale. By following these proven tactics, you can maximize your home’s appeal, attract potential buyers, and confidently achieve your selling goals. This blog will explore the best plan for home sellers, covering everything from preparing your property for sale to navigating negotiations and closing the deal.

• Prepare Your Home for Success
Before listing your home on the market, preparing it for sale is crucial to make the best impression on potential buyers. Start by decluttering and depersonalizing the space to allow buyers to envision themselves living in the home. Consider making minor repairs and updates to address visible issues and enhance the property’s appeal. Invest in professional staging to showcase your home’s best features and create an inviting atmosphere that resonates with buyers.

• Price It Right from the Start
Pricing your home is one of the most critical factors in achieving a successful sale. Work with a knowledgeable real estate agent to conduct a comparative market analysis and determine the optimal listing price based on current market conditions, comparable sales in the area, and your home’s unique features and attributes. Avoid overpricing your home, which can deter potential buyers and prolong the selling process. Instead, aim to price it competitively to attract interest and generate offers.

• Market Your Property Effectively
Effective marketing is critical to attracting potential buyers and generating interest in your property. Work with your real estate agent to develop a comprehensive marketing plan that utilizes a mix of traditional and digital marketing channels. It may include professional photography and virtual tours to showcase your home online, targeted advertising campaigns on social media and real estate websites, and hosting open houses and private showings to engage prospective buyers. By casting a wide net and reaching as many potential buyers as possible, you increase your chances of finding the right buyer for your home.

• Close the Deal
Once you’ve accepted an offer and negotiated the terms of the sale, it’s time to close the deal. Work with your real estate and closing agents to ensure all necessary paperwork is completed accurately and on time. Schedule a final walkthrough of the property with the buyer to ensure that it is in the agreed-upon condition. Review and sign the closing documents on the day of closing and transfer ownership of the property to the buyer. Celebrate your successful sale and move forward with confidence into your next chapter.

Culmination:
Selling your property can be satisfying and enriching when you utilize the correct techniques and approaches. By getting your home ready for the market, setting a competitive price, staying adaptable and responsive, and finalizing the transaction smoothly, you can reach your selling objectives and transition confidently to the next phase of your life. We recognize the significance of every stage in the selling process. With the expertise of agents such as Howard Dubman, we emphasize providing tailored assistance and strategic advice to ensure a smooth property sale for you. Whether it’s your initial home sale or a downsizing endeavor for retirement, we are committed to assisting you throughout the journey. Allow us to assist you in selling your property with assurance and accomplishing your real estate aspirations.

Clients and Friends,

The following is the February 2024 Southern Connecticut Real Estate Market Analysis. In preparing this report every month, I keep myself up to date on the market economics for all Southern Connecticut. I have a financial background (MBA in finance), and I enjoy analyzing detailed financial data so I can maintain a good understanding of the market. I then use this knowledge to help my clients (both buyers and sellers) understand the market and get them the best deal possible.

Single family home sales for February 2024 in Stamford, Greenwich, Darien, New Canaan, and Norwalk were 81 units vs. 102 in January, 69 and 144 in February 2023 and 2022. The best leading indicator for future sales is homes with accepted offers/under contract. As of March 4th, homes with accepted offer/under contract were 52 which is very close to the same number at this time last year (51). In January 2024, the average selling price in Stamford declined 13% from the 4th quarter 2023 average. In February 2024, the average selling price was only 4% lower than the 4th quarter 2023. However, the selling price per square foot in February was the same as December 2023 at $310 while the average size of the sold homes was down versus Q4 2023. Inventories increased in both January and February, and as of the end of February inventories were 33% (398 vs 299) higher than December 2023. Last year (2023) January/February inventories increased by 32 homes, and by 13 homes in 2022. Therefore, the increase in inventories above the normal trend is a VERY good sign. Inventories are still very low. Typically, inventories would increase over the next 3 months, so this is a critical time period and I will be following this very closely and will report back. On an overall basis, the market continues to be a strong sellers’ market. During January and February, homes sold for 65% and 72%, respectively, above the list price in Stamford. In November and December 2023, 66% of the homes sold at, or above the list price – so this trend is not changing. For comparison, back in 2020 (the last year before the decline in inventories), only 34% of homes sold at, or above the list price.

Stamford condo sales in February were 40 units vs. 39 last month, and 29 in February 2023. In Stamford, condos with accepted offers/under contract as of March 4th were 65 versus 63 last month, and 89 in February 2023. As reported the last several months condo sales have also been severely impacted by the lack of inventory. During February, inventories decline from December, but were about the same as last month. Similar to single family homes, condo prices are holding firm. During January and February, condos sold for 65% and 60% at, or above the list price. For November and December, 68% of the condos sold at, or above the list price. It is clear that similar to single family homes, this trend is not changing. For comparison purposes, in 2020, only 23% of condos sold at, or above the list price.
Interest rates for conforming loans are around 7%. As mentioned earlier, I expect inventories to increase modestly over the next 3 months. Demand clearly remains very high, and (as I have been stating for months) I believe the lower interest rates will lead to higher selling prices UNLESS inventories increase significantly (which is doubtful). The real estate market is driven by supply and demand, and high demand with low supply means higher prices.

Clients have asked me for my thoughts on the market over the next few years. I really do not see anything that will dramatically change the current market. The most significant factor would be interest rates. If rates return to 4% or lower, this could result in more people deciding to move. Therefore, inventories would increase, but this would increase number of buyers. I expect relocations from New York City to continue to be strong as the work force continues to work part-time from home, but still needs to go into the city regularly. There are not large tracts of land available within commuting distance to NYC where new homes could be built to increase available inventory. Therefore, I expect the market to continue to be a strong sellers’ market for the foreseeable future.
As mentioned in prior newsletters, homes are selling with multiple offers. This means you must get creative to improve the quality of your offer. Sellers are placing more importance on the quality of the offer, and are looking for assurances that deals will close. Therefore, it is important to look for ways to improve of the quality of your offer OTHER THAN increasing the price you are willing to pay. Points that should be considered are:
1. 20% or more down payment – a larger down payment is attractive to a seller because it helps mitigate the risk of the home not
appraising.
2. Consider a certified pre-approved mortgage. A pre-approved mortgage has already been reviewed by the underwriter, and the only
step that needs to be done is the home appraisal. This should reduce the time significantly to have a clear-to-close for the
mortgage. Additionally, this increases the seller’s confidence the mortgage will be approved
3. Waive the appraisal contingency – if you do this, you must be prepared financially to cover an appraisal shortfall.
4. Waive the inspection – this could be risky particularly for older homes, but is certainly attractive to the seller.
5. Waive the mortgage contingency – only consider this if you either don’t need a mortgage, or you know for certain that a mortgage
will not be a problem.
6. Close at the seller’s convenience – possibly even rent the home back to the seller if they need time to find a new home.
7. Cash with no contingencies – obviously the best option for the seller.
8. If the inspection and mortgage contingencies have been waived consider giving the seller a non-refundable deposit when the sale has
been agreed to my all parties. This will give the seller funds to prepared for their move, and will show the seller that the buyer
is totally committed to the purchase.

All of these options do have a certain amount of risk, and as your agent, I will help explain all the angles and potential consequences to you.

If you have any questions regarding this report or are interested in buying and/or selling a home, please contact me anytime. If there is anyone you know who is interested in buying or selling a home, I would very much appreciate you giving them my name or sending me their email address and I will contact them.

To view the detail report please click on the below link. Additionally, if you would like detail information on any town in Connecticut let me know and I will provide it.
https://drive.google.com/file/d/1_aoV8FsUYBzIfE_67X8PWRZI_7oH7r2Z/view?usp=sharing

HOWARD DUBMAN – GRI, ABR & MBA
Century 21 Allpoints Realty
60 Long Ridge Road, Stamford, CT 06902
Cell (203) 981-7047
Email: howard@howarddubman.com Website: www.hjdubman.com

Southern CT Real Estate Market Analysis

Clients and Friends,

The following is the January 2024 Southern Connecticut Real Estate Market Analysis. In preparing this report every month, I keep myself up to date on the market economics for all Southern Connecticut. I have a financial background (MBA in finance), and I enjoy analyzing detailed financial data so I can maintain a good understanding of the market. I then use this knowledge to help my clients (both buyers and sellers) understand the market and get them the best deal possible.
Single family home sales for January 2024 in Stamford, Greenwich, Darien, New Canaan, and Norwalk were 102 units vs. 155 in December 2023, 115 and 179 in January 2023 and 2022. The best leading indicator for future sales is homes with accepted offers/under contract. As of January 5th, this leading indicator was 50, which is lower than last month (56), and a little lower than January 2023 (57). January is a tough month analyze trend changes as activity is pretty limited. In Stamford the average selling price did decline about 13% from the 4th quarter average. However, the average size of the homes that sold was down, and the selling price per square foot was down modestly ($292 vs. $310). To me the most important change that occurred in January was that inventories were up 42 homes vs. December. Last year (2023) inventories increase by 10 homes, and in both 2022 and 2021 inventories declined. Therefore, the increase in inventories above the normal trend is a very good sign. Inventories still are very low, but I am hopeful they will continue to increase. Overall, pricing continues to remain firm due to the lack of inventory and high demand. In January 65% of the homes sold in Stamford was above the list price. For November and December, 66% of the homes sold at, or above the list price –so this trend is not changing. In 2020, the last year before the decline in inventories, only 34% of homes sold at, or above the list price.
Stamford condo sales in January were 39 units vs. 44 last month, and 47 in December 2022. In Stamford, condos with accepted offers/under contract as of January 5th were 63 versus 75 last month, and 71 in January 2023. As reported the last several months, condo sales have also been impacted by the lack of inventory. During the month of January inventories decline from December, but were modestly higher than January 2023 and 2022. Similar to single family homes, condo prices are holding pretty firm. In January 65% of the condos sold were at, or above the list price. For November and December, 68% of the condos sold at, or above the list price – similar to single family homes, this trend is not changing. For comparison purposes, in 2020, only 23% of condos sold at, or above the list price.
Interest rates for conforming mortgages have declined, and the projections that I have seen are showing interest rates (at best) in the low 6% range throughout 2024. I believe inventories will increase very modestly over the next few months. Demand continues to be high, and as I have been stating for months, I think the lower interest rates will lead to higher selling prices unless inventories increase significantly (which I doubt will happen). The real estate market is driven by supply and demand, and high demand with low supply means higher prices.
As mentioned in prior newsletters homes are selling with multiple offers, which means you must get creative to improve the quality of your offer. Sellers are placing more importance on the quality of the offer, and are looking for assurances that deals will close. Therefore, it is important to look for ways to improve of the quality of your offer OTHER THAN increasing the price you are willing to pay. Points that should be considered are:

1. 20% or more down payment – a larger down payment is attractive to a seller because it helps mitigate the risk of the home not appraising.
2. Consider a certified pre-approved mortgage. A pre-approved mortgage has already been reviewed by the underwriter, and the only step that needs to be done is the home appraisal. This should reduce the time significantly to have a clear-to-close for the mortgage. Additionally, this increases the seller’s confidence the mortgage will be approved
3. Waive the appraisal contingency – if you do this, you must be prepared financially to cover an appraisal shortfall.
4. Waive the inspection – this could be risky particularly for older homes, but is certainly attractive to the seller.
5. Waive the mortgage contingency – only consider this if you either don’t need a mortgage, or you know for certain that a mortgage will not be a problem.
6. Close at the seller’s convenience – possibly even rent the home back to the seller if they need time to find a new home.
7. Cash with no contingencies – obviously the best option for the seller.

All of these options do have a certain amount of risk, and as your agent, I will help explain all the angles and potential consequences to you.
If you have any questions regarding this report or are interested in buying and/or selling a home, please contact me anytime. If there is anyone you know who is interested in buying or selling a home, I would very much appreciate you giving them my name or sending me their email address and I will contact them.
To view the detail report please click on the below link: https://drive.google.com/file/d/1Pp9YiNAsOlBywsCWQ8pi0sT5l5etT4n-/view?usp=sharing

HOWARD DUBMAN – GRI, ABR & MBA
Century 21 Allpoints Realty
60 Long Ridge Road, Stamford, CT 06902
Cell (203) 981-7047
Email: howard@howarddubman.com Website: www.hjdubman.com