What Is The Health of the Norwalk Real Estate Market?

The purpose of this brief overview is to provide you with a snapshot of the current real estate market within the Fairfield County, Connecticut town of Norwalk.  In a word, we are “growing”.  Considering our new shopping mall under construction, the new Marriott Hotel under construction and the vast amount of new Condominium and Apartment buildings being built in both the West Ave and Sono areas we are clearly a town in transition.  But, what about the residential real estate market and is purchasing a home in Norwalk a good investment

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Statistics of Performance

Norwalk Median Values

Over the past five years, the Median Value of a Norwalk Single Family home has hovered around the $430,000 -$440,000 range.  However, this has now changed because in 2017 we have now reached a growing pinnacle of value at $463,500.  This represents an annual rate of 5.3% growth year over year from 2016 and a growth of 7.0% from five years ago.  In short, our growth rate over the past year represents 76% of our growth from our five year total.  This is promising and should make our Norwalk homeowners feel cautiously optimistic about future growth.  This kind of growth is glacial in nature and represents a sustained growth over time.

Norwalk List Price Ratio

Still another important rate of performance is the List Price to Sale Price Ratio which tells us how close to the list price did the Buyer actually pay for the property.  The closer to the list price will indicate if we are getting closer to a Seller’s Market or are we moving away to a Buyer’s market.  Norwalk is clearly moving closer to a Seller’s Market because we are now at a 97.6% ratio and continuing to improve.  This is more good news for homeowners.  Historically we were at a 96.8% ratio five years ago and now show a steady incline improvement as represented in the attached graphic.  A real estate performance statistic that goes hand-in-hand with the List Price Ratio is the Average Days on Market.  This statistic measures how long it takes on average to actually sell a single-family property.  Specifically, it measures from the day the property goes on the market to the day that the Buyer and Seller sign a Sales Contract.  In 2017 the length of time in Norwalk averages at 112 days or 3.7 months.  The trend is another long-term improvement since in 2013 we were averaging 161 days.

The final statistic that will be covered is the total Months of Inventory.  If the inventory were to stay dormant and the

Norwalk Months of Inventory

the current rate of property sales was to remain static then this statistic measures how long it would take to absorb the inventory.  If there were 0-5 months of inventory the market would be considered a Sellers Market.  If there were between 5-7 months of inventory then the market would be considered in transition.  If there were over 7 months of inventory then economically the market would be considered a Buyer’s Market.  At the moment the town of Norwalk is at one month of inventory making us a strong Seller’s Market, which again is more good news for homeowners.  Please check out the trend in the attached graphic.

Summary

If you are a Buyer looking to purchase a residence in Norwalk, don’t wait.  As shown very clearly the aforementioned statistics taken directly from our local Multiple Listing Service, the longer you wait the higher you will pay, the tougher it will be to negotiate price, terms and conditions and the fewer choices you will have to purchase.  It’s that simple.  For more information concerning Norwalk residential real estate, please reach out to me at 203-858-2241, or visit my website at http://www.fairfieldcountyhomefinder.com.  Platinum Property Realty is a local Norwalk independently owned and operated real estate company and is a proud affiliate of the Homes for Heroes Program.

Real Estate Interest Referral Network

RnEI Enterprise Comes to Platinum Property Realty

Tom Preston, formerly Sales Agent at Platinum Property Realty is now a Managing Broker heading up the Real Estate Interest Referral Network (RnEI) enterprise within the Platinum Property Realty business umbrella.  RnEI offers a highly consultative customer experience geared towards ensuring the greatest possible return as part of any Real Estate transaction.  Drawing upon over thirty years of hands on experience gathered as a sales professional in both residential and commercial real estate, as an appraiser, a loan originator, and as a tradesman, Tom is uniquely positioned as an advisor to buyers, sellers, and users of residential and commercial space.  Luke Preston, a recent graduate of the Sellinger School of Business at Loyola University Maryland, brings fresh and innovative ideas to the team – strongly complimenting RnEI’s role as a comprehensive solutions provider.

Preston’s Picks Takes Off

At its core RnEI finds great passion in identifying quality real estate product.  A seasoned expert in understanding the forces that influence value, Tom continues to cultivate trust and confidence in RnEI’s clientele.  Whether property positioning a seller’s prized possession in the marketplace, or successfully negotiating on behalf of a buyer, RnEI takes great pride in presenting the best of what the market has to offer.  Be sure to stay current @ Preston’s Picks (http://rneirealestate.com/prestons-picks/) as RnEI’s Referral Network continues to bare new fruit.

 

Launching Forward

We are very pleased and excited that Tom and Luke are such an integral part of the growing Platinum Property Realty family.  Platinum Property Realty is a local Fairfield County independent Real Estate company focused on long term meaningful client relationships and earning the right to become your family Realtor.  We are also the Affiliate Partner of the Homes for Heroes program.  For more information, please reach out to us at 203-853-2455, or find us at http://www.ctplatinumhomes.com.

Cinderella Stratford Sneak Peak! Not Yet on MLS…

 

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Cinderella Stratford Colonial – 1st Time Home Buyer Perfection

Home with a Pulse!

Have you been looking for the right Single Family property in southwest Connecticut and can’t seem to find the right property for your new growing family?  Feeling a little cramped where you are?  Are the right properties you are seeing in the greater Norwalk area just out of your financial reach?  Frustrated?  Suggest you take a close look at a home with a pulse, 224 Bruce Avenue in Stratford.  The quality is there, the interior room is there, the flat level rear yard is there, the school district is there and the location convenience is there.  The family has been slowly chipping away at the updates over the years and it is finally complete.  Here you will find an updated Sun Splashed Eat In Kitchen, updated Baths, Finished Basement garnished with Granite Counter Tops, Stainless Steel Appliances, Crown Moulding, Wall Moulding, Built-Ins, Recessed Lighting, Updated Electrical & Plumbing, Walk In Closet and Central Air Conditioning.  The Rear Yard is large, flat and private that includes a Patio, Grilling Area, Play Area and a Finished Shed.

Oversized Eat In Kitchen

Oozing Curb Appeal

From the moment you see this property from the street you will not be disappointed, because the first look is a series of first looks as you see this home for the first time.  There is thought, care and love in every turn.  The property truly sets the stage for a new family to grow and enjoy without the weekend nagging to-do list, because the to-do list has been done!  If you think the price and the property may be a match for you, don’t take my word for it.  Please make an appointment to see this listing up front and personal.  The property will easily sell itself.

Time is Not Your Friend

224 Bruce Ave – Living Rm

The property will be entering the market within the next week and is expected to move quickly.  The home will be marketed by Platinum Property Realty a local Fairfield County independent brokerage.  For more information or to schedule a private viewing, please reach out to William Karchere at 203-858-2241 or find him at http://www.fairfieldcountyhomefinder.com.  Listed @ $175,000.

Sneak Peak for Luxurious Direct Norwalk River Front Condo

Not Yet on MLS – Marquis by the River @ 144 East Avenue

Striking direct Norwalk River views from the 3rd floor inside a luxurious condo awaits the discerning Buyer.  Are you looking for an upscale Norwalk condo directly on the waterfront?  Your search has just ended.  Prepare to be delighted by this two-bedroom, two and a half bath open concept ranch-style living space.  This young gently used cream puff boasts Brazilian cherry-wood flooring, upgraded Stainless Steel appliances, Granite Counter Tops, Kitchen Center Island, Private Master Bath, 9ft Ceilings, Laundry Room and spacious Walk In Closets.  Association Amenities offer attractive life style conveniences such as an Entertainment Room, Fully Outfitted Gym, Elevator, Dog Friendly Grounds, Incremental Secured Storage, stone courtyard with manicured gardens and a winding Boardwalk along the riverfront.  The Boardwalk is part of the Norwalk River Valley Trail thirty-eight mile multi purpose trail project that is connecting Norwalk to Danbury.

Location, Location…

The building and grounds were completed in 2009 and was once the site of the Catherine Gibbs Business College for Women.  Located in Norwalk within one traffic light of I95 offers the convenience of I95 access without the Interstate noise.  Less than a ten minute walk will bring you to the Metro North East Norwalk train station offering civilized access to New York City or east to Boston.  A ten minute drive will bring you to the Sono Cultural Hub consisting of the Norwalk Maritime Center, Norwalk Aquarium, Sheffield Island Lighthouse Ferry, Railroad Museum, Boat Launch, Veterans Park, Restaurants and Theater.  The Norwalk Beachfront is also close by that includes Calf Pasture Beach, Norwalk Cove Marina and the nine acre Taylor Farms fenced in Dog Park.

The Move is Yours to Make

The property will be entering the market within several weeks and is expected to move quickly.  The home will be marketed by Platinum Property Realty a local Fairfield County independent brokerage.  For more information or to schedule a private viewing, please reach out to William Karchere at 203-858-2241 or find him at http://www.fairfieldcountyhomefinder.com.  Listed @ $479,000.

Just Reduced! Sweet Deal on Bethel Cream Puff Raised Ranch!

Sweet Price Reduction & Now A One Year Buyer Warranty

Are you looking for a better than move in condition property close enough to work, but still in a rural setting?  Congratulations, your search has ended, and at a reduced price!  118 Nashville Road in Bethel is a Tri-Level Raised Ranch with total living area of 2,534 square feet that is looking for a new owner.  This gently used cream puff sits on .7 private wooded acres within a walk of Overlook Park which is a 38 acre State Park full of trails and views of the surrounding area.  Our new Reduced List Price is $369,900 which now  includes a One Year Buyer Warranty from American Home Shield.

Listing Specs for the Discerning Buyer

This Sun Splashed Living Solution has expanded wooded views from the Updated Kitchen, Dining Room Deck and Lower Level Shaded Patio Access.  Although we are representing four generously sized Bedrooms within our listing, there is an easy fifth Bedroom if needed in the Lower Area by framing a doorway.  Both Full Bathrooms have been updated and are complimented by unblemished hardwood flooring on the Main and Upper Levels.  The Lower Level living area has porcelain tile flooring that offers interior access from the attached Garage and the sliding outside egress glass doors to the patio and expansive rear yard.  The Lower Level has strong In Law possibilities.  The newer Gas Heat & Hot Water System makes for both an efficient and cost effective alternative to help keep monthly expenses to a minimum.  Nashville Road gives you prompt access to both the Bethel Town amenities only five minutes away by car or to the Fairfield County southern region via Route 53.

Summary

The home is presently marketed by Platinum Property Realty, a local Fairfield County independent brokerage.  For more detailed information or to schedule a private showing, please reach out to William Karchere at 203-858-2241 or find him at http://www.fairfieldcountyhomefinder.com.

Not Yet on MLS… 646 Hope St., Stamford

Sneak Preview – New Luxury Condo @ 646 Hope Street, Stamford

646 Hope Street, Stamford

For those of you who have been looking online and can’t find the right young upscale Stamford condo yet, look no more!  Get ready to leap in to the Fall 2017 Stamford Condo Market with 646 Hope Street, Unit 5.  It’s only a short walk to the Springdale NY Metro Train Station, the Springdale Diner and a myriad of shopping and convenience opportunities.  Situated equi-distant between I95 & the Merritt Parkway there is maximum traveling convenience when visiting either the waterfront eateries and marinas along Southfield Avenue, the shopping at Town Center Mall, the golfing at Sterling Farms Park or just picnicking along the river at Mianus River Park.

Property Description @ 646 Hope Street, Stamford

The 2,948 square foot Tri-Level End Unit Luxury Condo is the complete package for the discerning professional, built in 2005.  The refreshed interior boasts rich dark cherry stained hardwood floors against 9 foot ceilings, sun-splashed skylights, organized walk in closets, balconies, separate second floor Laundry Room, Living Room gas fireplace, with granite countertops and stainless steel.  The lower level includes an over-sized two car garage to get you in from the weather with an attached porcelain tiled in-law suite.  The treyed master suite 9 foot plus ceiling is met with crown molding, convenient walk in closet and a glorious lavish bath with jacuzzi.  Two incremental bedrooms make for added growth opportunity.  Two sets of sliding glass doors off the Dining Room lead to a full private patio experience for grilling and taking in the sun.

Make Your Move

The property will be entering the market within several weeks and is expected to move quickly.  The home will be marketed by Platinum Property Realty a local Fairfield County independent brokerage.  For more information or to schedule a private viewing, please reach out to William Karchere at 203-858-2241 or find him at http://www.fairfieldcountyhomefinder.com.  Listed @ $555,000.

 

2015 Real Estate Statistical Performance for Norwalk, CT

Please be aware that the following statistical information for Norwalk, CT is for Single Family properties only and does not include information pertaining to condominiums, multi-family property or rental units.  Single Family property performance has always been the bench mark and has always been the most accurate indicator historically.  This information includes all of Norwalk, CT and that statistical performance can vary between zip codes, neighborhoods (Silvermine, Cranbury, East Norwalk, South Norwalk, Rowayton, West Norwalk, etc.), and even streets.

The source of the 2015 Real Estate Statistical Performance of Norwalk, CT was taken directly from the Greater Fairfield County Multiple Listing Service.

Norwalk Single Family 2015 Real Estate Statistics – Sales Volume & Median Price

Norwalk – 5 Year Single Family Median Values & Quantity of Transactions

Since 2010 the Sales Volumes have been more up than down.  Overall they have increased from $286M in 2010 to $340M in 2015.  This represents a slow steady increase indicative of an improving and sustained market environment.  The slowest year during this five year timeframe was 2011 when the volume slipped to $250M.

Similar to the Sales Volumes, the Median Values of Single Family Properties have also been on a steady slow incline.  Five years ago in 2010 the Median Value of a Single Family home was $440,000.  As of the most recent full year of data in 2015, the Median Value of a Single Family home is now $445,000.  Year over year we have increased 3.5% in Median Value.  Our glacial velocity of increase though slow is one that we can expect to count on for the next three to four years according to the National Association of Realtors VP of Economics, Dr. Lawrence Yuan.

Norwalk Single Family 2015 Real Estate Statistics – Number of Sales

After a very active year, our Number of Sales for 2015 was a strong 650 Single Family Properties whose titles have passed compared to 507 Single Family Properties whose titles passed in 2010 representing an increase of 28.2%.  During the same timeframe the lowest number of sales was found in 2011 at 440.  This represents continued evidence of an improving market here in Norwalk, CT.

Norwalk Single Family 2015 Statistics – Days on Market & Sales/List Price Ratio

The Days on Market statistic measures the actual time that the Single Family property was Active on the local Multiple Listing Service until the date that the Sales Contract was signed by both Buyer & Seller.  What the Days on Market statistic does not measure is the time from when the Single Family property was Active on the local Multiple Listing Service until the date that the initial offer was received as well as the time from when the Sales Contract was signed until the date of Closing.

The Sales/List Price Ratio measures the difference between what the Norwalk Single Family property sold for versus the list price.  Five years ago in 2010 the Sales/List Price Ratio was 95.9% which dipped sharply the following year of 2011 to 95.2% which represented the lowest ratio in the past ten years.  Since then the Sales/List Price Ratio has continued to improve to the ratio of 2015 which resulted in 97.1%.  This measurement does not take in to account any price decreases during the term of the Listing Agreement.

Norwalk Single Family 2015 Real Estate Statistics – Months of Inventory

The Norwalk Single Family 2015 Months of Inventory is a critical statistic.  To give you a bit of back round on how the measurement is viewed by local practitioners I will offer you the following.  Any inventory measurement from 0-5 months of inventory identifies a Seller’s market; 5-7 months of inventory identifies a market in transition; and anything over 7 months of inventory is considered a Buyer’s market.  Months of Inventory measures the length of time required to absorb the current inventory if the inventory were to remain static.

In an effort to remain consistent if we were to view the Months of Inventory starting in January of 2010 we would see a total of 17 months which although appears high within a strong Buyer’s market, was eclipsed in January of 2008 when the Months of Inventory was off the charts at 40 months.  The most recent month of complete data is for the month of December 2015 which is represented by only 5 months.  Although the market will always be in a state of flux, we have slowly found ourselves within a market that is favoring the Seller.

Norwalk Single Family 2015 Real Estate Statistics – Summary

30 Yr Fixed Rate – 5 Year Profile

The Norwalk Single Family market is steadily becoming more active, though slow in velocity.  Market values are increasing, inventories have continued to drop, sales volumes are rising, and List/Sales Price ratios are improving.  The “icing on the cake” for this market is that although our financial pundits have voiced increased mortgage rates to be within our immediate forecast, the actual result as of late has been a decrease in the rates. There is no good or bad market, just the market.

For more information or to get in touch with a competent professional, please go to www.CTHomeConsultant.com or call/text at 203-858-2241.

 

 

2012 Real Estate Statistical Performance for Norwalk

Keep in mind that the following statistical information for Norwalk, CT is for Single Family properties only and does not include condominiums, multi-family properties or rental performance.  Single Family property performance has always been the “bell weather” and has been the strongest indicator historically.  Also, be reminded that the following information is for the Town of Norwalk and that each neighborhood within Norwalk (i.e. Silvermine, Cranbury, East Norwalk, Rowayton, West Norwalk, etc.) will have different statistical performance unto its own.

The source of the 2012 Real Estate Statistical Performance of Norwalk was taken directly from the Greater Fairfield County Multiple Listing Service.

Norwalk Single Family 2012 Real Estate Statistics – Sales Volume & Median Price

Within the past five years the Sales Volumes have been up and down.  As of 2012 the Sales Volumes are steadily increasing.  At the end of 2012 the total Sales Volume was $275M whereas the year before saw the 2011 Sales Volume at just over $250M.  The least Sales Volume was seen in 2008 when we saw an end of year volume at about $225M.

Although the Median Value of Norwalk Single Family properties has been on a decline, the slippery slope that we witnessed in 2006 to 2009 is clearly behind us.  Median Values of Single Family properties have now leveled off and are presently hovering at the $405,000 mark from about $510,000 in 2008 representing a decline of 21% during this timeframe.  It is expected by the most prominent of economic forecasters that the future holds a steady upward trend of Median Values for Single Family properties, but that trend will be glacial in velocity.

Norwalk Single Family 2012 Real Estate Statistics – Number of Sales

By the end of 2012 the Norwalk Single Family Number of Sales increased from about 425 Listings sold in 2011 to 505 Listings in 2012.  This continues to be a positive direction even from 2008 when the Number of Sales barely yielded 410 Listings five years ago.

Norwalk Single Family 2012 Real Estate Statistics – Days on Market & Sales/List Price Ratio

The Days on Market statistic measures the actual time that the Single Family property was Active on the open market.  Specifically, it measures from the time that the property was first placed on the market (date of the Listing Agreement commencement) until the date that the Sales Contract was signed.  The Days on Market statistic does not measure from the time the Sales Contract was signed until the property title actually transferred at time of Closing.

The 2012 Norwalk Single Family property Days on Market has truly been an average from 2008 when the end year result was 110 days.  At the end of 2012 the Norwalk Single Family Days on Market was 115 days.  During the past five years it has fluctuated any where from 105 days in 2010 to a high in 2011 at 125 days.

The Sales/List Price Ratio measures the difference between what the Norwalk Single Family property sold for versus the list price.  During the year 2012 this ratio was on a steady incline which started in January at 93.5% to 95.9% in December.  What this means today is that if your Norwalk Single Family property is priced accurately, then you can expect to receive 95.9% of the List Price.  This does not take in to account any price decreases during the term of the Listing Agreement.

Norwalk Single Family 2012 Real Estate Statistics – Months of Inventory

The Norwalk Single Family 2012 Months of Inventory is a very critical measurement.  Specifically, 0-5 months of inventory constitutes a Seller’s Market; 5-7 months of inventory constitutes a Transitional Market; and anything over 7 months of inventory is considered a Buyer’s Market.  Months of Inventory means the length of time that it will take for all of the inventory to be sold if the current inventory were static.

When we started the year in January of 2012 we witnessed a high of 27 months of inventory making it a very strong Buyer’s Market.  However, we ended up the year as the inventories of Norwalk Single Family properties fell sharply until now when the inventory is a mere 7 months. We are clearly in a state of fluctuation which appears to be marching towards a Seller’s Market.

Norwalk 2012 Single Family Statistical Summary

The Norwalk Single Family market is steadily improving, though very slow in nature.  Values are increasing, inventories are dropping, sales volumes are increasing, Sales/List Price ratios are improving, etc., although each neighborhood will be different down to the individual street.  However, the interest rates on mortgages are now starting to edge up making the best deals in town within the rear view mirror.  There is no “good” or “bad” market…just the market.

For more information or to get in touch with a competent professional, please go to http://www.CTHomeConsultant.com.

Real Estate Property Value Determination in Norwalk, CT

How Much Is My Home Worth in Norwalk, CT?

Raised Ranch Near Rowayton

To determine the market value of a home is a blend of art and science.  It takes a very competent, experienced full time real estate professional who knows the local town, its neighborhoods, its school systems, its tax structure and market trends.  Keep in mind that a local Realtor will always give you a range of what the market value will be.  Only an Appraiser will offer a single market value of a property.  The end product of what a Realtor will offer as a market value will be contained within a document that is typically referred to as a Comparative Marketing Analysis.  Keep in mind during your own Comparative Marketing Analysis that no two properties are exactly the same.  A skilled Realtor has the ability to make adjustments for the differences found between a subject property and the comparables.

What are the Various Methods of Determining a Property Market Value?

The first and most widely used method is called the Sales Comparison approach.  This method is typically used by comparing the subject property to other “like” comparative properties that are either presently on the market, have sold or have expired from the market.  Examples of other methods are the Cost Approach that combines the cost of land and the cost of building a new home, and the Income Approach which establishes property value by virtue of expected income for a given investment property.

Step #1  Initial Property Visit

Before a Realtor begins the process of determining market value, it is their responsibility to visit the local town hall and typically pull the Tax Assessor’s Field Card, Plat Map and Schedule A.  This information provides the Realtor with a plethora of information before they even begin, such as easements, finished area living space, plot size, utility and cooling/heating information, bedrooms/baths, etc.  The first part of the process is a visit to your home by the Realtor.  The purpose of this initial visit is to gather as much information about the property, neighborhood, condition of the house/land and to determine if there are any discrepancies with the public information gleaned from the local municipality.   The Realtor will ask questions about the property, and you.  The purpose of these questions is to gather further information about the property, to determine the property condition and to determine what should be completed in advance, in the event that the property is to placed on the market for sale.

Step #2  The Sales Comparison Approach for Determining Market Value

West Norwalk Contemporary

The Sales Comparison Approach for determining market value includes the comparison of the subject property to other similarlocal properties within the same town.  The style of the property should be the same or similar, such as Colonials, Ranches, Victorians, etc.  The square footage and land size should ideally be similar within 10% of the subject property.  Also the properties themselves should be within no more than a mile and a half from the subject property.

The subject property is first compared to other similar properties that are for sale in order to help determine where the property would fit strategically/competitively within today’s market.  This information is merely and indicator as anyone can place a value on a property, but that is no proof that it is either accurate or will sell.  These are the properties that are testing the market.  The subject property is then compared to other similar properties that have sold within the past six months.  Six months is normally used because it is considered to be a part of the same current market.  Sold properties are the most valuable to this exercise as these are properties are properties who have not only tested the market, but have now proven the market because a Buyer has decided to purchase.  The subject property is then finally compared to those similar properties that did not sell, or those properties that have “expired”.  Over 90% of the time when a property does not sell, it is because of price.  Sure, there can be other factors such as poor marketing or a misrepresentation but primarily it is due to over-pricing.  Although these properties did not sell, they are very valuable to this exercise as they assist the Realtor to determine a financial ceiling for the subject property.

Step #3  The Final Comparative Marketing Analysis

The third and final step is drafting the Comparative Marketing Analysis document.  This document takes both the subjective information about the property gathered at the first meeting and is blended with the objective data gleaned from the local multiple listing service about the current properties on the market, the last six months of sold properties and the information about the properties that did not sell.  Graphical analysis is used as well as comparative tables and data charts.  Combined together will be a narrative about what should be done to the property before the sale, information about the current local market and finally the range at which the property value will be.  The property value is just that, the property value.  The property value is not the List Price of the property.  To determine the List Price of a property prior to marketing other factors must be taken in to consideration such as the local List Price/Sales Price Ratio, Days on Market, and the local market trend for that given kind of property (i.e. single family, condominium, muti-family, etc.).

Several very important ancillary pieces of information should also be included, but not limited to the Marketing Plan.  The Marketing Plan should be a step by step process on what the Realtor will be doing in order to obtain the most amount of money for the property within the shortest amount of time.  Additionally, you will find a resume of the Realtor as well as reference-able past clients who will vouch for a credible and trusted working experience.

If you are interested in determining the value of your home, regardless of where it is in Fairfield County please visit my website at http://www.CTHomeConsultant.com and request it or call/text me at 203-858-2241.  I can also be reached at wm.karchere@pprealty.biz.

Property Management Services in Norwalk, CT

 

Property Management Services Features and Benefits

Why sell your home, when you can rent it?  Many of us must relocate but have purchased a home in the “salad days” of 2002-2006 when property market values were at their peak.  To sell now would mean a substantial financial loss, or worse yet…a dreaded short sale.  There is another option.  But this option presents its own set of challenges.  How do you rent a home to a Tenant that needs service when you are on the opposite coast?  Typically when you rent a property that you own, you must first invoke the twenty minute rule which states that if you live greater than twenty minutes away from your rental property it becomes too much of a hassle to service your tenants.  So, how can you bridge that gap? You can do it with Property Management services.

First we need to identify what the Property Management services are that we can avail ourselves of.  Here is a sampling of what they might look like:

• Property Valuations & Rental Rates
• Property Marketing
• Tenant Screening & Selection
• Lease Agreements & Property Inspections
• Rent Collection and Late Payment Administration
• Eviction Coordination
• Financial Services of Rent Collection & Dissemination
• Book Keeping Services
• Maintenance & Repair Coordination
• Tenant Move Out Coordination

The benefits to you as a Landlord for services such as these are:

• Higher Quality Screened Tenants
• Timely Rent Collection
• Accurate Rental Values Established
• Lower Vacancy Rates
• Higher Tenant Retention
• Lower Maintenance & Repair Costs
• Increased Investment Value
• More time, less stress, and more freedom for the Landlord

Property Management seems to be the enabler to save the home purchase investment loss.  I am beginning to see and understand this real time within my own practice.  More and more of my homeowners who must relocate are opting for leasing their property instead of selling.  On top of this condition is a growing situation on the Tenant’s side.  There are more and more Tenants.  Why?  Because there are increasing numbers of homeowners who have lost their home to either foreclosure or short sale and can’t afford to purchase a home, nor to they have the high credit score that lenders are insisting upon in order to obtain a mortgage.  Yet, they have a high enough score to potentially rent.  If their human condition is very temporary (as in a recent job loss or divorce) why not consider leasing to someone like this who has excellent references?  It just makes good sense.

So the next time you are considering a relocation, or even if you are a Landlord already with an investment property that is just becoming too much to bear you should explore this avenue to see if there is a fit…Project Management Services.

Property Management Services in Norwalk, CT – Local Places We Serve

Platinum Property Real Estate Management Services in the following areas:

Norwalk

Stamford

Westport

Wilton

New Canaan

Greenwich

Darien

Fairfield

Weston

Easton

Redding

Danbury