Dear Real Estate Friends,

The start of 2012 has brought us unusually warm weather, with an accompanying hot real estate market. Yes, believe it or not, actual activity in our Quiet Corner is not all gloom and doom. There is a new wave brewing right now in this perfect storm for home owners.

Did you know that mortgage rates are the lowest in many years? First time buyers can buy now with rates well under 4% in most programs. Combine that with little or NO down payment and secure 30 year fixed rate mortgages and we have to wonder why anyone with a secure job would want to continue renting. First time buyers who get into their own home really enjoy the freedom to make their dwelling their own. Like purple walls? Go for it! It’s yours!

Consumer confidence in the market is the biggest hurdle. The questions we get the most are “Have we hit the bottom yet?”, “Should I wait until I can save 20% down?”, “Are rates still going down?”, “Is it REALLY the best time for ME to buy a home?” All of these are very good questions. All answers are very personal to each of you. Some general answers are that IF you have a secure job, the affordability index of homeownership shows that now IS a great time to buy. Waiting to save more of a down payment may hurt you if the rates inch up by a percent. Did you know that the difference between 4 and 5 % on a $200,000, 30 year fixed rate mortgage is $119 per month or $42,840 over your 30 year term? Also, consider that a rate increase from 4-5% can cut your buying power by $25,000, for the same payment amount. That means today you can afford that updated home, but tomorrow you may have to settle for a fixer that needs even more money to fix up.

We offer a free consultation to help you sort out your own real estate questions. The field of short sales, foreclosures, financing options, and more requires a careful review of each situation. Let us share our expertise with you. Our creative programs have recently helped several “short sale” sellers move on to other homes with our win-win program. Now may be the perfect time get an updated market analysis of your home. Remember that if you need to move up or downsize, NOW may be the best time. Explore the options! Call us for details.

We are enjoying the start of 2012 in our expanded offices in Pomfret at 81 Wolf Den Rd. This move has allowed us to better serve you, and to focus our efforts on marketing and internet improvements. Please call anytime at 860-963-2342 or visit our web site at http://www.DupreyHomeSearch.com. Thanks you for choosing Duprey Real Estate as your Real Estate resource.

Well......It has been a week since we journeyed off to Hartford for Realtors at the Capitol. Nearly 800 strong, we went to present our standing as Realtors on issues that the legislature is considering. As anti-business as the State of Connecticut currently is, now there are those who are trying to make us a state known for it's anti-homeownership stance. It a real estate market where housing prices have turned down 20-25 percent and even 30 percent in some areas, there are some that support making permanent the increase in the home seller conveyance tax and making the new tax permanent. They also keep slipping in a 1% buyers tax that the municipalities can impose($2,000 on a $200,000 home purchase). The also want to eliminate the $500 state tax break for properties taxes paid. They are looking at legislation that would require a home energy analysis of every home being sold. Each home would have an efficiency rating. The cost and value of every home (new or antique) would be affected. They also are considering legislation to require water testing  on every well and water supply. They are also considering legislation that will double the required distance that houses can be built near water sources (streams,ponds, lakes and rivers) from 50 feet to 100 feet and I saw discussions where some legislators wanted it to be 200 feet.  So Don Williams and his legislative followers are working to add significant cost to selling and buying a home in Connecticut. If you think you might ever sell your home or buy a home in Connecticut, contact your state legislators and let them know now is NOT THE TIME to be attacking homeownership in Connecticut.

Approximately 20% of all homes currently on the market are short sales. This means that the amount owed to the bank is higher than the current market value. Marketing and selling these homes requires a much more aggressive marketing program, along with strong knowledge of how to attract the right buyer who is qualified and will cooperate during the short sale approval process.

At Duprey Real Estate we are committed to assisting our neighbors through these difficult times. We are certified Short Sale Specialists (by the National Association of Realtors/SFR) who have completed the necessary training to navigate these real estate challenges. Along with this training, we have partnered with the necessary resources to get from contract to closing. This includes attorneys who have successfully negotiated and closed over 700 short sales! We also will assist our sellers with locating housing after the sale, and a plan to repair damaged credit on the way to homeownership in the future. It is important for us to help you manage this process with a fresh outlook and future goals that can be realized.

A short sale agreement with the bank that holds your mortgage impacts your credit rating much less than a foreclosure, and can allow you the opportunity to plan for future homeownership. Let us help you.

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Good luck and happy writing.

The Successwebsite team