This is the fourth article in a mini-series on how to find an apartment in Norwalk (or pretty much anywhere for that matter).

In this fourth article, I will touch base on security deposits, and why they can be different for different landlords.

Why is security deposit required in the first place?

On a fundamental level, a security deposit for a rental is literally the “security” the landlord has that the tenant will continue to pay rent on time and keep the property in good condition.  The security deposit acts as the incentive for the tenant to perform their duties required in the lease.  Without the security deposit, a tenant wouldn’t be as inclined to keep a property in great condition, and wouldn’t do as good of a job cleaning when they move out.

Why 2 months, rather than 1 month?

Most landlords in Norwalk and in lower Fairfield County charge 2 months for security deposit.  That deposit is returned to the tenant, with interest, when they move out (provided the property is left in good condition).   They prefer to charge 2 months, because it fundamentally gives them more protection should they have any issues with their tenants.

Think about it…  The landlord has to continue to pay his or her bills on a property no matter if they receive rent from the tenant or not.  If the tenant doesn’t pay rent one month, the landlord might use some of the security deposit to cover the rent.  The security deposit is also there for a landlord to use cover any damages caused by the tenant.

One month for a security deposit frankly doesn’t provide a lot of security for a landlord!  If the tenant doesn’t pay rent for just one month, the security deposit is gone!  In some cases, the tenant wont pay last months rent (forcing the landlord to use the one month security) and then will leave the rental in poor condition when they move.  That means the landlord has to pay for any repairs (cleaning, painting, etc.) out of their own pocket!

It really is just a matter of perspective.  If you are a tenant, you want to pay just one month security.  It makes sense that you want to keep more of your money in your own bank account.  However, if you are a landlord, you definitely want 2 months security deposit!  Many of the tenants out there today will eventually be landlords, and once they have some real life experience as a landlord they will definitely require 2 months security.

A common way to set up security deposit and initial rent in this area is “first, last, and one month security.”  This means the tenant still comes up with 3 months rent before moving in, just as they would with first months rent + 2 months security.  The difference is that this is technically illegal as a landlord is not supposed to collect advanced rent (more than 1 month).  Collecting “last” months rent would be considered advanced rent.  This is more a case of semantics, however it is still advisable for the landlord to require “2 months security” in the lease.

Want to learn more about security deposits in Connecticut?

Do you just love learning about security deposits?  If so, check out the following link from www.CT.gov for more info on security deposit:  CLICK HERE

 

Are you looking for an apartment in Norwalk? Check out: http://norwalkrealestatetodd.com/services/renters

Questions about rentals, or have a specific real estate question?  Email Todd by visiting:  www.NorwalkRealEstateTodd.com

This is the third article in a mini-series on how to find an apartment in Norwalk (or pretty much anywhere for that matter).

In this third article, I will touch base on what a tenant should offer, and the process they can expect once they find a place they like.

I found my next place, now what?

It doesn’t take too long for most tenants to find a place that they like.  Of course this depends on the accuracy of the information they give their Realtor explaining their needs and wants prior to meeting.

It isn’t very hard for most renters to see value.  The vast majority of renters are looking for pretty much the same thing…  They want the most clean and updated rental available in their price range and in an area of town they would consider.  They want to get the most for their money, just like everyone else.  Any other benefits, like a garage, or specific property features would make one place stand out above the other.

Once a tenant narrows their list of potential properties down to one place, they often ask “what should I offer?”  The only accurate answer you can ever give is “it depends.”  It really depends on a number of factors, like:  When are they looking to move (start a lease)?  How strong are their credit scores?  How long has the property they like been on the market?  Is the property vacant or occupied?  What is the typical market price for a unit just like this?

Imagine a tenant trying to come up with all of those answers.  They could certainly do it, but it might take them a while to come up with those answers, and who knows how accurate those answers would be.

The good news is that their real estate agent should be able to provide those answers, and in less than a minute.  If their real estate agent is familiar with the rental market, they should automatically know what units like this one normally rent for, and they could be able to predict the demand on a unit like this based on the list price.  They should also be able to factor in their client’s credit scores to determine how strong of an applicant their client is.

Depending on all of those factors, I have advised clients to offer full price or above full price in order to secure a property for them.  I have also advised clients to offer less than full price based on the above factors.

What is the offer process?

It is very easy for your real estate agent to submit your rental offer.  Once you find the property you like, you fill out a rental application and your agent runs a credit check.  Along with the application and credit report, your agent will include your lease start date and the price you are willing to pay.

The offer is either accepted, rejected, or a counter offer is made.  Once both sides have come to an agreement on price and terms, a lease is drawn and executed by both parties.

Your real estate agent should make things easy

Your real estate agent is the grease for the wheels from start to finish.  They should make everything quite a bit easier for you.

• They should be able to show you a selection of properties that fit your criteria.
• They should be able to advise you on what type of offer you should make.
• They should be able to negotiate the price and terms of the offer on your behalf.
• They should coordinate the lease signing and checks.
• They should provide you with the utility company and contact info you need.
• They should coordinate the keys for you.

Once in a while they might even help you carry your couch on moving day!

Are you looking for an apartment in Norwalk? Check out: http://norwalkrealestatetodd.com/services/renters

 

Questions about rentals, or have a specific real estate question?  Email Todd by visiting:  www.NorwalkRealEstateTodd.com

This is the second article in a mini-series on how to find an apartment in Norwalk (or pretty much anywhere for that matter).

In this second article, I will touch base on what resources a tenant should use when looking for an apartment.

What website(s) should I use to find an apartment in Norwalk?

We have already assumed that a website should be your first stop.  In this day and age it certainly should be.  The common percentage given for people who start their real estate search online is 90% with some sources estimating as high as 94% of people start their housing search online.  I touched on this point in the last article in this series, but it is clear why this is the case.  The internet offers amazing access to pictures and information about the property, as well as information about the neighborhood and town.

The top choices:

Here is a list of the most common website that renters use to find apartments.  Also included are their unique visitor count according to Compete.com:

• Zillow.com               12,218,250
• Trulia.com                9,734,571
• Realtor.com              7,970,776
• Craigslist.org            Unknown
• HotPads.com            1,380,428
• Listingbook.com      406,057
• Postlets.com              249,025

 

Each resource has their benefits.  The problem with most of these sites is that they are “aggregator” style websites.  What does that mean in layman’s terms?  It basically means they constantly are pulling data from the MLS database in almost every area of the country.  The MLS database is where Realtors add listings.  The MLS database has the most up to date real estate data on property availability.

Aggregators pull that data off, and post the listings on their websites.  The problem is that they just keep pulling data, and don’t update the data they have.  In most cases they just set an expiration date on the data to disappear from the website in 30-60 days or so.  That means that you can be looking at a listing on Zillow or Trulia that rented more than a month ago, but it still appears on their website.

Listingbook is the most accurate way for consumers to access the MLS.  It isn’t a household name because it is only available to certain MLS databases around the country.  Fortunately it is available to the MLS database here in Fairfield County, CT.  For more information on Listingbook, visit:

http://norwalkrealestatetodd.com/listingbook

Craigslist is really the only site in the list above where you can find places for rent by owner.  Zillow and other sites are starting to allow owners to post their rentals directly on their websites, but it isn’t as popular.  Craigslist, the juggernaut of classified ads, is still the most popular place to find apartments for rent by owner.  However, it is very common for real estate agents to post their rental listings on Craigslist also.

It comes down to preference

Renters use many different websites when looking for an apartment.  I find that renters use all of the websites I listed above when looking for rentals in Norwalk.  It really comes down to their personal preference and which site offers the most user-friendly interface.

Call a real estate agent

Many renters don’t know that they can use a real estate agent to help them in their search.  They might also think that there is a fee involved when using a real estate agent.  Technically they are right, but landlords in Fairfield County almost always pay the fee, and there is no fee to the tenant.  That isn’t the case in other areas, like New York City, where tenants often pay the real estate agent fee when finding an apartment.

A real estate agent can make efficient use of your time as long as the agent is familiar with the market.  They can take you to only the best properties and book all the appointments at the same time, so you can see 4-8 places in less than 2 hours.  They also offer lots of information on the neighborhoods and typical rental rates for the area.  Working with an agent is like having your own private advisor to help you in your rental search, and it is FREE TO YOU!

Are you looking for an apartment in Norwalk?  Check ou:  http://norwalkrealestatetodd.com/services/renters

 

Questions about what is written here?  Email Todd by visiting:  www.NorwalkRealEstateTodd.com

Here is a new testimonial from one of Todd’s short sale clients in Norwalk.  Todd helped this seller with their Norwalk short sale.

Todd Turcotte, is the most dependable, reliable, and most honest realtor I have ever met. As soon as I met Todd, he reassured me that he was the man for the job. He was very patient, kind, and super understanding of my concerns and questions.  He guided me through the process with thorough detailed explanations every step of the way. Todd was always available to answer any questions that I had, or just to provide clarity and reassurance.  Todd is truly a man of his word.  He is sweet, humble, but most of all, his honest personality, is what I found to be his best asset.  If you are looking for a reliable, dependable, and trustworthy realtor, with your best interest at heart, Todd Turcotte is the man for you!!!  Thanks Todd!!!  You’re simply the BEST!!!!!

 

To read this review posted on Zillow, CLICK HERE.

Visit www.NorwalkRealEstateTodd.com and click on the “Testimonials” tab to view 30+ client testimonials.

Have any questions about Norwalk real estate or short sales in Norwalk?  Feel free to call Todd or send him an email!

6 McAllister Ave, a short sale in Norwalk, just sold for $239,000.

This Norwalk short sale was on the market for 306 days when it finally closed.  Like most short sales, there were numerous issues to work through in order to complete the short sale.

Todd, and Milligan Realty.com were able to successfully negotiate the short sale with the bank, and the seller was able to get out from under the property and move on with their life.

Milligan Realty.com has successfully represented more sellers of short sales in Norwalk and the surrounding towns than any other real estate office.  For more information about how Milligan Realty.com can help you with a short sale, visit www.ShortSaleCT.com or email Todd by visiting www.NorwalkRealEstateTodd.com

 

Welcome to the first article in a mini-series on how to find an apartment in Norwalk (or pretty much anywhere for that matter).

In this first article, I will touch base on when tenants should start looking (in person) for an apartment.

When should I start looking for a place?

This is a question that comes up a lot with the tenants I help.  The answer, like most answers in life, is “it depends.”  It depends mostly on when you are looking to move (or start a lease).  For example, today is November 28th; if you are looking to start a lease and move in to a rental on December 15th, now is a good time to look at some places.  If you are looking to start a lease and move in to a place on February 15th, now is a good time to wait.

Why is this the case?

The trend in Norwalk and in lower Fairfield County is to list rentals when they become vacant, or when the current tenant has about 30 days or less remaining on their lease.  Landlords also do not want a vacancy if they can help it.  Ideally their current tenant moves out one day, and the very next day their new tenant moves in.  This keeps their rental unit occupied and keeps the rental income stream flowing in.  Vacancy for a landlord = lost rental income.

If you are the person in the above example looking to move on February 15th (about 2.5 months from now), you aren’t going to be very appealing to a landlord who is looking to fill his or her apartment right away.  They want the apartment to be vacant as few days or weeks as possible.  If their rental is vacant right now, and you wanted to move on February 15th, you’d be asking for them to lock in 2.5 months of vacancy if they went with you as a tenant.  A landlord won’t do this because they know that someone could see the apartment tomorrow and possible start a lease in just a week or two (reducing their vacancy).

I suggest to most people to wait until they are under 30 days from the time they are looking to start a lease.  That way we know that every place they look at (even the vacant ones) would at least consider their application for rent.

If you are looking to move in 2 or 3 months, there is good news!  It is called the Internet…

Never before has there been so much information about real estate readily available on the Internet.  If you have an Internet connection, you can see pictures of just about every property on the market.  You can pull up Norwalk apartment listings on your computer, cell phone and tablet.  You can learn a lot about each rental based on the information provided in the listing, along with the map and information about the community.  In some cases, you can even “walk” down the street with Google’s Street View.  Because the information on the Internet is so robust (and normally accurate), I have helped tenants rent apartments in Norwalk without visiting them in person!  Of course this isn’t very common, but these tenants decided to save the money on a flight to the area just to find an apartment, and relied on my expertise and the information on the Internet in order to find a rental in Norwalk.

One of the best sites to use for looking at apartments (and all residential real estate) is Listingbook.  Listingbook gives you access to the MLS, which is the database Realtors use.  Listingbook updates their listings multiple times per day to give you the most accurate information.  Their information is much more accurate than Zillow’s or Trulia’s.  For more info on this free site, visit:  http://norwalkrealestatetodd.com/listingbook

Of course, the best thing to do is contact a Realtor who is very familiar with the area.  We at Milligan Realty help a lot of tenants with Norwalk rentals, and we are experts on the Norwalk rental and apartment market.

The best part?  There is no fee to you!  The landlord pays the fee in our area for bringing them a well-qualified tenant.  It really is a no-brainer!

Feel free to visit www.NorwalkRealEstateTodd.com for more information or to email Todd with any questions.

 

The decline of the housing market was tough on everyone, especially those who lost their home to foreclosure or chose to go through a short sale.  Do they have to rent for life?  What are their options?

Short-selling your home or going through foreclosure doesn’t mean you are black-listed from getting a loan for the rest of your life.  In many cases, someone who lost their home might be financially ready before they are emotionally ready to buy again.

Buying makes sense for lots of people.  We are starting to see a shift in the market where owning your own house or condo makes more financial sense than renting.  By that I mean your PITI (principal, interest, taxes, insurance) payment is less than it would be to rent a comparable property.  Once it is less expensive to own than rent, we will see the housing market start to rebound.  As an owner, you get the added benefit of tax write-offs for mortgage interest and other related expenses.

So maybe you just lost your home to foreclosure, can you jump in and buy another home in 6 months?  The answer is likely “no,” but don’t lose hope.  A recent article from Zillow.com talks about the required wait time for most lenders before they will issue a loan to someone coming off a foreclosure or short sale.  A quick takeaway from that article is that you will be able to buy after a short sale much sooner than you would be able to after a foreclosure (in most cases).  To read that article and see the timetables, CLICK HERE.

If you are facing a foreclosure, look into a short sale!  The team at Milligan Realty.com help negotiate more short sales than other real estate companies in the area.  Our experience goes a long way in making your short sale as smooth as possible.

The real estate market is down right now, possibly as low as it is going to get.  Prices coupled with low interest rates makes it a great time to buy!  The market will likely be in a similar state through next year also.  If you facing a foreclosure or short sale, and want to buy in the future, make sure you take the necessary steps to be able to buy again as soon as possible.   A few decisions now might shorten your “wait time” by years!

For more information about Norwalk real estate, or foreclosures and short sales in Norwalk and the surrounding area, contact Todd by visiting www.NorwalkRealEstate.com

 

Check out the new video for 14 Ferris Ave. # 10 – a 2 BR condo for sale in Norwalk, CT.

https://www.youtube.com/watch?v=oav2VZasm6w

 

Here are the remarks from the listing:

FANTASTIC 2 BR, 1.5 BATH END-UNIT CONDO IN MOVE-IN CONDITION! – MANY IMPROVEMENTS: NEARLY NEW APPLIANCES, COUNTERS & BACKSPLASH! – NEWER CARPETS, WINDOWS, AND GARAGE DOOR MOTOR – UPDATED 2ND FLOOR BATH – HARD TO FIND 2 CAR-GARAGE IN THIS PRICE RANGE! – LOW COMMON CHARGES! – CONVENIENT ACCESS TO I-95, MERRITT PKY., ROUTE 1, AND SONO!

For more information about this property and every other condo for sale in Norwalk, visit www.NorwalkRealEstateTodd.com

 

Milligan Realty.com now has a Facebook presence.  They have also completely revamped their Short Sale website.

The short sale website is designed to help homeowners who might be facing a foreclosure and aren’t sure what their options are.  It is startling to find out how much homeowners facing foreclosure do not know about the foreclosure process and what their rights are.  Many of them do nothing, when only a little bit of knowledge and action on their part can make a huge difference when it comes to avoiding a foreclosure.  They have options to both keep their home, and sell their home without going through an actual foreclosure which in most cases is the worst scenario for a homeowner.

To access the new Milligan Realty.com pages, click:

Facebook:          www.Facebook.com/MilliganRealty

Short Sale site:  www.ShortSaleCT.com

 

For more information about Norwalk real estate, feel free to email Todd a question or visit www.NorwalkRealEstateTodd.com

 

 

Hurricane Sandy did damage when she arrived in Norwalk earlier this week.  If you didn’t experience property damage yourself, you surely know someone who did.

A new article from USNews.com proposes that natural disasters, like Hurricane Sandy, hurt the housing market in less obvious ways than the initial property loss.  The article states that natural disasters have historically hurt real estate prices in the areas where they occur.  This could be particularly troubling in Norwalk and the rest of the Northeast as the housing market here has sputtered in a recovery attempt.

Studies have determined that  disasters causing widespread damage have historically dragged down  real-estate prices in the areas where they occurred. According to Robert  Simons, a professor of urban planning at Cleveland State University,  the damage caused by the latest storm is likely to continue the  historical trend.

“There’s going to be an  effect,” he says. “In natural disasters like this, it changes the way  that potential buyers look at an area.”

To read the entire article from USNews.com, CLICK HERE.

For more information about Norwalk real estate, including properties for sale and for rent in Norwalk, visit www.NorwalkRealEstateTodd.com