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

 

A new 5-Star review has just been posted about Todd on Zillow.com.  This review came from one of his rental client whom he just helped finalize a rental.  Here is what his client had to say:

We are first time renters and from the beginning, Todd was extremely helpful and patient in explaining everything to us. He found us the perfect apartment and we couldn’t be happier. On move-in day he even co-carried our giant couch up three flights of stairs. Highly highly recommend him. Thank you!!

To read the review on Zillow.com, CLICK HERE.

To read more than 30+ testimonials, check out the Testimonials page on this website at: http://norwalkrealestatetodd.com/testimonials

 

Lowe’s, the home improvement chain, has filed an application to open up shop in Norwalk.

The proposed site would be on Connecticut Ave (Route) 1, very close to where the new fire station is being built.

There has been some mixed reviews on the potential for another “big box” store in Norwalk.  Some see it as a great way to bring in new business, jobs, and tax revenue.  Others see it as another eyesore, and traffic congestion.

What do you think about having Lowe’s on that stretch of Connecticut Ave?  Would you vote Yes or No?

To read the entire article from the Norwalk Hour, CLICK HERE.  Here is a quote from the article:

Under the plans, Lowe’s would demolish the existing buildings on the property and construct a 134,815-square-foot home improvement warehouse, including a 24,390-square-foot garden center. The proposal would include parking for 422 vehicles.

 

For more information about Norwalk area real estate, or to ask Todd any questions, visit www.NorwalkRealEstateTodd.com

 

 

 

490 Danbury Rd. # 2, a 2 BR apartment rental in Wilton, was just listed for $2,000 per month.

This 2 BR is HUGE, at about 1,300 square feet!  It features a granite kitchen with newer appliances, and gleaming hardwood floors.  Here are the remarks from the listing:

HUGE 2 BR, 2 FULL BATH APARTMENT WITH GLEAMING HARDWOOD FLOORS! – BUILT IN 2009! – HUGE LIVING / DINING ROOM – GRANITE KITCHEN WITH D/W – OPEN FLOOR PLAN – LARGE BEDROOMS – GREAT CLOSET SPACE – 9’+ CEILINGS – GAS HEAT & CENTRAL AIR! – OFF/ST PARKING FOR 2 CARS – LANDLORD TO INSTALL WASHER / DRYER – NO PETS!!

 

For more info, and to see the pictures of this unit, CLICK HERE.

Feel free to email Todd for more info about this rental, or any other rental in the Norwalk / Wilton area.

 

 

5 Elmcrest Terrace # 9, a condo for sale in Norwalk, was just listed for $229,000!

This 1 BR condo is immaculate!  The seller will even consider selling the furniture.  This condo is about as “move in ready” as you can get!

Here are the remarks from the listing:

STUNNING LUXURY 1 BR CONDO – BUILT IN 2005 AND IN IMMACULATE CONDITION! – GRANITE KITCHEN W/ STAINLESS STEEL APPLIANCES, INCLUDING D/W, OVER-THE-STOVE MICROWAVE, AND CUSTOM BACKSPLASH – HARDWOOD FLOORS THROUGHOUT – LARGE BATHROOM WITH GRANITE VANITY AND TILE FLOOR – SMALL OFFICE, OR COULD BE CONVERTED INTO LARGE CLOSET – GAS HEAT & CENTRAL AIR – INTERIOR ACCESS TO HUGE BASEMENT AND LAUNDRY, GREAT FOR STORAGE, FITNESS ROOM, OR MORE! – OFF/STREET RESERVED PARKING – QUIET COMPLEX FEATURES COMMON FRONT AND SIDE PATIO AREAS WITH COMMON GRILL – CONVENIENT ACCESS TO ALL HIGHWAYS – MINUTES FROM SONO!

 

For more info on this condo, and to see the other pictures, CLICK HERE.

For more information on Norwalk condos for sale, visit www.NorwalkRealEstateTodd.com and email Todd with what you are looking for.

 

15 Wilton Ave # 1, an apartment for rent in Norwalk, was just listed for $1,650 per month.

This 2 BR apartment is large, at 1,100 square feet.  It has a large, updated, eat-in kitchen, an updated bathroom, private washer / dryer in the basement, and 2 car off/street parking.

This apartment is in great shape!  It will be available for occupancy on 12/1.  For more information about this particular rental, CLICK HERE.

For more information about Norwalk rentals, and to browse through every Norwalk rental property on the market, visit www.NorwalkRealEstateTodd.com

 

Just when it looked like Wall Street Place might be gaining a little momentum, we get word of a potential setback.

Governor Malloy just toured the Wall Street property at the end of September in what most viewed as a celebratory occasion.  Only a few weeks before the tour, Malloy helped to secure a $5 million Urban Act grant for Wall Street Place.  It was starting to look like the project was headed in right direction even though the “groundbreaking” ceremony took place in front of the development just over a year ago.  For the groundbreaking article from TheHour.com, CLICK HERE.

From a potential high, to a potential low…

The latest news in an article from the Norwalk Hour is that a tax credit might pose a delay.  Here is the problem in layman’s terms:  Congress has already allocated most of the $3.5 billion dollars worth of tax credits for this cycle.  If POKO, the developer of Wall Street Place, misses out on these credits, they will have to wait until the next cycle of credits which is next year.  This could obviously hurt their chances of meeting the proposed September 2014 completion deadline for Phase 1 of the project.

For more info on the tax credit delay, see the article from TheHour.com:  CLICK HERE

Only time will tell how the direction of the Wall Street Place development shakes out.

 

For more information on local real estate, or to ask Todd any questions, visit www.NorwalkRealEstateTodd.com or www.Facebook.com/NorwalkRealEstate