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Fairfiled County

Making the lasting impression

2014: The Emerging Purchase Market Excessive Financial Optimisim Can Be Dangerous

Hot Property Is a Quick Sale in the Cards?

Sam Jonny Applegate Executive Vice President Farifiled’s Best Real Estate 866-541-6589

It’s all in the details.

124 IMPERIAL AVENUE, WESTPORT, CT 06880 TEL: 203 454-9430 FAX: 203 226-5268 follow the designer on

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contents 72 Top 10 Home Staging Tips Meet the new Joneses. They believe their house is the best one on the block. They seek multiple homes to fit

30 7 Painless Ways to Save Money When it comes to buying, selling or simply enjoying your own home, few things can be as frustrating or as costly as dealing with the unexpected breakdown of a major system or appliance. In this exclusive interview, Mark Barry, president of American Home Shield,

37 Technology Trends For most of us, the devastation of Hurricane Sandy is no longer muchWhen it comes to buying, selling or simply enjoying your own home, few things can be as frustrating or as cost

37 Hardwood Flooring TrendsFor most of us, the devastation of Hurricane Sandy is no longer muchWhen few things can be as frustrating or as cost

37 How to Avoid Appraisal Problems For most of us, the devastation of Hurricane Sandy is no longer muchWhen few things can be as frustrating or as cost

30 5 Ways to Boost Your Credit Score When it comes to buying, selling or simply enjoying your own home, few things can be as frustrating or as costly as dealing with the unexpected breakdown of a major system or applia

30 5 Energy-Saving Tips to Keep you Green Meet the new Joneses. They believe their house is the best one on the block. They seek multiple homes to fit their lifestyle needs and have an affinity for high-tech features. Despite the eme

RISMedia’s Open House Fairfield County March 2014 3

Design custom homes, remodeling, additions Lynne Persan lynneprsn@gmail.com PO Box 813 Georgetown, CT 06829 Tel: 203.948.0734

editor’s note Maria Speaks Her Mind

I

n this month’s cover story, Better Homes and Gardens Real Estate provides a fascinating and compelling look into the habits and priorities of today’s luxury homebuyer. From opting for efficiency over square footage, to choosing lifestyle over opulence, the new, high-end buyer looks quite different from what you might have been used to. Beginning on page 72, Better Homes and Gardens Real Estate professionals share excellent strategies for working with the new luxury buyer. In many cases, your former tactics will no longer apply, so take note.

Besides the great information about today’s luxury buyer, what I also like about this month’s cover story is the larger message behind it: Today’s consumers have changed across all fronts; the time has come to change your mindset and change how you define key buyer segments. From savvier, first-time homebuyers to international buyers with cash in hand, real estate consumers are evolving and require a different approach. The need to recognize the changes in today’s

buyers is essential for attracting them to your firm, effectively communicating with them, and gaining their long-term loyalty.

During our 18th Annual Power Broker Forum in San Francisco this past November, top brokers from across the country discussed in detail how consumers are changing in their respective markets. Focusing in on the demographic groups that matter most to your business will be critical to increasing business in 2014. On page 57, you can find a recap of the Power Broker Forum and learn how brokers are adapting their strategies in order to stay relevant and connect with the contemporary consumer of real estate.

We hope you find the insights in this issue helpful in your constantly evolving real estate journey.

Wishing you continued success,

Maria Patterson Executive Editor

Sam Jonny Applegate Executive Vice President, Farifiled’s Best Real Estate Priorities of today’s luxury homebuyer. From opting for efficiency over square footage, to choosing lifestyle over opulence, the new, high-end buyer looks quite different from what you might have been used to. Beginning on page 72, Better Homes and Gardens Real Estate professionals share excellent strategies for working with the new luxury buyer. In many cases, your former tactics will no longer apply, so take note.

Besides the great information about today’s luxury buyer, what I also like about this month’s cover story is the larger message behind it: Today’s consumers have changed across all fronts; the time has come to change your mindset and change how you define key buyer segments. From savvier, first-time homebuyers to international buyers with cash in hand, real estate consumers are evolving and req

RISMedia’s Open House Fairfield County March 2014 5

7

by Barbara Pronin

Living on a budget is never easy – and building an emergency fund or saving for a major purchase may seem too difficult a task. But, said single parent and money blogger Linda Ramos, it only takes a bit of discipline – and a firm commitment – to shave dollars off monthly expenses.

Painless Ways to Save Money

6 March 2014 RISMedia’s Open House Fairfield County

“The trick,” said Ramos, “is not just to save, but to take the dollars you would have spent and put them into a savings account. Then pat yourself on the back for your cleverness and restraint as you watch your money grow.”

Ramos suggests seven painless ways to cut expenses and save:Better food planning – Forget fast food. Read supermarket ads and plan meals around what’s on sale. Prowl the Internet for meatless recipes and do vegetarian meals once or twice a week. Save on snacks or mindless munching by dividing boxes of cookies and crackers into snack-sized portions when you bring them home from the store…and force yourself to bank a few bucks weekly based on what you are now saving.

Check out the dollar store

high-priced brands.

– It’s chock full of off-brand household products and grocery items – even fresh produce – priced well below retail, that will leave you with extra dollars you can feed into your savings account.

Cutting coupons – Clip discount coupons for groceries and local restaurants. If you must dine out, use a coupon – and if your grocery bill is reduced by $6 when you use your coupons, put at least half that into savings.

Make your cleaning products – Find ‘recipes’ online for mak-

Try the thrift shop – Before you head for the mall, check the thrift shop for great bargains in hardly-worn kids’ clothing, gently used household goods and plenty more. Reward your savings account with a few of those unspent dollars.

Use the library – Stop magazine subscriptions and quit buying or renting movies, video games and more.

There’s a huge selection at the local library that you can check out for free.

Put a dollar into savings for every two you don’t spend.

ing laundry detergents, fabric softeners and other household cleansers. Make your own, and bank a couple of bucks a week for what you save by shunning

Recycle – That means cans,

bottles, newspapers and anything else you can recycle for cash – and you know what to do with that cash now, don’t you?

RISMedia’s Open House Fairfield County March 2014 7

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Top 10 Home Staging Tips

I

f you’re looking to sell your home quickly, it’s necessary to amp up your home staging skills. Whether you hire a professional or DIY, take into account the

following budget friendly staging tips provided by www.

SureFit.com.

1Consider Curb Appeal

3 What Once Was Old, Should Be Newly Slip-Covered

No need to splurge on new furniture and home assets when your budget is already tightened up, especially in the midst of a move. Cover up outdated, worn and loud furniture with neutral colors. SureFit.com offers a wide variety of products, with over 130 styles of fitted and tailored slipcovers, as well as throw rugs and even coordinating curtains and dining room sets to make your home décor look like new.

You may not have the funds for a professional landscaper, but homeowners should make sure lawns are freshly mowed, leaves raked, and paths cleared.

Scrub the front door, porch, railings and steps, pick up a new mailbox and welcome mat, and add a fresh coat of paint where needed. Add seasonal potted plants and a bench to the entryway to welcome visitors into a clean, fresh and relaxing space.

2

Forgo Family Photos

You may consider it the crown jewel of the living room, but future buyers will see outdated family photos as years of wear and tear.

Clear the room of family portraits and other items that say “you don’t live here” to potential buyers.

4 Rearrange Refresh

Arrange the room in a conversational way. You may have preferred for every piece of furniture to face the television, but potential buyers will appreciate more of an open room vignette.

5 Kitchen Clean Up

Kitchens play a big part in home resale value, so make sure buyers are impressed.

Spend extra time scrubbing, cleaning and de-cluttering, and make sure counters are clear of appliances. Re-stain shabby cabinets, replace any mismatched hardware, add fresh cut flowers, turn on lights and open curtains for a clean, bright and attractive gathering space.

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6 Let in Some Air

Keep stuffiness and odors at bay by opening windows for at least 10 minutes prior to showing. Go easy on the air freshener, but bring in fresh cut flowers for a natural look and smell.

7 What’s Behind Door No. 3?

While shoving everything into a closet has been your go-to cleanup plan since your teen years, potential buyers will undoubtedly look behind every door in your home. Keep bedroom, linen closets and storage spaces neat and tidy to avoid any embarrassing surprises.

8 Scrub Until It Sparkles

Clean bathrooms until they look like the model sets at Home Depot. Signs of use, like soap scum and toothpaste stuck to the sink, will turn buyers off. Replace any outdated fixtures with sleek and modern ones, and add fresh cut flowers to help with aroma and appearance.

10 March 2014 RISMedia’s Open House Fairfield County

9Sleep Tight

Keep bedrooms neutral, comfortable and spacious. Buyers want to picture themselves relaxing here, so use soft colors, light scents and earth tones to “set the mood.” Make bedrooms appear larger by limiting items in the room to a bed, dresser and small seating area for the Master Bedroom. Update any outdated bedding and use a lavender oil diffuser to keep relaxation a priority here.

10 Better Backyard

Outdoor living spaces have become exponentially more important to potential buyers. Treat your back deck or patio like any other room in your home. Scrub down patios, touch up worn fences and banisters, and make sure your yard is free of clutter. A few decorating touches can make your space much more than just a “backyard.” Cover a worn picnic table with a bright tablecloth and replace worn chair cushions with new ones.

Source: www.SureFit.com

Celbrity Spaces Annie Lennox Lists in London Scottish singer-songwriter, political activist and philanthropist Annie Lennox recently listed her fivebedroom, three-and-a-half bathroom home located just a few blocks off Portobello Road in the covetable Notting Hill district of London.

Spanning over 5,131 glorious square feet, the five-floor regency terrace home was built in 1852 and designed by architect Thomas Allom. Features include soaring ceilings with elaborately adorned moldings and wide-plank wood floors. And did we mention the five floors?

With seven BRIT Awards, three Grammys, a Golden Globe and an Academy Award, Lennox will probably still be okay without this property on her ever-impressive roster.

California jokes aside, it’s spacious, sprawling and we’re jealous.

The 13,476-square-foot mansion is situated on over 20 acres and sits among a community of similar estates. Thousand Oaks boasts a great location, too; it’s just about equidistant between downtown Los Angeles and Santa Barbara.

Seven bedrooms and 7.5 bathrooms are found inside the H-shaped residence’s interior, with pecan

Listed for: £12,000,000 ($19,581,4000)

John Fogerty Buys a California Home Unsurprisingly, a celebrity has bought a home in…California!

Doesn’t anyone buy in, say, Vermont or New Hampshire anymore? It’s probably beautiful up there right now! Maybe next month. For now, Creedence Clearwater Revival singer and rock ‘n’ roll vet John Fogerty has purchased a Thousand Oaks, Calif., estate for nearly $9 million.

12 March 2014 RISMedia’s Open House Fairfield County

floors, wood-beamed ceilings, five fireplaces, and our favorite part—a 500-bottle wine closet. Yahtzee!

As if all that wasn’t enough, the home also sports a salt water swimming pool, a spa, a nearby cabana and a couple of fountains. Or at least that’s what we heard through the grapevine.

Purchased for: $8,950,000

Annie Lennox lists regency terrace home, located in Notting Hill district of London.

Home sweet home. John Fogerty shells out nearly $9 million for this California home.

Drew Barrymore Unloads Her Santa Barbara Home Listed in May 2013 for $7.5 million, for-

mer child star turned “Charlie’s Angel” sold her Montecito, Calif., home for a respectable $6.35 million.

Barrymore bought the home in 2010 for $5.7 million and later used it as the location for her private wedding. The home is situated at the end of a long gravel driveway on two secluded acres, including a grove of lush fruit trees.

With six bedrooms and an additional guesthouse, the main house measures in at 6,000 square feet. Barrymore’s crib also boasts wood-paneled walls, built-in bookcases and multiple fireplaces. Its calming colors from room to room give it an, inviting feel with plenty of spacious room for guests to relax.

Having been built in 1937, the home maintains some old school décor-retro refrigerators in a charming yellow-andwhite splashed kitchen? Classy, Drew.

Sold for: $6.35 million

RISMedia’s Open House Fairfield County March 2014 13

R J S RJS development coRp.

Jonathan W. Sparks, President (203) 536-7666 • JSParkS@oPtonline.net RJScuStombuildeRS.com

cuStom HomeS n Remodeling n additionS n alteRationS

Technology T ren ds

Put New Twist on Home Improvement

RISMedia’s Open House Fairfiled County March 2014 15

(BPT) - From smartphones to smart cars, technology is transforming virtually every aspect of our busy lives.

Technologies not only make life easier while on the go, but new options are quickly simplifying life at home as well.

Home automation is proving to be a top home improvement trend, making the Jetsons’ futuristic lifestyle more realistic than ever before.

Some experts are predicting 2014 will be the year of the smart home, but what does that mean to the average homeowner? The term smart home refers to a house with technology and automated features for things like heating, lighting and electronic devices. Automation is becoming the new norm in three main areas of the home.

1. Energy management and environmental impact A home’s heating, cooling and electrical systems can be enhanced through home automation technologies. Boosting comfort levels, these technologies make it easier than ever to monitor energy and water usage, helping to reduce a family’s environmental footprint as well as their energy bill.

Imagine turning your lights on remotely or adjusting the heat so 16 March 2014 RISMedia’s Open House Fairfield County

your home is toasty warm by the time you return from work. Home management systems let you access and adjust comfort controls from your smartphone, tablet or computer. Monitor and control lights or the thermostat from anywhere with Internet access, making it easy to save energy while away. You can even add water leak detectors to plumbing spaces within the home and receive an alert if the sensor comes in contact with water, helping you to react faster to reduce property damage and water waste.

2.Streamlining the kitchen and cooking processes

The kitchen is the heart of the home, so it’s no surprise that this area is getting a makeover thanks to technology enhancements. From basic motion-sensing faucets that eliminate the need for touching them with messy hands when cooking to appliances that think for you, the kitchen is a key component of a smart home.

For example, today’s dishwashers clean faster and more efficiently than ever, thanks to technology that assesses soil levels and adjusts cleaning intensities. Ovens now come with sensors that evenly heat dishes, eliminating the need to rotate pans or use baking stones. Refrigerators even come with options that allow you to rapidly cool or freeze foods when they need to be brought down

to a lower temperature quickly for food safety purposes.

3. Safety and security of a property

Security systems have never been more interactive, and new options are surprisingly affordable for homeowners looking to take the first step toward upgrading to a smart home.

The Iris Safe and Secure Kit is an inexpensive option that includes motion sensors, a keypad, and door, window and cabinet sensors. A novice DIYer can install the entire system in about an hour.

How does this system help your home to think smarter and be more secure? After installation, you will receive an email, text or call when an alarm sounds at home, allowing you to check in or alert authorities.

Working parents find comfort in getting an alert when children arrive home from school or a package is delivered to the home. -You can even opt to have alerts contain video of the designated alarm event, such as a door or cabinet opening. The basic monitoring service is free, making this smart home security system fitting for virtually any budget.

As home automation looks to take off in 2014, it’s time to take control, manage your home and simplify your life. From saving money to conserving resources to keeping loved ones safe, a smart home is quickly becoming the home of the future.

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Hardwood Flooring Trends-

a Touch of the Creative 18 March 2014 RISMedia’s Open House Fairfield County

The recovering U.S. housing market has led to increased demand for certain luxury items, including hardwood flooring. Exciting trends are influencing the marketplace and for today’s consumers, there are more hardwood flooring options than ever before.

“Savvy consumers want variety and flexibility in their flooring choices,” says Linda Jovanovich of the American Hardwood Information Center.

“With American hardwood species running the gamut of color and because hardwood is a product that can adapt to many different decorating styles and decors, hardwood provides a degree of diversity, as well as longterm value, that cannot be matched by other flooring materials.”

From the trend-watchers at independent market research firm, Market Insights Torcivia, and the National Wood Flooring Association, look at what’s trending now.

A Touch of the Creative-

jUsing multiple wood species

is very popular, typically using one species in the main field of the room, then introducing other contrasting species incorporated as a border or

other subtle design elements in the room. j Mixed media incorporates

hardwood with other flooring options like stone, tile, carpet or even metal. This approach often helps to define different seating or functional areas within a large, open space.

jInstalling wood floors, in a

non-linear format, is increasingly popular as well. Custom parquet patterns can achieve this look but even traditional linear floors can accomplish the same goal by installing the linear pattern on a curve. jConsumer preferences are gravitating toward darker species, like walnut, over the more traditional, medium-colored white and red oak.

In many cases, however, existing oak floors are being refinished and stained to achieve this look without replacing the floor.

jBuyers are moving away from the traditional 2 1/4 inches strip floor to wider plank flooring, 3 inches and wider. Random width planks are also popular. This creates a very casual look, while utilizing more of the raw materials during the manufacturing process. jDistressed flooring - handscraping the boards will achieve an antiqued look while, at the same time, hiding small imperfections that can appear in flooring over time, like small scratches or dents.-This distressed effect can also be achieved in the factory.

Stains and Finishes

The National Wood Flooring Association also reports that flooring manufacturers are introducing new lines geared to satisfy the emerging trends toward gray stains and finishes - ranging from very subtle to very

dark - and metallic finishes.

Metallic finishes incorporate softly shimmering metallic accents by embedding the metallic materials into the hardwood. The result is a pronounced grain that shimmers softly in contrast to the rest of the wood. It is difficult to predict if this trend will catch on long-term but it has become increasingly popular, particularly on the West Coast.

Get Inspired

As the U.S. economy continues to recover, more and more consumers will enhance their living spaces with flooring, cabinetry and other luxury items made from American Hardwoods, the ultimate in value, versatility and style. Browse the photo gallery of the American Hardwood Information Center at www.

HardwoodInfo.com for inspiration.

RISMedia’s Open House Fairfield County March 2014 19

Avoid How to

Appraisal Problems The Appraisal Institute recently released some helpful tips for consumers, providing guidance for homeowners and buyers seeking to ensure their sales are completed in a timely manner.

20 March 2014 RISMedia’s Open House Fairfiled County

As one of the nation’s largest professional associations of real estate appraisers, the Appraisal Institute created these helpful tips to let consumers know how to protect themselves and how to avoid unnecessary frustration when selling or buying a home.

“Too many consumers in this struggling real

estate market face problems with appraisals when attempting to buy or sell a home,” said Appraisal Institute President Joseph C. Magdziarz, MAI, SRA. “But rather than passively endure delays in closing a sale, homeowners and buyers can take proactive steps to avoid pitfalls.”

The Appraisal Institute’s tips encourage homeowners and buyers to: •Understand the role of appraisals.

• Make sure their lender hires a qualified appraiser (such as a designated SRA, SRPA or MAI member of the Appraisal Institute).

• Accompany the appraiser during the inspection of the property if possible.

• Request a copy of the appraisal report from the lender.

• Examine the appraisal report and ask questions.

•Appeal the appraisal if appropriate.

• Ask the lender to order a second appraisal by a qualified and designated appraiser.

• File legitimate complaints with appropriate state board or professional appraisal organizations.

“Credible opinions of value can help to stabilize

the real estate market,” Magdziarz said. “Appraisals are especially important because they are an objective and unbiased source of information.

Unlike others involved in real estate transactions, the appraiser is an independent professional who performs a service for a fee rather than for a commission.”

Magdziarz noted that normal declines in the real estate market have led to increased caution by lenders. That caution has led to delays in completing some real estate transactions.

“Appraisers today are doing the same thorough, fact-based research and analysis they have always done,” Magdziarz said. “Nothing has changed in that regard.”

Magdziarz added that appraisers have been wrongly accused of prolonging the nation’s real estate downturn by developing value opinions that are below proposed sale prices. Specifically, he said, they’ve been unfairly criticized for including comparable sales in the valuation process that provide opinions that are below the cost to build.

It serves neither the lender nor the consumer to enter into an upside-down mortgage, he noted.

Some real estate agents, mortgage brokers and home builders have used the Home Valuation Code of Conduct and Interagency Appraisal and Evaluation Guidelines as a scapegoat for current declines in the real estate market caused by the weak economy and the general oversupply of homes in the market, Magdziarz said.

“Appraisers today are doing the same thorough, factbased research and analysis they have always done.”

For more information, visit www.appraisalinstitute. org.

RISMedia’s Open House Fairfield County March 2014 21

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New Home Construction Renovations & Additions Construction Management Landscape and Estate Management

By Barbara Pronin

8

Quick Fixes for a Tired Bathroom

R

emodeling a home can be expensive and exhausting. But you can breathe new life into tired rooms with just a

small budget, a little sweat equity, and a healthy imagination.

California decorating consultant Gina Fulton suggests eight quick fixes to freshen the look and increase the functionality of an old, drab bathroom:

New paint –

Choose a color that brightens the space and shines with personality. Paint one wall in a bold shade. Or wallpaper one – or all four walls – in a whimsical or elegant design that says something about you.

RISMedia’s Open House Fairfield County March 2014 23

Vanity – Choose a new one if you can afford it – or paint the existing vanity in a bold or pastel color that offsets or complements the color of the walls.

Drawer pulls and towel racks – The bathroom is a small space, so you may want to splurge on unique hardware that adds a touch of class.

Sinks or faucets – If it’s been a while since you’ve perused the hardware aisle, you may be amazed at the wide variety of affordable sinks and faucets. Consider an art-glass basin or a higharcing faucet that adds fresh perspective to the bath.

Lighting and mirrors – Replace a small mirror with a larger one. Surround it with dressing-room lights. Or frame it to match or contrast the walls.

Flooring – Install inexpensive tile, hardwood or bamboo flooring that updates and complements your new design.

Artwork – Choose a theme – perhaps impressionist prints, French boudoir prints, or even a series of framed family vacation photos. Keep visual interest in mind, but be sure to use surfaces that won’t suffer from steamy air.

New towels and shower curtain – Whip up a sink skirt for a stand-alone sink. Embellished towels and coordinating shower curtain can pull your new design scheme together and enhance the updated look.

24 March 2014 RISMedia’s Open House Fairfield County

Pay down credit card debt – Borrowers with the best credit scores use an average of seven percent of their total credit-card limit. Borrowers who surpass 10 percent of their credit limit will see their FICO score drop, even if they make monthly payments on time. Ideally, you should pay off your balance each month. If you carry a balance, put the card away and pay off the balance as soon as possible. A stop-gap option is to ask your creditor to increase your spending limit, which could increase your overall credit score.

Boost Your 5 Ways to

Credit Score

Low credit scores result in higher interest charges. Borrowers with a FICO credit score of 700 save an average of $648 in interest on their credit card, $1,392 on their car loan, and $2,340 on their mortgage each year, compared with borrowers who have scores below 620, according to a study by CardHub.com, a credit-card comparison website.

For consumers willing to scale back on credit card usage, says the Wall St. Journal, there are five sure strategies for boosting your credit score:

Convert credit card debt to a personal loan – Credit-card

debt is more damaging to credit scores than a personal loan, which is considered installment debt. That’s because the credit-utilization ratio does not take installment debt into account. Also, a personal loan will likely have a lower interest rate. So converting the debt to a personal loan, and paying it off efficiently, makes sense – but only if you stop using the credit card until the loan is paid.

Be selective about accelerating payments – For the same

reason, consumers looking to improve their credit score should pay off credit card debt first, rather than student loans or other kinds of debt.

Check credit scores regularly – One in three consumers has errors in at

least one of their credit reports (Equifax, Experian, and TransUnion.) Errors can send your score plunging.

Get a copy of your credit report for free every year from annualcreditreport.com. If you spot errors, contact the credit bureaus, which are legally required to respond within 30 to 45 days.

Pay on time – the quickest way to harm

your credit score is to miss a payment. Late payments can stay on your credit report for seven years, so the first rule in improving scores is to pay on time each month.

RISMedia’s Open House Fairfiled County March 2014 25

5 Energy-Saving

Tips to Keep You Green In today’s economic environment, finding ways to save money is a priority for everyone. One way to cut back on monthly expenses is to invest some time and a little money into your home to save on energy bills, long-term. Here are 5 habits that custom homebuilder Nate Abbott, of Falcon Custom Homes, encourages his clients to implement for a positive impact on energy bills:

1 Invest in energy technology, like a programmable thermostat, power timers or a smart charger.

Caulk or weatherstrip air leaks around doors and windows to keep the warm or cool air in, depending on the time of year.

3

4 Replace your furnace filter at least every three months for high air quality.

Vow to never again leave your electronic devices in standby mode.

2 Here are a few items that you probably have in your home along with the amount of money wasted annually by leaving the devices in standby mode instead of shutting them off entirely: • LCD monitor: $2.51 • Computer: $34.21 • Laptop: $15.90 • Laser printer: $12.43 • Plasma TV: $159.76 • DVD player: $8.67 • Game console: $25.73 • Convection microwave: $3.85 • Rechargeable toothbrush: $1.35 26 March 2014 RISMedia’s Open House Fairfield County

5 Turn off water when brushing your teeth or doing the dishes.

Source: www.homesbyfalcon.com

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