Millie's Blog

In praise of traditions

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Mon, 23 Nov 2009 10:40:26 -0600

Connecticut is an area rich in traditions. This past weekend New Haven hosted the Yale-Harvard football game, which brought the city to gridlock - again. This is an event steeped in tradition, down to the wearing of those huge raccoon coats. Did you know that the game of football as we know it today, was largely developed by Connecticut native and Yale grad Walter Camp, class of 1880? Camp is known as the "Father of American Football". We locals know that, and it's why football still matters in New Haven, even if our universities don't come to mind as football power houses. This Thursday, when you sit down to watch your favorite football games after a hearty dinner, think of Mr. Camp and raise a toast to him.

What are your traditions? What family traditions delight and bring you closer together? Thanksgiving is my favorite holiday, because it is all about family and friends, giving thanks and eating our favorite foods. There is no gift giving involved; just the love and attention we pay to each other. My kids always want our basic holiday menu, but keep adding to it. I have decided to write a cookbook for them, complete with goofy family photos that would only be appreciated by us. It is a way to keep memories and encourage future cooks. Our mac and cheese receipe has evolved over the years. It now includes jalapeno cheddar. I have encouraged some of my clients to do their own cookbooks or family traditions diary. They are enthusiastic, but think it is a daunting task. It doesn't have to be. Photos taken around the Thanksgiving table and some recorded comments can be the start of your tradition. Photos taken by Realtors at closing can be the catalyst for this family traditions record keeping.

What defines your family? Is it music, a family business, rugged individualism? Whatever it is - it is uniquely yours. You should discuss it and keep it dear. As families become more geographically scattered, holding on to traditions can be the glue that holds them together. I wish you a bountiful Thanksgiving, and a thoughtful appreciation of all that we have, as families, as Realtors and as Americans.

In thanksgiving...

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Sun, 22 Nov 2009 12:44:12 -0600

Today's blog is about a topic I hold dear: the joy of having a good neighbor. I grew up in a rural part of the Hudson Valley in New York State. As a child, I learned that a good neighbor was like gold. My parents couldn't stress it enough. Winters were harsh and you might need a neighbor to help if a car broke down or a house lost heat. My parents both worked and we had the basics, just like everyone else in town. Life was simpler then; it wasn't the suburban life I have now. Today, if I need something, I buy it. I don't have to bother anyone - but I know I can. I am blessed to have several good neighbors, and I am thinking about them as I affirm all the good things in my life this Thanksgiving week.

We live life at a breakneck pace. I think most Realtors have a turbo charged inner clock, which lets us handle so many things at once. Now and then, however, it is good to slow down and take stock of what we are doing and what things are important to us. We understand the value of relationships in our business, and we see the value of good neighborhoods, where the homes show that people care. This Thanksgiving, call a neighbor you cherish and tell them how thankful you are for them. If you don't have a good neighbor, perhaps you might want to list the houses on either side of you, and work on finding two wonderful new neighbors. Just a thought.....

The important thing is to give thanks. Once you get into the habit, you start to recognize things you are grateful for. The positive energy this creates affects everything you do and everyone around you. Stay away from negative people - they add nothing to your life. Happy Thanksgiving. I hope you recognize all the good things in your life.

Angels among us

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Sat, 21 Nov 2009 10:51:32 -0600

In thanksgiving, I am going to write about things we should be grateful for this week. Today, I would like to focus on the volunteers in our local communities, who contribute so much to the quality of life we enjoy. In particular, I'd like to talk about the generosity of the people of Greater New Haven .

Last night my family attended a fundraiser at the Shubert Theatre in New Haven to benefit the Clifford W. Beers Child Guidance Clinic. Beers Clinic, founded in 1913, is the oldest mental health outpatient clinic in the United States. www.cliffordbeers.org. It serves children by providing mental health and "wrap around" services which may include housing and food. In the past year, the Clinic saw over 2900 children from the Greater New Haven area. The Clinic, like many non-profit organizations, has been hard hit with funding cuts due to the recession. The need for services has never been greater. As a board member, I was very concerned that the event would not raise the needed funds. Imagine my surprise, when we had to limit the number of new reservations for the event, when the count reached 430. We set a new record for sponsorships. And the bidding was fierce for items in our silent auction. Despite an uncertain economy, people gave to support our neediest citizens - children.

There is a long history of giving here in New Haven. There are, however, unsung heroes in each of our communities. They quietly give to support individuals in need or organizations trying to make changes to benefit all. These are the people who fill backpacks with food for children to take home on weekends. They volunteer their expertise to change policies to benefit the elderly, the infirm or the voiceless. Volunteers understand that a strong community benefits everyone. They see a need and are quick to respond to it. Realtors are among the most generous people in any community. We don't just sell the American Dream of housing; we help support communities through our volunteerism and giving.

So, cheers and accolades to those who donate their time, talent and treasure. Volunteerism and giving is as American as apple pie, and yes, Thanksgiving.

The Real Estate Roller Coaster.....

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Wed, 18 Nov 2009 13:00:39 -0600

or is it the Fun House? Either way, we Realtors have to manoeuvre dips and turns and blurry images to figure out where the market and overall economy are going. The headlines seem to change every day. Today's news from the Commerce Department states that housing starts fell in October, due to a sharp decline in new residential construction. But it this a bad thing?

If we have too much unsold construction out there, doesn't it make sense to sell that first before anyone takes on new projects? I would think this dip could be positive, by helping us move the existing inventory. Here in Hamden, CT, the inventory continues to drop. We are seeing a healty number of "on deposit" signs as we drive around. As we all know, all real estate is local. National headlines inspire or alarm, but we need to look at our own markets to determine how the housing market is doing. There was lots of positive talk at the NAR convention this past week. Hard to believe it can all turn around in two days.

Now we know why the federal government extended the $8000 first time homebuyers credit. It needs to keep this economy stimulated, or things may slow even further. Each spiral down means fewer jobs, so you get the picture. Repairing this economy is a daunting task. Each step has multiple possible outcomes. The one good thing is that the slow economy is keeping inflation, therefore interest rates down. That's the one positive thing in this story.

Pass the Mulligan, please

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Mon, 16 Nov 2009 21:05:32 -0600

Ever wish you had a chance to do it over again? Do you remember hearing just a few years ago, "I wish I had bought that house a decade earlier...." According to the economists at NAR, this period we are living in gives us an opportunity to do it again and get it right this time. Never has housing been more affordable. A combination of historically low interest rates and falling prices makes this a great time to buy. Now we have to let the public know, before reality sets in and interest rates rise as a consequence of our weak dollar.

NAR predicts that the rate of housing units sold next year will rise to 5.7 million units, up marginally from 5.5 million units this year. The housing numbers were dismal earlier in the year, but were helped dramatically by the $8000 first time buyer tax credit. The program brought 400,000 first time home buyers into the market. Anyone who is trying to close a mortgage right now can feel the crush. Banks are very slow to process all those buyers. It will be interesting to see the end result of all these sales, and if they will stimulate the greater economy as people buy furniture, flooring, appliances and decorations.

Sales are at the pace they were a decade ago, but our country continues to grow in population. What does this all mean? Pent up demand for homes. If you have a buyer, get them in now. Prices may drop next year, but what is to keep interest rates from rising? The government can only keep interest rates suppressed for so long. Eventually the foreign investors buying our debt are going to demand a better return to buy our treasury bills. This has been a tough year for real estate, but things are slowly looking up. I just returned from the Realtors Convention in San Diego, and the consensus among the CRS members I spoke to is that things are improving. Better banking practices, a population that now saves rather than spending every dollar, and a slowly improving economy should provide us with a brighter 2010. Happy selling!

Land of a Thousand Cranes

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Fri, 06 Nov 2009 14:56:07 -0600

This title may evoke a zen-like peaceful feeling, but it describes the opposite. It has to do with the frenetic pace of building in the cities of China. I just returned from a 9 day visit to Beijing and Shanghai with the New Haven Chamber of Commerce. As a real estate agent, I was astonished by the size and continued growth of the cities, the need for housing and China's approach to the problem. Look in any direction and you are going to see not one, but dozens of construction cranes builiding new office and apartment towers. Beijing is building new housing projects the size of cities in Connecticut. In Shanghai, there are over 5000 buildings 30 stories or higher. All this to accomodate a population of 22 million.

Our group was treated to a "snapshot" of China. I say snapshot, because if we return in a few years, the places we saw will probably be unrecognizable. They will have been swallowed by new, even bigger, construction. This is an economy on steroids.

Why do I write about this? Because what is going on in China is going to affect our lives and our livelihoods. China is gobbling up the world's resources for all this development, just as the United States did when it had its own industrial revolution and growth spurt. To see China today is to look at the rebirth of a nation. It is also a glimpse back to what it must have been like to see the U. S. a century ago. China now consumes 48% of the world's steel. (Mortished, Times Online 10/13/09) and almost an equal percentage of the world's cement. What I witnessed was limited to the constuction in the cities. Most of the construction is industrial, so we can only imagine what that looks like. China also has a lot of cash. It can pay whatever it takes to acquire the raw materials it needs.

There is opportunity here. The world comes to China to manufacture, because the Chinese can make anything. We visited silk, pearl and jade factories, and saw the remarkable skills of the weavers and carvers. The world also visits to learn about an exciting culture. The juxtapostion of ancient and modern is quite striking. My photo of an Buddhist temple shows cell phone towers in the distance. In the middle of modern Beijing we visited herbalists whose collective experince goes back thousands of years. Then there is the art and design - there is such beauty in the decorative arts and gardens.

As enjoyable as the trip was, we were happy to return home. When you travel abroad, you return with an added appreciation of the life we have here. The Chinese pay a steep price for all this development. The air is toxic in the cities. Most of us returned with respiratory ailments. When we first landed in Beijing, we saw what looked like a pea-soup fog. It was smog. The local paper in the hotel had an article about people dying of black lung disease, and they are not miners. On a real estate note: the government owns all the land. It will allow you use for 70 years. This may explain why the Chinese are buying up real estate in Hawaii, California and Vancouver. Despite this, young people want to own their own apartments for the freedom and extra space it offers them. 70 years for them seems a long way off. The weather is doing some funny things in China. On the morning of our flight to Shanghai, it snowed. Later we learned tht the government had seeded the clouds hoping for rain. The unforeseen consequence was a snow storm that eventually closed the airport. We got out just in time, but the second half of our group spent 7 hours on the tarmac before their flight was cancelled. Their experience may not be as joyful as mine. Hope you get to visit China someday. It is well worth the trip.

A new "green"campus rises in Hamden

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Tue, 27 Oct 2009 20:53:45 -0500

On Sunday morning I looked out of a second story window at home and saw something sparkling in the distance, where Quinnipiac University is building the new 250 acre York Hill Campus in Hamden. The sparkles were coming from the new "windmills" which the university has erected to generate power for the campus. On Monday, I decided to check things out. A few months ago there was only one windmill, and now it looks like there are a dozen or more.

As you can see, there are no blades on these structures. They are verticle axis turbines, manufactured by Mariah Power. Not only do they have a distinctive look, their design allows them to run silently. There will eventually be 42 of these 40' turbines at the site, adding architectural interest to a garden below. It should be a fascinating gathering spot for students and visitors alike. And an example of what new energy can look and sound like. Eventually this campus will be one of the "greenest" in the United States.

We neighbors of Quinnipiac U. watch with fascination as the university continues to gobble up and develop large tracts of land. There are now three campuses - two in Hamden and one in North Haven. Quinnipiac University is known for its excellent health science majors. The school is well positioned to meet the growing demand for health professionals. Graduates with majors in physical therapy have their pick of jobs anywhere in the country.

Hamden enjoys many benefits being a college town. Quinnipiac U. is the largest employer in town. The school hosts cultural events open to the public, and thousands of students bring life to the many small business in town that cater to their needs.

It is worth a trip to see the York Hill campus, which currently boasts two stadiums, dormatories and a parking garage. The views of the surrounding countryside and New Haven harbor are magical. It will be fascinating to see this campus develop over the years.

The Conundrum of Bank Lending

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Sat, 24 Oct 2009 07:34:04 -0500

Despite billions of tax dollars poured into banks that are "too big to fail", bank lending is down for the year. TARP money flowed to banks in the heat of the banking crisis a year ago, but the government placed no specific requirements for the use of the funds, other than for banks to have adequate reserves. The FDIC has released some statistics, and they are troubling, particularly to real estate agents. The largest banks in the U. S. have curtailed lending this year, despite a large growth in deposits. Tight lending affects small businesses that hire, and home buyers.

The top five banks in the U. S. now control 37% of the nation's deposits. Their deposits rose by 29% for the year ending June 30th. (Colin Barr, Fortune) Only one bank, PNC of Pittsburgh, increased lending in proportion to increased deposits. Lending at Bank of America, JP Morgan Chase and Wells Fargo was less than their deposit growth. The prize goes to the bank that received the most bail out money - Citibank - which reported a decrease in lending.

Are the banks really the culprit here, or is it lack of government oversight? Sadly, both are to blame for bad decisons. The economy was in dire straights last year and something had to be done to keep the financial system from collapsing. On a side note, the British economy is in the tank right now, and economists are placing blame on their government's lack of an agressive response to their banking crisis. France and Germany poured money into their economies, and are on the mend today. Our government requires banks to have adequate money in reserves as more loans continue to underperform. These were bad loans to begin with, so this is the banks' responsibility. Sadly, we are the ones to pay. and pay we do. Banks are getting "fat" from the increased level of savings and huge overdraft fees. We need a return to fair and logical banking and governance.

The demand for homes jumps in September

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Fri, 23 Oct 2009 13:37:33 -0500

Whether attributable to the $8000 tax credit or an improving economy, NAR announced today that sales of previously owned homes rose to their highest level in over two years. There is always a pickup in sales in September, when kids go back to school and parents re-focus on house hunting. This year, however, featured the perfect trifecta: the tax credit, low prices and historically low interest rates.

According to NAR, home sales rose 9.4% from August levels to an annually adjusted rate of 5.57 million units. Sales were highest in the West, but we are seeing inventories drop here in Connecticut too. This has to benefit our local economy. More buyers mean that our sellers can finally move out and/or up. This creates momentum that I hope can carry us through the next few months.

These government incentives are obviously very expensive. It would be wonderful to see the expected pay-off come to fruition. I don't think our economy can afford to extend or expand this tax credit program for purchasers, but am delighted with today's news. It shows optimism. The sky is not falling. We will see our way out of this recession in the coming year.

The wisdom of Solomon; the patience of Job

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Tue, 13 Oct 2009 09:20:28 -0500

People often ask me what is takes to be a successful real estate agent. The above referenced skill set comes to mind. In a market like this, it takes experience to know that the economy will eventually turn around. We need to convey that sense of hope to our clients, and particularly to our buyers who are frozen with fear at the thought of putting their hard earned dollars down on a property that may drop in value. We seasoned agents have seen downturns before. Over time, the market bounces back.

Here in Connecticut, there is a sense that the dark clouds are lifting. We may have dodged the bullet, economically speaking. It feels like we will survive this downturn and start the slow climb back up. This is not to diminish the realties of people undergoing foreclosure or job losses. Our unemployment rate was at 8.1% in August, according to the Connecticut Department of Labor. At the time, the U.S. rate was 9.7%. According to Realty Trac, there are 7640 foreclosed properties in the state, but the trend is down. Check them out at http://www.realtytrac.com/states/Connecticut.html. What gives me hope, is that lots of those foreclosed properties are being bought up. There are real buys out there, low interest rates, and great incentive to buy in urban areas.

I am working on a deal right now, where the buyer is a professional in New Haven. He is going to benefit from the $8000 tax credit and a City of New Haven program that will give buyers like him up to $20,000 to repair older homes they are buying. The program is called the CHFA U R Home Program. It encourages people who work in New Haven to buy in New Haven. There may be similar programs, backed by the FHA, in your local markets. There is more paperwork involved with these mortgages, but it is well worth the effort. These incentives can go a long way to ease the worried minds our our buyers. Even if the market drops a bit more, they have made a wise investment. Happy selling!

Another quiet corner in Hamden

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Thu, 08 Oct 2009 15:11:13 -0500

There is a spot on New Road that has been a favorite with locals for centuries. It's Clark's Pond, a calm oasis in a busy part of town. Today the Pond is bordered by Quinnipiac University. Its beauty offers students and town folk alike a respite from the quick pace of life. As you can see, the surrounding foliage is putting on its show for Fall. The colors should be at peak in about one week.

Visitors to our area of often struck by the variety of landscapes in town. The northern part of Hamden is rural and rugged. There are horse farms and large estates for those favoring privacy. Most of the town, however, is made up of neighborhoods which reflect the era in which they were constructed. We have neighborhoods built at the turn of the last century, which feature multi-family homes and houses with rich woodwork trim. There are the mid-century suburban prototype neighborhoods such as Spring Glen, with its three bedroom, one and one half bath colonials which were so innovative in their day. As the town has grown, subdivisions have come in, with each featuring larger and larger homes, peaking with the mini mansions of the last decade. There is something here for everyone, and a pleasant lifestyle to go along with it.

If you know someone transferring to the area to work at one of the universities or in the growing health care industry here, please let me know. I would be happy to help them relocate to our town.

Active Rain and the Pursuit of Excellence

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Wed, 23 Sep 2009 09:06:45 -0500

We can learn so much from each other on Active Rain. For me, it's like continuing ed online every time I log on. Technology tips, dealing with difficult situations, marketing - all these topics are here for the taking. It's an information smorgasbord! I have a particular interest in economics, but there is so much to learn from the questions posed and the answers provided from agents who want to do better, more professional business. The sharing of best practices benefits every agent, and ultimately, the public.

I see our success as agents having three components: our sphere of influence, use of the internet for marketing, and expertise in our markets. Active rain allows our "public" to follow us through our blogs, and lends content to our websites. We should be doing more and more internet advertising. I just went on Zillow to update my profile, after reading a recent blog. These reminders from fellow agents allow us to stay focused and current, despite our busy schedules. With respect to expertise, we can have the top agents in the country "coach" us, as to how they achieve top status in their markets. All we have to do is read their postings.

So, thank you! To all my fellow bloggers, I appreciate the time and talent you put into your posts. Let us all continue to work towards an industry known for its excellence and experience. There is a reason that our model of real estate is being adopted worldwide. Its transparency and constant pursuit of excellence is the gold standard.

A Jewel In Whitneyville

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Thu, 17 Sep 2009 10:19:48 -0500

Early Fall in Hamden is a magical time. Nature provides the perfect backdrop for our town. We all feel energized by the cool, crisp air. Trees are giving their first hints of the blaze of color that is to follow. (October 15th is peak leaf-peeping time in Hamden). Now is the time to visit the local farms for fresh apples and produce. Hamdenites can also take advantage of two weekly Farmers Markets. In my neighborhood of Whitneyville, there is a new "pocket park" overlooking Lake Whitney. This idyllic spot is sure to please anyone who visits our corner of town.

The spot was made possible by the design of a local architect, Kari Nordstrom working with Town Of Hamden Designer Vince Conte, and Sharron Mitchell. It is located on Lake Street, just behind Books & Company. Pedestrians can grab a cup of coffee and a book, then pick a spot on a bench in the park. The lake and pines provide a soothing and relaxing environment.

This project is an example of how communities can work with their local governments to create open spaces to benefit all. There isn't much land involved here, just a corner with a beautiful view. Hamden is an old town, by American standards, incorporated in 1786. It is fully developed with almost no land available for additional open space. Thanks to people with vision, this spot can become a cherished part of the neighborhood.

The Zen of Foreclosures

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Tue, 15 Sep 2009 16:42:08 -0500

The darn house is back on the market again. For the third time. I put in an offer on this bank owned property last May. The offer was eventually accepted and the tome of bank papers was delivered to my client. No changes could be made to the paperwork, the terms were onerous and the closing had to occur within 30 days. My client wrote the bank to say that he could perform under the contract, but would need 45 days to close. With the economic situation as it was then, lending was taking longer than usual. The bank rejected our "accepted" offer and went on to the next buyer. My buyer was financially solid and capable of doing the necessary work to restore the house.

We all know that deal fell apart, as did the next one. Where is the logic in all of this? Every time the house comes on the market, it is priced lower. I think the low price is a "sale" price, a loss leader meant to attract buyers. Maybe this is effective marketing for someone, but if the house doesn't close, what is being accomplished here? The poor house continues to languish, empty and deteriorating, as neighbors look on in horror. My story is not unique; I have read many stories on Active Rain like this one. What can we do as Realtors to affect some change here?

I suggest we all take a deep breath and meditate about this bank owned situation for a bit. Remember: We are seeking enlightenment and search for a simplicity and clarity in dealing with this foreclosure mess. The purpose is to sell these houses, get them occupied, on the tax roles, and off of death row. Now we need to pool our best thoughts and forward them to NAR. It is impossible for one person to effect change, but a voice from NAR carries a lot of weight. I'm tired of these practices that waste time and deteriorate our neighborhoods. We have invested a lot of money in these banks. Let's demand better practices from them.

Back to Basics - CRS 200 offered in Connecticut

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Thu, 10 Sep 2009 13:47:34 -0500

I'm wearing my Certified Residential Specialist hat right now and writing to invite you to the Connecticut CRS Chapter's offering of CRS 200 - The Business Planning and Marketing Course. Course dates are October 6 and 7, 2009. The class is to be held at beautiful Water's Edge Resort and Spa in Westbrook, Connecticut. This is a wonderful course for a newer agent, who wants to run his/her real estate practice like a business, not a hobby. It will teach agents how to create business and marketing plans in sync with their income goals. More experienced agents may want to use this as a refresher course. I took this course over a decade ago, and am going to audit it. CRS designees that took this course in the past are eligible to audit. These courses are updated as the real estate business changes, and offer lots of new, immediately usable, information. The fee is $350 for the two day course and continental breakfasts and lunches are included. There is also a networking cocktail hour on the evening of October 6th, immediately following the class. It's a great opportunity to meet agents outside of your market area for future referrals. Feel free to contact me for more information.

Managers may want to encourage their agents to take a course of this type. It will immediately identify who is in the business for the long term. Real estate is becoming increasingly more complex, as we deal with issues of financing, short sales, and how to market ourselves effectively. The public is well educated and expects excellence in their real estate agents. As a result, continuing education will be an ongoing process, to the benefit of the industry and the public. Please join us in Westbrook on October 6th.

Happy September - get those first time homebuyers under contract!

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Tue, 01 Sep 2009 10:05:37 -0500

This is the month to focus on your first time homebuyers. You can take off in October if you wish, but now's the time to work. Remember, your buyers must be closed by November 30th to take advantage of the homebuyers $8000 tax credit. With lending a bit slow (to put it mildly), you are going to need 60 days at least to close these deals. I expect to see a significant pick up in real estate activity, which is happy news for all involved. There is good inventory right now and interest rates are attractive, so there are no excuses. Get on the phones, send out postcards, post a sign outside your door - get the word out any way you can! People are notorious procrastinators. They will be happy to hear from you with your reminder of the November deadline.

Maybe I'm exaggerating a little. There are good lenders out there that can get the deal done in 30 days. It's just that you don't want to take a chance here. Imagine how your buyers are going to feel if they miss out on this opportunity. You probably won't hear from them again. If they are thinking about a short sale or bank owned property, you may need to remind them that banks operate on their own time schedules. They may not respond to your offer for 60 days. Bank owned deals are most in jeopardy for missing the November deadline. If you make you clients aware of this, they will at least be making an educated decision to go forward or not.

Whenever I contact my clients, I want to give them information of value. That gets them thinking of me as a resource. Use this opportunity to inform. Ask your clients if they know a person who is a first time homebuyer that you can assist. What a wonderful way to build your contacts. Happy September - I wish you great success this month!

Jogging and blogging around Hamden

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Fri, 28 Aug 2009 15:08:30 -0500

Let's face it folks, this has been a frustrating year in real estate. There are hints (stock market) and even signs of an improving economy, but the turn around seems so slow sometimes. We need job creation in Connecticut and a State Budget to work with. Despite all the delays, however, we seem to holding our own with the real estate market.

As we know, all real estate is local. What happens in Vegas, stays in Vegas. Here in Connecticut, and particularly in Hamden, our housing inventory is stable. Right now we have 251 active single family listings in our town of 62,000. Of these 39 are on "show status". We agents are so nervous about these contracts, that we don't put our houses "on deposit" status until the mortgage is just about approved. 291 homes have sold year to date versus 330 in 2008, down 9%. Interestingly, the ratio of Sale Price to Listing Price (SP/LP) has held steady at 95%. Homes that are properly priced and in selling condition are getting close to asking price.

.....which brings up to the topic of lending. We have buyers out there ready and willing to buy. The problem with getting them in their homes has more to do with slow lending, than a lack of qualifications. It seems to take forever to close these loans. I know money is flowing into the banking system, but it is pooling somewhere, rather than flowing out to the consumer. Once this happens, we are going to see real stabilization in the market. Speculation is all but over in the real estate market. Now we await a return to more traditional real estate and banking. In the meantime, I'll continue jogging around town.

Tax Stimulus Bill - More unforeseen consequences...

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Fri, 27 Feb 2009 09:33:34 -0600

Did you know that people earning more than $250,000 per year may face a double whammy? They have been singled out to pay higher taxes to help with this economic recovery. In addition, and more troubling, there is a provision in the Bill that would limit the amount of mortgage interest that this group could deduct on their tax returns. This could have devastating consequences on real estate, just at the time so many are saying the revival of the housing market is key to the economic turnaround. House values would drop as people would think twice about trading up to a larger house. Who would want a larger mortgage if there is no tax deduction available? The National Association of Realtors is fighting this provision in the Bill vigorously. Time will tell what the outcome is going to be.

So much of the American dream revolves around reward for hard work. Trading up to a larger home has always been part of that dream. Our officials must be careful not to rob Americans of the incentives that keep them the most productive people on earth. I urge Realtors to keep an eye on the details of this Economic Bill and write your legistators as necessary, to voice your opposition to the elimination of the tax credit for real estate mortgages. I realize that we all must contribute to the solution of this economic mess we find ourselves in, but it doesn't feel too fair right now. Our legislators continue to reward the very people who got us into this situation, while punishing hard working citizens.

I welcome your feedback.

$15,000 Homebuyer Tax Credit Fails, Sellers take the Hit.

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Thu, 12 Feb 2009 11:06:19 -0600

All of us in real estate have been anxiously awaiting the passage of the Economic Stimulus Bill, with its first time homebuyer tax credit, meant to stimulate our local markets and jump start lending. Last week, we were teased with the Senate's doubling of the House's proposed $7500 credit. Now we learn that the $15,000 credit is out and the new number may be $8000 for "eligible" first time home buyers. Can things get any more confusing and unstable? Are there more changes to come?

I don't believe in wasting tax payer money. I do believe in proposing innovative solutions towards solving this deepening recession. We do have to invest in our economy. What I don't agree with is partisan bickering that prolongs getting to a concensus. By raising expectations, then lowering them, our leaders contribute to the uncertainty that our buyers are feeling. Rather than stimulate the real estate markets, this may lead to buyers waiting on the sidelines for a while longer.

Who is going to be impacted by this? Our sellers. If buyers think they have fewer incentives, they will look to sellers to make up the difference. This will contribute to further declining prices and more homeowners "under water" with their mortgages. Let's think these laws through to avoid unforseen consequences.

62 degrees in Hamden today. Euphoria breaks out!

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Wed, 11 Feb 2009 17:13:03 -0600

After a long and trying winter, this breath of warm, fresh air is most invigorating. It is wonderful to feel good and positive again, if only for a day. Now let's try to keep this feeling going. There is another big headline today that may impact Hamden in a positive way. The Economic Stimulus bill finally was passed by Congress. If this opens the spigot of money for municipalities and consumers, we may soon be singing a happier tune.

Before we get too ahead of ourselves, winter is by no means over, and neither is this recession. There are, however, signs of change in the air. In the macro economic picture, the distressed real estate market in southern California may be bottoming. Money is starting to flow through our banking system, if slowly. That's the positive side. On the negative side, the shoe has yet to drop on the commercial real estate market and on consumer loans and credit cards. That could slow the recovery. This uncertainty and insecurity was reflected in gold closing at $943 per ounce today, nearing a record high. All is not lost, however. We are thinking creatively about how to turn this economy around. There will be hits and misses, but it will happen eventually.

Locally, I am seeing a glimmer of hope in that the bank owned properties are starting to sell. This will have an immediate positive effect on our neighborhoods. Our inventory is low, only 227 single family homes for sale in a town of nearly 60,000 people. According to our local Greater New Haven Association of Realtors, 201 homes sold in the past six months at an average sale price of $257,350. It took an average of 71 days to sell a home. Let's see what $789 Billion does for our economy. Wise use of these funds will go a long way towards restoring faith in our economy and raising our spirits.

Facing Foreclosure in Connecticut?

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Tue, 10 Feb 2009 23:56:44 -0600

This is not grim news. Instead it is meant to help people who may have fallen behind on their mortgage payments. This Saturday, Valentine' s Day, The Federal Reserve Bank of Boston is sponsoring a Foreclosure Prevention Workshop at the Hartford Convention Center from 10 a.m. to 4 p.m. Bankers and credit counsellors will be available to talk to struggling homeowners. In similar events, many homeowners have been able to reduce their mortgage payments after speaking to their lender.

I was informed of this event by an email from my Senator Joseph Lieberman. The event is free, open to the public, and no invitation is needed to attend. In addition to bank representatives, foreclosure prevention cousellors from non profit groups will be available to help. The location for the seminar is 100 Columbus Boulevard in Hartford. You can call for information at 860-249-6000 or log onto the website at: www.theinformedhomebuyer.org. Buyers should bring records of their income,debt, mortgage and other expenses to expedite the process.

For the most part, lenders don't want to be property owners. They are in the business of lending, not property management. It is very expensive for the lender to foreclose on a property and then sell it. Most often, the buyer for the property is the very person currently living in it. Doesn't it makes better sense to negotiate with them, rather than foreclose and dislocate individuals and families? Besides the expense to the bank, there is the cost to society and the local real estate market. Let's take on this issue of distressed homeowners head on, and stem the tide of foreclosures.

Buying a home is like falling in love....

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Mon, 09 Feb 2009 19:53:39 -0600

In this week of romance, I want to remind you that something powerful and undefinable happens when we agents match the right house to the right buyer. I call it "hearing the violins". The buyer's face takes on a misty and dreamy countenance. There is this sense of urgency to run back to my office to write the offer that will make the deal happen. Then there is the incessant driving by the property at all times of the day and night. Our buyers invite everyone they know to drive by too, for the purpose of admiring their choice for a new home. Ah, the power and glory of love. It makes our lives, and our real estate business, complete.

Lately, however, our challenging economy has made our buyers increasingly practical with the workings of real estate. My clients want to pick the perfect house with the perfect pedigree. They are less adventurous and want to make safe choices. They are choosing the three bedroom, two and one half bath cape on a cul de sac, when they really want the three storey Victorian with the turret (a.k.a. the money pit) Alas! All the mystery and romance has left the equation. No wonder we are all feeling blue.

I would like to stop worrying about real estate, the economy, the stimulus package and all that other stuff and get back to enjoying the fun part of selling houses. A romantic notion, wouldn't you say? I've sold some great houses over the past 18 years. New Haven has some of the most beautiful housing stock imaginable. I have sold houses with turned staircases and raised panels made of solid chestnut. There are the houses with parquet floors with a different border pattern in every room. Some have been very credible copies of Gothic mansions. Ah, the glory of it. And what joy to hand over the keys to the new owners at closing and watch their eyes mist up at the thought of owning such a beauty. We don't just sell houses - we sell dreams. Hope you experience the romance of selling real estate this Valentine's season.

Finally! A catalyst to get this market going.

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Sat, 07 Feb 2009 07:46:45 -0600

This past week, the United States Senate passed a bi-partisan amendment to the Economic Stimulus Bill, proposing up to a $15,000 tax credit to individuals who purchase a principal residence. This amendment would sunset the $7500 housing tax credit originally proposed. It would also extend the eligibility period from June 30, 2009 to within one year from the date of the Bill's passage.

The tax credit would be $15,000 or 10% of the purchase price, which ever is less. The tax credit would not have to be repaid. Tax payers could claim the credit on their 2008 tax return, providing an immediate benefit. This would go a long way towards helping first time homebuyers, stabilitzing the real estate market and stimulating buying of home related products and services. Just what the doctor ordered. This makes a lot more sense than spending on projects that may take years to implement. We need to stimulate this economy now.

To prevent misuse of the tax credit, the credit would have to be repaid if the homeowner sells the residence within two years. This removes speculators from the mix, who often destabilize neighborhoods, rather than build them. Home ownership has so many positive attributes for our economy and society. Finally, our law makers are thinking along the right lines. As I have written many times, housing got us into this economic mess, and housing will get us out.

Whitneyville in February

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Tue, 03 Feb 2009 09:58:01 -0600

If you like an old fashioned community with quaint homes, apartments, and small shops, you will love Whitneyville in Hamden, CT. Whitneyville is home to Home & Hearth Realty, so I spend a lot of time here. It's flurrying lightly today - we expect heavier snow later. The weather, however, isn't as relevant here, because people can walk to shops if they need anything, without necessarily depending on their cars. On a snowy day there is nothing better than lunch at the Playwright. It is a true pub, with delicious pub fare and very good daily specials. Their Shepards Pie or Guinness Stew are real comfort foods. You wouldn't expect it, but their egglant parmesan is to die for!

Across the street from me is Books and Company, where you cab grab a cup of coffee and curl up with a good book. Bring your used books and get credit towards the purchase of a new one. Last year the shop had to close, when a driver drove through the front window and took out shelves, furniture and sprayed glass all over the store. The neighborhood rallied to help by donating books, helping with the renovations and donating gifts for raffles. Within months, Books and Company was back, stronger than ever.

If you need a gourmet item or just a quart of milk, you must go to Whitneyville Foods. The store is renowned for its quality foods. If you need a cheese from just about anywhere in the world, you can find it there. Pair it with a fabulous crusty bread, and you have an occasion. Besides shops, you can walk to the post office, the bank, the bus, and the library. Something to think about, as we ponder the use (and cost) of energy in our lives. Bundle up, get some exercise walking and discover Whitneyville. I love calling my community of Whitneyville home.

With an eye towards the future....

Millie Legenhausen, CRS, GRI, CIPS, MBA (Home & Hearth Realty) — Fri, 30 Jan 2009 15:27:11 -0600

This afternoon, I had the pleasure to meet with a building designer in Branford, Connecticut to talk about real estate and design trends. Like all small business owners, we are both being impacted by the economy, both local and national. Rather than having a gripe session, we had fun thinking creatively about the future for our businesses. We mused about reinventing ourselves virtually, and innovating to meet the needs of the next generation of customers. I know there are millions of conversations just like ours, occurring throughout our nation. Creative people will always find a way to overcome obstacles. Our economy was built on this.

Our discussion turned towards a new trend in house building: Smaller, brighter, greener and safer; utilizing new sources of energy for utilities. The company is designing a concept house for the future. We spoke about people returning to old fashioned ideas of thriftyness and buying "just enough". I am proponent of just enough, particularly when you work with clients who relocate periodically. While the company designs custom mansions and enormous additions, they are interested in designing homes that will fit nicely in a small lot and blend seemlessly into an established neighborhood. These homes would be priced competitively and be more affordable to maintain.

Like you, I have been thinking alot about the economy, particularly with the stimulus package just passed. Our leaders are struggling to break the back of this recession. The list of programs grows longer, but the obvious may be getting overlooked. Housing (indirectly) got us into this recession, and housing is going to get us out of it. People still want to buy houses, and they will do it, if banks lighten up a bit and start lending again. The problem wasn't with mortgages, it was with bad mortgages with outlandish fees, interest rates and terms. If we can build a new home at a good price point, people will buy it. It's time to think creatively, collaborate and share our ideas. Let's get this economy rolling.