Canterbury Estates Oxford

Canterbury Estates Oxford Canterbury Estates is Oxfords only single family condo complex open to all ages, low monthly fees and mill rate, city water, sewers and natural gas!

01/26/2020

Open House Sunday the 26th
12 to 2 beautiful single family condos in a town with a low mill rate and low condo fees!!

01/24/2020

Single Women Own More Homes Than Single Men

January 23, 2020
Single women are outpacing single men when it comes homeownership, a new study by LendingTree shows. In some metros, single women are achieving double-digit percentages in ownership.

For example, in the New York metro area, single women own 13.3% of owner-occupied homes, whereas single men own 7.9%. In San Francisco, single women comprise 12.1% of the market share compared to single men’s 7.6%.

Single women own about 1.5 million more homes than single men do in the nation’s 50 largest metros (5.1 million versus men’s 3.5 million), according to LendingTree’s analysis.

The following metro areas have the largest share of single-women homeowners:

Tampa, Fla.

Households owned and occupied by single women: 16.4%
Households owned and occupied by single men: 11.5%
New Orleans

Households owned and occupied by single women: 16.1%
Households owned and occupied by single men: 10.9%
Buffalo, N.Y.

Households owned and occupied by single women: 16.1%
Households owned and occupied by single men: 10.2%
The metros with the widest gender gap between single homeowners are Richmond, Va. (where the gender gap between single women and men households is 7.1 percentage points); Buffalo, N.Y. (5.8 percentage points); and Sacramento, Calif. (5.8 percentage points).

Source: LendingTree

01/22/2020

Mortgage Payments Are Getting Cheaper

January 22, 2020
The average mortgage payment is about $1,500 per month, according to the U.S. Census Bureau, coming in at about the same amount as the cost of renting (the average cost to rent was $1,476 in October).

Mortgage payments have decreased about 3% since mid-2018. They’re expected to get even lower this year, possibly 3.3% to 5.9% below this year, The Mortgage Reports notes.

The trend is occurring even as home prices rise. Mortgage rates, currently at around three-year lows, are helping more homeowners see a decrease in their monthly mortgage payments.

Census Bureau data shows that mortgage payments can vary quite a bit by location. For example, the Pacific region of the U.S., which faces some of the highest home prices, has an average mortgage payment of $2,096. On the other hand, the East South Central area has the lowest average for a mortgage, at $1,140.

This table from The Mortgage Reports shows the breakdown:

Pacific $2,096 Washington, Oregon, California, Hawaii, Alaska
New England $1,912 Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island
Middle Atlantic $1,856 New York, Pennsylvania, New Jersey
Mountain $1,439 Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico
South Atlantic $1,437 West Virginia, Maryland, Delaware, Washington D.C., Virginia, North Carolina, South Carolina, Georgia, Florida
West South Central $1,397 Oklahoma, Arkansas, Louisiana, Texas
West North Central $1,321 North Dakota, South Dakota, Nebraska, Kansas, Minnesota, Iowa, Missouri
East North Central $1,296 Wisconsin, Michigan, Illinois, Indiana, Ohio
East South Central $1,140 Kentucky, Tennessee, Mississippi, Alabama
Source: “The Average Mortgage Payment Is Declining. Here’s Why,” The Mortgage Reports (Jan. 21, 2020)

01/22/2020

97-Year-Olds Can Still Get a 30-Year Mortgage

January 21, 2020
Older Americans may not realize that they can still qualify for a mortgage, even though the Equal Credit Opportunity Act forbids discrimination in the mortgage market on the basis of age.

Yet, Mary Babinski, a senior loan officer with Motto Mortgage Champions in Trinity, Fla., told The Wall Street Journal that when a 97-year-old applicant came to inquire about a mortgage, he was even surprised he could still qualify for a 30-year mortgage. Older borrowers are eligible to get loans that will expire even up to their 130th birthdays.

More lenders are trying to promote to retirees that they can still qualify with special lending programs geared to them.

Borrowers over the age of 65 comprise about 10% of all mortgages that are originated each year, according to the Federal Housing Finance Agency.

But without a full-time job any longer, some retirees may wonder how they’ll qualify with limited monthly earnings. Lenders are qualifying older adults for a mortgage based on their pensions, Social Security, dividends, and interest they have available. They’re also showing more willingness to work with retirees to help qualify them based on either their income, distributions, or assets.

Jumbo mortgages aren’t off the table either. Richard Barenblatt, a mortgage specialist with GuardHill Financial in New York, told WSJ that he was able to get an 83-year-old retired Manhattan co-op owner a $1 million, 10-year, interest-only adjustable-rate mortgage for a refinance at a “highly competitive rate.”

Source: “You’re Never Too Old to Apply for a Mortgage,” The Wall Street Journal (Jan. 16, 2020) [Log-in required.]

01/18/2020

Home News and Commentary Daily News
What Exactly Do Closing Costs Cover?

January 17, 2020
A home costs more than just the sale price. For example, closing costs—which make up about 2% to 5% of the home’s purchase price—are a major added expense. Michael Hyman, a research data specialist at the National Association of REALTORS®, shares the charges that make up closing costs in a post at the association's Economists’ Outlook blog so that home buyers can be prepared.

Lenders provide a Closing Disclosure at least three business days prior to closing on a mortgage. But buyers will need to budget for these added costs ahead of time to avoid sticker shock days before closing.

Origination fees. This is the fee charged by lenders for processing the application and underwriting it. The fee typically ranges from about 0.5% to 1% of the borrower’s mortgage. Sometimes, it’s higher for smaller loans because “the fixed costs are a higher percentage of a smaller balance,” Hyman notes.

Service charges. These include items such as the appraisal, credit report, flood determination and certificate, tax status, pest inspection, title search and insurance, and survey fees. Appraisals and surveys can cost anywhere between $300 to $500 each. Title services can add up to about $2,000, so buyers may want to shop around for that.

Earnest Money: A Primer for New Agents

Transfer taxes and recording fees. Transfer taxes vary by state but can run up to 2.7% in parts of New York. “It does not matter if the buyer or seller pays, as long as the transfer tax is paid to the government, so transfer taxes can be negotiated between the buyer and seller,” Hyman writes.

Escrow items. Homeowners insurance, property taxes, and primary mortgage insurance (if applicable) also are added fees. Buyers moving into a homeowners association may need to pay monthly dues for the upkeep of the community.

Hyman offers the following example for how these costs can add up: A buyer is purchasing a $275,100 home with a 5% down payment. The loan amount is $261,345. Closing costs are estimated at 2.5% of the loan value—so $6,533. The buyer made a $2,000 earnest money deposit, so they would need to bring $4,533 in cash at the time of closing. “Altogether, this means that the potential homeowner will need to have access to approximately $18,300 in cash to pay for the down payment and closing cost net of the earnest money deposit,” Hyman says.

Source: “Upfront Cost of Buying a Home,” National Association of REALTORS® Economists’ Outlook (Jan. 16, 2020)
Comment

01/17/2020

3 Trends Designers Want to Leave in the 2010

January 16, 2020
Paint firm Sherwin Williams surveyed 700 professional interior designers to learn the three major trends that they want to leave in the last decade. Here are the trends they said they’re most tired of:

Macramé

The boho trend of last year is fading fast, and one of the signatures of the look--macramé—is quickly losing fans. Twenty-two percent of designers chose macramé as their least favorite design trend in the last decade.

All-gray interiors

Nineteen percent of designers surveyed called all-gray interiors one of the worst trends of the past decade. Gray is being pushed aside as the reigning neutral. White interiors have slightly more fans: For comparison, only 12% of designers called all-white interiors a fading trend.

Shiplap

Thirteen percent of designers said this wood wall treatment is another trend they hope stays in the 2010s. Shiplap had become a signature of the modern farmhouse style, but now designers are calling it overdone.

The Sherwin Williams survey also showed these other trends were among the ones that designers say they’re growing tired of: tribal prints (11%), concrete countertops and accents (6%), and accent walls (4%).

Source: “Designers Say Buh-Bye to Trends of the 2010s,” Sherwin Williams (2020)
Comment

01/14/2020

How to Keep a Stainless Steel Sink Shining

January 14, 2020
Stainless steel can be tough to keep sparkling, particularly the kitchen sink. Stainless steel can be prone to scratching, and hard water can leave behind marks. Further, very hot items that come into contact with a stainless steel sink can cause it to become discolored, known as “blueing.”

So, how do you keep your stainless steel sink shining during showings? Houzz, a home remodeling website, interviewed designers to find out, and the best approach may be simply using soap and water. Here are a few of its tips:

Wash the sink regularly with mild dish soap and a soft rag or sponge.
Avoid using steel wool, wire brushes, or abrasive sponge pads. You could scratch the material.
Avoid using cleaners that contain bleach. They can corrode the sink.
To remove hard water marks, use a mixture of vinegar and water. Also, wipe the sink dry after use to avoid further water stains.
To prevent “blueing,” add water to the sink before placing in a hot pan. The hotness of the pan can cause the sink to discolor.
Stainless steel sinks that do get scratched up can often be buffed out using steel wool. That will smooth the sink’s surface. But the scratch will still be evident, albeit blended in more if done on a satin or brushed finish. Houzz notes that a buffed area will be more prominent on higher-end stainless sinks that have a shiny finish.

Read more tips from Houzz on cleaning a granite composite, fireclay, concrete, natural stone, and other sink types.

01/12/2020

No snow in our forecast tomorrow so stop by our Open House tomorrow
Canterbury Estates 12 to 2
20 Rowland Farm Rd
Oxford

01/04/2020

Start the New Year off right and stop by Canterbury Estates Oxfords New Single Family Condo complex with no age restrictions!! Open 12 to 2! Now is the time to plan for your next move!!

01/03/2020

Why You Shouldn’t Abbreviate 2020

January 3, 2020
Security officials are warning consumers to not abbreviate “2020” in official documents because they say it can be an easy way for scammers to commit forgery. They say the abbreviation makes it easy for scammers to change out the numbers on paperwork. For example, if you write a date like “1/3/20,” scammers could change it to “1/3/2000” or 1/3/2021.”

Instead, write out the full year as “1/3/2020” or, better yet, write out the name of the month as well to read "January 3, 2020." It “could possibly protect you and prevent legal issues on paperwork,” Dusty Rhodes, a Hamilton County, Ohio, auditor told the USA Today Network.

Why would scammers want to change a date? They could seek to establish an unpaid debt or to attempt to cash an old check.

Police departments across the country have urged the public to write out the year. "This is very sound advice and should be considered when signing any legal or professional document,” the East Millinocket Police Department in Maine wrote in a Facebook post. “It could potentially save you some trouble down the road.”

Source: “Stop Abbreviating 2020. Police Say it Leaves You Open to Fraud and Could Cost You Big,” USA Today Network (Jan. 2, 2020)

01/02/2020

An Armoire May Be Your New Staging Ally


January 2, 2020
A home short on storage could be a turnoff to potential home buyers. That’s why some home stagers are turning to the armoire in homes that are tight on closet space.

Armoires usually have both a rod inside for hanging items and drawers or cubbies for storing smaller items. Along with that extra space to store items and clear overly cramped closets, they can be a stylish accent in a room, too.

"Most armoires are conversation pieces, so bring one into your space and then build the rest of your room's decor around it," Marty Basher, a designer and organization expert at Modular Closets, told realtor.com®.

Armoires can work in small spaces or a large bedroom that is looking too sparse, designers say. They can also work in a larger entryway to store coats and shoes. It can also be used to shield a bulky TV when it’s not in use.

But those who are using it for staging will want to consider the armoire's size and ensure it’s movable. “Real antique armoires may be taller than some modern ceilings, and their size and weight can make them difficult to deliver up stairs, in elevators, and down narrow halls,” designer Beverly Solomon told realtor.com®.

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23 Rowland Farm Road
Oxford, CT
06478

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12pm - 3pm

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