Seaport Real Estate Group Blog - Advisory Services

How Climate Change is Reshaping Insurance and the Housing Market

The growing ferocity and frequency of extreme weather events, tied intrinsically to the rapidly changing climate, have sent shockwaves through sectors that once thrived on predictability and historical data – notably, the insurance and housing markets. Jacob Bogage’s recent Washington Post article encapsulates the urgency and gravity of the situation, focusing on how major insurers are pulling away from covering the very natural disasters that are increasing in frequency.

Insurance companies, at their core, are in the business of evaluating and pricing risk. Historically, they've spread these risks across various geographies and disaster types, ensuring that catastrophic payouts in one region are balanced by calmer conditions elsewhere. However, as…

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Should the Grey Water from Washing Machines be expelled into the Septic System?

Professionals in the real estate industry often face complex issues involving regulations and guidelines that impact their clients' properties. One such issue is the disposal of wastewater from washing machines into septic systems. To ensure the best outcomes for clients, real estate professionals must conduct thorough due diligence and vet the sources of information they rely on. The case of Tim Bray, broker/owner of Seaport Real Estate Services, highlights the importance of obtaining accurate information from reliable sources, especially when dealing with matters that can have significant consequences for homeowners.

Due diligence is the process of gathering and analyzing information to make informed decisions. This often involves researching…

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Embracing the Value-Driven Approach

In today's fast-paced and competitive real estate market, many realtors are experiencing frustration with the current business landscape. The growing emphasis on marketing, lead generation, and sales tactics has overshadowed the fundamental principles of the profession: providing exceptional value and service to clients. However, there is a better way to succeed in this evolving industry by focusing on adding value to the consumer through extensive research, advanced valuation techniques, and personalized service rather than solely relying on marketing strategies and Lead generation. 

The Value-Driven Approach

At its core, the value-driven approach emphasizes the importance of understanding client's needs, preferences, and goals. This approach…

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Are AVMs Sabotaging Property Valuations?

Automated Valuation Models (AVMs) have become increasingly popular in recent years as a tool for estimating property values in the real estate industry. These models employ algorithms and vast amounts of data to generate property valuations quickly and efficiently. While AVMs may offer several benefits, including reduced costs and faster processing times, they are not without their drawbacks. 

Limited Data and Data Quality

One of the primary reasons AVMs can be prone to errors is the quality and availability of data used in the valuation process. AVMs rely on historical sales data, property characteristics, and local market trends to generate valuations. However, the data available may not always be accurate, complete, or up-to-date.…

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Things to consider when adding an Accessory Dwelling Unit (ADU)

If you're a homeowner considering adding an Accessory Dwelling Unit (ADU) to your property, here are some things to consider:

1.    Local regulations: Be sure to research the local regulations and zoning requirements in your area to ensure that you are allowed to add an ADU to your property. Some towns may have restrictions on the size, location, or appearance of ADUs.

2.    Building codes: ADUs must meet the same building codes and safety standards as other residential units. It's important to hire a licensed and experienced contractor who can ensure that your ADU is built to code and is safe for occupants.

3.    Financing: Adding an ADU to your property can be a significant investment. Consider the cost of construction and any…

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Reasons Why Accessory Dwelling Units (ADU's) can help the housing crisis

1.     Increased Housing Supply: ADUs create additional units within existing residential lots, which can increase the overall housing supply in a given area. This can be especially helpful in high-  demand areas with limited housing availability.

2.     Affordable Housing: ADUs can provide affordable housing options for low-income families, young professionals, and older adults who want to age in place. By creating smaller, more affordable units, ADUs can help address the affordability crisis that many communities are facing.

3.     Multigenerational Housing: ADUs can provide a solution for multigenerational families who want to live together but also value their privacy. By creating separate living spaces, ADUs can allow family members to…

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Accessory Dwelling Units (ADUs)

Accessory Dwelling Units (ADUs), also known as accessory apartments, in-law apartments, or granny flats, are small, self-contained residential units that are located on the same lot as an existing single-family home. In Connecticut, ADUs are allowed in some towns and cities, but not all.

ADUs are designed to provide affordable housing options for families or individuals who want to live close to their loved ones or generate additional rental income. These units can be attached to the main house or detached and can be used for a variety of purposes, such as rental income, multigenerational housing, or additional space for a home-based business.

In Connecticut, the state legislature passed a law in 2021 that requires all towns and cities to…

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Are Zillow Estimates More Accurate than a Realtor?

Both Zillow and realtors can provide valuable information for buyers and sellers in the real estate market. However, the reliability and accuracy of the information provided by each may vary.

Zillow is a popular website that provides real estate information, including home value estimates (Zestimates) and property listings. Zillow's data is crowdsourced, meaning it relies on users to provide information, which can lead to inaccuracies. Zillow's Zestimate algorithm may not take into account certain factors that would affect a home's value such as the condition of the property, updates and renovation, location, and market conditions. Zillow Zestimate is considered a starting point to get a rough idea of a home's value, but it's not a substitute for…

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5 Steps to Finding the Right Real Estate Agent

Finding the right real estate agent can make a huge difference when it comes to buying or selling a home. A good agent will have the knowledge and expertise to guide you through the process and help you make informed decisions. But with so many agents to choose from, how do you find the right one for you? Here are some tips to help you find a great real estate agent.

1. Look for an agent with experience in your area. An agent who is familiar with the local market will be able to give you valuable insight into the neighborhoods, schools, and amenities that are important to you. They will also be able to help you find homes that meet your specific needs and preferences.

2. Look for an agent with a good reputation. Ask friends, family, and…

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2022 Connecticut Real Estate Mill Rates by Town

Real Estate Taxes in Connecticut can vary greatly depending on the municipality and districts within them.  The graphic above illustrates the base rates for each town. Additional rates are applied to specific locations where services are provided.  These services can include public water, sewer, trash removal,  police services, or a firehouse.  A town or district with a lower Mill rate may not offer these services.  Your real estate agent will be able to help you to determine the services offered and their importance to you when purchasing real estate. The average property tax rate in CT for 2022 is $31.29 with the highest being Hartford at $74.29 and the lowest being Salisbury at $11. 

How to Calculate Connecticut Property Taxes

The…

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