Connecticut Real Estate News You Can Use - Jan. 17, 2008
January 17th, 2008 categories: Real Estate Market
CHFA Rate is down again to 5.125%
The CTMLS (the multiple listing service for 7 of the 8 CT counties) is launching a public website with free access to the MLS. No, Realtor.com still isn’t the MLS. This will be the MLS, unless you live in Fairfield County where their Realtor® board voted AGAINST sharing their data (i.e. listings) with the rest of the state. Sorry, no link for this. Will let you know when it’s live.
And, from Ken Gronbach (now demographer, once ad exec) at a seminar I attended today hosted by Horizon Home Mortgage, some trends that will effect the real estate market and life in Connecticut:
An aggravating factor in the real estate market will be that the homes Baby Boomers (born 1945-1964 and about 79 million in size) built, won’t have anyone to buy them. Gen X (born 1965-1984) is a smaller generation by about 10 million. The only remedy would be an influx of immigration. When do you think we’ll start to see McMansions converted into condos???
Gen Y (born 1985-2005), the largest generation of about 100 million, is about 4 years away (at the peak of the generation) from buying their first house and having a significant impact on the real estate market.
With the increase in population will come an increase in crime in inner cities, driving everyone who moved into upscale downtown apartments back out to the burbs.
As people work more out of their homes, he predicts office space will be become harder to lease.
Know how hard it is to find a contractor? Help is on the way - technical schools are full and have waiting lists of Gen Y’ers waiting to get in.
