Archive for the 'Central Connecticut News & Information' Category
As the Market Turns…Here Come the Multiple Offers
August 25th, 2009 categories: Central Connecticut News & Information, Real Estate Market
With the first time home buyer credit set to expire, interest rates low and the feeling that maybe all this good stuff is about to come to an end (with inflation, higher taxes, e.g.), home buyers have a sense of urgency that they haven’t had in years. This is the stuff of a seller’s market. This is gettin’ while the gettin’s good.
What’s my evidence?
I called yesterday to set up a showing for an average home in Rocky Hill and it’s gone after two days on the market. Three offers, baby.
I spoke to a listing agent yesterday about two of her listings in Wethersfield. Four offers between the two. Both on the market for months before getting any offers.
I had three offers on my listing Avon and just received another call on it from an agent asking to write a back-up. On the market for over a month with no offers.
Anecdotal evidence to be sure but when each agent I talk to says the same thing - one minute there’s no interest and all of a sudden there are two or three buyers or that homes that have been sitting for months are suddenly selling, I know there’s something going on.
The Bad News for Home Sellers
There is still a lot of inventory out there. Not all towns are seeing this type of activity. Not all homes are getting the activity. This uptick in the market is selective. Home sellers should not take the surge in the market for granted. You still need to have a well-priced home, in a desirable area, with features people want for the price.
The Bad News for Home Buyers
If you happen to be shopping in a price range and town that is hot, get ready to pay asking price. Or, wait until Congress approves (maybe) another $8,000 credit.
Maybe this is temporary. Maybe it’s the last heartbeat before the patient dies. Maybe it’s the start of a climb in overall real estate prices that will last into next year. Who knows but all I can tell you is that don’t be surprised if there are multiple offers and don’t be surprised when there isn’t. It’s a weird market out there.
You may also enjoy reading:
CT Real Estate Market Reality Check - 5 Trends Driving the Market
9 Home Features That Sell Real Estate in CT
Do you dig real estate news, tips and advice? Sniffing around for pet-related information in Connecticut? Get Unleashed - the blog that’s helping to find homes for people and pets.
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Tis’ the Season for Fairs in Connecticut
August 13th, 2009 categories: Central Connecticut News & Information
Around this time of year, I begin to crave apple fritters and fried dough (with red sauce, of course). Although it seems like summer just arrived, fall is right around the corner and nothing is better than all the fairs and festivals in Connecticut celebrating our local agriculture - where one finds apple fritters and fried dough, among other things.
I missed the Lebanon Country Fair last weekend but there are so many more. Click the link below for a full list and map of Connecticut’s fairs for 2009.
The Association of Connecticut Fairs
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Hartford County Home Sales Up Slightly in June 2009
July 6th, 2009 categories: Central Connecticut News & Information, Real Estate Market
In June 2009, the median sales price of single family homes in Hartford County Connecticut increased to $236,000 over May 2009.
Pending sales are also up in June to 1,431, an increase when compared to May 2009.
But in comparison to June 2004-2008, the number of closed sales for June is way down - there were almost half the number of sales in June 2009 as there were in June 2005.
Event though 2009’s real estate market is relatively slow (this turtle was kind enough to pose for me in my yard last week to use in this post), the number of homes on the market is low enough to make the real estate market fairly balanced.
From April - June 2009, there were 1,590 single family home sales in Hartford County or 530 sales per month. With 3,224 homes currently on the market, there is a 6 month supply of homes on the market or a balanced market - neither a seller’s nor buyer’s market.
However, there is a high number of pending sales that will likely not close which actually puts the months of inventory higher around 7-8 months. I’ll talk about this “hidden” inventory more this week.You may also enjoy reading:
Motivaton Makes the Real Estate Market Go ‘Round
Two Bedroom Homes Not Always Harder to Sell in Central CT
Do you dig real estate news, tips and advice? Sniffing around for pet-related information in Connecticut?
Get Unleashed - the blog that’s helping to find homes for people and pets.
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CTMLS Says Goodbye to Hubbard
June 22nd, 2009 categories: Central Connecticut News & Information, Home Sellers, Real Estate Listings
Beginning June 24th, CTMLS, the multiple listing service that serves most of CT, will finally do away with the Hubbard (HUBRD) status for listings.
All I can say is…finally!
Actually, I can say a few more things.
If you don’t know about the Hubbard Clause - HUBRD refers to properties that have been sold to a buyer who needs to sell another home before purchasing the one under deposit. The property is shown to buyers and the sellers are looking at other offers, so it is an active listing. Read the rest of this entry »
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Farmington, West Hartford and Simsbury on Newsweek’s List of Top High Schools
June 10th, 2009 categories: Central Connecticut News & Information
Newsweek’s list of the Top U.S. High Schools includes four Hartford County schools.
Of 1,500 schools:
Farmington High School ranked #274
Conard High School in West Hartford ranked #289
Hall High School in West Hartford ranked #810
Simsbury High School ranked #1022
For a complete list or for more information on the rankings, visit Newsweek.
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