Archive for the 'Real Estate Market' Category
Is That Condo FHA or CHFA Approved?
July 21st, 2009 categories: Real Estate Market
Today, FHA financing accounts for approximately 1/3 of all new mortgage applications (according to Mortgage Bankers Association).
If you’re a buyer looking to purchase a condominium and you plan to use FHA or CHFA (and VA) financing, then the prospective condominium complex must be approved by FHA (if you’re going CHFA, the complex must be approved by both FHA and CHFA).
Thankfully, it’s pretty easy to find out.
CHFA Approved Condos - note that CHFA has additional restrictions so talk with your lender
If the complex is not on the FHA list, talk with your Realtor & lender about getting it approved. FHA has a process called “spot approval” for complexes not already on the approved list.
| Discussion: 4 Comments »
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.
| Discussion: No Comments »
Motivation Makes the Real Estate Market Go ‘Round
June 1st, 2009 categories: Real Estate Market
You may have seen a listing or two with the words “Motivated Seller.” And when a buyer’s agent presents an offer to seller, the agent may disclose that the buyer is motivated.
In real estate, motivation is a code word for need. The seller needs to sell. The buyer needs to buy. For the real estate market to function, you need motivated buyers and sellers.
What makes a home seller/home buyer motivated?
More often then not, it’s a change. Divorce. Marriage. New baby. Pet. Job loss. Promotion. Job Transfer. Death in family.
Or it can be an outside influence. This year the tax credit has motivated many buyers to buy. In previous years, the motivation to sell was instant profit. Without motivation, the real estate market slows down.
For home sellers, the best motivation is the purchase of another house. They’ve found their next house and they need to sell the one they have before they can buy.
For home buyers, the best motivation is a school start date, end of a lease or the starting day of a new job.
Now you may think that most sellers who go through the process of listing their home and showing it to complete strangers would be properly motivated. You would be wrong. There are many home sellers who would like to sell…but only if a buyer pays what they are asking and possibly a little less.
And wouldn’t you also think that someone who goes out with a buyer’s agent every weekend is motivated to buy? Most are but there are some buyers who don’t have enough motivation to buy - the tax credit isn’t sweet enough, low interest rates bore them, and the endless supply of houses offers nothing for them.
Motivation is what brings two parties with opposing needs together. If both home buyer and home seller need to make the sale work, it will. It can still work when one party is motivated enough for both sides.
Some examples of sales where motivation made it happen:
A Condominium that had been on the market for 7 months - seller had already purchased another home.
A single family home where the home owners didn’t want the hassle of showings so they went on vacation and I sold it before they came back.
A couple wanted to be in their new home by August so their child could attend a special program only one school district offered.
When Realtors communicate to each other that we have a motivated client, it’s really just a way of saying that our client is serious and is open to a good old-fashioned negotiation. To quote Martha Stewart, “It’s a good thing.”
You may also enjoy reading:
Guide to Successful Low-ball Offers
Goodies in the Stimulus Package for Home Buyers and Home Owners
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.
| Discussion: No Comments »
Is the Real Estate Market Rebounding? Or is the Bottom Still Out There?
April 22nd, 2009 categories: Home Buyers, Real Estate Market
The real estate market is rebounding and recovery is near! The real estate market is dead and won’t rebound until 2020! What’s the truth? It depends who you ask…
Here are some of the articles behind those headlines:
Why a 50% Drop in Housing is Not the Bottom
Why Houses Look Better and Better
Spring Has Sprung, But Will CT Home Sellers Feel the Warmth
I still think median sales prices in Connecticut will continue to slide over the next year, perhaps longer, before settling into a steady groove where they’ll stay for a few more years. But mortgage rates are incredibly low, incentives are abundant and there are houses to choose from, home buyers still think it makes sense to own their own home.
And for many people it does…if you’d rather own than rent, if you can afford it and you want to live in a better house or neighborhood. The point is, make the decision on your own. You’re the one paying the mortgage.
You may also enjoy reading:
Hartford County Median Sales Price Continues Slide in March
How Can It Always Be a Good Time to Buy Real Estate?
How Soon is Now? by Morrissey
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.
| Discussion: No Comments »
Hartford County Median Home Sales Price Continues Slide in March - Pending Sales Up
April 16th, 2009 categories: Central Connecticut News & Information, Real Estate Market
The current real estate market in Hartford County continues to be filled with mixed signals.
The median single family home price in Hartford County dropped to $200,000. But compared to January and February of 2009, both the number of closed and pending sales are up.
Compared to the previous 5 years, overall market activity is way down but first time homebuyers are out there looking. I’m talking to a lot of first time home buyers so if your house would likely appeal to them, now is a great time to sell and trade up into a larger 2nd home.
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.
| Discussion: 1 Comment »
