Snow!
February 11th, 2010 categories: Central Connecticut News & Information
A few photos from my yard in West Hartford this morning after yesterday’s snow storm.
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January 2010 Hartford County CT Real Estate Market Report
February 9th, 2010 categories: Real Estate Listings, Real Estate Market
The beauty of today’s real estate market is in the eye of the beholder.
Buyers will like that prices have dropped. Inventory is up. Homes are taking longer to sell. Buyers have many more choices.
Sellers will not like that prices have dropped. Inventory is up. Homes are taking longer to sell. Buyers have many more choices.
The median sales price in January 2010 dropped from $219,750 in 2009 to $207,000. More homes are selling but they’re typically selling for less.
Going forward, there are nearly 3,000 homes actively on the market - and only 301 closed in January. There are almost 1,000 pending sales but a good percentage of those will not close. There is nine months of inventory on the market - a strong buyer’s market.
There’s always a backlog of homes on the market at this time of year so we will work through some of this inventory come Spring.
My overall feeling is that prices will continue to fall. Slowly but surely. I don’t know how much more but I don’t think we’ve reached the bottom.
Does that mean I would wait to buy? Not exactly. Prices are better than they’ve been in years and interest rates are low. If you’re living in Mom’s basement rent-free and putting away money every month for a down payment, then waiting may make sense for you.
But if you’re renting, have decent credit, can qualify for the tax credit, and can stay in your home for a few years, buying may actually be worth it - even if you home declines in value in the next year.
It also makes sense if you are handy. There are so many homes available now that need work - more than I’ve seen in the five years I’ve been in business. If you can make upgrades - like fixing up bathrooms, kitchens, and easily adding square footage (such as finishing off the attic in this cape below) - you will insulate yourself against price declines.
Details for this listing: 336 Oak Street, New Britain, CT - $129,999
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Is It A Good Time to Refinance?
February 5th, 2010 categories: Mortgages & Finance
In an article on RISMedia.com yesterday called 5 Reasons Why Refinancing May Be a Good Option Now, Bills.com suggests homeowners strongly consider refinancing.
“Low rates and compelling opportunities to refinance into shorter term loans have arrived at the same time as large consumer demand…With some exceptions, a 1/2-point to a 1-point drop in rate will generally make refinancing worthwhile…”
Refinancing from a 30-year mortgage to a 15-year mortgage is a smart idea if you have plans on staying in your home longer and can afford a higher payment.
“The current difference between fixed 15-year and 30-year interest rates is significant, making refinancing into a shorter-term loan a compelling opportunity. This can save hundreds of thousands of dollars over the life of a loan and shorten the time to payoff with sometimes only a slight increase in monthly payment.”
The article also suggests refinancing into an FHA mortgage to pay for home efficiency projects - another good idea if you need to make some improvements but don’t have the cash. Generally, I don’t like the idea of refinancing your home to buy something else. But since these improvements are likely to add value to your home, it’s not the same as refinancing to buy a car or go on vacation - never a good idea.
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Groceries and Real Estate? RE/MAX New England to Open Offices in CT, MA, RI Stop & Shop Locations
January 28th, 2010 categories: Real Estate Industry
Yesterday, RE/MAX New England announced it will be partnering with Stop & Shop to open up to 17 in-store branches.
I don’t get it. I get banking at the grocery store. I get renting a movie. I get the need for a pharmacy.
But real estate transactions don’t really qualify as a “quick stop.”
And I can’t imagine that the RE/MAX brand, which is built largely upon the experience and expertise of its seasoned agents, will benefit from this. I have trouble imagining top agents doing business in this environment. I also have trouble imagining that a lot of potential buyers and sellers will be drawn in if there isn’t that quick transaction (check cashing, ATM,etc) to attract them.
What I really think this about is RE/MAX opening more offices and getting more agents. More offices and agents=more fees to RE/MAX. Not a bad thing but if “more” lowers the quality of agent and level of service, then I think RE/MAX is compromising the very thing that attracts many agents and customers to its brand.
But I hope I’m wrong…maybe you’ll see me next year at your neighborhood Stop & Shop. Always the optimist, at least I won’t have to go far to get a cup of coffee or deposit my commission checks.
Read The Real Estate Bloggers post, I’ll Take Some Eggs, A Gallon of Milk and a 3 Bedroom Ranch.
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I Know How Stressful Buying and Selling Your Home Can Be
January 18th, 2010 categories: Home Buyers, Home Sellers
For the last few months, I’ve been busy buying, renovating and furnishing a new home.
It took me 3 years to find this house (looking regularly).
It took 4 months to close after we had an accepted contract and after the deal almost fell apart multiple times.
One week after we owned the house, we had a major plumbing issue in the house. Of the backed-up toilet variety.
It’s taken 3 months to renovate it enough so we can move in. In fact, we don’t officially move for another two weeks. I’m literally surrounded by boxes.
I know how stressful and all-consuming buying or selling a home can be. I haven’t written a blog post in three months…just no time.
I know you have doubts about the decisions you’ve made. I know that sometimes you don’t trust everyone involved in the sale/purchase. I know you’re feeling a lot of pressure to be in the new home by a certain date or that you need to be out by a certain date. I know how stressful it is to have people walking through your house day after day and no one seems interested in making an offer.
We’re not done working on our new house yet. Maybe we’ll never be done.
For now, I’m getting back into blogging and hope to share some things I learned along the way.
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