Saturday, October 25, 2008

Current Real Estate News

RISMEDIA, Oct. 24, 2008-Due to falling real estate prices and rising foreclosures on the West Coast, sales of existing homes rose to its highest level in 13 months and highest percentage increase in five years, according to a report issued today by the National Association of Realtors (NAR). The increase resulted from buyers responding to improved housing affordability conditions, the organization stated.
Existing-home sales-including single-family, townhomes, condominiums and co-ops-rose 5.5% to a seasonally adjusted annual rate of 5.18 million units in September from a level of 4.91 million in August, and are 1.4% higher than the 5.11 million-unit pace in September 2007.
Lawrence Yun, NAR chief economist, said more markets are seeing year-over-year gains. “The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri and Rhode Island,” he said. “The South was hampered by much lower home sales in Houston in the aftermath of Hurricane Ike.”
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said low home prices and low interest rates have been attracting buyers. “This is the first time since November 2005 that home sales have been above year-ago levels,” he said. “Credit tightened at the end of September, but the improvement demonstrates that buyers who’ve been on the sidelines want to get into the market to make a long-term investment in their future.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.04% in September from 6.48% in August; the rate was 6.38% in September 2007.
Yun said there may be market disruptions. “The credit markets are not settled yet, although the mortgage market stabilized with the government takeover of Fannie Mae and Freddie Mac. Inventory remains high, and price declines are pressuring owners,” he said. “Additional housing stimulus would stabilize prices more quickly, which in turn would bring faster stability to Wall Street. Removing the repayment feature on the first-time buyer tax credit and permanently raising loan limits would bring more buyers into the market and further reduce inventory.”
Total housing inventory at the end of September fell 1.6% to 4.27 million existing homes available for sale, which represents a 9.9-month supply² at the current sales pace, down from a 10.6-month supply in August. This marks two consecutive monthly declines since inventories peaked in July.
The national median existing-home price for all housing types was $191,600 in September, down 9.0% from a year ago when the median was $210,500. “Compared to a fairly small share of foreclosures or short sales a year ago, distressed sales are currently 35 to 40% of transactions. These are pulling the median price down because many are being sold at discounted prices,” Yun explained. “The current market is not being dominated by speculative investors. Rather, 80% of current buyers are purchasing a primary residence, which is a bit higher than historic norms.”
Single-family home sales increased 6.2% to a seasonally adjusted annual rate of 4.62 million in September from a pace of 4.35 million in August, and are 3.8% above the 4.45 million-unit level a year ago. The median existing single-family home price was $190,600 in September, which is 8.6% below September 2007.
Existing condominium and co-op sales were unchanged at a seasonally adjusted annual rate of 560,000 units in September, but are 15.7% below the 664,000-unit pace in September 2007. The median existing condo price4 was $199,400 in September, down 10.2% from a year ago.
Regionally, existing-home sales in the West jumped 16.8% to an annual rate of 1.25 million in September, and are 34.4% higher than September 2007. The median price in the West was $253,600, down 18.5% from a year ago.
In the Midwest, existing-home sales increased 4.4% to an annual pace of 1.19 million in September, but are 2.5% below a year ago. The median price in the Midwest was $152,500, which is 7.9% lower than September 2007.
Existing-home sales in the South rose 2.2% in September to a pace of 1.90 million but remain 7.8% below September 2007. The median price in the South was $167,200, down 4.1% from a year ago.
In the Northeast, existing-home sales slipped 1.2% to an annual pace of 840,000 in September, and are 7.7% lower than a year ago. The median price in the Northeast was $246,800, down 5.4% from September 2007.

Home Purchase

There's Never Been a Better Time!...
... "to Buy Your First Home"
First time homebuyers CAN make there dream come true AND get up to $7,500 off their tax bill! Rates are still low!
Who is Eligible?
The $7,500 tax credit is available for first-time home buyers only.
The law defines a first-time home buyer as a buyer who has not owned a home during the past three years.
All U.S. citizens who file taxes are eligible to participate in the program.
Close on their home before July 1, 2009.Speak with your CHM(CT Home Mortgage) Financial Consultant and get your first time homebuyer seminar scheduled!

Thursday, October 2, 2008

new foreclosure protection beginning OCT 1, 2008

Today is a new day for borrowers in danger of losing their homes to foreclosure. Today is the first day that the Housing and Economic Recovery Act of 2008 goes into effect. This act was designed to motivate lenders to work with the consumers in keeping their homes. In the past, despite the current economic crisis many lenders have found themselves in, they have not been so willing to work with the borrowers to help them keep their homes from foreclosing. That all hopefully stops today with HERA.
As the government recognizes the enormous load of future foreclosures that are coming and the repercussions that brings to our economy they have decided to step up to the plate. According to HERA (Housing and Economic Recovery Act) the Federal Government will now be insuring all new, reduced 30 yr fixed mortgages in attempts to motivate lenders to reduce struggling borrower's loan amounts of up to 90% of the property value. In other words, the bank slashes your mortgage amount in half, you get to keep your home, lower the mortgage payment and in return the bank saves itself from not only the whole costly foreclosure process but now has a federally insured loan and a paying customer. It's a win-win for everyone.
Though it would be ideal, not everyone is eligible for this perk of HERA. In order to qualify you cannot have been convicted of fraud, certify that you have not intentionally defaulted on an existing mortgage and did not obtain the loan fraudulently (you wouldn't believe how many borrowers fudged their applications to get a loan), your mortgage payment must exceed 31% of your monthly income as of March 01, 2008 and last but not least you must occupy the home as a primary residence and the home must be listed as so. Sorry second homeowners and investors but you don't make the cut!
You should know that lenders are NOT required to participate in this program though it would be in their best interest to do so. Another important factor to understand is that if your lender does agree to this and your loan amount is reduced you are not allowed to take any second mortgages within the first five years. You must also split 50% of your equity with FHA when you sell it and there is holding period of which I am not aware of how long. Not a bad trade-off if you ask me.
All in all, this Act is a step in the right direction. It's the strong motivation the lenders need to help homeowners keep their homes. I applaud the government for stepping up and passing this act. I can't wait to see the positive effects it has on our economy in the future. If you're interested in finding out more about the HERA program you can visit www.HUD.gov.

Wednesday, October 1, 2008

Tax Credit for First Time Homebuyers

The passing of the Housing and Economic Recovery Act of 2008 contains some significant benefits for first time homebuyers, which has increased the number of reasons why it is a great time to buy a home. In addition to having a variety of inventory to choose from, the law’s new repayable first-time home-buyer tax credit is a great incentive to buy now.

To qualify for the home-buyer tax credit, you must be a U.S. citizen and purchasing for the first time or must not have owned a property in the last three years. Your income can not exceed $75,000 for an individual or $150,000 for a couple filing jointly. If you meet these qualifications, you can get a tax credit equal to 10 percent of your home’s purchase price, up to $7,500. In addition, your home purchase must be made between April 9, 2008 and July 1, 2009.

Any home qualifies for the credit, provided that it will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes new and existing single-family detached homes, attached homes like townhouses and condominiums, manufactured homes and houseboats.

Participating in the program is easy and no pre-approval is necessary, just be sure you meet all the qualifications. Then, simply claim the credit on your tax return. The credit can be claimed on your 2008 tax return even if the purchase is made in 2009 (Important Note: this is a tax credit and not a tax deduction and in most circumstances will be recaptured over time).

Tuesday, September 23, 2008

Conn. Mortgage Rates Flat Despite Wall St. Drama
Mortgage rates in Connecticut have stayed fairly flat over the last week, despite upheaval in the country’s financial markets. Rates in the Nutmeg State increased 1 percent to 5.88 percent, up from 5.82 percent the week before, according to Seattle-based online real estate service Zillow. On a national level, mortgage rates have remained relatively flat over the past week, with rates for 30-year fixed mortgages increasing slightly to 5.78 percent, up from 5.77 percent the week prior according to the Zillow Mortgage Rate Monitor. Mortgage rates for 15-year fixed and 5-1 adjustable rate mortgages have remained steady at 5.42 percent and 5.47 percent, respectively.

Monday, September 15, 2008

Mortgage Info

The financial and credit crisis has lingered on for over a year now, and today some of the biggest casualties are being seen. After 158 years in existence, Lehman Brothers is on the verge of bankruptcy due to overexposure of high-risk loans in the mortgage arena. Merrill Lynch is being acquired by Bank of America, which will save them from the same fate as Lehman Brothers.
What all of this means for you as a potential borrower, believe it or not, is much better mortgage rates. Mortgage Bonds appear to be a safer place with a better yield than US Treasuries for investor’s money right now.
In other words, today’s tragic news represents tremendous opportunity for mortgage borrowers in the short term. Therefore, we should float for now, and I will guide you on our timing for locking in possibly the best mortgage rates this year.

Sunday, April 27, 2008

CT Home Market

Northeast Is Nation's Bright Spot In Existing-Home Sales
By MARTIN CRUTSINGER
Associated Press
April 23, 2008
WASHINGTONSales of existing homes fell in March, the seventh drop in the past eight months, as the spring sales season got off to a rocky start, although the Northeast fared much better.The median price of a home was down compared with a year ago, and some economists predicted home prices could keep falling for many more months given all the troubles weighing on housing, from a severe credit crunch to a rising tide of foreclosures.The National Association of Realtors reported Tuesday that sales of existing single-family homes and condominiums dropped by 2 percent in March to a seasonally adjusted annual rate of 4.93 million units.The median price of a home sold last month was $200,700, a decline of 7.7 percent from a year ago and the seventh consecutive year-over-year price drop. It was also the second biggest decline following a record 8.4 percent drop in February. These records go back to 1999.In Connecticut, the market is considered stronger. Sales were up 2.2 percent for the month in the Northeast, although they were down by 19 percent from one year ealier. Prices, in contrast to the rest of the nation, rose by 4.6 percent year-over-year.

Sunday, April 13, 2008

Equine Related

The following info for an important facility with regards to all Equine People in CT.



Just a reminder that the hearing is April 16, 7:30PM, Durham Public Library. Every voice needs to be heard on behalf of our loved ones. Also, check out our new website at www.cthorsecremation.com. First there is a brief overview of how our service will work. We have also started a forum with various topics horse related. It is still in the construction phase, so bear with us while we continue to update it (we are much better muckers and horse parents than computer people). You can still email us for a one on one converstion. Join in with us, we love to hear from everyone. Thanks to all of you that we have already been in touch with and received letters from. Looking forward to meeting all of you at the public hearing

Wednesday, April 9, 2008

Today's Market

If I Was A Dog
by Paul Pastore

Have you ever seen a dog chasing after a car? To a sadist, it might seem very funny.
No matter how fast the dog runs, it will never catch the car. The dog will never slow the car down. And, the dog will never bite a moving tire. What must the dog be thinking?
Today, many sellers are running after the market, the same way dogs chase vehicles.
What are these sellers thinking? Their home is the only castle for sale? Buyers will love the scent of their lilac bushes so much that it will temporarily cause them to forget the competition? Is it possible the smell of fresh baked bread will cause a buyer to pay yesterday's price in today's market?
In my opinion, it is imperative for a seller to price their property 10% below market in order to sell promptly and avoid being left in the long line of expired listings. It may be an election year, but it will be a long wait for the inventory levels to decrease to a balanced market.
There is a Turkish proverb that says, "No matter how long you are traveling down the wrong road, when you figure it out, turn around." Overpricing is a two-edge sword. If a property is receiving little activity, it is overpriced. Or, if a property is receiving adequate activity, but no offers; it is also overpriced. The latter problem is called 'always the bridesmaid, never the bride.'
By suggesting a seller has an overpriced property, the real estate agent runs the risk of being the messenger that gets shot. Courageous agents tell the truth. Cowardly agents hope the overpriced property will generate sign or ad calls while the seller reduces the price and stigmatizes the property with additional days on the market

Wednesday, April 2, 2008

Conveyance Tax Issue when home selling

The real estate conveyance tax is a regressive, hidden sales tax that ambushes home and commercial property sellers at the time of closing.
The tax was first enacted in the 1960s at a rate of 0.11% of the transaction price.
In recent years, the legislature has approved temporary conveyance tax increases so cities and towns can collect more of your money. The municipal portion of the tax was raised to 0.25% for all towns and 18 targeted towns were given the option to add up to an additional 0.25% tax on home sales in their towns.
This higher hidden tax was supposed to end in June of 2004. But legislators voted to extend it for another year. This continued for the next three years, extending the extra tax for a total of four years. Some legislators are even proposing that it be made permanent!
Significant portions of the municipal real estate sales tax are slated to end on June 30, 2008, bringing the percentage back down to the original 0.11%. Your voice can make the difference.
Home sellers are already overtaxed. And with this additional tax the state is currently enjoying its third consecutive budget surplus. It’s basically a double property tax and just another underhanded scheme used by municipalities to squeeze more out of you.
Seniors and those living in urban areas are hit hardest. The middle class too, because their biggest investment is most often their home.You invest a great deal of your hard-earned income in your home. Remodeling, maintenance, local property taxes, mortgage—the expense list goes on. And now you find out that you must pay a tax just to sell your own house? Outrageous. You've earned that equity; keep it. Contact your state and local officials to end the double taxation. VISIT THIS WEBSITE: www.myhouse-mymoney.org

Thursday, March 20, 2008

SPRING HAS SPRUNG!

Spring is officially here as of today!~ The weather in Central Ct wouldn't dictate though but, at least the calender does. With the thoughts of warmer weather comes a quicker paced market in both Real Estate and Equine related areas! Sellers are jumping in to the mkt hoping to capitalize on the plentiful Buyers with great interest rates/ Buyers are visiting Open Houses in great volume/ Horse owners and enthusiasts are getting itchy to enjoy their passion! I am a not a big fan of Summer heat but I have to admit as time ages it sure beats single digit weather that we can get in the New England area.......

Monday, March 10, 2008

Home Seller Tips

You want to get the best price for your home, plus sell it in the least amount of time. In a buyers’ market such as the one emerging now, homes will take longer to sell. Therefore, it’s important that you make the right moves at the very beginning of your homeselling process to remain competitive. Here are some common traps that many homeowners fall into and how to avoid them.
1. Over-pricing — It’s easy to think your home is worth more than the current market may support, particularly after the long run-up in home prices. Since home prices have cooled in markets around the country, home sellers must be prepared to negotiate on price and terms, and stay flexible to other stipulations benefiting the buyer. Sellers must also keep their emotions in check during the process. After all, your home is special to you and your family, and you’re proud of the improvements you’ve made over the years. But, how does your home really stand up to the others? And are those improvements important to a potential buyer?
To determine a reasonable listing price, get sales statistics on homes in the neighborhood including listing prices and actual sales prices, how long it took for the homes to sell, and government valuation comparisons. You’ll also want a market appraisal on your property. Visit homes for sale in your area and compare what you see in terms of sales appeal.
2. Negligent Housekeeping — Buyers need to be able to envision themselves living in the home. Take a good, objective look at the condition of your home. Clean, well-kept homes with an updated appearance always stand out, and a little decorating appeal can go a long way. You don't have to buy new furniture to create charm, but you can put toys and clutter away, freshen up paint and carpet, make the most of window coverings, and add a few key accessories in order to send out welcoming signals.
3. Failing to Fix-It — Buyers, unless they are looking for a fixer-upper, would prefer to move into a home that is in perfect or near-perfect condition. If they have to fix the roof, a broken tile floor, the garage door, worn carpet or just about anything, this may give them pause about buying. At the very least, it may lower the value of the home in the prospective buyer's mind.
4. Not Identifying Exclusions — This can be a cause of contention just at a critical point in the sale. Be sure to specify any special sales considerations or exclusions from the fixtures and furnishings list. Generally, anything permanently fixed to the house is an asset that stays with the home after the sale. So if you intend to take your grandmother's antique chandelier that’s hanging in the dining room, clearly specify that the chandelier is not included in the sale price.
5. Not Understanding the Agent Agreement — Your sales endeavor will go smoothest when all parties have a clear understanding of what is expected. Understand the types of agency agreements when you sign with a real estate professional or company.
Be sure to check on fees, commission percentages, marketing plans and timeframes. Most importantly, get everything in writing.

Thursday, March 6, 2008

Fixed Home Loans

"I DON'T MEASURE A MAN'S SUCCESS BY HOW HIGH HE CLIMBS...BUT HOW HIGH HE BOUNCES WHEN HE HITS BOTTOM." General George S. Patton And the General himself would certainly consider Bonds to be a success last week, as they moved lower to hit a technical "bottom" at the 200-day Moving Average, but then bounced significantly higher throughout the course of the week, helping fixed home loan rates improve by about .25 to .375%.
What caused all the activity? Remember that weak economic news tends to be bad for Stocks, but good for Bonds and home loan rates, as money flows out of Stocks and into Bonds. And last week had its share of weak economic news, combined with testimony before Congress by Fed Chairman Ben Bernanke.
The news included higher wholesale inflation with the Producer Price Index (PPI) jumping to its highest level since October 2004 on surging energy and food prices. But price inflation on the producer or wholesale side can't always get passed directly on to the consumer on the retail side. Friday's Personal Consumption Expenditure (PCE) reading showed consumer inflation to be higher, but just slightly, as expected. The PCE is the Federal Reserve's most highly watched measure of inflation, and the current overall rate of year-over-year inflation at 2.2% does remain just above the Federal Reserve's comfort zone for consumer inflation.
And speaking of the Fed, Chairman Ben Bernanke testified before Congress last week, making comments that prompted Stock investors to sell off and move money over into Bonds. The Bond market also enjoyed "dovish" comments made by Gentle Ben about inflation and the recent aggressive cuts made by the Fed, and his testimony was largely responsible for the improvement in Bonds and home loan rates. But read on, and learn how the next official Fed Meeting and Rate Decision on March 18th could impact home loan rates...it might surprise you.

Friday, February 22, 2008

foreclosures

There are many signs that the foreclosure market in Hartford County is alive and well.
There aren’t that many on the market. In Hartford county, there are less than 50 active listings for foreclosed single family homes. Only a few more than 100 have sold in the last 6 months.
They are selling for close to asking price - the median list-to-sell price ratio is 97%.
They are selling quickly -the median days on market is 22. That is faster than the median for typical resales.
Why are there so few foreclosures and why are they going so fast?
Investors, novice and experienced, think it’s a good time to buy properties in distress.
Sellers in trouble are trying to sell their homes by negotiating a short sale so there are fewer actual foreclosures. There are many more homes for sale now with the description, “short sale,” “subject to lien-holder approval,” or “subject to lender approval.”

Wednesday, February 20, 2008

Tax Talk

Dear Tax Talk:I have some questions regarding taxes and home equity lines of credit, or HELOCs. I owned a home with a mortgage balance of $360,000. I used all of the funds from a $90,000 HELOC to put a down payment on a second home, renting out the first. I bought a second home with a mortgage balance of $287,000, and took a $57,000 HELOC out on the second home (now my primary residence). I used $30,000 of this HELOC to make repairs and the rest to consolidate some debt.


How much of the interest paid on each of these four loans (two mortgages, two HELOCs) is deductible? (i.e.: What are the deduction thresholds given this situation?)
Does it matter what the money used from a HELOC is spent on? Do home improvements count as a deduction, but not other kinds of spending? How does the IRS track this?-- Brian

Dear Brian,First off, the IRS doesn't track this, you do. The general rule is that you can deduct as home mortgage interest the interest paid on up to $1 million in mortgages used to acquire or substantially improve a principal residence and a second home that you use personally. You can also deduct the interest on up to $100,000 of home equity debt that is used for any purpose.
Because the $90,000 HELOC is on a rental property, it does not qualify as home mortgage interest unless you use the home as a vacation home during the year. Furthermore, because the $90,000 loan was used for personal purposes, it is not deductible against rental income. The $360,000 mortgage would be deductible against the rental property income.
The $287,000 debt was used to acquire your home, so that is home mortgage interest, deductible within the $1 million ceiling. The $57,000 HELOC is home equity debt within the $100,000 limit. In fact, the $30,000 used to make repairs can be considered part of the acquisition debt, so that only $27,000 of this HELOC fits within the $100,000 ceiling. Because you have $73,000 available under the $100,000 ceiling, you might want to consider refinancing the HELOC that is not deductible on the rental property.

Tuesday, February 12, 2008

Zig Ziglar

What Is Success? By Zig Ziglar
Very frequently I'm asked to give my definition of success. Here is one of my responses: I believe success is getting a reasonable number of the things money will buy and all of the things that money won't buy. (People who say they're not interested in money will lie about other things, too!) I confess that I like the things money will buy. I like to live in a nice house, drive a nice car, wear nice clothes, belong to the country club, play on beautiful golf courses, travel to nice places, take my family out for relaxing dinners. I like all of those things, but I love the things that money won't buy. Money will buy me that house, but not a home. It'll buy me a companion, but not a friend. It will buy me pleasure, but not happiness. Money will buy me a bed, but not a good night's sleep. It will buy me a good time, but not peace of mind.

Friday, February 8, 2008

New FHA & Fannie Mae News!

*One-year Increase in FHA's Ability to Guarantee More Loans
Currently borrowers in many parts of the country are cut off from FHA financing. This revision would boost FHA loan limits to 125% of an area's median home price (but not to exceed $729,750) for 2008. This will provide needed mortgage financing to borrowers in markets where such funds are currently unavailable or limited.

According to a 2007 GAO report, during the recent housing boom (where the number of nationwide loans rose), the total number of FHA loans fell from 763,584 in 2001 to 286,470 in 2005. "FHA's market share in terms of numbers of loans fell from 19 percent in 1996 to 6 percent in 2005, with almost all of the decline occurring since 2001." This will help FHA return to its traditional role in housing finance.

*Temporary Increase in GSE Conforming Loan Limits
Similarly, the stimulus package will provide for a temporary increase for the GSEs conforming loan limits to match the new levels established for the FHA. Currently Fannie Mae and Freddie Mac are only able to purchase loans under $417,000. Loans with balances above that limit have fewer buyers and are significantly more expensive and difficult to finance.

Even when financial institutions are willing to make these loans, because there is no secondary market for them, they cannot sell the loans and fund new ones. By permitting the GSEs to buy these loans, this change would provide vital liquidity to mortgage markets where funds are currently unavailable or limited.

Tuesday, February 5, 2008

RE_FINANCE

Last week, the average rate for a fixed-rate 30-year mortgage was 5.68%, down sharply from 6.34% a year ago, according to Freddie Mac (FRE). The drop in rates has prompted a surge of refinancing as homeowners look to get out of adjustable-rate mortgages or lower the rate on their fixed-rate mortgages. Applications for mortgage refinancing rose 22% for the week ended Jan. 25 from the week earlier, the Mortgage Bankers Association says.

Saturday, February 2, 2008

winter/spring?

Punxsutawney Phil saw his shadow Saturday, leading the groundhog to forecast six more weeks of winter.
The rodent was pulled from his stump by members of the Punxsutawney Groundhog Club Inner Circle, top-hat- and tuxedo-wearing businessmen who carry out the tradition.
Each February 2, thousands of people descend on Punxsutawney, a town of about 6,100 people some 65 miles northeast of Pittsburgh, to celebrate what had essentially been a German superstition.
The tradition is that if a hibernating animal sees a shadow on February 2 -- the Christian holiday of Candlemas -- winter will last another six weeks. If no shadow is seen, legend says spring will come early.

Thursday, January 31, 2008

Interest Rates!!

As expected, the Fed cut the Fed Funds Rate by 50bp yesterday--bringing it down to 3%. This is good news for those with Home Equity Lines of Credit, Auto Loans, and credit card debt, since these rates will also be lowered.

All CHFA Mortgage Program interest rates aresubject to change weekly. The following ratesare in effect until Thursday, February 7, 2008 : _____________________________________________
Homebuyer Mortgage ProgramInterest rate: 5.125 % (APR range 5.225 - 5.625 %)Fees: Up to One Point (1% Origination Fee) * Payable to LenderTerm - 30 years, fixed rate * Additional fees may apply

Monday, January 28, 2008

Equine Homes

In the present market in Ct, these types of homes show and present themselves much better to a potential Buyer in the Spring timeframe. With Ct being the number 2 state in the nation for horses per capita, there are many opportunities to be the proud owner of such a home! Each town has it's own requirements for Horse ownership as far as set backs for manure storage, buildings, animals per acreage, etc. In my experience in Listing and Selling these types of homes, the Eastern part of Ct has more open land and rural areas to have such a property. In these areas, also, State forests are sometimes available for trail riding, which is the type of riding I prefer when I do ride. There's nothing like going through the woods and enjoying nature on a sunny, Spring day!

Thursday, January 24, 2008

2007 review

In Ct 13% less home sales than 2006, which means the market has changed- but homes are still selling. Rule of thumb is if it is priced correctly and shows well it sells! Buyers are experiencing great interest rates and there are some terrific opportunities for purchase. With these rates, mortgage payments could equal or be just above monthly rental costs. Just an FYI-
Medain price on a home in the New Haven County for 2007 was $275,000..