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 27, 2008
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
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
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
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
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