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..