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
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.
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.
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.
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