CTDirt

The Spring Market Is Heating Up

We are seeing a greater number of homes coming onto the market as well as buyers starting their searches. Buyers are really going to be able to benefit from the $8,000 tax credit. We are seeing more and more sellers being realistic in their pricing. Prices are down from the peak in 2007 and smart sellers know they need to price for the market or they will continue to own properties they no longer really want.

Will The Stimulus Package Work For CT Real Estate

All the details are still a little murky and it appears that even Congress hasn't taken the time to read it yet. However, some things we know. Originally, there was a $15,000 tax credit for people who buy new homes in 2009. That would have really been great and innovative thinking. However, it appears in the compromise that has been reduced to $8,000. Although any tax break is better than none, it does take a little away from the excitement that the $15,000 would have brought to the market. I still don't know when or what mortgage relief is coming through but a more aggressive tax credit would have really helped the situation.

Let's Look At South Windsor

South Windsor is a great town, close to shopping and entertainment, and has some really good schools. Here is a look at the pricing of single family homes in town. Prices are ranging from $17,000 to $999,000 with a median listing price of $339,900. The high priced home is listed by Prudential CT Realty and located on Robins Wood Way. This home was built in 2005, is 4,400 square feet, has 4 bedrooms and 4 1/2 bathrooms. There are a ton of features as you would expect! This home looks much better in person. Unfortunately, it appears they didn't use a professional photographer to help show off this house and that may hurt the marketing of this house.

The median priced house is located on Beelzebub Road and is listed by Campbell-Keune. This home is a ranch style with the garage underneath the house and was built in 1954. There are 4 bedrooms and 3 full bathrooms and is 2,282 square feet. The house also an in-ground pool that is 20x40 feet.

 

Now, if you are looking for a good deal - this may be it! This mobile home listed DW Fish was built in 1967, is 576 square feet and has 2 bedrooms and 1 full bathroom. There is a monthly fee of $290 since you don't own the land. However, this is a cheap way to live! This was originally listed for $35,000 and has been reduced by half!

Whatever You Do - Keep Paying Your Mortgage!

I know it sounds unfair when people are late paying their mortgages and are getting a break from the banks and getting help from the government. I even heard someone on the radio say they planned to stop their payments so they could qualify. BAD IDEA!! If you are having problems affording your house then you need to reform your budget or sell your house and get something more affordable. If you stop paying your mortgage you will DESTROY your credit. Don't buy into the hype - very few people will qualify for the government programs. Don't destroy your credit for years to come!

What Homes Are For Sale In Suffield CT?

Right now in Suffield there are 98 single family properties on the market. The median list price is $399,900 and 2,288 square feet.

The most expensive home on the market is for $3,200,000, is located on North Main Street, is 3,275 square feet, includes other homes, and sits on 73 acres. However, it has been on the market for 3 years so it has been available for a while. It is listed by Century 21 Advantage. The picture makes the home look like it is sinking into the ground but it's not really.

 

The least expensive home on the market is located on Kent Avenue and is listed for $72,900 by Executive Real Estate and has been on the market for 116 days. The home is has 3 bedrooms, 1 full bathroom, and sits on 0.34 acres. The house is currently owned by the government so there will be some extra steps if you want to purchase it.

South Windsor Single Family Homes

So how is the real estate market in South Windsor this year? Let's take a look at the quarter by quarter average sales price.

	Sold	Avg Sales Price
Q4 2007	39	$330,287
Q1 2008	29	$333,189
Q2 2008	55	$326,416
Q3 2008	35	$331,374
Q4 2008	53	$302,154

You can see that South Windsor has experienced about a 9% decrease in average sale prices over the past year. There were varying levels of the number of home sales and this can affect the accuracy of the average but it can be concluded that overall values have decreased. If you bought your home in the past couple years and are now trying to sell you will need to price appropriately or your home will not sell.

Windsor CT Home Prices

Never trust national real estate numbers you hear in the news and apply them locally. Windsor didn't experience the insane price increases and decreases in some other areas of Connecticut but has been affected. In reviewing the average sale prices of single family home by quarter over the past year, we see a 12% yearly total decrease. Here are the stats:

	Sold	Avg Sales Price
Q4 2007	53	$266,767.00
Q1 2008	58	$260,264.00
Q2 2008	70	$238,295.00
Q3 2008	79	$236,053.00
Q4 2008	59	$236,846.00

 

 

The good news is prices stabilized over the last quarter. In fact, you can see that since Q2 2008 they haven't changed that much at all. Is this the bottom? It may be or at least very close. With current mortgage rates at record lows near 5.25% the housing market should remain stable. I will update other towns over the next few days.

Prepare Your Home For Winter!

Today it was about 25 degrees when I woke up. It was a quick reminder that we are entering the cold months in Connecticut and that there are some basic things we can do to protect our homes.

1) Be sure your gutters are clear. There have been a lot of leaves blowing around and if your gutters are clogged they can create an ice dam. If the water freezes in the gutter in can crawl back up under the roof shingles and then melt and leak into your attic causing all kinds of problems.

2) Check Plumbing. First off, be sure you know how to turn off your water main in case there is a major leak. Double check that if you have any exposed pipes that they are insulated. If you do leave the home for an extended period of time, be sure you set the thermostat to at least 55 degrees.

Snapshot of Windsor CT Real Estate

Current Active Listings: 131

Current Average Listing Price: $274,184

New Listings This Week: 9

Current Properties Under Deposit: 42

Properties Closed In Last 30 Days: 20

Average Sale Price Of Homes Sold In Last 30 Days: $216,315

Average Sale Price Of Homes Sold In Last 365 Days: $242,412

It would appear that prices in Windsor continue to drop but still not as much as in some other towns. Selling a home now in Windsor, Connecticut or any of the surrounding towns takes a keen sense of the market to avoid overpricing or underpricing your property.

The Big Money Grab...

The whole "bailout" has been fascinating and depressing. American taxpayers are going to be paying the bills to support a political publicity stunt for generations to come.

The news also isn't good for the housing market. By the government falsely supporting housing prices through injecting federal dollars they are only interfering with a market system that self corrects when necessary. This is only setting us up for harder crash later on.

Also - the idea that the only homeowners eligible for assistance have to be 90 days behind. First, that is unfair to those that need help but have been doing everything they can to stay current with their payments. Second, it will inevitably lead to some people thinking they will automatically be eligible if they don't pay for the next 90 days only to be wrong and end up losing their homes.