CT Real Estate Market Info
3rd Quarter Market Update
Wednesday, October 19th, 2011Though the housing industry is still facing challenges, there are several bright spots that can be found in different regions throughout the country. For example, a CoreLogic study showed August home prices increasing in 12 states and Washington DC by up to 9 percent (West Virginia). And our comprehensive market analysis system, Local Housing Data, shows positive movement in overall unit sales in the northeast.
Though average sales prices seemed to settle a bit compared to the 2nd quarter, unit sales were up by as much as 15.5 percent in the third quarter. This shows a pickup in demand, likely due to a combination of historically low interest rates and low home prices. It is also positive to see the number of home sales increasing year over year, despite the elimination of the homebuyer tax credit last year. The table below lays out major market indicators for the northeast.
Check out our market summary for the northeast in the 3rd quarter. How did your local markets fare?
As mentioned before, mortgage rates are near historic lows, though they did spike last week. The 30-year FRM averaged 4.12 percent at the end of last week vs the prior week, when it averaged 3.94percent. A 15-year FRM averaged 3.37 percent up from the prior week when it averaged 3.26 percent. This uptick was likely related to a better than expected employment report for September.
Without a doubt, we are still in the midst of a buyer’s market. Extremely low prices and low interest rates remain wonderful incentives for homebuyers-there really hasn’t been a better time in recent history to purchase a home. In fact, as the Wall Street Journal recently stated: “It’s an excellent time to buy a house, either to live in for the long term or for investment income…Houses aren’t the magic wealth creators they were made out to be during the bubble. But when prices are low, loans are cheap and plump investment yields are scarce, buyers should jump.”
We would like to make a note to sellers, however. Due to the robo-signing controversy last year, you may have noticed that foreclosure numbers are dropping. Investigations were were led into lender and foreclosure procedures, slowing down the overall processing times. However, there have been numerous predictions from major financial and real estate institutions, such as Standard & Poor, JP Morgan and Barclays stating that an glut of foreclosures, due in the coming months, will push prices down by bu to another 6 or 7 percent. As a seller, you don’t want to have your home on the market when this happens. Sell now to avoid losing too much equity in the future.
5 Things to do Before Putting Your Home on the Market
Monday, March 14th, 20111. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin.
2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.
3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.
4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.
5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?
Spring break? Rent a Luxury Vacation House
Monday, February 21st, 2011Source: money.cnn.com
By Les Christie, staff writer
NEW YORK (CNNMoney) — It’s your vacation. Where would you prefer to return to after a busy day, a cramped hotel room or a real home with a cushy sofa, a patio and a refrigerator to raid?
Increasing numbers of holiday goers are choosing the later. The leading site for renting vacation homes, HomeAway.com, has 10 times the number of rentals than five years ago. That’s more than 500,000, — with 55,000 in France alone.
It’s all about value, and with the economy the way it is, that has accelerated,” said Alexis de Belloy, the company’s vice president.
Experts recommend renting a house if you’ll be somewhere for more than three nights. “In most places, it’s less expensive to rent a vacation home than a hotel, especially for families who need more than one room,” said Christine Karpinski, author of “How to Rent Vacation Properties by Owner.”
But there are other reasons, too, to take the risk and rent a home.
- Space: Generally, the more bedrooms you need, the bigger the savings. Vacation houses for three, four even 12 bedrooms are available. Plus, houses have sitting areas, kitchens and, usually, outdoor spaces, which means vacationers can relax in comfort when the day’s activities are done.
- Cooking: Most listings come with full kitchens. Vacationers often say they don’t want to cook on their holidays but even the most diehard restaurant goers may tire of dining out every meal. “They don’t want to get up and get dressed in the morning just to get a cup of coffee,” said Karpinski.
- Location: These rentals are everywhere, she said, often where there are no hotels.
Spring break: 7 gorgeous homes for rent
There are pitfalls as well. Unlike many hotels where the ideal is a consistent level of service and amenities, vacation rentals vary — a lot.
“Even rentals in the same condominium complex are all individually decorated and equipped,” said Karpinski. “That can be good or bad.”
To improve the odds getting what they really want, renters should ask lots of questions, especially about what is most important to them.
Karpinski once rented out one of her own vacation homes in the Smokies of Tennessee. Two sisters were interested in the property and kept asking how private it is.
“I told them, ‘very private; it’s in the woods’ and cautioned them that, as two women, they may not want to stay there,” Karpinski said.
The more she tried to discourage them, the more they wanted to stay. But when they arrived, they found it was more than they bargained for.
“They called the first night saying, ‘We’re so scared,’” said Karpinski. “I don’t blame them. There are raccoons and bears. At night, flying squirrels do somersaults on the roof and make a lot of noise.”
She refunded their money, but renters shouldn’t count on all owners being so generous. It also taught Karpinski a lesson that other owners might want to heed: “Don’t do a hard sell. The place has to be a good fit.”
Renters should ask specifically about heat and air conditioning, the cooking equipment, laundry facilities, whether there are nearby restaurants or markets, and how noisy the location is, for example.
Sometimes the answers to these questions are not highlighted on property websites — especially if it is negative, like noisy streets. Even if the information is there, travelers may not interpret it correctly.
Most foreign sites, for example, give the size of the rental in metrics. How many Americans know a 20 square meter apartment — not uncommon in the center of Paris or Rome — is a very cozy 215 square feet?
Photos may make the place look bigger than that and, once the sofa bed is rolled out, navigating around can be difficult.
That dirt road up to a mountain-top retreat in Colorado mentioned in the listing may be hard to get up in anything less than a four-wheel drive. Find out before you book.
It’s also important to get things in writing, according to Karpinski. “It’s a business transaction,” she said. “I can’t believe that people see something on the Internet and have 100% trust.”
Anyone thinking about home rental should start early, said HomeAway’s de Belloy, because rentals are usually booked at least 90 days in advance.
There can be, however, great last-minute deals that owners offer to fill unused spaces.
Ice Building Up on Your Roof?
Tuesday, February 1st, 2011This is no laughing matter to most of us in New England this year. Record snowfalls and ice dams have caused damages to roofs, gutters, insulation, ceilings, and interior walls. Removing snow from a roof and de-icing gutters is not an easy task and can require the work of a professional. The following article by Henry’s Housework, gives some insight into what these ice dams are and how to prepare your home for next winter.
The Art Of Ice Dam Removal
Authors Website: Henry’s Housework
http://www.homeimprovementweb.com/information/how-to/ice-dam-removal.htm
The Ice-Melt-Sock
In doing further research on the subject, I came across this post from someone who had commented on this very same article on another website, and I had to share it. I think the Ice-Melt-Sock is ingenious!
“posted Nov 18, 2009 by “Sweetfilter”: If you live in the north you are going to get ice dams. The first thing to do when you have an ice dam is to open a channel in the ice to drain away the water and stop leaks into the house. A refillable snow melt sock or ice melt sock thrown on the roof and pulled into place will open a channel in minutes.”
—Alison Lundie, Realtor®
