Connecticut Real Estate Blog - Real Real Estate in CT

Yesterday, I started to preview some of the homes on our foreclosure tour scheduled for this Saturday, May 17.

We started from a list of ten properties, narrowed from a larger list.  From the ten homes we’ll preview, we will select about 5 - the ones that could be the most profitable, are in the best condition or are in a great location.

Basically, there will be something for everyone. Here’s what we could be seeing:

• A multi-family that could be an income producer very quickly with minimal work with a lot that might yield an additional home for less than $150,000?
• A starter home in near move-in condition for less than $90,000?
• One of two single families that need work but are in great, single family areas?

Not only will you get to see these properties in person, I’ll analyze the property and its value for you, Kelly Meuser from McCue Mortgage will tell you how to finance the purchase, Pillar to Post will help you determine the condition and Attorney Will Watson will help you avoid legal pitfalls.

Haven’t signed up yet for this tour?  There’s still time. 

Space is limited. Register today at www.mccuemortgage.com/openingdoors.htm or call 1-888-576-2283.

 Read on for more details…

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East Windsor Real Estate Market Report April/May 2008

East WIndsor is experiencing a buyer’s market.  Compared to April 2007, homes are on the market longer and there is approximately 15 months of inventory on the market.

Single Families 

• Median Sales Price: $325,000
• Average Days on Market: 44
• # Sales in April: 7
• Active Listings:  62
• Closed Listings in Last 3 Months:   13
• Months of Inventory:   14 or Buyer’s Market

Condominiums

• Median Sales Price: $228,900
• Average Days on Market: 58
• # Sales in April: 5
• Active Listings:  41
• Closed Listings in Last 3 Months:   8
• Months of Inventory:  15 or Buyer’s Market

Here’s a look at East Windsor’s market for April 2007:

Single Families 

• Median Sales Price: $299,500
• Average Days on Market: 36
• # Sales in April 2007: 6

Condominiums

• Median Sales Price: $236,900
• Average Days on Market: 57
• # Sales in April 2007: 7

Enfield Real Estate Market Report April/May 2008

Although Enfield is in a balanced market, with less than 6 months of inventory on the market, the median price of single families and condominiums has decreased slightly for single families homes and more significantly for condominiums. 

Both single families and condos are spending 37 days on the market, on average.

Single Families 

• Median Sales Price: $195,000
• Average Days on Market: 37
• # Sales in April: 29
• Active Listings:  132
• Closed Listings in Last 3 Months:   83
• Months of Inventory:   5 or Balanced Market

Condominiums

• Median Sales Price: $146,500
• Average Days on Market: 37
• # Sales in April: 7
• Active Listings:  39
• Closed Listings in Last 3 Months:   21
• Months of Inventory:  5 or Balanced Market

Here’s a look at Enfield’s market for April 2007:

Single Families 

• Median Sales Price: $200,000
• Average Days on Market: 37
• # Sales in April 2007: 36

Condominiums

• Median Sales Price: $171,250
• Average Days on Market: 55
• # Sales in April 2007: 12

Hartford County Real Estate Market Statistics

The market in Hartford County picked up a little in April with 1299 Single Family Sales, Vs. 1103 in March.

And in comparison to last year, April 2008 wasn’t a whole lot different. The median sales price stayed at $259,900 and homes that sold in April took an average of 38 days to sell. The only difference was that sales volume was down.

And if you read the Hartford Courant on May 7, my favorite punching bag, you’ll notice that my news differs from theirs. The story, Median Sales Price Falls in Connecticut, states that

Hopes for a strong spring home-buying season in Connecticut received a blow Tuesday with a report that sales in March plummeted and that prices slid for the fourth month in a row and by the most since the mid-1990s.

The report they are reporting covers the entire state so my numbers don’t include any of the other counties in CT. But as you can see from my numbers below, the Median Home Sales Price in Central Connecticut is EXACTLY THE SAME AS LAST YEAR for both March and April.

I’ll be the first to put a link on my blog when the Courant writes a new story, saying that sales picked up in April and that prices have not dropped universally. And note to the Courant - Spring began on March 20 so technically, March’s numbers don’t count as part of the Spring Market. But who cares about accuracy?

Median Sales Price in April 2008 - $259,900
488 Sales
38 Average Days on Market

Median Sales Price in April 2007 - $259,900
576 Sales
38 Average Days on Market

Median Sales Price in March 2008 - $249,900
420 Sales
67 Average Days on Market

Median Sales Price in March 2007 - $249,000
635 Sales
64 Average Days on Market

Sales price is just one method used to analyze the market. Another is the Absorption Rate, or how long it will take to sell all the homes currently on the market based on what’s happened in recent history.

In all of Hartford County, there is 7 months of single family inventory (a little less than the absorption rate of 8 in March of 2008.

Or in the last three months, 1299 homes sold, or about 433 homes per month sold. Currently, there are 3160 homes on the market and assuming that about 433 homes will sell per month, it would take 7 months to sell the current inventory (Or 1299/3=433, then 3160/433=7, the estimated number of months it will take for a home to sell).

Generally, it is considered to be a seller’s market when there is less than 3 months inventory on the market. 3-6 months of inventory is considered normal or balanced, while anything above 6 months is considered to be a buyer’s market.

Somewhere at a truck stop in Pennsylvania, you might find a t-shirt that reads:

“If You Ain’t Been Possum Hissed, You Ain’t Shoopoo.”

I wish I could show you a picture of this shirt but all I found was this photo of a possum.

My memory of this very weird shirt, which I wore for Halloween one year when I went dressed as a “Shotgun Wedding” (I was Paw, dragging my Kin to the altar), reminds me of agents who don’t require their clients be pre-approved before showing them homes or presenting offers.

For three years, I worked only as an exclusive buyer’s agent. Only within the last year have I been on the other side, examining offers and am shocked that all agents don’t get their clients pre-approved BEFORE putting in an offer.  Even more surprising, I get grief back from agents who try to tell me that a pre-qualification is good enough.  Ehhh! Wrong answer.

I’m not going to explain this to agents - if they don’t know, I can’t help them.

If you are a home buyer, you need to get a pre-approval. Here’s why:

• I will advise my seller clients that it is in their best interest for them to go with a buyer who is pre-approved over one who is pre-qualified. Life is not like a box of chocolates when it comes to real estate - you want to know what you’re going to get.(Sorry, Forrest Gump)
• If you and your agent present an offer with only a pre-qualification, I will ask you to do a pre-approval and/or ask a lender I know to review the letter. This will delay acceptance and allow for another buyer to submit an offer.
• A pre-approval gives you, the buyer, a better idea of what you can afford based on more than just your income.  A pre-approval verifies your income and examines your credit. You don’t want to be one of those buyers scrambling a week before closing to find alternative financing.

A pre-approval is more work for a buyer but ultimately, it puts you in a better position.  Don’t you want to be shoopoo?

Have you been thinking about investing in real estate, but are not sure where to start?

Or thinking about buying a foreclosure property as your primary residence?

Jump on The Bus…the Real Estate Investment Road Show bus. This FREE seminar on wheels will take you for a tour of several foreclosed properties in New Britain. Hosted by RE/MAX Precision Realty, McCue Mortgage, Atty. Will Watson and Pillar to Post Home Inspections, we’ll tell you what you need to know before you buy. It’s a classroom on wheels!

Now is the time! With a variety of properties to choose from, low mortgage rates, and reduced prices, there is no better time to invest in real estate!
Some of the things you’ll hear about are:
√ The different types of foreclosure investments
√ How to find properties
√ Evaluating properties
√ Financing options
√ How to make an offer on a property in foreclosure

Space is limited. Register today at www.mccuemortgage.com/openingdoors.htm or call 1-888-576-2283.

Sunny, updated ranch in great area w/wood floors throughout, one car garage, vinyl siding, and large .25 acre lot. For more information on this listing, CLICK HERE.

Directions: Brewer to Mitchell Drive to Mitchell Court.