Happy Valentine’s Day 2011

It’s Valentine’s Day and the most important thing to remember is to recognize that special someone in your life.

It’s expected that this year men will spend, on average $185 on their special Valentine, a large portion of which is the cost for that special dinner.

Women, on the other hand, will spend an average of $80 dollars on their special person.

The wise person in me will make no further comment on that statistic.

Happy Valentine’s Day

 Prospect CT Real Estate Sales Report for January 2012

Currently in Prospect CT there are 60 active residential listings for sale, with 12 new listings being added in January. The homes for sale in Prospect CT range from an 840 square ft, 2-bedroom mobile home, listed at $20,000 to a 3,086 square ft, 4-bedroom colonial listed at $579,900. The average list price of the homes currently available for sale in Prospect CT is $303,250. The average days on market for these homes are 183 days.

There are 11 homes under contract in Prospect CT. The average list price for these homes is $266,875 with an average day on market of 103 days.

There were 5 home sales recorded in Prospect CT in January. They ranged from a 2,600 Sq ft 3-bedroom colonial, which sold for $377,000 to a 864 sq ft 3 bedroom, REO ranch style home which sold for $90,000. The average list price for these homes was $224,880 with an average day on market of 114 days. The closed properties had a Sales price to List price ratio of 93%. 

There were 5 home sales recorded in Prospect CT in January. They ranged from a 2,600 Sq ft 3-bedroom colonial, which sold for $377,000 to a 864 sq ft 3 bedroom, REO ranch style home which sold for $90,000. The average list price for these homes was $224,880 with an average day on market of 114 days. The closed properties had a Sales price to List price ratio of 93%.

For sellers it is essential to have a sales price on your home consistent with the most recent activity. We offer free market evaluations to assist you in your sale.

If you would like information on homes for sale in Prospect CT, please call me at 203-206-0754 or send me an email. I would be happy to assist you or to discusshomes on the market in Prospect CT.

Prospect CT Real Estate Sales Report for January 2012

Getting the right start with a home purchase in Central Connecticut is essential to making it go smoothly. Check with a bank, call a real estate agent that knows the area you want your home in, and when we find that hiome, I'll get you through the process with a minimum of stress.

This post gives you the ABC's to going about a purchase

Many ActiveRain members were upset to learn that Picnik was going away.

Brad Andersohn does what he does so well and found an alternative, with enough time for us to use both while making a transition. Thanks Brad

Don't You Think the Water is a Little Cold?

While showing properties earlier today, I passed by a pond that should have been well frozen over by now. We’ve had such a mild winter so far that, anyone thinking of ice fishing has had to wait or just go further north. This time last year we were into such a deep freeze that those geese would have been on top of feet of snow atop an ice capped lake.

The geese in the middle of the water don’t seem to mind a bit and with no ice anywhere on the pond they have free wadding, but I’ll bet there webs are chilled.

Don't You Think the Water is a Little Cold? 

14 Pinecrest Dr, Prospect CT

MLS# N315547, Listed at $155,000

It’s the best real estate value in Prospect CT, already priced well below value.  A home that will provide an instant equity to the home buyer that will provide the TLC needed.

Almost ½ acre of privacy
A 7 year old roof architectural roof
One year old hot water heater
1 year old well tank
Upgraded electrics.

This is a home that has served a family for almost 50 years and awaits the new owners.  A taste of rustic retreat with wood paneled walls, which give one a feeling of cozy warmth. Yes, it has a few little items that need attention, and that’s why the price is low, so the new owner can do it their way.

Ideal for an empty nester of a downsizing couple looking to add their input.

Come take a look, realize the potential and own your own little piece of Prospect CT.

Conveniently located near pharmacy, grocery, banking, post office, even the best little ice cream parlor in the area.

14 Pinecrest Dr Prospect CT

January 2012 Real Estate Sales Report for The Country Club Road Neighborhood of Waterbury CT

Currently in the Country Club Road area of Waterbury there are 15 active residential listings for sale, with 3 new listings being added in January. The homes for sale in the Country Club Road Section of Waterbury CT range from a 864 square ft, 3-bedroom tri-level in need of some work, for $139,900 to a 4,002 square ft, 5-bedroom, expanded multi-level home listed at $ 469,900. These listings are within the town zip codes of 06708.

The average list price of the homes currently available for sale in the Country Club Road area of Waterbury CT is $245,967. The average days on market for these homes is 106 days. There are no homes under contract in the Country Club Road Area of Waterbury CT.

In January, 2 homes closed in the Country Club Road neighborhood of Waterbury CT.  They were a  1,200 square ft, 3-bedroom REO ranch that sold for $125,000 and a 3,198 square ft, 4-bedroom colonial that sold for $260,000. Average DOM of 255 days. 

By comparison, there were no closings in the Country Club Road neighborhood of Waterbury CT for the month of January 2011. 

There are currently 17 active condos for sale in the Country Club Road neighborhood  of Waterbury CT. They range in price from $149,900 for a 1,100 sq ft, 3-bedroom, town house style condo to $ 92,500 for a 2-bedroom, 1,200 sq ft town home style condo, in short sale status. Average days on market for condos is 103.

One condo is currently under contract in the Country Club Road section of Waterbury CT.

One (1) condo closed in the month of January in the Country Club Road neighborhood of Waterbury CT. It was a 900 2-bedroom ranch style unit which sold for $111,000 with days on market of 106.

For sellers it is essential to have a sales price on your home consistent with the most recent activity. We offer free market evaluations to assist you in your sale.

If you would like information on homes for sale in Waterbury CT, please call me at 203-206-0754 or send me an email. I would be happy to assist you or to discuss homes on the market in Waterbury CT. 

January 2012 Real Estate Sales Report for The Country Club Road Neighborhood of Waterbury CT 

Some Mortgage Relief for Connecticut Home Owners is Coming

There may be some relief for home-owners in Connecticut that were victims of the robo-signing scandal. A $25 Billion dollar settlement with the 5 largest mortgaging servicing banks will see almost $200 million dollars find its way into Connecticut.

The 5 banks identified in this settlement are Chase, Wells Fargo, Bank of America, Ally Bank  formerly GMAC  and JPMorgan Chase.

Of importance in this settlement is the reality that banks should be easier to deal and communicate with for borrowers. The frustrations of getting passed along form one bank employee to another with the

The settlement has the potential to help many Connecticut home owners who have mortgages with these banks to recover and get bank from the potential of foreclosure. It could also result in changes to mortgages including reductions in loan principal. The servicers have three years to meet the terms of the settlement.

There are an additional 9 loan servicers under scrutiny, which could bring relief for other borrowers.

As part of the settlement, banks are required to reach out to their borrowers, however, the contact numbers for these banks are as follows, for those people who do not want to wait:

 Bank of America: 877-488-7814
 Citigroup: 866-272-4749
JPMorgan Chase: 866-372-6901
Ally/GMAC: 800-766-4622
 Wells Fargo: 800-288-3212.

The full text of the article from the Hartford Courant can be read here.

Some relief for Connecticut home owners is here, and hopefully more will follow.

 Some Mortgage Relief for Connecticut Home Owners is Coming

Tips on Buying a Short Sale Home

There are many horror stories on the issues that arise when trying to buy a short sale home. Many times the stories are unfounded and are generated by agents that do not understand the short sale process and getting the system to work properly.

A short sale listing, is a home that is being sold for less than the value of the outstanding mortgage, or shortage. The process will start a couple of weeks prior to the home even being listed on the market, as the listing agent needs to sit with the sellers and make sure all avenues are taken to avoid a negative response from the banks.

For the buyer of a short sale listing, a certain degree of patience is required in addition to an appreciation that the home will be selling as is. This is always the case as the sellers not only do not have the funds to continue paying their mortgage, but also not enough money to do repairs, simple or otherwise. The big advantage is that a buyer will get a home within  market value, or sometimes even lower without having to wonder what may have happened to the home if it were foreclosed and possibly vandalized.

A simple conversation between the listing agent and buyer's agent will allow all to get an understanding of what has been done to get the property owner and the bank on the same page.

Just because the property has been identified as a short sale doesn't necessarily mean that the buyers' low ball offer will be accepted by either the sellers, who have first review of the documents, their agent, or the bank. The fact that the bank will accept the shortage, doesn't mean they are agreeing to bargain basement pricing.

Once the offer and all documentation have been submitted to the bank, the bank will then arrange for an appraiser to go out to the home and get an independent evaluation and sometimes even send out an appraiser. Once this documentation is returned to the bank, and all is acceptable, then the bank will expect a quick resolution to the sale.

A buyer on a short sale must be careeful about makig cintigencies in their contract that they will not process their part of the transaction, including inspections until after the bank makes their position known. This could result in them losing the deal, as a bank response to a short sale is not unlike the bank's response to a foreclosure in that they will not allow the deal to extend beyond a 30 day window. They then need to move without hesitation once the release is given.

In a conventional home sale, the buyers make contingencies with time-lines that begin once the contract is signed by all parties. These time-lines allow for the mortgaging process and home inspections and takes a transaction out from 30-45 days. With a short sale, it would be wise to add at least 3 weeks to that time-line, assuming the listing  agent has done their advance work properly.

A short sale can be a great deal for all involved, as the seller gets out from under their obligation with minimum liability, the buyers get a home in good condition at a discounted price and the banks do not have to worry about having the non performing assets on their books.

Short sales transactions are not that difficult if all know the issues up front. As with any real estate transaction, the buyer needs to have their finances all resolved in advance, and a pre-approval letter is the ultimate.

If you're thinking of buying a short sale property in Central Connecticut, call me for assistance at 203-206-0754.

If you think you need to sell your home as a short sale in Central Connecticut, call me for a meeting.

Short sales do work and I know how to make them work!

Tips on Buying a Short Sale Home!

2011 Year End Real Estate Market Update for Middlebury CT

For the year 2011 in Middlebury CT, there were 62 residential real estate sales for an average of 5 sales per month. This is referred to as the absorption rate. Market absorption trends show the rate that properties are selling compared with inventory which enables us to see if it is a sellers’ or buyers’ market. 6 months worth of inventory is considered a balanced market.  Less than 6 months is a sellers’ market and anything over 6 months is a buyers’ market.

The average value for the homes sold in Middlebury CT for the year was $381,732 with an average days on market of 135.  There are currently 64 homes actively listed for sale in Middlebury CT, which is equivalent to a 10 month inventory if the average sales per month is consistent.

The list price ratio to sales price ratio was 93%, which indicates sellers putting the homes on the market near to fair market value, or finally getting them sold at market value.

The highest value home sold in Middlebury CT in 2011 was a 9,619 sq ft, 6-bedroom colonial estate which sold for $1,950,000.

By comparison, for calendar year 2010, there were 45 residential real estate sales for an average of 4 sales per month, with an average sales price of $332,418 and average days on market of 117. For 2011, there were more  homes sold at a higher price in almost the same number of days on market.

The highest value home sold in Middlebury CT in 2010 was a 2,692 sq ft, 4 bedroom contemporary home which sold for $450,000.

For sellers it is essential to have a sales price on your home consistent with the most recent activity. We offer free market evaluations to assist you in your sale.

If you would like information on homes for sale in Middlebury CT, please call me at 203-206-0754 or send me an email. I would be happy to assist you or to discuss homes on the market in Middlebury CT.

2011 Year End Real Estate Market Update for Middlebury CT