ct homeowners: What Does Recent Price Reductions Mean to the CT Real Estate Market?
- 08/23/18 06:59 AM
Last week, in a new report from Zillow, it was revealed that there has been a rash of price reductions across the country. According to the report: There are more price cuts now than a year ago in over two-thirds of the nation’s largest metros About 14% of all listings had a price cut in June Since the beginning of the year, the share of listings with a price cut increased 1.2% This is the greatest January-to-June increase ever reported, and more than double the January-to-June increase last year Senior Economist Aaron Terrazas further explained: “A rising share of on-market listings are seeing price … (0 comments)
ct homeowners: The Net Worth of a CT Homeowner is 44x Greater Than A Renter
- 08/20/18 07:09 AM
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data, covering 2013-2016 was recently released. The study revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013). These numbers reveal that the net worth of a homeowner in CT is over 44 times greater than that of a renter. Owning a home in Connecticut is a great way to build family … (1 comments)
ct homeowners: Owning Your Own Home in CT Can Help You Retire Sooner!
- 08/06/18 06:24 AM
In a CNBC article, self-made millionaire David Bach explained that: “Buying a home is the escalator to wealth in America. Homeownership can also help you retire early, that is, if you pay your mortgage off.” Bach suggests that homebuyers should, “Take out a 30-year mortgage, but with the intention of paying it off in 25, 20 or ideally, 15 years.” How does he suggest you do this? Here’s the secret: “…If you were paying $1,000 a month, now you’re going to make $1,100 payments every month. Inform the bank that you are doing this and that you want the extra $100 a month to be applied to the … (0 comments)
ct homeowners: The #1 Reason to Put Your House on The CT Market TODAY!
- 07/30/18 07:01 AM
The National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report which revealed that CT home sales declined 0.6% to a seasonally adjusted annual rate of 5.38 million in June from 5.41 million in May, and are 2.2% below a year ago. Some may look at these numbers and think that now is a bad time to sell their house, but in fact, the opposite is true. The national slowdown in sales is directly tied to a lack of inventory available for the buyers who are out in the market looking for their dream homes! In fact, the inventory of homes for … (1 comments)
ct homeowners: Will Your Current Home in CT Fit Your Retirement Needs?
- 07/25/18 06:26 AM
As more and more baby boomers in CT enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s CT housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement. According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.1 1. Affordability “It may be easy enough to afford your home today but think long-term about your monthly costs. Account for property … (0 comments)
ct homeowners: How Long Do Families in CT Live in a House?
- 07/16/18 07:14 AM
The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of their data points, which has changed dramatically, is the median tenure of a family in a home, meaning how long a family stays in a home prior to moving. As the graph below shows, over the last twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2014, that average is almost ten years – an increase of almost 50%.
Why the dramatic increase? The reasons for this change are plentiful! The fall in CT home prices during the housing crisis left many homeowners in a negative equity … (1 comments)
ct homeowners: Is a Major Home Renovation on Your Ct Home Worth it in The Long Run?
- 03/23/18 06:46 AM
Last week, I shared “7 Factors To Consider When Choosing A Home To Retire In.” For some CT homeowners, these seven factors can be taken into account with a home renovation, but is it worth it to remodel or change floor plans? Let’s look at this example. Let’s say you have a 4-bedroom colonial style home in a great school district. The neighborhood is amazing, and you are very comfortable there, but your kids are all grown up and the original benefits of the home no longer apply. You’ve always wanted a huge master suite and are considering merging 3 of the smaller … (0 comments)
ct homeowners: CT Homeownership:The Reports of My Death Have Been Greatly Exaggerated
- 02/09/18 10:26 AM
The famous quote by Mark Twain in the title of this article can be used to describe homeownership in Connecticut today. Last week, the Census revealed that the percentage of homeowners in the country increased for the first time in thirteen years.
A story in the Wall Street Journal gave these new homeownership numbers some context: “The annual increase marks a crucial turning point because it comes after the federal government reined in bubble-era policies that encouraged banks to ease lending standards to boost homeownership. This time, what’s driving the market is a shift in favor of owning rather than renting. ‘This is market, market and market…There’s … (0 comments)
ct homeowners: 5 Reasons CT Homeowners Can Throw Better Super Bowl Parties!
- 02/02/18 06:45 AM
Highlights: Watching the big game at home with your friends & family offers many advantages. There’s more room to entertain a large crowd and you don’t have to worry about complaints to your landlord if you cheer too loudly! The kitchen is big enough to make as many appetizers as you want, and if some of your guests are only there to watch the commercials, they can do so on a different TV in another room! Contact a Real Estate professional from Dave JOnes Realty who can assist with any of your Real Estate needs! … (0 comments)
ct homeowners: If You're Considering Selling in Ct, ACT NOW!!!
- 01/26/18 06:57 AM
Definitely an aggressive headline. However, as the final data on the 2017 CT housing market rolls in, I can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME! How did CT finish 2017? New-home sales were at their highest level in a decade. Sales of previously owned homes were at their highest level in more than a decade. Starts of single-family homes were their strongest in a decade and applications to build such properties advanced to the fastest pace since August 2007. And Bloomberg Business just reported: “America’s housing market is gearing up for a robust year … (0 comments)
ct homeowners: Homeownership is an Important Part of the American Dream in CT!!
- 01/15/18 07:35 AM
CT residents continue to believe that homeownership is important in achieving the American Dream. A recent survey by NeighborWorks America reported that: “Owning a home remains a core element of the American Dream.” When asked “How important a part of the American dream is owning a home?” 18% of those surveyed said it was the most important part 53% of those surveyed said it was very important 22% of those surveyed said it was somewhat important CT Homeownership and Financial Stability The survey also revealed that 81% of Americans believe that owning a home leads to a family being more financially stable. This feeling was reiterated by Zillow Senior Economist Aaron … (0 comments)
ct homeowners: The Benefits of CT Homeownership Go Beyond the Financial
- 01/03/18 06:11 AM
CT homeownership is a major part of the American Dream. As evidence of that, 91% of CT residents believe that owning a home is either essential (43%) or important (48%) to achieving that “dream.” In a market where some people may be unsure about the benefits and possibilities of buying a CT home, it is important that we remember this. CT homeownership is NOT just about the money. In fact, some of the major benefits are non-financial. Here are a few of those benefits as per the National Association of Realtors: Consistent findings show that CT homeownership does make a significant positive impact on educational achievement. Several researchers … (0 comments)
ct homeowners: Should CT Boomers Buy Or Rent After Selling?
- 12/14/17 10:13 AM
In a recent CNBC article, it was reported that many CT baby boomers are selling their current homes and moving into rentals, rather than purchasing another home. “Between 2009 and 2015, the number of renters aged 55 or above rose 28 percent, while those aged 34 or younger only increased 3 percent... Meanwhile, more than 5 million baby boomers across the nation are expected to rent their next home by 2020, according to a 2016 analysis from Freddie Mac.” This makes sense in the short term for many reasons. If you are moving to a different part of town or a new region … (1 comments)
ct homeowners: Top 4 Home Renovations in CT for Maximum ROI
- 11/17/17 07:11 AM
Some Highlights: Whether you are selling your CT home, just purchased your first home, or are a CT homeowner planning to stay put for a while, there is value in knowing which home improvement projects will net you the most “Return On Investment” (ROI). While big projects like adding a bathroom or a complete remodel of a kitchen are popular ways to increase a home’s value, something as simple as updating landscaping and curb appeal can have a quick impact on a home’s value Contact a Real Estate professional from Dave Jones Realty who can assist you with any of your Real … (1 comments)
ct homeowners: CT Homeowner's Net Worth is Still Greater Than A Renter's
- 08/14/17 06:29 AM
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a CT homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). The latest survey data, covering 2014-2016 will be released later this year. In the meantime, Lawrence Yun, the National Association of Realtors’ Chief Economist estimates that the gap has widened even further, to 45 times greater ($225,000 vs. $5,000)! Put Your CT Housing Cost to Work for You As I’ve said before, simply put, CT homeownership is a form of ‘forced … (0 comments)
ct homeowners: A CT "Buyer" in Hand is Worth Two in the Bush
- 07/26/17 06:16 AM
In today’s highly competitive seller’s market where there are more buyers than there are homes for them to buy, some sellers in CT may feel like the ball is in their court. And they would be right when it comes to choosing which offer to accept, the closing date, or even which improvements they are willing to make to their house prior to selling. One thing to remember though, is that there is always a line that shouldn’t be crossed. Interest rates can change, financing might not go through, the appraisal might not come back at the price that you have agreed … (0 comments)
ct homeowners: The 5 Greatest Benefits of CT Homeownership
- 07/14/17 09:18 AM
Recently, Freddie Mac reported on the benefits of CT homeownership. According to their report, here are the five benefits that “should be at the top of everyone’s list.” CT homeownership can help you build equity over time. Your monthly payments will remain stable. You may have some tax benefits. You can take pride in ownership. CT homeownership improves your community. Let’s expand on each of Freddie Mac’s points: CT homeownership can help you build equity over time. Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a … (0 comments)
ct homeowners: The Importance of Home Equity in Retirement Planning in CT
- 06/23/17 06:36 AM
I often discuss the difference in family wealth between homeowner households and renter households in CT. Much of that difference is the result of the equity buildup that CT homeowners experience over the time that they own their home. In a report recently released by the nonpartisan Employee Benefit Research Institute (EBRI), they reveal how valuable equity can be in retirement planning. Craig Copeland, Senior Research Associate at EBRI, recently authored a report, Importance of Individual Account Retirement Plans and Home Equity in Family Total Wealth, in which he reveals: “Individual account retirement plan assets, plus home equity, represent almost all of what families have to use for retirement expenses outside of Social Security and … (0 comments)
ct homeowners: Do You Know How Much Equity You Have in Your CT Home?
- 06/20/17 06:31 AM
CoreLogic’s latest Equity Report revealed that many properties in CT regained equity in the first quarter of 2017. This is great news, since most of the mortgaged properties are now in a positive equity situation. Price Appreciation = Good News for CT HomeownersFrank Nothaft, CoreLogic’s Chief Economist, explains: “One million borrowers achieved positive equity over the last year, which means risk continues to steadily decline as a result of increasing home prices.” Frank Martell, President and CEO of CoreLogic, believes this is a great sign for the CT market in 2017 as well, as he had this to say: “Homeowner equity increased by $766 billion over the last year, the largest increase … (1 comments)
ct homeowners: Ct Real Estate is the Best Long Term Investment 4 Years Running
- 05/10/17 06:53 AM
Every year, Gallup surveys CT residents to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks/mutual funds, gold, savings accounts/CDs, or bonds. For the fourth year in a row, Real Estate has come out on top as the best long-term investment! This year’s results showed that 34% of CT residents chose real estate, followed by stocks at 26%. The full results are shown in the chart below. The study makes it a point to draw attention to the contrast of the sentiment over the last four years compared to that of 2011-2012, when gold took the top slot with … (0 comments)
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Last week, in a new report from Zillow, it was revealed that there has been a rash of price reductions across the country. According to the report:
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