ct real estate in 2017: Existing CT Home Sales Reach Highest Annual Pace in 11 Years!
- 12/22/17 07:20 AM
Some Highlights: Existing CT home sales are currently at an annual pace of 5.81 million, the highest pace since December 2006. The inventory of existing homes for sale in CT has dropped year-over-year for the last 30 consecutive months and is now at a 3.4-month supply. NAR’s Chief Economist Lawrence Yun had this to say: “Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end.” Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs! … (0 comments)
ct real estate in 2017: CT Housing Prices Are NOT Heading for Another Crash
- 12/22/17 07:11 AM
As CT home values continue to increase at levels greater than historic norms, some are concerned that we are heading for another crash like the one we experienced ten years ago. The lenient lending standards of the previous decade (which created false demand) no longer exist. But what about prices? Are prices appreciating at the same rate that they were prior to the crash of 2006-2008? Let’s look at the numbers as reported by Freddie Mac:
The levels of appreciation we have experienced over the last four years aren’t anywhere near the levels that were reached in the four years prior to … (1 comments)
ct real estate in 2017: CT Home Prices Up 5.96%!
- 12/15/17 06:26 AM
Some Highlights: The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report. Based on the latest numbers, if you plan on relocating to CT, waiting to move may end up costing you more! Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs! … (1 comments)
ct real estate in 2017: CT Networth of Homeowners 44X Greater Than Renters
- 10/12/17 10:08 AM
Every three years, the Federal Reserve conducts a survery in which they collect data across all economic and social groups. The latest survey data, covering 2013-2016 was released two weeks ago. The study revealed that the 2016 median net worth of CT homeowners 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 CT homeowner is over 44 times greater than that of a renter. Owning a CT home is a great way to build family wealth As I’ve said before, simply put, … (0 comments)
ct real estate in 2017: 58% of CT Homeowners See A Drop in Home Values Coming
- 08/17/17 06:22 AM
According to the recently released Modern Homebuyer Survey from ValueInsured, 58 percent of homeowners think there will be a “housing bubble and price correction” within the next 2 years. After what transpired just ten years ago, I can understand the concern CT residents have about the current increase in home prices. However, this market has very little in common with what happened last decade. The two major causes of the housing crash were: A vast oversupply of housing inventory caused by home builders building at a pace that far exceeded historical norms. Lending standards that were so relaxed that unqualified buyers could easily obtain financing thus enabling them … (0 comments)
ct real estate in 2017: CT Homes Have Positive Equity!
- 08/10/17 06:25 AM
CoreLogic’s latest Equity Report revealed that ninety-one thousand residential properties regained equity in Q1 2017. The outlook for 2017 remains positive as well, as an additional 600 thousand properties will regain equity if home prices rise another 5% this year. The study also revealed that: Roughly 63% of all homeowners have seen their equity increase since Q1 2016 The average CT homeowner gained about $14,000 in equity between Q1 2016 and Q1 2017 Only 1.6% of residential properties are near-negative equity Below is a map showing the percentage of homes with a mortgage, in each state, that have positive equity.
Significant Equity Is … (0 comments)
ct real estate in 2017: How Long Do Most Families Stay in Their CT Home?
- 08/10/17 06:17 AM
The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of the data points that 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, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost nine 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 … (0 comments)
ct real estate in 2017: CT Home Inventory Drops Again, Sales Slow
- 07/28/17 06:21 AM
Highlights: Existing CT Home Sales are now at an annual pace of 5.52 million. Inventory of existing CT homes for sale dropped to a 4.3-month supply, marking the 25th month in a row of declines. The median price of homes sold in CT in June was $263,800. This is the 64th consecutive month of year-over-year price gains. Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs! … (0 comments)
ct real estate in 2017: 3 Tips To Succeed in Today's CT Real Estate Market
- 07/19/17 06:24 AM
In today’s highly competitive CT real estate market, where inventory levels are not keeping up with the constant stream of buyer demand, there are steps you can take to ensure you are most prepared for success when buying a home. The 3 tips I am going to expand on today come from a recent blog by Trulia entitled, The Skinny on Skinny Inventory. 1. Be Prepared “CT homebuyers should talk with a lender, real estate professional from Dave Jones Realty, and a home inspector BEFORE finding a home to make an offer on.” Being intentional, pre-approved, and prepared will set you up for the accelerated time … (0 comments)
ct real estate in 2017: Epic CT Housing Shortage Being Reported
- 07/06/17 06:20 AM
The Joint Center of Housing Studies (JCHS) at Harvard University recently released their 2017 State of the Nation’s Housing Study, and a recent blog from JCHS revealed some of the more surprising aspects of the study. The first two revelations centered around the shortage of CT housing inventory currently available in both existing homes and new construction. Regarding Existing CT Home Inventory: “For the fourth year in a row, the inventory of homes for sale not only failed to recover, but dropped yet again. At the end of 2016 there were historically low 1.65 million homes for sale nationwide, which at the current sales rate was just 3.6 months … (0 comments)
ct real estate in 2017: Your Opportunity to Achieve the American Dream in CT Getting Better!
- 07/05/17 06:21 AM
Forbes.com recently released the latest results of their American Dream Index, in which they measure “the prosperity of the middle class, and…examine which states best support the American Dream.” The monthly index measures several different economic factors, including goods-producing employment, personal and commercial bankruptcies, building permits, startup activity, unemployment insurance claims, labor force participation, and layoffs. The national index score was rounded out to 100.0 in January as a baseline for comparison and it rose the fourth straight month in a row to 101.8. The full results can be seen in the map below.
Forbes Senior Editor Kurt Badenhausen explained why many states saw a boost in the index … (0 comments)
ct real estate in 2017: NAR Data Shows It's A Great Time To Sell in CT!
- 07/03/17 06:18 AM
We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. Two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that now continues to be a great time to sell your house in CT. Let’s look at the data covered in the latest REALTORS® Confidence Index and Existing Home Sales Report. Every month, NAR surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions.” This month, the index showed (again) that CT home-buying demand continued to outpace supply in May. The map below illustrates buyer demand broken down … (0 comments)
ct real estate in 2017: The Supply & Demand Problem Plaguing New Construction in CT
- 06/23/17 06:30 AM
Many Real Estate economists have called on new home builders to ramp up production to help relieve the shortage of inventory of homes for sale in CT. The added inventory would no doubt aid buyers in their search to secure their dream home, while also helping to ease price increases throughout the country. Unfortunately for builders, there are many forces that are making it difficult for them to do just that! Last week at the National Association of Real Estate Editors 51st Annual Conference,CoreLogic’s Chief Economist Frank Nothaft broke down the 4 ‘L’s of New Home Construction: Lots, Labor, Lumber, and Lending. The concept of supply and demand is … (0 comments)
ct real estate in 2017: Are CT Home Prices Approaching Bubble Territory?
- 06/19/17 06:42 AM
As CT home values continue to rise, some are questioning whether we are approaching another housing bubble. Zillow just reported that: “National home values have surpassed the peak hit during the housing bubble and are at their highest value in more than a decade.” Though that statement is correct, we must realize that just catching prices of a decade ago does not mean we are at bubble numbers. Here is a graph of median prices as reported by the National Association of Realtors (NAR). We can see that prices rose during the early 2000s, fell during the crash and have risen since 2013. However, let’s assume there was no housing bubble … (0 comments)
ct real estate in 2017: CT Homeownership is a Good Financial Investment!!!
- 06/19/17 06:15 AM
According to a recent report by Trulia, “buying is cheaper than renting by an average of 33.1%.” The report may have some people thinking about buying a CT home instead of signing another lease extension, but does that make sense from a financial perspective? Ralph McLaughlin, Trulia’s Chief Economist explains: “Owning a CT home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house.” The article listed five reasons why owning a CT home makes financial sense: CT Mortgage payments can … (1 comments)
ct real estate in 2017: How's the CT Real Estate Market? Find Out What Experts Are Saying
- 05/30/17 06:45 AM
As we head into summer, it is a great time to review how the 2017 CT real estate market is doing so far. Here is what the experts are saying: Doug Duncan, Fannie Mae Chief Economist “Positive demographic factors should continue to reshape the housing market, as rising employment and incomes appear to be positively influencing millennial homeownership rates.” Diana Olick, CNBC “Even as more homes come on the market for this traditionally popular sales season, they're flying off fast, with bidding wars par for the course. Home prices have now surpassed their last peak, and at the entry level, where demand is … (0 comments)
ct real estate in 2017: 3 Reasons the CT Housing Market is NOT in A Bubble!
- 05/15/17 10:54 AM
With CT housing prices appreciating at levels that far exceed historical norms, some are fearful that the market is heading for another bubble. To alleviate that fear, we just need to look back at the reasons that caused the bubble ten years ago. Last decade, demand for CT housing was artificially propped up because mortgage lending standards were way too lenient. People that were not qualified to purchase were able to attain a mortgage anyway. Prices began to skyrocket. This increase in demand caused homebuilders in many markets to overbuild. Eventually, the excess in new construction and the flooding of the market with … (0 comments)
ct real estate in 2017: Financial Planning: 4 Reasons to Buy a CT House Today
- 05/10/17 07:43 AM
CT Home-ownership will always be a part of the American Dream. There are advantages to owning your own home (educational, health, social) that far transcend any economic impact. However, we want to look at several of the financial advantages of home-ownership in today’s post. 1. Buying is Cheaper Than Renting The results of the latest Rent vs. Buy Report from Trulia show that CT home ownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. The report reveals that: “Interest rates have remained low, and even though home prices have appreciated around the country, they … (1 comments)
ct real estate in 2017: Inventory Shortages Are Slowing Down the CT Market
- 05/10/17 07:04 AM
The CT real estate market is moving more and more into a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again. However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While CT buyer demand looks like it will remain strong throughout the summer, supply is not keeping up. Here are the thoughts of a few industry experts on the subject: Lawrence Yun, Chief Economist at NAR: "Sellers are in the driver's seat this … (0 comments)
ct real estate in 2017: 15,014 Homes Sold Yesterday. Did Yours?
- 04/10/17 05:47 AM
There are some CT homeowners that have been waiting for months to get a price they hoped for when they originally listed their house for sale. The only thing they might want to consider is... If it hasn't sold yet, maybe it's not priced properly. After all, 15,014 houses sold yesterday, 15,014 will sell today and 15,014 will sell tomorrow.15,014!That is the average number of homes that sell each and every day in this country, according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. NAR reported that sales are at an annual rate of 5.48 million. Divide that number by 365 (days in a year) and we … (0 comments)
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Some Highlights: Existing CT home sales are currently at an annual pace of 5.81 million, the highest pace since December 2006. The inventory of existing homes for sale in CT has dropped year-over-year for the last 30 consecutive months and is now at a 3.4-month supply. NAR’s Chief Economist Lawrence Yun had this to say: “Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end.” Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs!
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