Location, location, location. Never has this old adage been more important in real estate. In this volatile market, there are great buying opportunities, but I would only consider properties in the most desirable areas. The Spring market is almost here, and more buyers are out looking, but they are taking their time to make decisions. Their theme is fear: fear of deflation, fear of unemployment and a general insecurity about the economy. I remember a similar market in the early 1990s. What I remind my buyers is that we came roaring back from those recession lows to all time high prices in real estate. Prices peaked in 2005. Since then, we have backtracked 10% or so, which is not unreasonable considering that prices doubled in the past five years. I look for a slide of 5% or so in the coming year, then stabilization. Mortgage rates are so low, that they are going to stimulate buying this Spring. Our inventory is still quite low, with sellers opting to take their homes off the market rather than accepting very low offers. Unfortunately, those that have to sell are facing the toughest going. Buyers can smell fear and are responding with very low bids. The result is a stalemate with very few sales.
I have been talking to and meeting with mortgage officers in the past month. Lending is responding, as expected in a capitalist economy, with innovative new products to facilitate the mortgage process for borrowers. The only caveat is that borrowers need to have good credit scores, often 680 or better, for conventional loans. As a result, FHA loans are back with a vengence, because their requirements are less vigorous. It's worth meeting again with your lenders to find out what new products are being offered for your clients. Housing is not a luxury. It is a basic need, and people are still trying to find a way to home ownership. Pent up demand will help turn this real estate market around.
Why live in Hamden? In three words, "location, location, location." Directly north of New Haven, Hamden is centrally located between Boston and New York City, with easy highway access to all parts of Connecticut. The town offers distrinctively different neighborhoods which surround each of the ten elementary schools. There is a wonderful diverisity of people and cultures. There are true walking neighborhoods, where you don't need a car to shop and commute to work in New Haven. Town residents have access to municipal services and many cultural events. This is a college town, home to Quinnipiac University, as well as several other colleges and day schools. Many professors choose to live in town for the convenience and the relaxed neighborhood lifestyle.
Do you have clients relocating to New Haven, or to work at Yale, Quinnipiac or Southern Connecticut State Universities? If so, please consider referring them to me. Since 1991, I have worked diligently to know my clients and their real estate needs. I have successfully sold in good or bad markets and will use my skills and experience to help your clients make good decisions when buying or selling.
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