Think Oh, Suzanna had it bad? It's warm and icy today in Hamden. We had an ice storm overnight which left northern Hamden frosted and lovely, and now warmer temperatures and a rain storm to finish things off. This disparity mirrors our real estate market. Great prices and low mortgage rates should equal a hot market, but buyers are giving real estate the cold shoulder. My office is in Whitneyville, a little jewel of a community, just north of the New Haven border. We have tree lined streets, sidewalks and an active merchant community. Prices are moderate. Today there are only 11 houses for sale (on the MLS) in the neighborhood, ranging in price from $160,000 for a fixer upper to $360,000. Most homes are mid-century colonials, with arts and crafts details. If you need gourmet food, you go to Whitneyville Foods. Want to read a book? There's the library on Putnam Avenue or Books & Company, where you can buy or trade a book, and read it there over a hot cup of coffee. We have a great Irish Pub called The Playwright on Whitney Avenue. Feeling a little tense? Try yoga at The Connecticut Yoga Center. This vintage community is a prototype for future urban planning. It is a walkable, sustainable neighborhood. Houses here should be selling like hot cakes, but they are not. They are on the market for months, and when they do go on deposit, it is as "show" status. Getting the mortgages seems to take forever. Buyers are hesitating to buy, just at the time they should be jumping in. We need a catalyst to break these doldrums. Maybe it's CHFA.
CHFA is Connecticut's answer to the Housing Finance Authority (FHA). These insured mortgages are now approved for sales prices up to $347,000 in New Haven County. Buyers can get more than 100% towards the purchase price - up to 106% financing. The rates are fixed and the loans can often close in a month. There are also programs for construction loans. It is worth telling your buyers about this. It may get them to make an offer sooner rather than later.
It may also make sense to contact agents with listings near to yours, if you are thinking of doing an open house. Buyers are often drawn to open houses, if there are several in an area. No need to discuss anything other than that you are having an open house. We don't want to be accused of price fixing or collusion. It is just a way to get some energy in this real estate market - kind of like a neighborhood sidewalk sale. The upside of a slower market is that we agents have to work cooperatively, and that's always a positive, particularly in a convoluted market.
Remember me for your relocation clients coming to Greater New Haven.
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