Well, it seems we are starting to get over that long and dreary winter of 08 and signs of spring and a Spring Market are starting to appear. As of March 19th, 34 homes in Milford CT have gone on deposit the Average List Price has gone up from $395,332 in February to $416,642. Another sign of new life in Milford CT real estate market is the Days on Market which has gone down from 112 days in February to 97 days so far in March. Go to www. CTHomeConsultant.com to view graphs for Milford CT home sales.
Many of the ‘seeds' needed to support a solid housing market have been planted - a feeling of hope and confidence in our new administration, the $8000 home credit which applies not only to first time buyers but also to most buyers who have not purchased a home in the last 3 years and interest rates hovering in the low 5s. Like all good gardeners -you need good seeds and the some fertilizer to enhance their growth-and now with housing prices repositioned to 2003 or better-before the bubble began ,buyers are doing their homework and no longer driven by impulse buying providing a solid basis for long term goal- Home ownership.
On a very local level, Milford CT has received $750,000 into the city's housing rehabilitation program which doubles the number of homes that it can serve. This grant is through the HOME Investment Partnership Program which is federally funded and offers a variety of loans and grants to develop and support affordable housing. It is administered through the state Department of Economic and Community Development.
According to the March 18, 2009 CT Post " Houses valued at $294,00 or less after the improvements, owned by individual or families earning 80 per cent or less of the city's median income can qualify. Milford's median income for a family of four is $61,500."
In addition to rehabilitating homes, they have expanded the grant to include expanding the living space of homes deemed too small for a family if the lot allows.
If you would like more information about Milford CT real estate or would like to get the word out on a Milford event- contact me donna @CTHomeConsultant.com.