The Sky is NOT Falling in New Haven County CT…
So don’t be a Chicken Little! Uncover your eyes and find out what is really happening in YOUR local Real Estate Market!
Now that the media moguls have eased up on their mantra “The sky is falling in all Real Estate markets” it seems everyone is finally ready to look more closely at what is happening in their local Real Estate market (information CTHomeTeam reports on monthly on our web sites)
Buyers & Sellers are beginning to realize that in the towns of Milford, Orange, Woodbridge and Bethany we have gone through a softening in prices but clearly no bubble buster. The media chose to focus on what was happening in the hardest hit areas such as California, Nevada and Florida. These places saw prices soar significantly in the last few years. It was here where many buyers, wishing to enjoy the American dream of home ownership, could only do so though the use of risky, subprime and variable rate loans.
Buyers have been anxiously watching the national housing market scenario unfold. However, what savvy Buyers, with the help of a local Realtor, have been focusing on is their local markets. They readily realize that these are the statistics that matter and that now is a good time to buy.
Mortgage Availability – The good news is that all the recent attention to mortgages and the pit falls of those risky subprime loans has focused the efforts and the attentions of FED, government and local lending institutions to come up with better and more secure ways for buyers to enjoy home ownership. As a result, guidelines for many of these programs have been expanded and improved.
According to Scott Mastropietro of NEMOVES.com “Today’s mortgage market has remained somewhat stable over the last two months. Rates in general have remained low and the FED has done its part by lowering prime to 6%. In the upcoming months Fannie Mae and Freddie Mac are going to be raising their loan limits to $729,750 (up from $417,000). This will not only allow more purchases to be made in conforming loan products it will also help current home owners refinance their existing mortgages. There are excellent first time buyer programs in place offering extremely low interest rates along with minimal down payment options for people that qualify. In the opinion of most, if you’re interested in buying a home, today is a great day to start looking!”
Become an Expert on your Local Markets – According to several sources such as Marc Siegal –Chairman of the Board of the Greater New Haven Association of Realtors who reported that “The good news is that the Connecticut real estate market and New Haven County specifically, is part of the froth that is still intact” and more recently Barry Rosa –Vice President of New Homes and Land/Specialty Markets for Prudential reported that ” The fact that Connecticut achieved 87% of last year’s sales with an overall modest price increase is not likely to capture headlines. The reality of the Connecticut real estate market is that market time to sell is up slightly (6.8%), prices showed an average increase of 3.3% and units sold are down by 12.4%.”
The Commercial Record, reports year to date statistics for 2006 to 2007 showing that our area in New Haven County has remained relatively steady (and in some cases such as Woodbridge & Bethany) have actually seen a slight increase in home prices over 2006.
Determining Value – Keep in mind, real estate is a commodity much like stocks such as IBM and, GE . It is the buyers’ perception of value that determines if prices go up or down. New Haven County homes have enjoyed several years of price increases until buyers felt prices no longer reflected their perception of a home’s value. They sent their message to sellers loud and clear by letting the market stall and inventory build. Now that sellers are beginning to list homes with more realistic prices, buyers’ interest is once again being stimulated.
Value Added – Buyers and Sellers alike use the Internet to begin their home searches. What is this home worth? What have homes in the neighborhood sold for? How does this community fit my lifestyle? All these questions can be answered to some extent by visiting various web sites. However, there are questions only a local Realtor can answer as a result of their experience & education. Their professional insight adds value to your Real Estate experience thereby saving you time and money.
A Realtor is trained to showcase your homes features so buyers will see the value you know your home has including perhaps some features you weren’t aware of. Our training extends far beyond the good old days of putting a sign up on your property or writing an ad for the paper. You can advertise your home on the Internet but only Realtors have the resources to ensure your home gets “top billing” on Google, Yahoo and Trulia and many other search engines.
We can help you “stage” your home so a buyer’s first impression will be one that gets your home SOLD!
We network with thousands of other agents locally, nationally and internationally to get the word out on your home.
We keep you abreast of what is happening in your town so you aren’t left “chasing the market”. When it comes time to make or review an offer, we present strategies based on our years of experience in helping people like you buy and sell their home. We work out a solution to line up the terms of the offer and your personal time frame to close the deal.
Real Estate is a commodity but there is an emotional component to this process — it is or will be your home. A process a professional Realtor can help you navigate through successfully. We can be your eyes and ears so that no matter where you are we are making sure things stay on track here. Much like a tour guide who helps you with the ins and outs of a unfamiliar vacation setting. Realtors have the resources and the experience to help you avoid “traps” and navigate successfully though this new and sometimes overwhelming territory.
So uncover your eyes and begin your home buying or selling adventure with a local, professional Realtor as your guide. It’s not so scary out there after all!
Filed under: General Comments, Mortgage & Finance, New Haven CT
