Storrs is a picturesque area to live, yet offers big city amenities and entertainment just minutes away. One of my favorite things about the Storrs, CT area is that even though I can enjoy a small town atmosphere, wonderful neighborhoods, plenty of space, and unique local flavor, I can also enjoy many different experiences without really having to travel. The Storrs, CT community is ideally located to offer residents many options of entertainment, all within a day’s drive.
The Latest Ct Real Estate Statistics
We are tracking the latest real estate statistics for residential properties, last week was Thanksgiving, and typically a slow time for home sales in Connecticut, but there is always some activity in the real estate market and this is what happened in real estate for the following eastern Connecticut towns.
Tolland Ct Real Estate
One new listing came on the market, priced below $300,000. Three home listings expired, 2 were priced below $300,000 and one priced above, two homes went under deposit, one priced above $300,000.
Willington Ct Real Estate
Willington Ct did not have any homes come on the real estate market as new listings, and did have one home go under deposit that was priced above $300,000.
Coventry Ct Real Estate
Coventry Ct had two homes come on the market as new listings last week and both are priced below $300,000 – one of these new listings is a short sale, meaning that the seller owes more on the mortgage than the current market value of the home. Tom and Elaine Burns are short sale specialists, if you are a buyer or seller and need help or have questions about short sales or foreclosures, please give us a call.
Columbia Ct Real Estate
Columbia Ct did not have any new listings come on the market this week and there were 3 homes that has their listings expire, one was priced above $300,000. Two homes went under deposit and both were priced below $300,000.
There are Currently 285 Homes For Sale in Tolland, Willington, Coventry, Storrs, Mansfield and Columbia Ct, Compared to 299 Homes One Week Ago.
146 of the homes are priced above $300,000. Six homes in these towns went under deposit from 11/22/09 – 11/30/09, two were priced above $300,000, compared to 3 homes priced below $300,000 going under deposit the week before. n homes expired, (meaning the homes did not sell during the time they were on the market and the listing has now expired), five of the expired listings were priced above $300,000.
Four new listings(compared to 15 the week before) came on the market and 1 is a short sale. We will check in again, in about 7 days with more updates, in the meantime, call us at 860-429-2852 and let us know if you have any questions!
Real Estate Activity in Tolland Ct, Willington Ct, Coventry Ct, Storrs Ct, Mansfield Ct and Columbia Ct from 11/14/09 – 11/21/09
We know it can be hard to track the real estate market, the numbers come out long after the actual activity has occurred. Tom and I are going to keep you up-to-date on current, local real estate activity in the Eastern Ct towns we cover on a weekly basis. We will track how many new listings come onto the market, how many homes have sold, how many foreclosures and short sales come onto the market and how many homes go under deposit and in what price ranges. We will cover a number of towns, this is the real estate activity from 11/14/09 – 11/21/09 for the following towns:
The Homebuyer Tax Credit Extension is Passed!
The Homebuyer Tax Credit extension has been passed into law. The new extension has some additions to the original bill and is going to open the homebuyer tax credit to a larger pool of buyers in the following manner:
First Time Home Buyer Extension Plus a Tax Credit for Everyone Who Has Owned Their Home For 5 Years
The new proposal extending the first time home buyer tax credit that is due to expire on November 30th is still working it’s way through Washington, Senate leaders have agreed to support extending the $8,000 first time homebuyer tax credit which will also offer a tax credit of up to $6500 to buyers who already own a home. In order to qualify for the $6500 credit, repeat home buyers will need to have owned their current home for at least 5 years. The new extension, if approved by the full Senate and then voted on and approved by the House, will allow buyers to have until April 30th 2010 to get a signed purchase and sales contract on a home and then they will have until June 30th to close.
Yes, we were pleased when, after having our clients home on the market for a number of months, we finally got them a full price offer! The house had been languishing on the market, and after reviewing market statistics with them, they followed our advice to use our “Current Pricing Strategy” along with some unique marketing strategies. Almost immediately the showings for their home increased dramatically, and within 3 weeks they received a full price offer.
Identity Crisis: A Tale of Two Houses
Changes are about to occur with FHA in Connecticut and throughout the country, the conditions needing to be met for a condominium complex to be approved for FHA backed financing will change as of Oct. 1, 2009 . Currently, a complex can be on the FHA approval list with 50% of the units having mortgages insured by FHA. Looking to reduce their risk as the number of loans they have insured in the last 2 years has soared, FHA will now only approve a condominium complex with no more than 30% of the units having mortgages insured by FHA.
The FHA website offers a “pre” Oct. 1st approval list and a “post” list – much to my surprise, there are currently no condominium complexes in Connecticut on the “post” list. I assume that the transfer of information has not been completed yet, but it does give me pause to realize that if a complex was not approved by FHA within the last year, the complex will now have to reapply for approval and I am told that process will take a minimum of 4-6 weeks.
At a recent FHA seminar, the discussion was held that the current list of over 10,000 currently approved condominium complexes will be reduced to 400-500 approved complexes for the entire country. This is only until the complexes area able to obtain a new approval, but given the new restriction on 30% or less of FHA mortgage insured units, many of these complexes will not be able to overcome that barrier for years to come.
One of the Attorneys we work with closely has stated that the expectation at the FHA seminar was that only one in 200 currently approved complexes will retain their approved status. We see many of our first time home buyers buying condominiums under $200,000 and up to $250,000 in the Storrs, Coventry, Glastonbury, Tolland, Manchester, South Windsor , Willington and Vernon areas with an FHA backed mortgage, so some creative challenges will be facing Realtors, sellers and buyers with these new changes.
FHA has become a central player in financing as a buyer can be approved for an FHA backed loan with as little as 3.5% downpayment. Most banks and lenders are no longer approving loans with a 3.5% downpayment unless it is guaranteed by FHA.
These changes will take place as of October 1st and if you are a buyer or a Realtor with a client involved in a condo transaction I would strongly encourage you to have the lender get the FHA case number on or before September 30th.
The Storrs and Connecticut real estate markets are starting to take off (like somebody has been telling you…), and now I’ve got some great points to prove what I’ve been saying all along.
1. Uncle Sam Wants You!
…To buy a house. For one, first time home buyers can receive a tax credit of up to $8000. That’s a heck of a lot of scratch. And check this out- “first time” buyers are considered people who haven’t owned in the last three years. It doesn’t really have to be your first house! Also, interest rates are historically low right now, aaannnddd….. The Fed is doing everything it can to free up loan money. Continue reading
$8,000 Tax Credit for First-Time Home Buyers
Great news for Connecticut first-time home buyers in 2009! The stimulus plan that President Obama signed into law contains a new $8,000 tax credit for qualified first-time home buyers. And, unlike the $7,500 tax credit from last year, this credit does NOT have to be repaid to the government…as long as you stay in the home for at least 36 months after the purchase date.
Remember, a tax credit is much more valuable than a tax deduction. A tax credit reduces dollar for dollar the amount of tax you owe. A deduction merely reduces the amount of your income that is taxable. This means the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset.
The latest news out of Washington is that the proposed stimulus bill will include an $8000 tax credit – unlike the proposal from Senator Lieberman, the tax credit will not apply to everyone buying a primary residence and will apply to first time home buyers. The buyer will not be required to pay back the tax credit when they sell their home.
The latest statistics from The Greater Hartford Associaton of Realtors has also been released for 2008 and the average sale price in the Greater Hartford area declined 5.27%. This is in stark contrast with some areas of the country which have been hit by double digit price decreases. The number of sales in this region decreased by 19.30% and the sold properties closed, on average, within 4.5% of the listed price.
In our experience The Burns Real Estate Group, we have been seeing a lot of confusion about current pricing and what to expect as either a buyer or seller in the current market. In our next blog we will report on the January 2009 sales and pending sales in the Greater Hartford area.