Tolland County Connecticut Market Trends

Tolland County, in Connecticut, is made up of 13 towns, including Ellington Ct, Tolland Ct, Mansfield Storrs Ct, Coventry Ct and Columbia Ct.  The recent pending  home sales and new listings coming on the market are important to watch whether you are a Tolland County home buyer or a seller. 

For the last 30 days the Tolland County area has had 88 residential properties go under deposit and 232 homes have come on the market as new listings, there are currently a total of 903 homes on the market in Tolland County.

Pricing Breakdown for Tolland County Pending Home Sales and Homes For Sale.

Under 200K – 34 homes went under deposit and 54 new listings came on the market – Currently there are 185 homes for sale in this price point.

 200K-300K -  35 homes went under deposit and 88 new listings came on the market – Currently there are 307 homes for sale in this price point.

300K-400K – 15 homes went under deposit and 54 new listings came on the market – Currently there are 211 homes for sale in this price point.

 400K-500K – 2 homes went under deposit and 24 new listings  came on the market – Currently there are 117 homes for sale in this price point.

Over 500K – 2 homes went under deposit and 12 new listings came on the market – Currently there are 83 homes for sale in this price point.

Positioning Your Tolland County Home to Sell

It is imperative, as a Tolland County home seller, that you talk with your Realtor to find out how to get your home pushed to the top of the home buyers list so YOUR home will be one of the “pending” sales in the next 30 days.  Make sure you ask for all current marketing trends while your home is on the market to be sure you are knowledgable about the home selling market and to be sure your home is positioned properly and marketed directly to your pool of buyers in the current marketplace.

We understand that while these are not great numbers, they do show us that homes are still selling!  We are often asked “is anything selling?” and the answer is yes – great marketing, correct positioning in the current market, and making sure your home is available, prepared and ready for any and all showings is crucial. 

Tolland County Home Buyers Have a Lot of  Good Choices and GREAT Mortgage Rates available to Them!

Buyers also need to be aware that homes are selling – in fact, homes that are viewed as well priced for the current market go under deposit, on average, in less than 30 days – that’s a big surprise to most buyers! Good properties, priced correctly, sell very fast to savvy buyers.  Be sure your Realtor is keeping you up to date on market trends too, and when a great property comes on the market you will be educated and able to make a good sound decision about whether or not the property is “right” for you. 

The mortgage rates are fantastic – we are reaching historic lows and the opportunity to buy a great home, at a great price, with great mortgage rates is a rare combination that you will want to take advantage of!

Please send in your comments and let us know what you are seeing in your home selling or buying process.  You can also call – 860-655-4688 or email  with any questions about the purchase or sale of a home in todays market, we are happy to be of help!

Glastonbury Ct Real Estate Market Update

Glastonbury Ct is one of the higher end real estate markets in eastern Ct with many lovely homes and neighborhoods to choose from.  From 11/22/09 – 11/30/09 4 new listings came on the market in Glastonbury and all were priced above 300K.  Five homes went under deposit during this same time period and 3 were priced above 300K, of the 2 homes priced below 3ooK that went under deposit, one is a short sale.  There were 8 homes that went off the market because the listings expired, meaning that the homes did not sell during the time they have been on the market, 7 of the expired listings were priced above 300K.

This has been a difficult market for many Conn Area home sellers, if you want to find out why your home is not selling, and what to do to get it sold, please send  us an email at elaine@theburnsteam.net or you can call 860-429-2853.

South Windsor Ct Real Estate Market Update

South Windsor is also a community where homes sell at a premium and is sought after for it’s location and the amenities offered.  Three homes came on the market as new listings and 1 is priced above 300K, 2 of the properties are REO’s, meaning that the homes have been foreclosed on and are now owned by, and being sold by, the bank.  REO properties can be great bargains, but can also be difficult and complex transactions, we are REO and foreclosure specialists, let us know if you have any questions about how to buy a bank owned property.

Four homes in South Windsor went under deposit, one was priced above 300K and one of the homes that went under deposit is a short sale, priced below 300K.  Four homes that were listed for sale expired and 3 of these homes were priced above 300K

Ellington Ct Real Estate Market Update

Ellington Ct is another highly desirable community in eastern Ct with many wonderful homes and neighborhoods.  This past week there were 3 new listings, 2 priced above 300K.  Three homes went under deposit and 2 were priced above 300K.  Three homes also expired,  2 of these were priced above 300K

Vernon Ct Real Estate Market Update

Vernon is one of the areas more affordable communities, with a wide range of housing options.  This past week 3 homes came on the market as new listings, 2 of the homes are priced under 300K and one  is  a short sale.  Two homes went under deposit, and both are priced below 300K.  Two homes expired, one was priced above 300K

Glastonbury, South Windsor, Ellington and Vernon Ct currently have 386 homes on the market, compared to 396 one week earlier.  14 homes went under deposit, compared to 11 homes one week earlier, 6 of the homes that went under deposit this past week were priced above 300K, compared to  7 priced above 300K one week earlier.

As you can see, there is a wide variety of Conn area homes coming on the market – standard listings, short sales, REO properties and  homes close to foreclosure, the negotiations and complex nature of the transactions have created an even greater need for both buyers and sellers to have expert Realtors, with a great team of professionals, guide them through the process.  Call us to discuss the current real estate market, and how we can help you, at 860-429-2853.

We are tracking the local eastern Connecticut residential real estate activity to keep you up-to-date on the real estate market, and below are the statistics for the past week.

Ashford Ct

Ashford Ct saw one home come on the market as a new listing, priced below 300K, and one home went under deposit, also priced under 300K.

Andover Ct

Andover Ct had 3 homes come on the market as new listings with 1 priced above 300K.  One home, priced over 300K, went under deposit and one home priced below 300K went under deposit.

Pomfret Ct

Three homes on the market in Pomfret Ct had their listings expire, 2 were priced above 300K, there was no other residential real estate activity.

Woodstock Ct

Woodstock Ct had one home, priced below 300K, go under deposit, there were no new homes listed last week.  Ten homes expired, which seems to be very high, sometimes at this time of year sellers do take a break from the market in anticipation that the real estate market will be slow during the holiday season and due to the busy time of year.  Tom and I have often found that this is actually a good time to have a home on the market – with a decrease in listings, your home may be the one to catch a buyers eye.  We have tips and marketing strategies to position our clients homes properly in the market, if you have any questions about when to market your home or why it did not sell, give us a call at 860-429-2853 or email us directly at elaine@theburnsteam.net

Ashford, Andover, Pomfret and Woodstock Ct currently have 153 homes on the market, compared to 163 homes last week.

Windham and Willimantic  Ct

Windham Ct and Willimantic Ct had 6 new listings this past week and all were priced below 300K.  One home, priced below 300K went under deposit and 5 homes, all priced below 300K expired.

Windham Ct and Willimantic Ct currently have 99 homes on the market, compared to 100 homes last week.

Hebron Ct

Hebron Ct had 2 homes come on the market as new listings, there was no other activity for home sales in Hebron Ct.

Lebanon Ct

Lebanon Ct had one home, priced below $300,000, come on the market as a new listing.  Three homes priced under $300,000 went under deposit, and 4 residential listings expired, one was priced above 300K.

Manchester, Ct

Six homes came on the market as new listings in Manchester Ct, 2 are priced above $300,000.  Seven homes, all priced below $300,000 went under deposit and 1 home priced above 300K went under deposit.  One new bank owned property came onto the market (this means the home has been foreclosed on and is now owned by, and being sold by, the bank).   Seven homes priced below 300K expired and one home priced above 300K  had it’s listing expire.

Bolton Ct

Two homes came on the market as new listings, both are priced above 300K.  Two homes, both priced below 300K  went under deposit and two listings expired during this period.

Marlborough Ct

There was no residential real estate activity in Marlborough Ct - everyone was enjoying the  Thanksgiving holiday!

Colchester Ct

Colchester Ct had one new listing priced below 300K  come on the market and one home went under deposit, it was priced above 300K.  During this period 3 homes expired and 1 was priced above 300K

Hebron, Lebanon, Manchester, Bolton, Marlborough and Colchester Ct  have 439 active listings, compared to 464 listings the week before.

During a holiday week, we typically expect the real estate market to be quiet, so it is good to see that a number of homes did go under deposit - we will review the current real estate market again in 7 days, in the meantime,  call us or email any questions you have about the local real estate market in eastern Ct.

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!

Hebron Ct - Hebron had 3 new listings come onto the market in the last 7 days,  2 of these are priced over $300,000.  One listing for a home expired, it was priced at $275,000, 2 homes went under deposit, priced at  244K and 359K.  No new foreclosed home or short sale properties came onto the market.

Lebanon Ct - 4 new Listings came onto the market and  none were  priced above 300K,   there was no other activity for homes for sale in Lebanon Ct.  No homes went under deposit or expired and there were no new forclosed or short sale properties.

Manchester Ct - 9 New Listings with 3 priced above 300K cam onto the market, 4 homes listings expired, they were priced between 199K-244K.  Seven homes went under deposit with only one priced above $300K, 1 Foreclosure and 1 Short Sale property came onto the market and are included in the 9 new listings.

Bolton Ct - 2 New Listings both priced above 300K, no homes expired and 2 homes went underd deposit, both were priced above 300K.  Bolton did not have any foreclosure or short slae homes come onto the market this week.

Marlborough Ct - 2 New Listings came onto the market and one was priced above 300K, No Expireds, No Deposits, No Foreclosures

Colchester Ct - 3 New Listings 1 priced above 300K, No Expireds, No Deposits.   One foreclosure and one short sale home are new to the market (this means that out of the 3 new listings, one is a foreclosed/bank owned home and one is a short sale).

The Total Number of Homes for Sale in the Towns listed above is – 464

The Total Number of New Listings from 11/14/09 -11/21/09 for the above towns is – 23

The Total Number of  New Pending Sales from 11/14/09-11/21/09  - 11

The Total Number of Homes that took price reductions  from 11/14/09-11/21/09 days in the towns  shown above – 24

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:

Tolland Ct - 7 New Listings - 4 above $300,000, No Expired Listings, 0 Deposits, 1 Foreclosure

Willington, Ct - 2 New Listings both below $300,000, 2 Expired listings – both above $300K, 1 Deposit priced at $159,900, No Foreclosures

Coventry, Ct - 5 New Listings – 3 above $300,000, No Expired Listings, 1 Deposit priced at $159,000, 1 Foreclosure

Storrs Ct and Mansfield Ct - 1 New Listing priced above $300,000, 1 Expired Listing priced above $300K, 1 Deposit priced at $184,900, No Foreclosures

Columbia Ct - No New Listings, 1 Expired priced above $300,000, No Deposits, No Foreclosures

Total homes on the market in the Tolland, Willington, Coventry, Mansfield and Storrs Ct as of 11/21/09  –  299

New Listings from 11/14/09-11/21/09 – 15

New Pending Sales from 11/14/09 – 11/21/09 – 3  – all are priced below $200,000

Price Reductions from 11/14/09 – 11/21/09 – 1 – the home is priced below $300,000

Expireds 11/14/09 – 11/21/09  - 4 – all priced above $300,000

Foreclosed or Short Sale Homes New to the Market 11/14/01 – 11/21/09  - 2 – priced well below $300,000

Total Pending Sales as of 11/21/09 - 78

Above $300,000 – 22

$200,000 – $300,000 – 27

Below $200,000 – 29

We expect this time of year that the market will be slower – even with the new homebuyer tax credit extension just being passed, people get busy with friends and family during the holidays.  We will keep you updated on the market and when you need help or advice with your real estate needs, please call us at 860-429- 2853 or send an email to elaine@theburnsteam.net

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:

1 – People who currently own a home will qualify for a $6500 tax credit when they sell their home and buy another one if  they have owned their home for 5 years or more.

2.  Home buyers with higher incomes will also now qualify for the tax credit -  income level limits have been doubled in the new bill and this could help to boost the sales of “move up” properties.  Higher priced homes have had the most difficulty selling in the current  market and the sales of these homes were not helped by the original $8,000 tax credit for first time home buyers only.  At The Burns Real Estate Group and as highly experienced Realtors,  we felt the first time homebuyer tax credit was not  inclusive enough to help provide the kind of stimulus needed in the real estate market, we are glad to see that existing homeowners and higher income earners are now included in the new bill.

Storrs, CT Home Buyers Must Have signed Contracts in Hand by April 30 2010

The extension period for the homebuyer tax  credit goes through to  June of 2010 as long as a buyer enters into a contract to purchase their home before April 30 2010.

Stop the Fraud!

We do not have all the details yet, but it is reported that the new tax credit extension will tighten up the ability of the IRS to stop people from making false claims in order to receive the $8,000 tax credit, which was apparently far too easy to do in the existing first time homebuyer tax credit bill.  As we said in our earlier blog - this bill is meant to help the American people – not scammers who see an easy way to steal.

Unemployment Benefits are Also Extended in the Tax Credit Extension Bill

This bill also includes a 20 week extension of benefits for those who are unemployed, with 7,000 people in the U.S. running out of unemployment benefits every day, Congress had to act on this issue and we are glad to hear this is included in the bill.  Here in Connecticut the average adjusted unemployment rate in September was 8.4% and in towns like Storrs Ct, Tolland Ct, Coventry Ct and other communities surrounding the UConn area, the percentages ranged from 5.5% to 7.5%.  Windham Ct was higher with unemployment at 9.9%.  Our communities are not suffering as badly as some areas in the country but help is needed and the extension of benefits is important.

Let’s help Each other!

We hope that this will help the real estate market and the economy -in the meantime let’s help each other through what has been a very difficult time for many people in this country.  With that in mind,  The Burns Real Estate Group is going to have a contest for the holiday season that will help others and earn the winner some extra cash!  I will be blogging all the details in the next few days,  so if you could use a little extra holiday cash, have some great holiday tips and also want to have money donated to your favorite charity, come back and check it out soon!

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.

Waiting for a Vote in the Senate and the House – Say Yes!

All I can think of when I hear ”say yes” is the show “Say Yes to the Dress” which is a reality TV show about women buying their perfect wedding dress….you can imagine the drama that creates!  So, let’s create a little stir in the real estate market and ask our  politicians in Washington to “say yes to the extension!”   In recent months there was a flurry of activity as buyers needed to close on a house by November 30th in order to qualify for the $8,000 tax credit.  Now that it is early November and a closing on a home takes approximately 6 to 8 weeks,  the opportunity to make an offer on a house and meet the current deadline  is very unlikely and many buyers are waiting to see if an extension of the tax credit will be passed.

Income Limits May Be Raised – More People Can Qualify For the Home Buyer Tax Credit!

The proposal includes an increase in income limits and may help those at higher incomes decide to make a move, which would greatly help our Storrs Ct area real estate market - currently an individual can make no more that $75,000 and a couple cannot make more than $150,000 in order to qualify.  The new proposal would allow the real estate tax credit to be available to individual home buyers who earn up to $125,000 and couples can have a combined income up to $250,000.  As Connecticut real estate experts, we know that the first time home buyer tax credit has not had much of an impact on homes priced in the higher end of the real estate market.  Higher priced homes in Storrs CT and all  surrounding areas  like Coventry, Tolland and Columbia are having much more difficulty selling than homes in the lower price ranges and providing an incentive for move up and higher end buyers makes a great deal of sense for a sustained real estate recovery.

Fraud?  What? 4 year olds can’t buy a house?

Soooooo…….there is a bit of a problem, wish it was not true, but with all the excitement over the first time home buyer tax credit, there are some people trying to commit fraud – take the case of the 4 year old applying for the $8,000 tax credit for her first home purchase - really?  Did they not think anyone would notice a 4 year old filing for a tax credit?  And the best yet – at least 53 cases of IRS employees filing illegal or inappropriate claims for the tax credit?

Go Yankees!

Hopefully when the new bill is passed it will  tighten up on the documentation needed for actually getting the credit  – as the WSJ said “A lack of documentation requirements also makes this program a slow pitch in the middle of the strike zone for scammers”.   Now, I love baseball – our grandson is a good baseball player who is working hard to become an even better player and he has an uncle who is a coach in the Yankees AA program, so we know a bit about baseball and a slow pitch in the strike zone is NOT what you want your team’s pitcher throwing, so…………Go Yankees! Great win last night! And…….. hello Washington politicians!  Let’ get that documentation requirement corrected, this is a bill to HELP the economy, not give money to scammers.

Identity Crisis: A Tale of Two Houses

For the past month or so, we were getting feedback about this home that was very confusing. I have to say I have never seen such diverse opinions from Realtors and clients about the condition of a house!  Some said it was in nice condition, showed well and was priced correctly. Others said it was in horrible condition. One said it smelled of dog so badly that it was clear they do not bathe their dog and did not want to sell the house (yuck). Then one agent noted fleas in the house and said she had to go home and bathe after being inside. This occurred over and over: great feedback, then horrible feedback. I felt like my head was spinning!

When I saw the house, it was clean and in nice condition, nothing extreme either one way or the other. The living room was pretty, kitchen was small but well kept, the hardwood floors were showing signs of wear. But overall it was a cute home and nicely decorated. 

After a really horrific comment, we went to the house again just to be sure things had not changed – and indeed the house was looking good the Sunday afternoon Tom and I visited; the owners assured us that it ALWAYS looked that way.  The next couple of showings went well, feedback was good and we seemed to be on the right track when suddenly, the negative comments started coming in every few showings again.

Feedback Mystery Solved?

One agent’s comments were so bad, that I shuddered to think our clients were actually reading it (something about gagging when they opened the door to the laundry room…not good). When I checked with the wife, she told me that she had stopped looking at the feedback as it was “bothering” her. I called another time and reached her husband, asked him what he thought, and he told me he was unaware of the negative feedback.

I was now starting to think that these two may not be on the same page about selling their house.

In fact, early on she had said that she wanted to move more than her daughter and husband did, but why were the showings getting such wildly different feedback?  Could someone be sabotaging the showings?  I truly began to wonder if this was possible as nothing else made sense.

Staging Matters: A Good Showing Can Bring a Full Price Offer

While this was going on, during one of the “good” showings, we received an offer, entered into negotiations and finally achieved full price for our clients……….and………..

They decide not to sell the house.

Now, I have to say this is one listing that really has made my head spin at every turn!  We are pretty good at helping our clients achieve their goals, but it does help to know what the goals are…………..!

Silver Lining for Other CT Home Owners

The good news is that we are seeing some very strong movement in the first-time home buyer market, as the $8,000 tax credit seems to be getting people off the fence and making decisions about buying a home. Even the move-up market is starting to see a bit more activity.

And……I love the fall weather, it is gorgeous here in New England and I am looking forward to getting more of our clients great offers.  Hopefully they will want to sell?

What can you do…onward and upward!