Ed's Chesprocott Region Blog

So How's The Central Connecticut Real Estate Market Going?

So How's The Central Connecticut Real Estate Market Going?

That is a question we agents get quite often from people who are more than just curious. People want to know if hoe values are going up as they look at their homes in a similar light as they might look at an investment report.

At a recent social breakfast that question came up from someone seated at my table and the interest was genuine. They expected to be selling their home in a few short years, and had a more than passing interest in the type of homes selling and the values. From doing market reports monthly, the values were easy to be discussed, and the questions that were asked all got the answers they sought.

So How's The Central Connecticut Real Estate Market Going?

By the end of the breakfast I felt like I had been doing a listing presentation where all that was missing was to sign the listing agreement.

Questions asked were all pertinent to the state of the housing market in their home town.

What value homes are selling?    In most areas of Central Connecticut, homes under $300,000 in value are getting the most action.  Larger homes are sitting as they are typically move-up buyers and as the economy in Connecticut is not flourishing, owners of larger homes are reluctantly having to wait longer to sell.

Are there any buyers in the market?   There are qualified buyers in the market and they are also very shrewd as they know that it is still a market to their advantage and they have the power for negotiating a good deal.

How long is it taking to get mortgage approval?  Banks are cautious with their loans so the average time to get through the process running 5-6 weeks, unless the buyers have taken the time up front to get pre-approved.

What are the fees associated with closing?  Sellers can expect to leave as much as 8% of the gross sales price behind to cover commissions, conveyance tax, which is actually a sales tax with both the towns and the state splitting 1.25% of the proceeds.

Does the seller have to pay tax on the gain of the sale?   For single people there is a Federal exemption of $250,000 on the sale of a principle residence, and $500,000 for married couples.  The home must have been their principle residence for the previous 5 years.  If selling and moving to a second home, after a second 5 year period, they will again qualify for the exemptions.

As agents, we never know when we will be approached by a potential client, and being on top of the activity in the market will allow us to make a positive statement .

For sellers it is essential to have a sales price on your home consistent with the most recent activity. We offer free market evaluations to assist you in your sale.

If you would like information on homes for sale in Central CT  please call me at 203-206-0754 or send me an email. I would be happy to assist you or to discuss homes on the market in Central CT.

So How's The Central Connecticut Real Estate Market Going?

 

 

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Whether looking to buy or sell, we service the Greater Waterbury towns of Beacon Falls, Bethany, Cheshire, Naugatuck, Middlebury, Southington, Thomaston, Waterbury, Watertown and Wolcott 

Ed Silva  RE/MAX Professionals,  www.edwardsilva.com  203-206-0754

Comment balloon 8 commentsEd Silva • April 19 2017 11:08AM
So How's The Central Connecticut Real Estate Market Going?
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