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?

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

Comments

Great questions from buyers in this CT area and you know how to answer them so well Ed!  The man of choice in real estate.

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate) 2 months ago

Good morning Ed.  Thanks for keeping us updated about the central Connecticut real estate market.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) 2 months ago

Hi Ed... I was interested to read that your bank approvals are taking 5-6 weeks. I have been closing homes, including VA and FHA loans, in 30 days on average. I consider a 35 day close a longish one. Amazing how different markets can ben.

Posted by Nina Hollander, Your Charlotte/Waxhaw/Fort Mill Area Realtor (RE/MAX Executive | Charlotte, NC) 2 months ago

Every where i go here in NH too, people ask about the market. Great answers to those questions on the CT market Ed Silva 

Posted by Scott Godzyk, One of Manchester NH's Leading Agents (Godzyk Real Estate Services) 2 months ago

Ed- you just showed what a sharp, professional agent needs to know, and that is know what your market is at all times. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 2 months ago

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 2 months ago

It's obvious that YOU have done your homework as it pertains to your local housing market, Ed ... and that's pretty darn impressive to be able to provide that info to these future Sellers as you did.  Well done!  And best of luck on that future listing ... 

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) 2 months ago

Ed you provide that person with excellent answers.

By the way 8% is what I use as a rule of thumb when I am pre-qualifying a Borrower who also has a property to sell, and I am surprised how many times this is the first time they are hearing that it will cost more than just the Realtor commission to sell their property.  I would have expect that to have been one of the first things their Realtor would have gone over with them.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) 2 months ago

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