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Jan. 19, 2018

Wondering if You Can Buy Your First Home in CT?

There are many people sitting on the sidelines trying to decide if they should purchase a CT home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family, others might think they are too young, and still, others might think their current income would never enable them to qualify for a mortgage.

I want to share what the typical first-time CT homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & Sellers. Here are some interesting revelations on the first-time buyer:

Wondering If You Can Buy Your First Home? | MyKCM

Bottom Line

You may not be much different than many people who have already purchased their first homes in CT. Let’s meet to determine if your dream home is within your grasp. Contact a Real Estate professional from Dave Jones Realty who can assist you with any of your Real Estate needs!

Posted in CT Buyer Tips
Jan. 19, 2018

Prospect CT Commercial Real Estate for Sale, Duracore Radiator

Prospect CT Commercial Real Estate for Sale,

Duracore Radiator 150 Waterbury Road Prospect CT 06712

 

Great opportunity to own this Commercial property on busy Route 69 in Prospect.  

First time offered. Unique opportunity to own on desirable, high traffic count, route 69 in Prospect. Perfect location to start or grow your business. Plenty of parking, 200' of frontage, large office area and customer waiting area. So many possibilities.

$549,900 Contact Dave Jones 203-758-0264

http://150WaterburyRoad.TheBestListing.com

 

COMMERCIAL REAL ESTATE PROSPECT CT

 

COMMERCIAL REAL ESTATE PROSPECT CT

 

COMMERCIAL REAL ESTATE PROSPECT CT

 

COMMERCIAL REAL ESTATE PROSPECT CT

 

Jan. 18, 2018

Thinking of Selling your Ct Home? Now is the Perfect Time!

 

It is common knowledge that a great number of homes in CT sell during the spring-buying season. For that reason, many CT homeowners hold off on putting their homes on the market until then. The question is whether or not that will be a good strategy this year.

The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed the months in which most people listed their homes for sale in 2017. Here is a graphic showing the results:

Thinking of Selling? Now is the Perfect Time | MyKCM

The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,680,000.

That number spiked to 1,970,000 by May!

What does this mean to you?

With the national job situation improving, and mortgage interest rates projected to rise later in the year, buyers in CT are not waiting until the spring; they are out looking for homes right now. If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition amongst buyers.

Bottom Line

It may make sense to beat the rush of housing inventory that will enter the market in the spring and list your home today. Contact a Real Estate professional from Dave Jones Realty who can assist you with any of your Real Estate needs!

Posted in Market Activity
Jan. 17, 2018

The Impact Staging Your Home Has on Sales Price in CT

 

The Impact Staging Your Home Has on Sales Price [INFOGRAPHIC] | MyKCM

Some Highlights:

  • The National Association of Realtors surveyed their members & released the findings of their Annual Profile of Home Staging.
  • 50% of staged homes in CT saw a 1-10% increase in dollar value offers from buyers.
  • 77% of CT buyer’s agents said staging made it easier for buyers to visualize the home as their own.
  • The top rooms to stage in order to attract more buyers are the living room, master bedroom, kitchen, and dining room.

Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs!

Posted in Home Owner Tips
Jan. 16, 2018

Homeownership is an Important Part of the American Dream in CT!!

93% Believe Homeownership Is Important in Attaining the American Dream | MyKCM

CT residents continue to believe that homeownership is important in achieving the American Dream. A recent survey by NeighborWorks America reported that:

“Owning a home remains a core element of the American Dream.”

When asked “How important a part of the American dream is owning a home?”

  • 18% of those surveyed said it was the most important part
  • 53% of those surveyed said it was very important
  • 22% of those surveyed said it was somewhat important

CT Homeownership and Financial Stability

The survey also revealed that 81% of Americans believe that owning a home leads to a family being more financially stable. This feeling was reiterated by Zillow Senior Economist Aaron Terrazas who, in a recent press release, explained:

“After about a two-year slowdown, rent growth is starting to pick back up across the nation…Looking into 2018, rent is expected to continue gaining.

More widespread rent growth could mean home buying demands stay high, as renters who can afford it move away from the unpredictability of rising rents toward the relative stabilityof a monthly mortgage payment instead.” (emphasis added)

Bottom Line

Owning a CT home always has been, and always will be, a crucial part of attaining the American Dream. Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs!

Posted in Market Activity
Jan. 15, 2018

FICO Scores on Approved Home Loans Drop Again in CT!

 

FICO® Scores on Approved Home Loans Drop Again | MyKCM

According to Ellie Mae’s latest Origination Report, the average FICO® Score on all closed loans dropped to 722 which is its lowest mark since April. The average includes all approved refinance and purchase loans.

FHA and VA loans showed the most opportunity for millennials in CT looking to enter the market with low down payments and even lower FICO® Score requirements.

Ellie Mae’s Millennial Tracker revealed that those who purchased homes in December with an FHA Loan were able to do so with an average down payment of 4% and a FICO® Score of only 684.

Joe Tyrell, EVP of Corporate Strategy at Ellie Mae commented on the opportunity this brings to buyers,

“With the average credit score dipping, lenders are extending credit to borrowers who may have had no previous access to the housing market.”

Bottom Line

More and more potential CT buyers are able to qualify for a mortgage loan now! If you are debating a home purchase, let’s get together and evaluate your ability to buy today! Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs!

Posted in CT Buyer Tips
Jan. 12, 2018

The Impact of Tight Inventory on the Ct Housing Market

The Impact of Tight Inventory on the Housing Market | MyKCM

The CT housing crisis is finally in the rearview mirror as the real estate market moves down the road to a complete recovery. CT home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. It seems that the market will continue to strengthen in 2018.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While CT buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

 

National Association of Realtors

“Total housing inventory at the end of November dropped 7.2 percent to 1.67 million existing homes available for sale, and is now 9.7 percent lower than a year ago (1.85 million) and has fallen year-over-year for 30 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace, which is down from 4.0 months a year ago.”

Joseph Kirchner, Senior Economist for Realtor.com

“The increases in single-family permits and starts show that builders are planning and starting new construction projects, that’s a good thing because it will help to relieve the shortage of homes on the market.”

Sam Khater, Deputy Chief Economist at CoreLogic

Inventory is tighter than it appears. It’s much lower for entry-level buyers.”

Bottom Line 

If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price. Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs!

Posted in Market Activity
Jan. 11, 2018

CT Homes Have Regained Equity in the Past 12 Months!

712,000 Homes in the US Regained Equity in the Past 12 Months! | MyKCM

CoreLogic’s latest Equity Report revealed that “over the past 12 months, 712,000 borrowers moved into positive equity.” This is great news, as the share of CT homeowners with negative equity (those who owe more than their home is worth), has dropped more than 20% since the peak in Q4 of 2009 (26%) to 4.9% today.

The report also revealed:

  • The average CT homeowner gained approximately $14,900 in equity during the past year.
  • Compared to Q3 2016, negative equity decreased 22% from 3.2 million homes, or 6.3% of all mortgaged properties.

The map below shows the percentage of homes by state with a mortgage and positive equity. CT has 91.8%!

712,000 Homes in the US Regained Equity in the Past 12 Months! | MyKCM

Significant Equity Is on The Rise

Frank Nothaft, Chief Economist at CoreLogic, believes this is great news for the “housing market.” He went on to say:

“Homeowner equity increased by almost $871 billion over the last 12 months, the largest increase in more than three years. This increase is primarily a reflection of rising home prices, which drives up home values, leading to an increase in home equity positions and supporting consumer spending.”

Of the 95.1% of homeowners with positive equity in the U.S., 82.9% have significant equity (defined as more than 20%). This means that more than three out of four homeowners with a mortgage could use the equity in their current home to purchase a new home now.

The map below shows the percentage of homes by state with a mortgage and significant equity. CT has 74.3%!!

712,000 Homes in the US Regained Equity in the Past 12 Months! | MyKCM

Bottom Line

If you are one of the many CT homeowners who are unsure of how much equity you have in your home and are curious about your ability to move, let’s meet up to evaluate your situation. Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs!

Posted in Market Activity
Jan. 10, 2018

4 Reasons to Sell in CT This Winter

4 Reasons to Sell This Winter [INFOGRAPHIC] | MyKCM

Some Highlights:

  • CT buyer demand continues to outpace the supply of homes for sale which means that buyers are often competing with one another for the few listings that are available!
  • CT housing inventory is still under the 6-month supply needed to sustain a normal housing market.
  • Perhaps the time has come for you and your family to move on and start living the life you desire.

Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs!

Posted in Home Owner Tips
Jan. 9, 2018

Time on the CT Market Drops to New Low in 2017

Time on the Market Drops to New Low in 2017 | MyKCM

The median amount of time a home spent on the CT market hit an all-time low of only three weeks in 2017.

Strong CT buyer demand, a good economy, and a low inventory of new and existing homes for sale created the perfect storm to accelerate the time between listing and signing a contract. The time needed to sell a home has dropped substantially since its highest mark of 11 weeks in 2012.

The chart below shows the median weeks on the market from 1987 to today.

Time on the Market Drops to New Low in 2017 | MyKCM

Bottom Line

If you are a CT homeowner who is debating whether or not to list your home for sale, know that market conditions are primed for a quick turnaround! Let’s get together to discuss exactly what’s going on in our area, today! Contact a Real Estate professional from Dave Jones Realty who can assist with any of your Real Estate needs!

Posted in Market Activity