Home Prices Increase in Every Price Range

Home Prices Increase in Every Price Range | MyKCM

CoreLogic’s Home Price Index (HPI) Report revealed,

National home prices increased 3.6% year over year in July 2019 and are forecast to increase 5.4% from July 2019 to July 2020.

They also analyzed four individual home-price tiers, showing the increase in each.

Here’s the breakdown:

Home Prices Increase in Every Price Range | MyKCM To clarify the methodology, CoreLogic explains,

“The four price tiers are based on the median sale price and are as follows: homes priced at 75% or less of the median (low price), homes priced between 75% and 100% of the median (low-to-middle price), homes priced between 100% and 125% of the median (middle-to-moderate price) and homes priced greater than 125% of the median (high price).”

What does this mean if you’re selling?

Price appreciation can differ depending on your price range. If you’re a homeowner thinking of selling, let’s get together to find out how much your home is increasing in value, so you can price it competitively for today’s market.

 

Sept. 4, 2019

Welcome to the 31st Cheshire Fall Festival and Market Place !

Welcome to the 31st Cheshire Fall Festival and Market Place !

 

Friday September 13th 2019 – Food Trucks
Saturday September 14th 2019 – Cheshire Fall Festival

This September, the Cheshire Chamber of Commerce, in collaboration with the town of Cheshire, will bring the community together to support our local businesses, crafters, farms, orchards, and local non-profits.  The celebration begins on “Food Truck Friday” September 13th and continues to Saturday, September 14th at Bartlem Park in the heart of our town.

On Friday, visitors can expect a variety of food trucks and entertainment provided by Cheshire’s native, Christine Ohlman during the evening. Saturday, September 14th, promises to be a beautiful day filled with booths on display, food and drink, and two stages filled with performances and demonstrations. Come walk our field and see what our local businesses, crafters, and vendors have been up to.  We are beyond excited to announce an updated Car Show for all car enthusiasts! The evening will bring musical performances on the main stage and an inspiring display of fireworks for you, your friends, and family to enjoy.  Be sure to stop by our Cheshire’s 325th Town Anniversary celebration tent to learn more about our community. Come spend the weekend with us and see everything our town has to offer.

 

Posted in Community
Sept. 4, 2019

Noah Webster West Hartford Brew Fest

Ale-tasters unite at Connecticut’s premier beer challenge!

It’s back! Beer you can’t find anywhere else. Join us for the 5th Annual Noah Webster Real Ale Harvest Festival brought to you by the museum and the Harvest family of stores.

21+ breweries create a unique cask of Real Ale good for this one day only and there is a catch. Their brew must include an ingredient from Noah Webster’s 18th-century garden or pantry list.

Certified beer judges and celebrity judges choose the Cask Champion (2-5 p.m. session).

YOU choose the Taster’s Choice Award winner. Your votes will be counted by the official Real Ale Fest accounting team of Clark Hirth CPAs using their weighting system designed just for the event.

Live music at both sessions by Steal Your Funk! Food will be available for purchase.

You will take home a commemorative Real Ale tasting glass and program with full details on each cask entered into the challenge.

Returning brewery contestants include:

Counter Weight Brewing Company (2018 Cask Champion)

New England Brewing Co. (2018 Taster’s Choice Champion)

Aspetuck Brew Lab  *  Alvarium Beer Co.  *  Back East Brewing Company  * Blue Point Brewing

Brewery Legitimus (2017 Cask Champion)  *  Cambridge Brewing Company  * City Steam Brewery

Firefly Hollow Brewing  *  Grey Sail Brewing of Rhode Island  *  Hanging Hills Brewing Company

Hog River Brewing Co.  *  Kent Falls Brewing

New Park Brewing (2016 Cask & Taster’s Choice Champion)

OEC Brewing *  Relic Brewing Co  *  Singlecut Beersmiths  *  Still Hill Brewery

Stony Creek Beer  *   Thomas Hooker Brewery  *  Willimantic Brewing Company

and more to come!

TICKETS NOW ON SALE!
Early bird (thru 8/1) – $45
Advance (thru 9/6) – $50
At the door – $60
Designated Driver – $20

All proceeds from the event will benefit the museum’s educational mission. The Noah Webster House is a 501 (c) 3 non-profit museum. Drink responsibly. Must be 21 with proper ID.

Co-hosted by our friends at Harvest Fine Wine & SpiritsHarvest Wine & Spirits Elmwood, and Harvest Country Store.

Posted in Community
Aug. 27, 2019

A Latte a Day Keeps New Haven Homeownership Away

Cost of home ownershipSome Highlights:

  • The pumpkin spice latte is launching soon, so you may be tempted to spend your extra cash on a daily caffeine fix, but that small expense can add up to a big number – fast!

 

  • Saving for a down payment takes a little discipline, so limiting your extra purchases (like a latte a day from your favorite coffee shop) will help you get there faster.

 

  • Depending on where you live, putting away just a small amount each day will get you to the average down payment you may need for homeownership faster than you think.

 

  • In New Haven County the average home price is $285,000 so you can buy with as little as 3.5% down.   That is a downpayment of $9,975 or about 1.5 Latte's a day!  

 

Interested in how you should get started?   We partner with some of the best Connecticut mortgage people in the business.   Send us a message and we will have them reach out to you today and get you on your way to owning you Dream Home here in Connecticut. 

Posted in CT Buyer Tips
Jan. 7, 2019

Want to Get the Most Money from The Sale of Your Home? Use These 2 Tips!

 

 

Want to Get the Most Money from The Sale of Your Home? Use These 2 Tips! | MyKCM

Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive the maximum value for your house?

Here are two keys to ensure that you get the highest price possible.

1. Price it a LITTLE LOW 

This may seem counterintuitive, but let’s look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below).

Want to Get the Most Money from The Sale of Your Home? Use These 2 Tips! | MyKCM

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. By doing this, the seller will not be fighting with a buyer over the price but will instead have multiple buyers fighting with each other over the house.

HGTV gives this advice:

First impressions are everything when selling your home. Studies have shown that the first two weeks on the market are the most crucial to your success. During these initial days, your home will be exposed to all active buyers.

If your price is perceived as too high, you will quickly lose this initial audience and find yourself relying only on the trickle of new buyers entering the market each day. Markets are dynamic, and your price has an expiration date. You have one chance to grab attention. Make sure your pricing helps you stand out on the shelf — in a positive way.”

2. Use a Real Estate Professional

This, too, may seem counterintuitive. The seller may believe that he or she will make more money without having to pay a real estate commission, but studies have shown that homes typically sell for more money when handled by a real estate professional.

Research by the National Association of Realtors in their 2018 Profile of Home Buyers and Sellers revealed that,

“the median selling price for all FSBO homes was $200,000 last year. However, homes that were sold with the assistance of an agent had a median selling price of $264,900 – nearly $65,000 more for the typical home sale.”

Bottom Line

Price your house at or slightly below the current market value and hire a professional. This will guarantee that you maximize the money you get for your house.

Posted in Market Activity
Dec. 31, 2018

Why You Should Not For Sale By Owner

 

Why You Should Not For Sale By Owner | MyKCM

In today’s market, as home prices rise and a lack of inventory continues, some homeowners may consider trying to sell their homes on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for most sellers.

Here are the top five reasons:

1. Exposure to Prospective Buyers

According to NAR’s 2018 Profile of Home Buyers and Sellers, 95% of buyers searched online for a home last year. That is in comparison to only 13% of buyers looking at print newspaper ads. Most real estate agents have an Internet strategy to promote the sale of your home, do you?

2. Results Come from the Internet

Where did buyers find the homes they actually purchased?

  • 50% on the Internet
  • 28% from a real estate agent
  • 7% from a yard sign
  • 1% from newspapers

The days of selling your house by putting out a lawn sign or putting an ad in the paper are long gone. Having a strong Internet strategy is crucial.

3. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale by Owner:

  • The buyer who wants the best deal possible
  • The buyer’s agent who solely represents the best interests of the buyer
  • The buyer’s attorney (in some parts of the country)
  • The home inspection companies, which work for the buyer and will almost always find some problems with the house
  • The appraiser if there is a question of value

4. FSBOing Has Become More And More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 7% over the last 20+ years.

5. You Net More Money When Using an Agent

Many homeowners believe that they can save on the real estate commission by selling on their own, but they don’t realize that the main reason buyers look at FSBOs is because they also believe that they can save on the real estate agent’s commission. The seller and buyer can’t both save the commission.

study by Collateral Analytics revealed that FSBOs don’t actually save anything, and in some cases may be costing themselves more, by not listing with an agent. One of the main reasons for the price difference at the time of sale is that,

“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.”

If more buyers see a home, the greater the chances are that there could be a bidding war for the property. The study showed that the difference in price between comparable homes of size and location is currently at an average of 6% this year.

Why would you choose to list on your own and manage the entire transaction when you can hire an agent and not have to pay anything more?

Bottom Line

Before you decide to take on the challenges of selling your house on your own, let’s get together to discuss your needs. Call a professional at Dave Jones Realty, llc to help with all your real estate needs. 

Dec. 14, 2018

4 Reasons to Sell Your House This Winter

 

4 Reasons to Sell Your House This Winter [INFOGRAPHIC] | MyKCM

Some Highlights:

  • 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!
  • 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.

Call a professional at Dave Jones Realty, LLC today, for all your real estate needs. 

Dec. 10, 2018

What Does This Mean as a Buyer?

What If I Wait A Year to Buy a Home?

What If I Wait A Year to Buy a Home? | MyKCM

National home prices have increased by 5.4% since this time last year. Over that same time period, interest rates have remained near historic lows which has allowed many buyers to enter the market and lock in low rates.

As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price but instead about the ‘long-term cost’ of the home.

The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Insights Reporthome prices will appreciate by 4.8% over the next 12 months.

 

If home prices appreciate by 4.8% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:

What If I Wait Until 2019 To Buy A Home? | MyKCM

Bottom Line

If buying a home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan. Contact a professional at Dave Jones Realty, LLC for all your real estate needs. 

Posted in CT Buyer Tips
Nov. 29, 2018

Further Proof It’s NOT 2008 All Over Again

Further Proof It’s NOT 2008 All Over Again | MyKCM

Home sales numbers are leveling off, the rate of price appreciation has slowed to more historically normal averages, and inventory is finally increasing. We are headed into a more normal housing market.

However, some are seeing these adjustments as red flags and are suggesting that we are headed back to the same challenges we experienced in 2008. Today, let’s look at one set of statistics that prove the current market is nothing like the one that preceded the housing crash last decade.

The previous bubble was partially caused by unhealthy levels of mortgage debt. New purchasers were putting down the minimum down payment, resulting in them having little if any equity in their homes.

Existing homeowners were using their homes as ATMs by refinancing and swapping their equity for cash. When prices started to fall, many homeowners found themselves in a negative equity situation (where their mortgage was higher than the value of their home) so they walked away which caused prices to fall even further. When this happened, even more homeowners found themselves in negative equity situations which caused them to walk away as well, and so a vicious cycle formed.

Today, the equity situation is totally different. According to a new report from ATTOM Data Solutions more than 1-in-4 homes with a mortgage have at least 50% equity. The report explains:

“…nearly 14.5 million U.S. properties were equity rich — where the combined estimated amount of loans secured by the property was 50 percent or less of the property’s estimated market value…The 14.5 million equity rich properties in Q3 2018 represented 25.7 percent of all properties with a mortgage.”

In addition, according to the U.S. Census Bureau, 30.3% of homes in the country have no mortgage on them.

Further Proof It’s NOT 2008 All Over Again | MyKCM

Almost 50% of all homes have at least 50% equity.

If we take both numbers, the 30.3% of all homes without a mortgage and the 17.9% with at least 50% equity (25.7% of the 69.3% of homes with a mortgage), we realize that 48.2% of all homes in the country have at least 50% equity.

Bottom Line

Unlike 2008, almost half of the homeowners in the country are sitting on massive amounts of home equity. They will not be walking away from their homes if the housing market begins to soften. For more information or to learn about your properties current home value, call a real estate professional at Dave Jones Realty, LLC today! 

 

Posted in Market Activity
Nov. 21, 2018

Will Your Side Hustle Buy You a House This Year?

 

Will Your Side Hustle Buy You a House This Year? | MyKCM

The top concern for most first-time home buyers is their ability to save for a down payment. According to a new survey, 36% of millennials took on a second job to make their dreams of homeownership a reality in 2017.

Among millennials with incomes over $100,000 a year, the top ways to come up with the necessary funds were to sell stocks (20%) or to sell cryptocurrency (16%).

The most popular method of savings was the most traditional; 60% of those saving for a down payment used a percentage of their paychecks to achieve their goal, while 75% of those with salaries over $100k were able to save this way.

For those who have not yet begun to save for their down payment, 32% plan on pursuing additional employment, while 15% plan on driving for a ride-share service as their second job.

Many first-time buyers are mistaken about the down payment needed in today’s real estate market. In fact,

“In a 2017 survey, 68% of renters cited saving for a down payment as an obstacle to homeownership. Thirty-nine percent of renters believe that more than 20% is needed for a down payment and many renters are unaware of low-down payment programs.”

The many benefits of homeownership make the extra jobs, sacrificing new clothes, or skipping vacations well worth it.

Bottom Line

If you have been saving for your down payment for a while now and are curious how much further you have to go, let’s get together to help you determine what priced home you can afford and what size down payment you’ll need. Call a Real Estate Professional at Dave Jones Realty, llc today to get you started! 

Posted in CT Buyer Tips
Nov. 13, 2018

Are Homeowners Renovating to Sell or to Stay?

 

Are Homeowners Renovating to Sell or to Stay? | MyKCM

Over the past few years, two trends have emerged in the housing market:

  1. Home renovations have shot up
  2. Inventory of homes available for sale on the market has dropped

A ‘normal’ housing market is defined by having a 6-month supply of homes for sale. According to the latest Existing Home Sales Report from the National Association of Realtors, we are currently at a 4.4-month supply.

This low inventory environment has many current homeowners worried that they would be unable to find a home to buy if they were to list and sell their current houses, which is causing many homeowners to instead renovate their homes in an attempt to fit their needs.

According to Home Advisorhomeowners spent an average of $6,649 on home improvements over the last 12 months. If that number seems high, it also includes homeowners who recently bought fixer-uppers.

A new study from Zillow asked the question,

“Given a choice between spending a fixed amount of money on a down payment for a new home or fixing up their current home, what would you do?”

Seventy-six percent of those surveyed said that they would rather renovate their current homes than move. The results are broken down by generation below.

 

Are Homeowners Renovating to Sell or to Stay? | MyKCM

More and more studies are coming out about the intention that many Americans have to ‘age in place’ (or retire in the area in which they live). Among retirees, 91% would prefer to renovate than spend their available funds on a down payment on a new home.

If their current house fits their needs as far as space and accessibility are concerned, then a renovation could make sense. But if renovations will end up changing the identity of the home and impacting resale value, then the renovations may end up costing them more in the long run.

With home prices increasing steadily for the last 6.5 years, homeowners have naturally gained equity that they may not even be aware of. Listing your house for sale in this low-competition environment could net you more money than your renovations otherwise would.

Bottom Line

If you are one of the many homeowners who is thinking about remodeling instead of selling, let’s get together to help you make the right decision for you based on the demand for your house in today’s market. Call a Real Estate Professional at Dave Jones Realty, llc for all your real estate needs!