Most people have heard that annoying sound - a mouse running through the wall or in the rafters of the garage. Often these problems can be solved quickly by luring them out and plugging the openings they entered through. But what if the unwanted animals are in your chimneys? With the colder weather an evening by a warm fire sounds wonderful but you may find that a family of citters has moved in the needs to be evicted before using.
Animals love to nest in chimneys, especially when they are creating a safe environment for raising young ones. Raccoons, squirrels, bats birds all love making nests in the quiet, dark recesses of the house and an unused chimney is perfect. Before lighting the first fire you should check for guests. When opening the damper, you may be surprised to find a small animal drop into the fireplace or at least their droppings.
At this point, some people think that smoking the unwanted critters out is an easy course of action. However, if this typically just smokes out the house and if the unwanted guests include babies, they may not be able to move quickly and the smoke approach is simply cruel and ineffective. The best course of action is to use patience and shine a bright light into space. This eliminates the cozy environment they crave and they will leave.
Once the animals are gone, there are a wide variety of guards and screens which can prevent animals from coming back. Cold weather affects the animal kingdom as much as the human one; a quick look up the chimney can save a lot of smoke and hassle.
Are Adjustable-Rate Mortgages Making a Comeback In Connecticut?
Homebuyers have had a rough time lately. First, the frenzied housing market stymied so many offers and caused frustration due to lack of inventory. Now that the pace and prices are starting to drop, interest rates have ticked up to alarming levels. While some buyers are postponing their purchase, those still in the market are starting to consider more creative financing, including an ARM (Adjustable-Rate Mortgage)
What is an ARM
Unlike a 30-fixed mortgage, as the name suggests the interest rate of an ARM can change over the course of the loan. The interest rate is based on an index, such as the one year T-Bill. Additionally the timing of adjustment is fixed in the loan documents, so the borrower knows how to plan for changes. For example. a 5/1 ARM means that initial interest rate is fixed for the first five years and then can adjust once a year for the remaining 25. Likewise, a 7/1 ARM has a fixed period of 7 years. There are also built-in protections to ensure that the adjustments are reasonable. These are limits to how high adjustment (or reduction) can be assessed at each point and an overall cap on the interest rate.
The advantage of an ARM is to allow more buying power to buyers by starting with a lower interest rate than that available in a 30-year fixed loan.
Your House Could Be the #1 Item on a Homebuyer’s Wish List During the Holidays In Connecticut
Each year, homeowners planning to make a move are faced with a decision: sell their house during the holidays or wait. And others who have already listed their homes may think about removing their listings and waiting until the new year to go back on the market.
The truth is many buyers want to purchase a home for the holidays, and your house might be just what they’re looking for. Here are five great reasons you shouldn’t wait to sell your house.
1. While the supply of homes for sale has increased this year, there still aren’t enough homes on the market to keep up with buyer demand. As Nadia Evangelou, Senior Economist & Director of Forecasting at the National Association of Realtors (NAR), explains:
“There’s still this gap between demand and supply because we were underbuilding for many years. . . . So now we see demand is slowing, but it still outpaces supply.”
2. Serious homebuyers are out looking right now. Millennials are driving homebuying demand today, and many are eager to make a purchase. Mark Fleming, Chief Economist at First American,explains:
"While not the frenzy of 2021, the largest living generation, the Millennials, will continue to age into their prime home-buying years, creating a demographic tailwind for the housing market.”
3. The desire to own a home doesn’t stop during the holidays. In fact, homes decorated for the holidays appeal to many buyers. Plus, purchasers who look for homes during the holidays are ready to buy.
4. You can restrict the showings in your house to days and times that are most convenient for you. That can help you minimize disruptions, which is especially important this time of year.
5. Rents have skyrocketed in recent years. And, many buyers are looking to escape rising rents and avoid falling into the rental trap for another year. As an article from Zillow says:
“Over the next 12 months, rents are expected to grow more than inflation, the stock market and home values."
Your home could be their ticket to leaving renting behind for good.
Bottom Line
There are still many reasons it makes sense to list your house during the holiday season. Let’s connect to determine if selling now is your best move.
What Buyers Need To Know About the Inventory of Homes Available for Sale In Connecticut
If you’re thinking about buying a home, you’re likely trying to juggle your needs, current mortgage rates, home prices, your schedule, and more to try to decide if you want to jump into the market.
If this sounds like you, here’s one key factor that could help you with your decision: there are more homes for sale today than there were at this time last year. According to Calculated Risk, for the week ending in November 18th, there were 47.7% more homes available for sale than there were at the same time in 2021. And having more options for your home search may be exactly what you need to feel confident about making a move.
Here’s a look at where the increased housing supply is coming from so you can get a better sense of what’s happening in the market today and what it means for you.
What Caused the Growth in Housing Inventory This Year?
The increase we’ve seen in housing supply this year isn’t from the source you think it is. Rather than an influx of recent homeowners listing their houses for sale (known as new listings), the primary reason the supply has grown is because homes are staying on the market a bit longer (known as active listings).
That’s happening because higher mortgage rates and home prices have helped moderate the peak frenzy of buyer demand, which has slowed down the pace of sales. And, as the pace of sales has eased, inventory has grown as a result.
The graph below uses data from realtor.com to show that it’s active listings, not new listings, that have driven the growth we’ve seen over the past few months:
And while overall inventory gains may slow down this winter due to typical housing market seasonality, you still have a chance to capitalize on the current supply.
What This Means for Your Home Search
Regardless of the source, the increase in available housing supply is good for buyers. More homes available for sale means you have more options to choose from as you search for your next home, and you may even have more time to consider them.
So, if you tried to buy a home last year and lost out in a bidding war or just couldn’t find something you liked, this may be the news you’ve been waiting for. If you start your search today, those additional options should make it less difficult to find a home you love, especially as some other buyers pause their search this holiday season.
Just remember, housing supply is still low overall, so it won’t suddenly be easy – it’ll just be less challenging than it was at this time last year. As a recent article from realtor.com says:
“Despite this improvement in the number of homes actively for sale, active listings still lag their pre-pandemic levels.”
The increase in housing supply helps put you in a great position to kick off the new year in your dream home. And who better to help you find it than a trusted, local real estate professional?
Bottom Line
If you’re ready to jump into the housing market and see what’s available in our local area, let’s connect.
Are you wondering what it costs to live here in Southington, Connecticut and you're looking for somebody to give you the bottom line of what it's really going to cost? In this episode of CT Life, I’m going to break down the cost of living right here in the great town of Southington. We’ll look at everything from the cost of housing to the cost of gas so you know exactly what to expect.
We work with many people who move here, and this is always one of the top questions we get. So if you're wondering about the cost of living, we're going to give you some bottom-line numbers. You'll probably also learn a few things about some of our local costs as well. And if you're not familiar with the area, you're definitely going to appreciate this.
The Cost Of Housing
First, let's talk about the obvious: the cost of housing. One of the first things you're going to need to decide is if it’s better to buy or rent here. Then, you’ll want to decide what kind of housing you need. Are you looking for a single-family or do you need a multifamily?
The price of housing varies, so if you have any additional questions I can send you more detailed information. However, here are some general guidelines. The average three-bedroom, single-family home in Southington is roughly $337,000. For this price, you can expect to get 1,571 square feet, eight rooms, two bathrooms, and an average of 21 days on market.
A two-bedroom in the same area would run roughly $235,000. For this price, you can expect 1048 square feet, five rooms, two bathrooms, and an average of 32 days on market. The average two-bedroom condo would run roughly $221,000. For this price, you can expect 1,240 square feet, five rooms, two bathrooms, and an average of 18 days on market.
If you're looking to rent in Southington, you can plan on spending anywhere from $1,100 a month on the low end up to about $2,850 on the higher end. Property taxes in our area vary. With the current mill rate in Southington of 29.13, the average $400,000 house in Southington has property taxes of around $6,000.
Taxes
I hope that gives you some insight into the cost of living in terms of housing, but let's go over some of the other costs of living here in Southington. We’ll start with the annual state income tax.
There's a tax rate of 3% on the first $10,000 of taxable income and a rate of 5% on taxable income from $10,000 to $50,000. Next, it jumps up to 5.5% from $50,000 to $100,000 and a tax rate of 6% from $100,000 to $200,000.
This is one of the reasons Connecticut is known as the “tax-you-to-death” state. One of the benefits of moving out of the state is eliminating that big tax.
Gas, Groceries, And Shopping
Gas here averages about $3.50 a gallon and yes—you will need a car. This makes it one of the most expensive places in the country to buy gasoline. Southington also has a few large grocery stores, so you can save some money on your grocery shopping.
You also don't have to leave Southington to do your shopping. If you're looking for big box stores, there are Home Depots, a BJs Wholesale Club, and similar stores. Lastly, Connecticut does have some additional costs that some people don't expect. For example, there is annual property tax not only on your home but also on your car. There's also a sales tax of 6.35% and property tax on your home.
Living In Southington
I hope this video gave you some insight into the cost of living here in Southington, Connecticut. If you have any additional questions about Southington, please do not hesitate to reach out and ask. We help people all the time when moving around the great state of Connecticut and relocating directly here to Southington, and we’d be happy to help you, too.
If you like this video and would like to receive more information focused on everything Southington and CT, make sure you subscribe to my channel so you never miss an episode of CT Life. Be sure to leave a comment below about what you thought of the video on Southington and where you would like to see us go for a future video.
Stay tuned to see what aspect of CT life I feature next!
What Homeowners Want To Know About Selling in Today’s Market In Connecticut
If you’re thinking about selling your house, you’re likely hearing about the cooling housing market and wondering what that means for you. While it's not the peak intensity we saw during the pandemic, we’re still in a sellers’ market. That means you haven’t missed your window. Realtor.comexplains:
“. . . while prospective home sellers may lament that they missed their prime window, in reality, this is still a terrific time to sell. In fact, according to a recent Realtor.com® home seller survey, 95% of sellers who sold their home in the past year got more than they paid for it.
Nonetheless, some of the more prominent pandemic trends have changed, so sellers might wish to adjust accordingly to get the best deal possible.”
The key to success today is being realistic and working with a trusted real estate advisor who can help you set your expectations based on where the market is now, not where it was over the past few years.
Here are a few things experts say today’s sellers need to consider.
Be Willing To Negotiate
At the peak of the pandemic frenzy, sellers held all the leverage because inventory was at record lows and buyers were willing to enter bidding wars over homes that were available. This year, the supply of homes for sale has increased as the market cooled. Even though inventory is still low overall, buyers today have more options, and with that comes more negotiation power.
As a seller, that means you may see more buyers getting an inspection, requesting repairs, or asking for help with closing costs today. You need to be prepared to have those conversations. As Ali Wolf, Chief Economist at Zonda, says:
“Today’s market is different than it was just six months ago. . . Sellers that want the contract to move forward should be willing to work with the buyer. . . Consider helping with the closing costs or addressing many of the items on the home inspection list.”
Price Your Home at Market Value
It’s not just that the number of homes for sale has grown this year. Buyer demand has also pulled back in light of higher mortgage rates. As a result, pricing your house appropriately so you can catch the eyes of serious buyers is important. Greg McBride, Chief Financial Analyst at Bankrate, explains:
“Price your home realistically. This isn’t the housing market of April or May, so buyer traffic will be substantially slower, but appropriately priced homes are still selling quickly.”
You don’t want to overreach with your price and deter buyers. At the same time, you don’t want to undervalue your home and leave money on the table. This is another area where an agent’s expertise comes in handy.
Think About Your First Impression on Buyers
Buyers have more options and are more particular about their investment since it costs more to buy a home given today’s mortgage rates. As a result, you need to make sure your house shows well. As an article from realtor.comsays:
“To stand out in the market, sellers should make their home attractive to buyers, which usually means some selective updates.”
This could include everything from staging the home, to making small cosmetic updates, tackling repairs, or undergoing renovations. A trusted real estate professional will help you assess what may be worthwhile to do compared to other recently sold homes in your area.
Bottom Line
To sum it all up, your house should still sell today and move quickly if you’re realistic about today’s market. As a press release from Zillow puts it:
“. . . sellers need to do things right to attract the attention of these buyers — pricing their home competitively and making their listing attractive to online home shoppers.”
For expert advice on how to quickly sell your house in a shifting market, let’s connect.
Are you thinking about moving to Southington, Connecticut and you're looking for someone to give you the bottom line of what it's really like? In this episode of CT Life, I’m going to give you the good, the bad, and the ugly of living here in Southington. We’ll look at everything from local activities to the weather so you can decide if this town is right for you.
Activities And Location
Living in Southington has its pros and cons just like every place. We're going to start by giving you the top three reasons people love living here in Southington, Connecticut.
The very first and most popular reason is there is always something to do. Southington has everything from some of the greatest restaurants and breweries to orchards, ski resorts, and movie theaters. You don't have to travel far for anything you may need in Southington.
Now that we know there's a lot to do in Southington, let's get to the second reason people love living here: how centrally located Southington is. It's super easy to get to all the major highways, allowing you to get where you need to go with little effort.
A Family-Friendly Community
The third reason people love living in Southington is that it is so family-friendly. There are so many community events, with one of the biggest being the Apple Harvest. The Apple Harvest is a six-day festival that takes place over the course of two weekends every fall.
This annual event is one of the largest and longest-running festivals in northeast Connecticut, typically drawing a crowd of 100,000 people. There are activities, entertainment, food, crafts, and something to do for everybody of all ages.
The Cons
Now that you know about some of the pros of Southington, let's give you a lowdown on some of the cons of living here. Not everything is perfect, so if you're serious about moving here, you need to know this stuff. First, if you're looking for a small-town feel, Southington might not be the best place for you. Some of the areas of Southington are densely populated and very commercial. This includes spots such as Queen Street, an area that is growing exponentially.
If you can deal with the growth and the traffic in those areas, then maybe Southington won't be so bad. More growth and population also means more traffic that you're going to face. There's a good amount of traffic in areas like West Street and Queen Street. Additionally, events like the Apple Festival make traveling around the town very difficult and time-consuming.
One more thing you need to be prepared for is the weather. If you're moving within Connecticut, you're not going to see much of a difference. However, if you're moving to Southington from another state, you need to be prepared for the cold, bitter New England winters and the hot and humid summers.
Enjoy Connecticut Living In Southington
I hope this gives you some insight into the pros and cons of living here in Southington, Connecticut. We help people everyday move in and relocate here, and we would love to help you as well. If you have any additional questions about Southington or are thinking of moving here, please don't hesitate to reach out and ask.
If you liked this video and you want to receive more videos that are focused on everything CT—including specific towns like Southington—make sure you subscribe. Stay tuned to see what I feature on the next episode of CT Life!
Mortgage Rates Will Come Down, It’s Just a Matter of Time In Connecticut
This past year, rising mortgage rates have slowed the red-hot housing market. Over the past nine months, we’ve seen fewer homes sold than the previous month as home price growth has slowed. All of this is due to the fact that the average 30-year fixed mortgage rate has doubled this year, severely limiting homebuying power for consumers. And, this month, the average rate for financing a home briefly rose over 7% before coming back down into the high 6% range. But we’re starting to see a hint of what mortgage interest rates could look like next year.
Inflation Is the Enemy of Long-Term Interest Rates
As long as inflation is high, we’ll see higher mortgage rates. Over the past couple of weeks, we’ve seen indications that inflation may be cooling, giving us a glimpse into what may happen in the future. The mortgage market is eagerly awaiting positive news on inflation. As Ali Wolf, Chief Economist at Zonda, says:
“The housing market is expected to face continued uncertainty heading into 2023 as consumers, financial markets, and policymakers work through their respective challenges in today’s economy. . . . we are watching for any additional stability in the MBS market, signs of cooling inflation, and/or less aggressive Federal Reserve action to give us confidence that mortgage rates are past their peak.”
What Does This Mean for the Future of Mortgage Rates?
As we get through the inflation battle and start to see that coming down, we should expect mortgage rates to follow. We’ve seen nods of this over the past couple of weeks. As the Federal Reserve works to bring inflation down, mortgage rates will come down as well. Bill McBride from Calculated Risksays:
“My current view is inflation will ease quicker than the Fed currently expects.”
As we look toward next year, we certainly hope he’s right.
Bottom Line
Mortgage rates will come down – it’s just a matter of time. The hope is we continue to see more positive news on inflation, and that’ll bring mortgage rates down. This will give prospective homebuyers more buying power and lead to more homeowners throughout the country.
That’s why it’s essential to lean on a real estate professional who has in-depth knowledge of today’s housing market. They know what buyers are looking for and how to highlight any upgrades you make.
Let’s connect so you know where to focus your efforts so your house will stand out in a today’s market.
More People Are Finding the Benefits of Multigenerational Households Today In Connecticut
If you’re thinking of buying a home and living with siblings, parents, or grandparents, then multigenerational living may be for you. The Pew Research Center defines a multigenerational household as a home with two or more adult generations. And the number of individuals choosing multigenerational living has increased over the past 50 years.
As you consider this option for your own home search, know it could help you on your homeownership journey and provide you with other incredible benefits along the way.
Living with Loved Ones Could Help You Achieve Your Homeownership Goals
There are several reasons people choose to live in a multigenerational household, and for many, the arrangement is a personal one. But according to the Pew Research Center, the top reason people choose to live together today is financial.
A recent study from Freddie Mac also finds more people are choosing to buy a home together so they can save money in the homebuying process. As the study says:
“. . . anincreasing percentage of young adult first-time homebuyers are relying on support from older generations, including their parents, to buy a home together.”
For these individuals, combining their resources can help them achieve their dream of buying and owning a home. By pooling their incomes together to make that purchase, they may be able to afford a home they couldn’t on their own.
Other Key Benefits of Multigenerational Living
Not to mention, living in a home with loved ones can have other benefits too, like giving you more quality time to spend together. Darla Mercado, Certified Financial Planner and Markets Editor for CNBC.com, explains how this living arrangement can help on a personal and financial level:
“Residing with relatives can offer advantages . . . you can pool multiple streams of income, for instance. And in households with young children, grandparents can pitch in with child care.”
If this sounds like a great option for you, it’s important to work with a trusted real estate professional to discuss your needs. They can help you navigate the process to find the right home for you and your loved ones.
Bottom Line
More people are discovering the benefits of multigenerational living. For the best information and help deciding what’s right for your personal situation, let’s connect and start the conversation today.
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