Doesn't it seem like it's always fire season? Local, national and even international news is filled with forest fires and dangerously hot weather. Once considered the isolated problem of a few westers states, climate change has brought fire danger means utilizing fire abatement means taking steps to ensure that firefighters can save your home. This includes creating defensible space around the house and other structures. While no one is suggesting that you remove the wood deck, it does mean making sure that any flammable material is placed as far away from the house as possible.
Stack firewood at least 10 feet away from buildings. Clear dry bush or pine needles on a regular basis. Remove flammable plants entirely; plants that contain oils or are especially dry during warmer months. For those living in extremely high danger areas, fire-resistant paints and coatings are an option and replacing a wood shingle roof with modern materials can prevent embers from igniting in the attic.
Wildfires are becoming more common all over the world. In the US, even traditionally cooler locations are regularly seeing double-digit temperatures in the summer and fall. When working to save homes, firefighters look for homes they believe they can save. By taking a few easy steps homeowners can make sure their home has a decent chance of little or no damage during a local fire.
Are you moving to Bethlehem, Connecticut, but aren’t sure what to expect? In this episode of CT Life, I’m going to give you the top five reasons why people love moving to Bethlehem, Connecticut. We’ll explore everything from the small-town feel to large home lots so you can get a good idea of what this town is all about.
Why People Love Living In Bethlehem
There are more and more reasons people are moving here and calling Bethlehem home. Reason number one is the small-town feel. Reason number two is the very lenient zoning laws. This means the Zoning Commission is good if you want to run a business out of your home.
Reason number three is the Bethlehem Fair. This is a true county fair with cattle, livestock, fruits, vegetables, animal pulling competitions, and of course, anything you can think of batter dipped and fried. You have to check it out when it comes to town in September.
Reason number four that people love living in Bethlehem is active events. Bethlehem is a family-friendly community that has events throughout the year with Southbury Parks and Rec and Memorial Park. Reason number five is that here in Bethlehem, most of the pieces of property are quite large. You have a lot of space and not a lot of neighbors. Trees and fences make awesome neighbors.
Experience Litchfield County
Now that you know all about Bethlehem, the last thing you might need is to go on a housing search. If you have any additional questions about Bethlehem, Connecticut, please don't hesitate to reach out and ask. I can send you any information you need, and my team of agents is happy to start showing you properties as soon as this weekend.
Thanks for watching this episode of CT Life, my show all about Bethlehem and Litchfield County here in Connecticut. Don’t forget to subscribe so you never miss an episode, and stay tuned to see what I feature next!
Planning To Retire? Your Equity Can Help You Reach Your Goal In Connecticut
Whether you’ve just retired or you’re thinking about retirement, you may be considering your options and trying to picture a whole new stage of your life. And you’re not alone. Research from the Retirement Industry Trust Association (RITA) shows 10,000 Baby Boomers reach the typical retirement age (65) every day, and only 47% of the people in that generation have already retired.
If this sounds like you, one thing worth considering is whether or not your current home will suit your new lifestyle. If your home doesn’t have the features or benefits you’re looking for, the good news is, you may be in a better position to move than you realize.
That’s because, if you already own a home, you’ve likely built-up significant equity, and that can help you fuel your next move. According to the National Association of Realtors (NAR):
“A homeowner who purchased a typical home five years ago would have gained $125,300 from just price appreciation alone.”
In fact, over the last twelve months, CoreLogic reports the average homeowner in the United States gained roughly $64,000 in equity due to home price appreciation.
You can use your equity to help you achieve your homeownership goals. Whether you want to downsize, move closer to loved ones, or buy a home in a dream destination, your equity can help get you there. It may be some (if not all) of what you’d need as your down payment on a home that better fits your changing needs.
To find out how much equity to have in your home, reach out to a trusted real estate professional today.
Bottom Line
Retirement is a big step and so is buying or selling a home. As you move into this new phase of life, let's connect so you have an expert to guide you through the process as you sell your current home and give you expert advice as you buy one that’ll better suit your needs.
What Would a Recession Mean for the Housing Market In Connecticut
According to a recent survey from the Wall Street Journal, the percentage of economists who believe we’ll see a recession in the next 12 months is growing. When surveyed in July 2021, only 12% of economists consulted thought there’d be a recession by now. But this July, when polled, 49% believe we will see a recession in the coming 12 months.
And as more recession talk fills the air, one concern many people have is: should I delay my homeownership plans if there’s a recession?
Here’s a look at historical data to show what happened in real estate during previous recessions to help prove why you shouldn’t be afraid of what a recession would mean for the housing market today.
A Recession Doesn’t Mean Falling Home Prices
To show that home prices don’t fall every time there’s a recession, it helps to turn to historical data. As the graph below illustrates, looking at the recessions going all the way back to 1980, home prices appreciated in four of the last six recessions. So, historically, when the economy slows down, it doesn’t mean home values will fall.
Most people remember the housing crisis in 2008 (the larger of the two red bars in the graph above) and think another recession would repeat what happened then. But this housing market isn’t about to crash. The fundamentals are very different today than they were in 2008. So, don’t assume we’re heading down the same path.
A Recession Means Falling Mortgage Rates
Research also helps paint the picture of how a recession could impact the cost of financing a home. As the chart below shows, historically, each time the economy slowed down, mortgage rates decreased.
Fortuneexplains that mortgage rates typically fall during an economic slowdown:
“Over the past five recessions, mortgage rates have fallen an average of 1.8 percentage points from the peak seen during the recession to the trough. And in many cases, they continued to fall after the fact as it takes some time to turn things around even when the recession is technically over.”
And while history doesn’t always repeat itself, we can learn from and find comfort in the historical data.
Bottom Line
There’s no doubt everyone remembers what happened in the housing market in 2008. But you don’t need to fear the word recession if you’re planning to buy or sell a home. According to historical data, in most recessions, home price gains have stayed strong, and mortgage rates have declined.
If you’re thinking about buying or selling a home, let’s connect so you have expert advice on what’s happening in the housing market and what that means for your homeownership goals.
Experts Increase 2022 Home Price Projections In Connecticut
If you’re wondering if home prices are going to come down due to the cooldown in the housing market or a potential recession, here’s what you need to know. Not only are experts forecasting home prices will continue to appreciate nationwide this year, but most of them also actually increased their projections for home price appreciation from their original 2022 forecasts (shown in green in the chart below):
As the chart shows, most sources adjusted up, and now call for more appreciation in 2022 than they originally projected this January. But why are experts so confident the housing market will see ongoing appreciation? It’s because of supply and demand in most markets. As Bankratesays:
“After all, supplies of homes for sale remain near record lows. And while a jump in mortgage rates has dampened demand somewhat, demand still outpaces supply, thanks to a combination of little new construction and strong household formation by large numbers of millennials.”
Knowing that experts forecast home prices will continue to appreciate in most markets and that they’ve actually increased their original projections for this year should help you answer the question: will home prices fall? According to the latest forecasts, experts are confident prices will continue to appreciate this year, although at a more moderate rate than they did in 2021.
Bottom Line
If you’re worried home prices are going to decline, rest assured many experts raised their forecasts to say they’ll continue to appreciate in most markets this year. If you have questions about what’s happening with home prices in our local area, let's connect.
Is the Shifting Market a Challenge or an Opportunity for Homebuyers In CT
If you tried to buy a home during the pandemic, you know the limited supply of homes for sale was a considerable challenge. It created intense bidding wars which drove home prices up as buyers competed with one another to be the winning offer.
But what was once your greatest challenge may now be your greatest opportunity. Today, data shows buyer demand is moderating in the wake of higher mortgage rates. Here are a few reasons why this shift in the housing market is good news for your homebuying plans.
The Challenge
There were many reasons for the limited number of homes on the market during the pandemic, including a history of underbuilding new homes since the market crash in 2008. As the graph below shows, housing supply is well below what the market has seen for most of the past 10 years (see graph below):
The Opportunity
But that graph also shows a trend back up in the right direction this year. That’s because moderating demand is slowing the pace of home sales and that’s one of the reasons housing supply is finally able to grow. For you, that means you’ll have more options to choose from, so it shouldn’t be as difficult to find your next home as it has been recently.
And having more options may also lead to less intense bidding wars. Data from the Realtors Confidence Index from the National Association ofRealtors (NAR) shows this trend has already begun. In their recent reports, bidding wars are easing month-over-month (see graph below):
If you’ve been outbid before or you’ve struggled to find a home that meets your needs, breathe a welcome sigh of relief. The big takeaway here is you have more options and less competition today.
Just remember, while easing, data shows multiple-offer scenarios are still happening – they’re just not as intense as they were over the past year. You should still lean on an agent to guide you through the process and help you make your strongest offer up front.
Bottom Line
If you’re still looking to make a move, it may be time to pick your home search back up today. Let’s connect to kick off the homebuying process.
With soaring energy costs, many homeowners are turning to solar for both their homes and their cars to save money. With solar companies touting huge monthly savings for electricity costs, how can you know what makes sense for your needs? Here are the basics of solar panels to help you start the process.
How do solar panels work?
Solar panels are positioned on your roof and absorb energy when the sun shines on them directly. The amount of energy generated will be affected by the amount of square footage of the panels. Therefore, your roof must have enough area with extended direct sunlight each day to be effective.
How to find a solar panel company?
There are a lot of solar panel companies advertising their service right now. Some companies specialize in panels as well as roofing companies adding solar as an option and big-box home improvement stores. It's important to consider both price and expertise when choosing a contractor to install the panels. You should read reviews and get referrals before making a final decision.
How long will the panels last?
Solar panels can offer significant energy savings and lessen your reliance on shifting prices. A solar system is also a large expense, so before purchasing or leasing a system, do your due diligence and learn your options
Are you thinking of moving to Bethlehem and 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 in Bethlehem, Connecticut. We’ll talk about everything from natural landscapes to the weather so you know exactly what to expect.
Why People Love Bethlehem
While there are some great things about living here in Bethlehem, there are also some not-so-great things. This town has its pros and cons, just like every place. First, we’re going to look at the top three reasons people love living here in beautiful Bethlehem, Connecticut.
The first and most popular reason people love Bethlehem is the beautiful landscapes and picturesque views of nature. There are rolling hills and farms, taking you back to yesteryear. In addition to plenty of nature, the second reason people love living here is the lenient zoning conditions.
Bethlehem has the distinction of being one of the few towns in Connecticut that neither has zoning regulations nor a Zoning Commission. This is a great option if you have a home business or want to run a business out of your residence. Bethlehem is also a very small town. It has a tight-knit community with a small-town feel.
The Cons
Now we’ll look at some of the cons of living in Bethlehem. 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 place to live in Connecticut that has a plethora of big box stores and nearby hospitals, Bethlehem might not be the place for you. You'll have to travel to a neighboring town to get any of those amenities.
If you can deal with a lack of big box stores and a lack of hospitals, then maybe you don't mind the very rural secluded feel you get here in Bethlehem. If you're looking for booming nightlife, a club atmosphere, public transportation, and stores on every corner, then Bethlehem isn't where you want to be.
One of the pros may also end up being a detriment. You have to keep in mind that if you can have any type of business you like in your house, so can your neighbor. You don't know necessarily what's going to pop up next to you. Lastly, one more thing you need to be prepared for is the weather here in Bethlehem, Connecticut.
If you're moving to Connecticut from somewhere else and you're not used to the northeast Connecticut climate, you're going to have to get used to it. We have brutally cold winters and our summers are pretty hot. We have days during the summer that are frequently in the 90s with high humidity. In the winters, we have big snowstorms that can bring as much as three to four feet of snow up here in the hills of Litchfield County.
Make Bethlehem Home
I hope this gave you a good idea of the pros and cons of living in Bethlehem, Connecticut. We help people every day relocate and move to the great State of Connecticut. If you have any questions about making this area your home, feel free to reach out to me and I’ll be happy to connect.
Don’t forget to subscribe to my channel so you never miss an episode of CT Life, my show where we talk about everything CT and living in Connecticut. Stay tuned to see what I feature next!
Selling Your House? Your Asking Price Matters More Now Than Ever In Connecticut
There’s no doubt about the fact that the housing market is slowing from the frenzy we saw over the past two years. But what does that mean for you if you’re thinking of selling your house?
While home prices are still appreciating in most markets and experts say that will continue, they’re climbing at a slower pace because rising mortgage rates are creating less buyer demand. Because of this, there are more homes on the market. And in a shift like this one, the way you price your home matters more than ever.
Why Today’s Housing Market Is Different
During the pandemic, sellers could price their homes higher because demand was so high, and supply was so low. This year, things are shifting, and that means your approach to pricing your house needs to shift too.
Because we’re seeing less buyer demand, sellers have to recognize this is a different market than it was during the pandemic. Here’s what’s at stake if you don’t.
Why Pricing Your House at Market Value Matters
The price you set for your house sends a message to potential buyers. If you price it too high, you run the risk of deterring buyers.
When that happens, you may have to lower the price to try to reignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder what that means about the home or if in fact it’s still overpriced. Some sellers aren’t adjusting their expectations to today’s market, and realtor.comexplains the impact that’s having:
“. . . the share of listings with a price cut was nearly double its year ago level even as it remains well below pre-pandemic levels.”
To avoid the headache of having to lower your price, you’ll want to price it right from the onset. A real estate advisor knows how to determine that perfect asking price. To find the right price, they balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more.
Not to mention, pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. This helps lead to stronger offers and a greater likelihood it’ll sell quickly.
Why You Still Have an Opportunity When You Sell Today
Rest assured, it’s still a sellers’ market, and you’ll still get great benefits if you plan accordingly and work with an agent to set your price at the current market value. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
Mike Simonsen, the Founder and CEO of Altos Research, also notes:
“We can see that demand is still there for the homes that are priced properly.”
Bottom Line
Homes priced right are selling quickly in today’s real estate market. Let's connect to make sure you price your house based on current market conditions so you can maximize your sales potential and minimize your hassle in a shifting market.
Why the Forbearance Program Changed the Housing Market In Connecticut
When the pandemic hit in 2020, many experts thought the housing market would crash. They feared job loss and economic uncertainty would lead to a wave of foreclosures similar to when the housing bubble burst over a decade ago. Thankfully, the forbearance program changed that. It provided much-needed relief for homeowners so a foreclosure crisis wouldn’t happen again. Here’s why forbearance worked.
Forbearance enabled nearly five million homeowners to get back on their feet in a time when having the security and protection of a home was more important than ever. Those in need were able to work with their banks and lenders to stay in their homes rather than go into foreclosure. Marina Walsh, Vice President of Industry Analysis at the Mortgage Bankers Association (MBA), notes:
“Most borrowers exiting forbearance are moving into either a loan modification, payment deferral, or a combination of the two workout options."
As the graph below shows, with modification, deferral, and workout options in place, four out of every five homeowners in forbearance are either paid in full or are exiting with a plan. They’re able to stay in their homes.
What does this mean for the housing market?
Since so many people can stay in their homes and work out alternative options, there won’t be a wave of foreclosures coming to the market. And while rising slightly since the foreclosure moratorium was lifted this year, foreclosures today are still nowhere near the levels seen in the housing crisis.
Forbearance wasn’t the only game changer, either. Lending standards have improved significantly since the housing bubble burst, and that’s one more thing keeping foreclosure filings low. Today’s borrowers are much more qualified to pay their home loans.
And while the majority of homeowners are exiting the forbearance program with a plan, for those who still need to make a change due to financial hardship or other challenges, today’s record-level of equity is giving them the opportunity to sell their houses and avoid foreclosure altogether. Homeowners have options they just didn’t have in the housing crisis when so many people owed more on their mortgages than their homes were worth. Thanks to their equity and the current undersupply of homes on the market, homeowners can sell their houses, make a move, and not have to go through the foreclosure process that led to the housing market crash in 2008.
Thomas LaSalvia, Chief Economist with Moody’s Analytics, states:
“There's some excess savings out there, over 2 trillion worth. . . . There are people that have ownership of those homes right now, that even in a downturn, they'd still likely be able to pay that mortgage and won't have to hand over keys. And there won't be a lot of those distressed sales that happened in the 2008 crisis.”
Bottom Line
The forbearance program was a game changer for homeowners in need. It’s one of the big reasons why we won’t see a wave of foreclosures coming to the market.
