Localism: New Haven County, CT

Morris Cove Real Estate Homes Report September 2008

Thu, 04 Sep 2008 15:39:46 -0500

In the Morris Cove Real Estate Homes Report September 2008 there are currently 36 homes for sale in community of Morris Cove ranging in price from $139,000 to $625,000.

Map of Morris Cove

There were 5 sales for the month of August with an average sale price of $226,000 and an average of 62 days on the market.

Asking Price	Sale Price	Adddress	Bedrooms	Baths	Style
179,900	175,000	140 Concord Street	3	1.0	Colonial
199,900	200,000	25 Mansion Street	3	1.0	Colonial
257,500	250,000	39 Beecher Place	2	1.1	Cape
269,000	245,000	126 Sound View Terrace	2	2	Cape
279,900	260,000	51 Pope Street	3	1.1	Cape

Typically, August is one of the slowest months of the year in the real estate market since many plan their summer vacations in August and are getting ready for the start of the new school year.

If you're thinking about buying a home in Morris Cove there are great deals to be had in today's market and now is a great time to buy while interest rates are still low. To get more information on available homes, contact Donna or start your home search here - www.ShorelineHomeFinder.com - or call me directly at 203-488-1641, ext. 214.

If you're curious about what your Morris Cove home may be worth, here's an easy way to find out what homes like yours are selling for in today's market.

Get your September 2008 Report On Morris Cove House Prices with up-to-the-minute statistics based on all the homes for sale and sold in Morris Cove over the last six months in all price ranges. To get your Free September 2008 Report on Morris Cove House Prices just go to Annex-MorrisCove.com

Donna Bigda - Licensed Real Estate Professional in the State of Connecticut

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Everything in Real Estate is Negotiable

Thu, 04 Sep 2008 13:38:07 -0500

You've been out house hunting for weeks, you feel as though you've done all your research and now you want to put in an offer to purchase the home of your dreams. So how much do you offer the seller?!! Well, it's not really how much you offer but how you offer it? Everything in real estate is negotiable, EVERYTHING. There is the obvious, such as purchase price and who pays closing costs. But, how about the less obvious, do I get to keep that pool table, how about the living room furniture, do I get to keep that. Let's take it a little further. You know what, I'd like to include that riding lawn mower in the purchase price. While you're at it, I'll take that nice new car in the driveway as well (OK, maybe that's taking it a little far....or is it). The bottom line is that you shouldn't feel as though you have to buy exactly what the seller is selling and how they are selling it. It is extremely important that when considering which Real Estate Agent will be representing your interest at the negotiation table he is well versed in how to get the best deal FOR YOU! Your agent should provide the tools necessary to educate you as much as possible about the seller and their situation before you make an offer. Is there any particular reason that they are selling at this time? How much did they pay for the house and when? Are there any repairs needed on the property. Armed with this information, you along with your agent will be able to structure a great offer that will work for you as well as the seller. Just remember, while all things are negotiable in real estate, be careful not to scare the seller into not even considering you as a serious buyer.

New Homeowner's guide to understanding your credit

Wed, 03 Sep 2008 23:52:55 -0500

WHAT MAKES UP A CREDIT SCORE?

•· Payment History 35%

•· Balances Carried 20%

•· Credit History 15%

•· Mix Of Accounts 10%

•· Inquiries 10%

PAYMENT HISTORY - 35%

Having a long history making of payments on time and no missed payments on all credit accounts is one of the most important items lenders look for.

•· Bills Paid As Agreed

•· Most Recent 6 Months

•· Most Weight On Highest Dollar Amount ie: Mortgages & Other Large Loans

BALANCES CARRIED -30%

This measures the amount you owe relative to the total amount of credit available. Someone closer to maxing out all their credit limits is deemed to be a higher risk of late payments in the future and this can lower their credit score.

•· Keep Balances As Low As Possible

•· Outstanding Balances Versus Credit Limit Affects Credit Score

For Example:

Credit Card Balance Credit Limit

Visa $10,000 $10,000 (Bad)

Visa $0 $10,000 (Great)

•· High Credit Limit to Balance Ratio = Lower Credit Score

•· Spreading Balances Between Cards = Higher Credit Score

•· Try To Keep Ratio Under 50%

•· Mortgage / Installment Loans Less Of Factor

CREDIT HISTORY - 15%

In general, a credit report containing a list of accounts opened for a long time will help your credit score. The score considers your oldest account and the average age of all accounts.

•· Longer Credit History = Higher Credit Score

•· Long Credit History Paid As Agreed / Positive Impact To Credit Score

•· Never Close Credit Accounts, Especially If You've Had A Long History

MIX OF ACCOUNTS - 10%

Your mix of credit cards, retail accounts, finance company loans and mortgage loans is considered.

•· Ideal To Have Installment & Revolving Accounts

•· Mortgage Loan

•· Auto Loan

•· 3 - 5 Credit Cards are OK

•· HELOC Should Be Greater Than $40K Or Will Report As Revolving Account Versus Mortgage

INQUIRIES - 10%

Opening several new credit accounts in a short period of time can lower your credit score. Also multiple credit report inquiries can represent a greater risk, but this does NOT include any requests made by you, an employer or by a lender who does so when sending you an unsolicited, "pre-approved" credit offer. Also, to compensate for rate shopping, the score counts multiple inquiries in any 14-day period as just one inquiry.

•· Shopping Around? Pulling Multiple Reports For Mortgage and Auto Purchases = 1 Inquiry Within 14 days (for each).

Each Inquiry Averages 5 Points
Only First 10 Inquiries Count Each Year
After 10, Will Not Affect Credit

Meriden CT Has great Opportunities for first time home buyers

Wed, 03 Sep 2008 13:28:00 -0500

I was sharing with one of my friends the other day why now is a great time to buy in Meriden.

Let me share some statistics with you:

The median sale price of a residential home in Meriden is $181,300 as of Sept 3, 2008!

The average seller is still getting within 4% of asking price with 90 days of placing it on the market!

Let's talk about what that means:

Principal and Interest with a 1st time home buyer program is only $1,226 per month!

Average mortgage (including principal, interest, taxes and insurance) on a home within that price range is $1,600

In order to qualify for this mortgage the average buyer needs to make approx. $70,000 per year!

The interesting thing is that the median family income in Meriden is $57,122 making Meriden a very affordable place to live!

Currently there are 94 house on the market between $150,000 and $200,000!

Call me TODAY so I can show you some of these gorgeous homes like the one listed at $164,900. It's a colonial built in 2005 with 1477 sq. feet 1 car garage located off of the Chamberlin Highway.

Call my Direct Line: (203) 599-2910 or email me at your21realtor@aol.com

New Haven County July to August comparison in Home Sales. Prospect, Waterbury, Cheshire, Naugatuck, Beacon Falls, Bethany & Wolcoot Home Sales

Wed, 03 Sep 2008 12:22:09 -0500

This is a three month comparison on closed sales for the following towns here in Connecticut that we at Smedes are very active in.

Prospect, Cheshire, Wolcott, Waterbury, Naugatuck, Bethany & Beacon Falls.

Averages Of	# of Closed	Beds	SqFt	LP	LP/SqFt	SP	SP/SqFt	DOM
June 08'	119	3	1,840	$280,640	$150.51	$264,749	$142.49	75
July 08'	117	3	1,744	$263,242	$149.47	$255,764	$144.98	87
Aug 08'	104	3	1,654	$232,198	$139.24	$221,994	$132.11	77

You can see a steady decrease in all the numbers. It makes sense with winter coming that people are buying smaller homes to heat.

Now we can compare the above numbers from this year, to the below numbers from 2007. You can see the Average sold price in Aug. 2007 was $261,696. The average sold price for Aug. 2008 was just $221,994. That is a drop of nearly 17%!

Averages Of	# of Closed	Beds	SqFt	LP	LP/SqFt	SP	SP/SqFt	DOM
June 07'	195	3	1,861	$302,511	$161.96	$296,010	$157.11	75
July 07'	180	3	1,680	$266,835	$155.67	$256,691	$148.93	69
Aug 07'	149	3	1,676	$261,749	$156.17	$261,696	$157.16	65

Hopefully winter heating prices will stabilize, and the market will rebound... Like they say, when you are at the bottom (which my own personal opinion is where we are almost to) there is only one way to go!