About Tolland County, CT

As we prepare for the spring market here in Hebron CT, I prepared a market analysis of the current market from Feb 2011 through Feb 2012.

If you are looking to sell or buy a home here in HebronCT, be sure to call me for up to the minute trends and inventory.

The Median Sales Price for Hebron CT in January was $215,000, down -36.8% from $340,000 in January of 2011 and up 0.1% from $214,750 last month. The Average Sales Price in January was $221,986, down -34.7% from $340,000 in January of 2011 and down -15.2% from $261,625 last month. January 2012 ASP was at a mid range compared to January of 2011 and 2010.

This view of the Hebron CT market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in January 2012 was 15, up 275.0% from 4 last month and up 150.0% from 6 in January of last year.

“Refinancing an 8% Mortgage in Tolland CT”

That’s right 8%! You would be shocked how many 6% to 8% mortgages are still out there. Bill was referred by his neighbor, actually for over a year. Here was a 6' plus imposing figure of a man, when asked why have you not refinanced before this, he answered “THE PROCESS SCARES ME TO DEATH”. He also distrusted anyone in the mortgage business, also mentioned he didn’t have much use for the banks, as they are in the news every day, for something shady.

He told me that in 2006 he had some financial difficulty and needed to take some equity out of his home to pay for some medical bills. Because his credit was not perfect, he had to get one of “THOSE” mortgages. He of course was referring to a subprime mortgage. Not willing to take and adjustable option at a lower rate and refinance, he opted for an 8% fixed rate. This option also had a 5 year prepayment penalty.

He saw himself paying this mortgage for the remaining 24 years, but the neighbors just kept pestering him, as he put, for over a year.

I spent an hour, before even opening my computer, just talking. We talked about how a “telemarketer”, called him one night and got him into this mortgage. He said the process took 4 months, when it was just about over, two people came to his house for him to sign the mortgage papers. This was not uncommon. We talked about his son, who was handicapped and lived at home. He was very proud of his son and his many accomplishments. Politics and football were also topics we covered. He made it very clear he disliked the current administration and how he would love another Patriots championship. How do you not like this guy?

WOW, I needed to fix, what was done 6 years ago. When I ran his credit, the mid score was 752. He had been at the same job for 19 years. Besides the old mortgage, 2 credit card (both nearly 30% interest), plus a tractor loan were all included in the mortgage. His new mortgage was $162,000, at 3.5% for 15 years. His new payment was $694 less than he was paying and will save $108,000 in interest, going from the 24 remaining years, down to 15 years.

Bill wasn’t the kind of person to share much emotion, but he looked like tears would start any moment, but he got up and said, “Thank You”. He said he was going to see his neighbors and thank them as well. He had told them, he would stop by after our appointment.

I love what I do for a living!

images: salvatore vuono/freedigitalphotos.net

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