East Hartford, CT

“Refinancing an 11.75% First Mortgage in East Hartford, CT.”

11.75% is not a misprint. Let me start from the beginning. About a year ago, Jay came to me, referred by his attorney. In 2009, Jay leased a property with an option to buy. A part of this option, he could do renovations ($46,000 worth). Not thinking that he should investigate mortgages, prior to invest all this money into a home he did not own.

After investing the money into the home and his option period was due to expire, he attempted to get a “NORMAL” mortgage and was not successful. Not willing to lose all the money he had invested, he found a private investor to give him a mortgage, at 11.75%.

At the time I originally met with Jay his mid credit score was 549. For just about a year, I worked with him to repair his credit. We also wanted to wait until he received his 2011 W2, as he was unemployed in part of 2009.

Last week, armed with his 2011 W2 and a 621 mid score, I complete his mortgage application. We are doing an FHA mortgage for Jay, paying off his 11.75% mortgage, plus a $603 per month , car payment.

His new mortgage is at 3.75% and saving him $794 per month. Is that a nice raise?

I love what I do for a living, it allows me to make a difference in so many lives.

image:nutdanai apikhomboonwaroot/freedigitalphoto.net

East Hartford CT Market Report for December 2011

East Hartford CT finished out the year strong, with 26 closed sales and a median price of $143,500. Many people mistakenly think that real estate comes to a halt in December because of the holidays, but that was not the case in East Hartford.

Compared with December 2010, this December had a higher number of closed sales (26 this December vs. 22 last December), but the median price was down ($143,500 this December vs. $150,000 last December).

Here is the breakdown by price range:

The median price was up and down throughout the year, but December's median price came very close to the median price for the entire year, which was $144,000.

Here is a recap by month for 2011:

There are also 20 homes under contract and 37 under deposit. Given that there are 205 active listings in East Hartford, CT, the absorption rate is currently 10 months, which is lower than it has been in recent months.

If you are looking for a home in East Hartford, there is plenty to choose from. From a low of $9999 for a two-bedroom, one-bath, 719 sq. ft. mobile home to a high of $299,900 for a new construction colonial with three bedrooms, 2.1 baths and 1800 sq. ft., the median price is $149,900. There are many fine neighborhoods in East Hartford, with plenty of opportunities to find a great home at a great price.

To see all the homes for sale in your price range, contact me and I will be glad to help you find your next home.

East Hartford CT Market Report for November 2011

Much of central Connecticut was dark and cold the first week of November because of massive power outages from Storm Alfred, but the housing market in East Hartford was sizzling hot!  The number of closed sales in November 2011 was DOUBLE the number of closed sales in November 2010 (32 closed sales vs. 16 closed sales).

The median price also rose over last November, with this November being $147,750 and last November being $134,450.  Closed sales ranged from $22,000 for a two-bedroom, one-bath, 852 sq. ft. mobile home to $245,000 for a three-bedroom, 2.1 bath, 2320 sq. ft. colonial.  People may finally be realizing that there are bargains to be had both in the price of homes and low mortgage rates!  Here is the breakdown by price range:

November 2011 also compared positively to prior months in 2011.  November was the second highest month for closed sales for the entire year to date and the median price was the highest of the last four months.  Here is the recap of the year:

There are also 24 homes under contract and 40 homes under deposit, so the positive trend should continue.  

If you are looking for a great house at a great price, you should check out East Hartford.  There are currently 229 homes on the market ranging in price from $22,500 for a two-bedroom, one-bath, 600 sq. ft. mobile home  to $289,900 for a three-bedroom, two-bath, 1362 ranch on almost two acres with a pond, a 60-foot barn, and three-car garage, which would be perfect for a car enthusiast (among others). The median price is $149,900.

With the current inventory, the absorption rate in East Hartford CT is 9.16 months.  Although this shows that it is a buyers' market, sellers who price their homes to sell will still sell quickly.  If you are buying, let me help you find your perfect home; if you are thinking about selling, I will help you sell it quickly for the best price possible.  Give me a call! 

East Hartford CT Market Report for October 2011

In comparing October 2011 with October 2010, East Hartford real estate sales and median price were down this year over last.  In October 2011, there were 23 closed sales with a median price of $134,900 compared with 26 closed sales and a median price of $144,750 in October 2010.

In addition, days on market (DOM) were up this year (77 in 2011 and 45 in 2010), but sale price to list price ratio is virtually unchanged (96.7 in 2011 vs. 96.9 in 2010).

Here is the breakdown by price range:

Although closed sales were down in October 2011 compared with the few months prior, the number of pending sales continues to rise.  We saw 68 pending sales in September, but in October 2011 there were 80 pending sales (37 under contract and 43 under deposit).  It will be interesting to see how many of these pending sales close in November.

Here is a recap of the year in East Hartford, CT: 

In addition, the number of houses on the market in East Hartford CT is down from the prior month (278 in September and 247 as of this date).  With 247 homes on the market and a median price of $154,900, East Hartford CT has plenty of homes at very attractive prices.  Homes on the market range from $15,000 for a two-bedroom, one-bath mobile home to $299,900 for a four-bedroom, two-bath ranch.

If you are interested in finding a home in East Hartford, you can search for properties by entering your search criteria.  Please give me a call if you see something that interests you or if you would like help finding the house of your dreams in East Hartford, CT.

East Hartford CT Market Report for September 2011

East Hartford posted gains in both number of closed sales and median price in September 2011 compared to the prior month.  In September, there were 34 closed sales with a median price of $136,750, compared to 31 closed sales with a median price of $125,900 in August.

When we look at the same month last year, the number of closed sales was up this year, but the median price was down slightly.  In September 2010, there were 25 closed sales (compared to 34 this year) and a median price of $140,000 (compared to $136,750 this year).   Here is the breakdown by price range:

While the number of closed sales has shown a gradual rise, the median price has taken a hit (although it rose this month over last).  Here is a recap of the activity for each month this year so far:

What is the really interesting statistic about the East Hartford housing market, however, is the huge number of pending sales.  There are 34 homes under contract and 34 homes under deposit.  With numbers like these, we can expect the number of closed sales to remain at good levels.

There are also 278 homes currently on the market, ranging in price from $12,900 for a two bedroom, 1 bath mobile home to $309,900 for a four bedroom, 3 bath colonial.  The median price is $154,900.

East Hartford has some amazing values on the market right now, and buyers will get a lot for their money.  If you want to see what is on the market in East Hartford, you can change the search criteria to match your needs and see the listings.  Contact me if you would like help with your search!