Middletown, CT

Earlier today I received an update from the President of McCue Mortgage, Bill McCue, on the Stimulus package that the House and Senate have come to agreement on, and expected to be signed by President Oboma some time today. This update was mainly on the Tax Credit which has been in place for almost a year and has now been altered by new legislation.

The legislation that was finally agreed upon has be significantly altered from what I posted ten days ago. As in my previous blog I am going to just concentrate on the Tax Credit portion of the legislation at this time, and will give further updates on other parts of it at a later date.

1. The tax credit is only for first time buyers just as defined in the past.
   
2. The credit is increased from $7,500 to $8,000.
   
3. The credit is no longer an interest free loan. No repayment is required now.
   
4. The credit is now available to Connecticut Housing Finance Authority (CHFA) borrowers.
   
5. The new credit will be effective as of 01/01/09
   
6. The new credit will end on 12/01/09
   
7. The $15,000 Tax Credit that was part of the senate version of the bill is now gone.
   

The previous Tax Credit will continue to apply to all First Time Homebuyer that purchase between April 8, 2008 and December 31, 2008. First Time Homebuyers who closed on their home beginning January 1, 2009 will be eligible for the new Tax Credit until December 31, 2009. For example, a CHFA loan that closed on 12/31/08 gets no tax credit but one that closed the next day gets the new credit. A market rate borrower who closed on 12/31/08 gets a $7,500 interest free loan while one that closed the next day gets an $8,000 tax credit with no repayment required. I’m sure this will make some people unhappy. Remember nobody has to take the tax credit.

I hope to post another update when we have a better understanding of what the new FHA loan limits will be, the maximums have gone up a little, but not to the limits that had been hoped for. The new limits are not an across the board increase, they are county by county, and not all counties will see a change.

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Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

THIRD CONGREGATIONAL CHURCH

94 MINER STREET

MIDDLETOWN, CT

If you have been following my blogs for a while, you know that I post activities and events that the Third Church in Middletown CT holds. Now that school vacation is coming upon us this week (at least in parts of Connecticut) I'm sure you are wondering what the children and family might be interested in doing.

Well moms.. or for those who cook in the family. This coming Saturday, February 21st the Third Congregational Church is holding a pasta dinner. I'm never gone to this event, but I gone to their pork and pot roast dinners and have not been let down.. not by a long shot.

I will be taking my sons to this and will be checking it out. If you are interested too, It is ALL YOU CAN EAT which for my older son will be great with what he has been consuming lately.. I just hope he leaves food for the others... LOL.

The dinner starts at 5pm and continues until 7pm. The menu includes pasta, sausage, meatballs, salad, garlic bread and dessert. The adult price is $7.00 and children 10 and under are $3.50. For more information you can contact the church at 860.632.0733.

See you there.

Info about the author:

Info about the author:

Copyright © 2009 By Valerie Osterhoudt, ABR, All Rights Reserved...*WINTER VACATION... ALL YOU CAN EAT PASTA DINNER*

There are times when we loose our motivation and tend to procrastinate out work.  If you are looking to get inspired and loose that procratination, the Chamber of Commerce in Middletown CT, is holding this event.  Bill Kenney will speak about, Networking You! This is an interactive high energy workshop and is designed to help participants learn techniques for eliminating procrastination and call reluctance.  Don't delay, don't put off, don't avoid...attend this workshop and build the future of your dreams. 

Defeat self limiting behavior

Establish patterns of success

I'm blogging about this now, to have you start loosing that "I'll put it off" feeling.. you can't.  This event is being held tomorrow, Tuesday, February 10, 2009 from 8:00am to 10:00am.  Call now to register 860.347.6924.

Info about the author:

Valerie Osterhoudt is a Cromwell Connecticut Residential Realtor who can assist you with the purchase and/or sale of real estate in the Middlesex County of CT, as well as the surrounding areas. Please visit me at www.CTrealtorMLS.com for all your relocation and/or local needs.

Valerie Osterhoudt, ABR - Johnson Real Estate, Inc. - 860.635.0387 #2 - valerierealtor@sbcglobal.net

Copyright © 2009 By Valerie Osterhoudt, ABR, All Rights Reserved...*IGNITE YOUR SALES......DON'T PROCRASTINATE!!*

Sales volume is down as is median sale price. Inventory level has fluctuated with a large drop in January.

Current Market...
Number of single family homes on market: 180
Average Asking Price: $304,603
Median Asking Price: $274,900
*Source of information is the Co-op MLS of Connecticut as of February 4, 2009.

January 2009 Summary -
Sales: 11 homes, down 42% from a year ago.
Median Sales Price: $174,000, down 29% from a year ago.
Months Supply of Inventory: 6.2 months, down 24% from a year ago.

December 2008 Summary -
Sales: 19 homes, up 46% from a year ago.
Median Sales Price: $220,000, down 2% from a year ago.
Months Supply of Inventory: 15.3 months, up 15% from a year ago.

With the slow-down in the market, and continued historically low interest rates, now can be a great time to buy! Buyers can do very well at finding the right home at the right price.

Home sellers can still do well, but it is more important than ever to price realistically and according to the current market. No longer can you look at what sold a few months ago and set your asking price by that. Current competition is more important than ever.

With so many options for buyer's they are looking for the best value and prime properties, that means it is also critical to have your home properly prepared and staged. Trying to sell a home that needs work and updating can cost you a lot more than preparing and making it ready for sale.

While statistics can be useful, it is important to keep in mind that the sold statistics reflect just the homes sold in that time frame, and do not reflect a change in the overall value of all property in town. Current Market reflects the homes currently available, and what home sellers are asking for them. To find out how the market value of your specific home is affected call Fred Corey at (203) 500-0873.

Middletown Market Report for Last Quarter of 2008 and 2007 Comparison to 2008

Residential

9/1/2007 - 12/31/2007 compared to 9/1/2008 - 12/31/2008

The residential market in Middletown showed a drop in sales of 7.7% with 91 sales in the last quarter of 2007 and 84 in the last quarter of 2008. The median sale price dropped 13.4% from $268,453 in 2007 to $232,450 in 2008. There are 160 active listings on the market as of today.

1/1/2007-12/31/2007 compared to 1/1/2008 - 12/31/2008

Looking back at 2007 compared to 2008 there was a drop in sales of 31% with 378 in 2007 compared to 261 in 2008. Overall the median sale price dropped 6%, from $250,000 in 2007 to $235,000 in 2008. Days on the market remained relatively unchanged and homes are selling for about 96% of their final asking price.

Condominiums

9/1/2007-12/31/2007 compared to 9/31/2008 -12/31/2008

The condominium market has fared a little better than the residential market, although sales are still down. Sales in the last quarter of 2008 are down 33.4% with 57 in the last quarter of 2007 compared to 38 in the last quarter of 2008. Sale prices actually rose 4.3% from a median sale price of $149,900 in 2007 compared to $157,000 in 2008.

1/1/2007 -12/31/2007 compared to 1/1/2008 compared to 12/31/2008

Comparing all of 2007 to 2008 number of sales dropped 27% from 223 in 2007 to 163 in 2008. Median sale price rose .7% with the median sale price in 2007 being $153,500 and in 2008 the median price was $154,500. Certainly not a major gain, but at least it is up and not down.

Again don't be fooled by this report. Pricing is still crucial to a sale. Inventory right now is down a little, but if it starts climbing, everything changes. So far Ct seems to be faring better than some parts of the country, mainly because our inventory has not gone up. Since I have been involved in real estate for 27 years, the main difference I see between this market and the last major downturn in the late 80's and early 90's is inventory. Back then we had 3 or 4 years worth of inventory on the market and now it is more like 7 months worth of inventory.