West Hartford, CT

Getting a Fixer Upper in West Hartford - What to Look for in a West Hartford Fixer-Upper

Have you been thinking about getting a fixer upper in West Hartford as an investment that you can repair and sell later? Maybe you want to buy it to live in it. Either way, finding a good one can be a real money-maker. Here are a few ideas of what to look for when you are searching for a Fixer Upper in West Hartford as your next home.

1. Simple Problems -You need to find a West Hartford house that looks incredibly ugly, yet has very simple problems. Painting, flooring and other superficial problems can be a gold mine in an old house. They can prevent a sale even when the West Hartford home is full of potential. Many buyers are scared by even simple repairs, or they can't see through the "ugly" and see the "beautiful" it can be.

2. No Structural Problems - Structural problems in a home are usually too costly to repair, at least they bring great unknowns to the total costs. Some structural difficulties can be difficult to spot, and you may need to call in a professional for a home assessment in order to find them.

3. A Good Neighborhood - Although it is more difficult to find a fixer-upper in a good West Hartford neighborhood versus a bad one, you can spot some hidden gems that can equate to thousands of dollars in the long run. Are you planning on living in the home after it is fixed up, then you will care about the location of the parks, or proximity to your work, and more. Going to Rent the property after think about access to the bus line, and remember the more bedrooms the greater the rental income.

Financing a West Hartford Fixer Upper can be easy if you plan to live in the property afterward. There is a great program that will provide you with the money to purchase the property as well as the money you need to fix up the property. All with an incredibly low down payment! Let me give you all the details of this awesome loan program.

If you need more free information about selling, buying or investing in West Hartford real estate, feel free to contact me. For complete information about the West Hartford real estate market, including the most recent homes for sale including Fixer Uppers, current property values and more please call me on my cell at 860-306-8029.

The West Hartford market remained solid for the first nine months of 2009 (with less sales at the higher end of the spectrum). There were 456 closed sales of houses recorded in the Multiple Listing Service for the year through the end of September (down from 517 during the same timeframe in 2008). One of the most encouraging numbers was the median Days on Market for these sales at 35 days. This shows that well-priced properties are still selling quickly (and in multiple offers). The Days on Market is a week longer than in 2008 (27 days).

Given that there were only 130 closed sales in the final quarter of 2008 and we have already had 19 closed sales and have 117 homes under contract at this point, we should see a recovery in terms of the number of sales during this final quarter!!!

For 2009 sales, the median list price was $295,000 & the median sale price was $285,000. The range in sale prices for the year started at $106,600 and continued to $954,700; this range shows both great choice and affordability in town (it also shows that no one paid over $1M to live in West Hartford in the first nine months of the year; in contrast, the highest sale in 2008 was $2.441M).

The median sale in 2009 was 5 Miamis Road, selling in 41 days. The asking price was $289,000 and the buyer paid $285,000 for a 3-bedroom, 2 1/2 bath Ranch home with a 1-car garage.

Looking to the present, there are 229 houses available to purchase as of today (this inventory is down from a high this spring of over 300 homes and up only slightly from the low-200s in January). The prices range from a low of $84,900 for a 2-bedroom, 1-bath (908 sf) home at 89 Prospect Avenue to a high of $4,800,000 for a 9-bedroom, 6 1/2 bath (13,132 sf) home at 112 Stoner Drive. The median-priced property is located at 1079 Farmington Avenue (5-bedrooms, 2-baths & 1,724 sf), with an asking price of $359,900. Note that there are currently 4 homes in town priced below $150,000 and 13 priced over $1M.

Currently, there are 117 houses under contract in town. The highest-priced is 56 High Ridge, with an asking price of $1.1M (5-bedrooms, 5-baths, 6,774 sf). The median is 81 Brookmoor, priced at $269,900 (3-bedrooms, 1.1 baths, 1,400 sf). The lowest-priced is 109 Washington Circle, priced at $119,900 (3-bedrooms, 1-bath, 1,100 sf).

For more information on the value of your home in this market, contact Brent today by cell (860-614-8927) or email (brentbell@remax.net). Ask a real estate expert with 20 years of local experience. You can find this blog directly by visiting www.MyCTRealEstateBlog.com.

If you want the approximate value of your home, and are not ready to be contacted by an agent, visit www.WestHartfordHomeValues.com. Fill out as much detail as possible about your house. Brent will respond by email only (unless you request a phone call) with an estimate of your home's current value within 24 hours of your request!

West Hartford Green Home - So you want to buy a green home in West Hartford, but don’t know where to start? There are many points to consider when evaluating if a home is environmentally friendly. Being green is more than just using eco-friendly products. Other items to look at include sustainability and efficiency.

Of course using products that were produced with the environment in mind is important. However, sometime it can be green to use an older product. Recycling vintage products such as antique flooring or decorative hardware is eco-friendly because new materials and energy are not being consumed to create the product and the previously used items are not going to the landfill. New homes and newly remodeled homes are using this practice more and more. A great source in the West Hartford area is The ReCONNstruction Center.

When new items are purchased for a West Hartford green home there are several points to consider. Water and energy consumption are big factors. A green home can appear to be the same as a traditional home. Both homes have toilets, water heaters, showers, clothes washers, and garden irrigation systems. The difference between the two houses is the green home chooses environmentally conscious designed appliances to do the job. A tankless water heater uses less energy to heat because the water is heated only when called for. Traditional water heaters use energy to keep the water in the tank hot 24/7. Showerheads in the bathroom and faucets on all of the sinks can be installed with flow restrictors. This will use less water. A front load washing machine uses much less water than a top load machine, in fact the University of Leeds has designed a machine that uses just one cup of water per wash!

The landscape of a home can tell a lot about how efficient and sustainable it is. The orientation of a home on the land should be eco-friendly. When looking at homes in the West Hartford area notice how the home sits on the property. It should make the most out of daylight. This will reduce the need for heating and lighting. Landscaping is important too. Plants that are native to New England have many benefits over other landscaping. Native plants use less water, need less maintenance, and generally are less susceptible to pests. Other green landscaping practices include a system for gathering rain water and grey water to use as irrigation. Well placed trees can make the property look good and also help shield the home from the summer sun thereby reducing your cooling needs and costs.

Green homes help the homeowner’s budget as well as the environment. Looking at a home which needs renovation, consider a “green” renovation and an FHA 203k loan that allows you to finance both the cost to purchase the property but also the renovations. Get the money to install that super efficient furnace, insulation, energy star appliances and more. Ask me for information about how you can finance your “green” renovations.

There is a lot of free information available to you about buying a green home in West Hartford. For complete information about the West Hartford real estate market including current homes for sale, property values and more please call me on my cell at 860-306-8029 or email me.

When it first came out:

First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:

• Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
• Applies only to homes used as a taxpayer's principal residence.
• Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

The credit is claimed using Form 5405.

For 2008 Home Purchases

The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year.

Then it was revised to this:

For 2009 Home Purchases

The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1.

For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase.

First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return

Now the IRS issues this notice:

First-Time Homebuyer Credit Provides Tax Benefit to 1.4 Million Families to Date, More Claims Expected

With the deadline quickly approaching, the Internal Revenue Service today reminded potential homebuyers they must complete their first-time home purchases before Dec. 1 to qualify for the special first-time homebuyer credit. The American Recovery and Reinvestment Act extended the tax credit, which has provided a tax benefit to more than 1.4 million taxpayers so far. The credit of up to $8,000 is generally available to homebuyers with qualifying income levels who have never owned a home or have not owned one in the past three years.

The West Hartford market was steady for the first half of 2009 (with less sales at the higher end of the spectrum). There were 254 closed sales of houses recorded in the Multiple Listing Service for the year through the end of June (down from 283 during the same timeframe in 2008). One of the most encouraging numbers was the median Days on Market for these sales at 34 days. This shows that well-priced properties are still selling quickly (and in multiple offers). The Days on Market is a week longer than in 2008 (27 days).

For 2009 sales, the median list price was $289,900 & the median sale price was $280,000. The range in sale prices for the year started at $111,000 and continued to $899,900; this range shows both great choice and affordability in town (it also shows that no one paid over $!M to live in West Hartford in the first half of the year; in contrast, the highest sale in 2008 was $2..441M).

The median sale in 2009 was 174 West Ridge Drive, selling in only 10 days. The asking price was $278,000 and the buyer paid $280,000 for a 3-bedroom, 2 1/2 bath Split-level home with a 2-car garage.

Looking to the present, there are 270 houses available to purchase as of today (this inventory is down from a high this spring of over 300 homes and up from the low-200s in January). The prices range from a low of $114,900 for a 2-bedroom, 1-bath (908 sf) home at 89 Prospect Avenue to a high of $5,900,000 for a 9-bedroom, 6 1/2 bath (13,132 sf) home at 112 Stoner Drive. The median-priced property is located at 19 Day Road (3-bedrooms, 2 1/2-baths & 1,423 sf), with an asking price of $340,000. Note that there are currently 5 homes in town priced below $150,000 and 11 priced over $1M.

Currently, there are 109 houses under contract in town. The highest-priced is 36 Norwood, with an asking price of $985,000 (5-bedrooms, 3.2-baths, 5,224 sf). The median is 70 Rockledge, priced at $299,900 (3-bedrooms, 1 bath, 1,650 sf). The lowest-priced is 12 Kingston, priced at $125,000 (2-bedrooms, 1-bath, 652 sf).

For more information on the value of your home in this market, contact Brent today by cell (860-614-8927) or email (brentbell@remax.net). Ask a real estate expert with 20 years of local experience. You can find this blog directly by visiting www.MyCTRealEstateBlog.com.

If you want the approximate value of your home, and are not ready to be contacted by an agent, visit www.WestHartfordHomeValues.com. Fill out as much detail as possible about your house. Brent will respond by email only (unless you request a phone call) with an estimate of your home's current value within 24 hours of your request!