Barbara Altieri Connecticut Real Estate

Shelton -- Best Affordable Suburb in Connecticut -- Where You Can Live Well For Less

If low housing prices, historically low interest rates and the extension and expansion of the homebuyer tax credit are not enough to get you into the housing market, here's one more thing. Why not choose to live in the Best Affordable Suburb in Connecticut? Where is it? Nah...it CAN'T be in Fairfield County, one of the most expensive counties in the country!! BUT it IS....Can you guess??

According to BusinessWeek magazine, Shelton Connecticut has been selected as the 'Best Affordable Suburb' in Connecticut for 2009. BusinessWeek selected one affordable suburb from each state where residents can find the best quality of life for their money in 2009. Shelton was the winner in Connecticut. Way to go, Shelton! Congratulations! Check other states here:

The criteria for the selected suburbs were limited to towns within 25 miles of the most populated city, (which was Bridgeport CT) with a population of 5,000 to 60,000 people. Other criteria were median family incomes of $51,000 to $120,000 along with lower-than-average crime rates.

Other factors included livability (shorter than average commutes, low pollution, lots of green space), education (well-educated residents, above average test scores), crime (low personal and property crime), economy (high job growth, low unemployment rate, high family income), and affordability (median household income, cost of expenditures). The overall objective was to find towns that were considered great places to raise a family.

Towns were marked down for consistent bad weather, low racial diversity, high divorce rates, and few children. About 38% of Shelton's residents are married with children.

Shelton has a population of 39,100, median household income of $81,855, a median home price of $360,000 and a 4% unemployment rate (not bad compared to the national 10.2% average). Shelton is also home to over 250 acres of parkland and athletic fields and Brownson Country Club, a golf, swimming, and family club.

BUT, there is a BONUS. Not mentioned in the BusinessWeek report is the fact that Shelton CT has the added distinction of having a low tax rate by comparison to neighboring towns.

This is all great news for anyone looking to move to Shelton or just not quite sure where to make their move. Homes are more affordable than they have been in years and having the distinction of being named the Best Affordable Suburb in Connecticut should just seal the deal.

Take a look at the homes for sale in Shelton CT right now!

Homebuyer Tax Credit Expanded and Extended

It's Official. Today President Obama signed legislation that extends and expands the former First Time Homebuyers credit. The credit is now simply called the Homebuyer Tax Credit.

The National Association of Realtors has provided a chart which lists changes from the original First Time Homebuyers Tax Credit.

Here is additional information on the Homebuyers Tax Credit provided by NAR:

• If you qualified for the original first time homebuyer credit, you do not have to close by December 1, 2009. Since the new legislation was signed today, that date no longer exists.
• If you are an existing homeowner, your new house does not have to cost more than your old house.
• If you are a first-time homebuyer but did not qualify for the credit due to income limits, you may be eligible for the credit or a portion of it if you're within the phase out range.
• The $800,000 is the absolute ceiling for a home purchase. No proration of credit is allowed if your new home exceeds that amount.
• If you lived in your home for at least five consecutive years out of the last eight years (maybe you rented wihin that eight year period) you are eligible.
• If you are currently in escrow and have lived in your present home for five consecutive years, you should be eligible for the $6,500 credit.

• The tax credit does not need to be repaid provided the buyer occupies the home for three years or more.

Buyers should consult their tax specialist for homebuyer tax credit information specific to their situation.

Updated FAQs on both the $8,000 first time home buyers and the new $6,500 repeat buyers tax credits can be found here: http://bit.ly/26Izh1

Shelton CT Condo Market Report for October 2009

The condo real estate market in Shelton Connecticut for the month of October, 2009, is on the upswing in sales as compared to the same time last year.

MLS data shows Shelton condo sales in October were up 9% from October 2008. Average list and selling prices were down 21.3% and 23.5% respectively. The high sale was in Crescent Village and the low sale was in Heather Ridge. Average days on the market decreased 16% -- good news for sellers.

The market absorption rate, which shows the number of months it would take to sell the entire inventory at the same pace, is at 8.9 months, which confirms a buyer's market.

Where were all the condo sales for the month of October in Shelton?

The hot spot was in the $200K-400K range with 'up to $200K' coming in second. Check here for all the October 2009 condo sales.

The absorption trend for the last nine months below shows a slight trending upward in sales per month as well as a downward trend in the market absorption. Good news on both fronts.

The success in selling your condo in Shelton or any other community is dependent upon accurate pricing, absorption rate for your particular price point, and having an omnipresent online marketing presence. Your condo will sell if there is a synergy among all three.

For information on Shelton CT single family homes sales in October, 2009, visit here.

Date Source: Greater Fairfield County Multiple Listing Service -- November 4. 2009. No representation or warranty is made to the accuracy of this information.

Shelton CT Single Family Market Report for October 2009

Take a look at what happened in the single family real estate market in Shelton Connecticut for the month of October, 2009, as compared to the same time last year.

MLS data shows Shelton single family home sales in October were down 15% from October 2008. Average list and selling prices were down 5.9% and 6.7% respectively. Average days on the market increased 11%.

The market absorption rate, which shows the number of months it would take to sell the entire inventory at the same pace, is at 10.5 months, which confirms a buyer's market.

Where were all the single family sales for the month of October in Shelton?

The sweet spot was in the $200K-400K range with $400K-600K coming in second. First time buyers very probably dominated the market. Upper $$ homes did not fare well during the month indicating sellers should take a look at their pricing and marketing.

The absorption trend for the last nine months below shows a slight trending upward in sales per month as well as a downward trend in the market absorption. Good news on both fronts.

The success in selling your home in Shelton or any other community is dependent upon accurate pricing, absorption rate for your particular price point, and having an omnipresent online marketing presence. Your home will sell if there is a synergy among all three.

For information on the Shelton CT condo market, look here.

Date Source: Greater Fairfield County Multiple Listing Service -- November 3. 2009. No representation or warranty is made to the accuracy of this information.

Real Estate Final Inspection -- The Walkthrough Before Closing

You're almost at the end of the transaction. You can see the light at the end of the tunnel, but you're not done yet. It's time to schedule the walkthrough of your soon-to-be home.

The main purpose of the final walkthrough is to be sure the property is in the condition you expect it to be and nothing has changed (except for normal wear and tear) since the contract was made. Period.

Buyers: This is not the home inspection. Provided an inspection was done, this is the time to be sure any repairs agreed to as a result of that inspection were completed.

This is not a time to make out a punch list of things you don't like about the house that you think need to be fixed. Sorry, too late. You do want to make a list, though, of any issues that may need to be resolved so that the conditions of the contract are met.

These are the items I cover on the walkthrough where applicable:

• Using a copy of the contract, check to be sure all items listed are in place (i.e., appliances, lighting fixtures, window treatments, etc.)
• Turn all lights on and off - interior and exterior
• Test all appliances
• Run exhaust fans in kitchen and baths
• Run garbage disposal
• Run ceiling fans
• Test heating and air conditioning (weather permitting)
• Run water in sinks and bath and look for leaks
• Open and close all doors and windows
• Flush toilets
• Inspect ceilings, wall and floors
• Check garage door openers
• Bring along a plug-in night light to test the electrical outlets especially if there was a repair or upgrade since the inspection
• Check basement and attic for items left behind and water seepage/leaking
• Make sure all owner's personal belongings are removed from the property

When should the walkthrough be done? Usually, within five days (or as the contract specifies) before closing. I like to do my walkthroughs no more than one day before closing or the day of closing.

Important: The seller should have already vacated the premises. Why? Well if not, you cannot be sure that personal items in the house will be left behind for you to deal with. You also want to make sure everything you expect to be in the house, per the contract, is there and has not been removed.

What about the exterior? Check to be sure there are no unwanted items left behind. If there is garbage at the curb waiting for a pickup, be sure that it will be done (and, if applicable, paid for) prior to closing. If there is a lot of acreage, walk the property to be sure it is as expected.

What if you find something not as expected? This should be reported to the listing agent/seller/attorneys. If it is possible to work it out before closing and to the satisfaction of the buyers, then it should be done. Otherwise, the attorneys will usually hold money in escrow for the estimated expense, or the seller can sign an agreement to correct the defect.

Although the walkthrough is not mandatory, it should never be passed up by the buyers provided there is a provision for it in the contract.