Donna Springer

Milford CT 2009 real estate recap

Most people watched the ball drop on New Years Eve with a small sigh of relief rather than a big WOOPIE! Relief that they were still in tact and hopeful. Hopeful to embrace all possibilities that a new year brings.

Gone are the days of disposable homes -easily shed for a bigger and better one. Homes were never meant to be a short-term step in our long term plan. What's old is new again and yes (I am going to say it) our parents were right- a home is a long-term commitment. Bye-Bye "Flip This House"

2009 was an interesting year in Real estate, not a day goes by where I don't get totally conflicting blasts on line about the national real estate market saying- market has bottomed, market yet to bottom, bottom not in sight. Which brings us to what we need to focus on - value and our local markets. Like they say "What happens in Vegas stays in Vegas." The same is true in real estate. If you want to know what is happening in your local real estate market -ask a local real estate professional.

Milford CT is still a strong draw for first-time buyers. Known as "The Small City with the Big Heart", Milford is home to over 50,000 people yet has a feel of a small New England town.It has 17 miles of shoreline, easy access to major highways and a downtown train station putting New York within reach. Like most communities prices in 2009 continued to soften. The government tax credit has provided the incentive for buyers to get moving!

The $8000 tax credit for first -time buyers and now the expanded $6500 for repeat buyers requires your new home be under contract by April 30,2010. From current reports, these credits will probably not be extended. FHA offered great opportunities to home buyers with mortgages with 31/2 % down, seller contributions towards closing costs and prepaids and great rates. There is even a FHA 203K mortgage that allows you to incorporate improvements to your home into your mortgage. So a government endorsed tax credit, great mortgage options, homes prices at a 10 year low and the lowest interest rates in a long time and you basically have a perfect mix for the best time to buy.

In 2009 526 homes sold in Milford CT which averages out to 43.8 per month. In the last 6 months 327 sold (54.5 per month). This was due in part to the end of the first home buyer credit in November. The average sales price in 2009 was$ 285,085 down from the peak market in 2007 when 685 homes sold and the average sales price was $376,403.

Currently, there are 275 homes for sale in Milford CT. 191 are Residential homes, 75 are condos and 9 are Multi-family homes. The highest price home currently listed in Milford CT is 98 Trumbull Ave which is a condo in Mariners Walk listed for $1,295,000. Milford offers a variety of home prices,a good school system, a variety of life styles all against the backdrop of the ocean. When buyers look for value, Milford CT homes are definitely a "best buy" .

Well, it seems we are starting to get over that long and dreary winter of 08 and signs of spring and a Spring Market are starting to appear. As of March 19^th, 34 homes in Milford CT have gone on deposit the Average List Price has gone up from $395,332 in February to $416,642. Another sign of new life in Milford CT real estate market is the Days on Market which has gone down from 112 days in February to 97 days so far in March. Go to www. CTHomeConsultant.com to view graphs for Milford CT home sales.

Many of the ‘seeds' needed to support a solid housing market have been planted - a feeling of hope and confidence in our new administration, the $8000 home credit which applies not only to first time buyers but also to most buyers who have not purchased a home in the last 3 years and interest rates hovering in the low 5s. Like all good gardeners -you need good seeds and the some fertilizer to enhance their growth-and now with housing prices repositioned to 2003 or better-before the bubble began ,buyers are doing their homework and no longer driven by impulse buying providing a solid basis for long term goal- Home ownership.

On a very local level, Milford CT has received $750,000 into the city's housing rehabilitation program which doubles the number of homes that it can serve. This grant is through the HOME Investment Partnership Program which is federally funded and offers a variety of loans and grants to develop and support affordable housing. It is administered through the state Department of Economic and Community Development.

According to the March 18, 2009 CT Post " Houses valued at $294,00 or less after the improvements, owned by individual or families earning 80 per cent or less of the city's median income can qualify. Milford's median income for a family of four is $61,500."

In addition to rehabilitating homes, they have expanded the grant to include expanding the living space of homes deemed too small for a family if the lot allows.

If you would like more information about Milford CT real estate or would like to get the word out on a Milford event- contact me donna @CTHomeConsultant.com.

January 2009 versus January 2008 Real Estate Market Reports for Woodbridge, Bethany, Orange, New Haven and Milford,Connecticut

Jan2009 market reports

Hope Now and Neighbor Works along with the Federal Reserve Bank of Boston will sponsor a free workshop on February 14th to homeowners having difficulty making their mortgage payments. This workshop will take place at the Connecticut Convention Center at 100 Columbus Boulevard in Hartford CT from 10 a.m to 4 p.m. Struggling homeowners will have a chance to talk with mortgage reps to discuss options to avoid foreclosure. Be sure to bring all documentation regarding expenses, debts and mortgage info.

You can get more information at the informedhomebuyer.org

www.CTHomeConsultant.com