What is foreclosure? This question at the top of our list of frequently answered questions (FAQ)! Many buyers and sellers have heard the term "foreclosure", but many are not really sure as what it means. Depending on who we are talking to, the answer to this simple question can convey a vastly different meaning.
The simple answer to "what is foreclosure" is that the bank has taken ownership of a home - usually due to the mortgage not being paid for several months. Once buyers and sellers hear this answer, other questions follow and the conversations that come out of "what is foreclosure" can lead almost anywhere.
Foreclosure is a legal matter and it requires an attorney. It can be quite complicated and it can also be a rather lengthy process. For a homeowner, the end result of foreclosure can result in losing ownership of their home and being evicted by a Sheriff. Losing a home to foreclosure is a devastating and life changing event.
While in pre-foreclosure, a homeowner can continue to live in the house. There is usually a period of time where the homeowner can "pay up" the mortage to bring it current and take the house out of foreclosure. Foreclosure has a lasting affect on your credit report - as long as 7 to 10 years. Foreclosure laws vary by state and there are different types of foreclosure. If you are served with foreclosure papers, we suggest that you contact an attorney immediately.
For a homebuyer, "what is foreclosure" can indicate a buying opportunity - a "deal". A foreclosed property that is listed for sale is a "distressed" sale. It is a "bank owned" or an "REO" property and generally is priced aggressively to get it sold quickly. Expect a foreclosure property to be an eyesoar and to be in great disrepair as once the bank owns it, they will not keep up with home maintenace.
If you have any questions about foreclosure or if you would like a list of foreclosure properties, Email us!
Bob & Richelle Ward, Realtors, ABR
Prudential Connecticut Realty
www.connecticuthomesforsale.com
Cell - (203) 470-9818
Real Estate Statistics for Newtown, CT - as of 7/23/09. We're sorry we've fallen behind in posting about this subject. It's been four (4) months since we last posted about this subject and our goal is post every couple of months about the real estate market in Newtown. We'll try to stay on top of it.
Thought we'd let you know that Prudential Connecticut Realty's second quarter 2009 report is out. This report contains an overall view of real estate for the state with statistics broken out by county, town and single family or condo.
Because the real estate market is constantly changing, this is a just a snap shot in time for real estate statistics in Newtown, CT as of 7/23/09. All information is from the Greater Fairfield County Multiple Listing Service (MLS) for the town of Newtown as of today. Here goes:
As of this moment, there are 309 actively listed single family homes for sale in Newtown whose prices range from $55,00 for a mobile home to $1,999,000 for 5 bedroom, 5 full bathroom & 2 half bathroom Colonial on 2.13 acres. Houses that are not mobile homes start at $169,900. There are twenty-three (23) homes that are marked as being under deposit. Twenty-eight homes are marked as pending sale - which means a contract of sale has been signed. Ninety-seven homes have been sold in Newtown since January 1, 2009.
The homes that have SOLD so far this month are:
| Property Address | Sold Price | Closed Date |
| 25 Cricket Trail | $196,500 | 7/09/2009 |
| 6 Key Rock Road | $234,500 | 7/02/2009 |
| 150 Hattertown Road | $382,000 | 7/15/2009 |
| 7 River Edge Drive | $412,500 | 7/03/2009 |
| 5 Scudder Road | $447,500 | 7/06/2009 |
| 16 Grand Place | $507,000 | 7/14/2009 |
| 81 Cedar Hill | $527,500 | 7/13/2009 |
| 9 Antler Pine Road | $520,000 | 7/22/2009 |
We hope that you have found these real estate statistics for Newtown, CT to be helpful in letting you know what is happening in our local market. If you have any questions, please email us!
www.46pondbrook.com 
www.14NorthRidge.com
Bob & Richelle Ward, Realtors, ABR
Prudential Connecticut Realty
www.connecticuthomesforsale.com
Cell - (203) 470-9818
Short Sales in Newtown, CT - as of 7/22/09. Back in September 2008, we posted a blog titled "Short Sale - What is It?". We think this is useful information as we frequently explain what a short sale is to both buyers and sellers. Our intention is to update you every 2 months about the short sale activity in Newtown, CT.
The number of possible short sales in Newtown,CT has increased approximately 55% from our last short sale post. This increase continues the pattern we've seen since September 2008. As of today, there are 23 (twenty three) actively listed homes that are identified as being a "possible short sale" on the multiple listing service (MLS). They range in price from $169,900 to $789,900.
Please note that of the actively listed short sales:
Of the homes that are no longer on the list:
In our last short sale post, there were 15 homes that were identified as being a possible short sale on the multiple listing service - 14 of them have carried over to this report. One home still remains from our original September 2008 post and it is still pending sale after all these months.
Interested in getting list of the short sales in Newtown, CT? Email us!
Bob & Richelle Ward, Realtors, ABR
Prudential Connecticut Realty
www.connecticuthomesforsale.com
Cell - (203) 470-9818
Neighboring Towns of Newtown, CT. We have blogged about the different sections of Newtown, CT and thought that some of you might want to know a little about the towns that border Newtown.
Newtown is the largest town in Fairfield County, CT and as such there are many neighboring towns of Newtown, CT. The Eastern border is Lake Zoar which is actually a part of the Housatonic River. On the other side of Lake Zoar is Southbury which is located in New Haven County.
To the West is Bethel. With its cobblestone sidewalks, antique street lamps and quaint storefronts and restaurants, Bethel's downtown is popular with window shoppers andm joggers alike. The newly renovated Bethel Public Library has comfortable chairs to curl up with a good book. P.T. Barnum Square honors the American showman who was born here in 1810.
Once a parish of Danbury, Bethel thrives with new construction and renovated homes in older neighborhoods on cul-de-sacs and intersecting streets. A renaissance is taking place in the village of Stony Hill with the opening of new shopping centers. The town has two industrial parks, which include headquarters for bicycle manufacturer Cannondale and battery manufacturer Duracell.
To the North is Brookfield. Wagon and stagecoach drivers used to pay tolls to travel the main roads in Brookfield, which were dotted with gristmills, sawmills, a paper mill and hat and knife factories in the 1700s. All that remains from that industrial age is the gristmill on the Still River, restored to a crafting co-op for area artisans. Nevertheless, Brookfield Center maintains its historic charm with spacious, historic homes and period architecture.
Tucked between Lake Lillinonah and Candlewood Lake, Brookfield offers the solitude of country living and the convenience of nearby major highways. Interstate 84 and Route 7 provide easy access to Stamford, Wilton and Norwalk, as well as White Plains, N.Y., and New York City. Train stations along the Metro North rail line are a 15-minute drive.
Reproduction and contemporary homes dot the countryside in Brookfield, one of the fastest growing communities in Fairfield County.
To the Southwest is Redding. The peaceful country town of Redding in the geographical center of Fairfield County has changed little in appearance since its incorporation in 1767. Residents' diligent efforts to preserve the town's New England charm and natural splendor have resulted in a choice spot for family living and picturesque surroundings.
The community carefully monitors new home construction to prevent over-development. Existing houses are set on roomy lots amidst rolling hills, open meadows and traditional New England stonewalls. A wide variety of designs and sizes meet the needs of residents, who enjoy a convenient down county or New York City commute on the Metro North Railroad, which has a station in Redding.
To the South are Easton & Monroe. Easton, one of Fairfield County's most rural towns, strives to maintain its original 18th century beauty and seclusion. The result is a completely private and tranquil setting, rich in nature and country charm.
Fruit orchards, dairy and Christmas tree farms, the historic Olde Blue Bird Inn and a classic New England village store make up Easton's limited commerce. Inn keeping, textiles, farming, milling and blacksmithing once flourished in town.
The community has limited development because Aquarion Water Company of Connecticut, the major water supplier in the area, owns large tracts of land. The water company maintains three vast reservoirs surrounded by 7,500 acres of forest. Picturesque farmhouses, early colonials and newer homes of contemporary and traditional design dot the scenic countryside.
Family neighborhoods and stately historical homes mix well in Monroe, once an entry in Forbes' "Best Places to Live" survey. A bedroom community of New York City, Monroe has a lively spirit where education, recreation and civic involvement are important to residents. It is one of the fastest growing towns in Fairfield County.
The community carefully plans its industrial districts to blend into the New England character of town, and there are a number of shopping destinations and restaurants on Route 25 in the Stepney section. The area around the Town Green on Route 111 is unspoiled, with a Town Hall and the new Edith Wheeler Memorial Library.
We hope that you have found the neighboring towns of Newtown, CT to be a helpful post. If you have any questions about Newtown's neighborhing towns, please email us.
Bob & Richelle Ward, Realtors, ABR
Prudential Connecticut Realty
www.connecticuthomesforsale.com
(203) 470-9818
What Price Ranges are Selling in Newtown, CT - as of 7/15/09. People are under the impression that absolutely NOTHING is selling right now ANYWHERE. This is not true. Homes in the different price ranges sell at different rates. Some are REALLY moving right now - some are not. The tool we use to determine what price range is moving and what isn't moving is something called an "absorption rate".
What is an absorption rate? This is a hypothetical estimate of the number of months it would take to sell the inventory of houses on the market. An absorption rate can be by town, county, state or even a neighborhood. Obviously, inventory is replenished, so it would not happen in the real world. The absorption rate is based on sales and current deposit levels. It is generally broken out by price range.
What is an absorption rate used for? When looking at absorption rates, Realtors can see what price range is moving in the given market. For example, there may be a 3 month supply of homes in the $450,000 to $499,999 price range and a 10 month supply of homes in the $500,000 to $549,999 range. If you were going to list a home for sale, do you think it would sell quicker if it was listed at $495,900 or $509,900? Given the aforementioned absorption rates, it would take 3 times longer to sell the home if priced over $500,000.
So, now for the technical stuff. The table below illustrates the current absorption rates for the different price ranges in Newtown. The Months of Inventory with the lowest numbers indicate the price ranges that are selling in Newtown, CT.
|
Price Range |
# of Active Listings |
# of Sales in the Last 6 Months |
# of Deposits |
# Months of Inventory |
| $0.00 to $199,999 | 9 | 6 | 2 | 7.31 |
| $200,000 to $249,999 | 3 | 3 | 4 | 2.8 |
| $250,000 to $299,999 | 9 | 8 | 2 | 5.8 |
| $300,000 to $349,999 | 3 | 6 | 4 | 1.9 |
| $350,000 to $399,999 | 27 | 7 | 4 | 15.9 |
| $400,000 to $449,999 | 19 | 3 | 4 | 17.75 |
| $450,000 to $499,999 | 29 | 4 | 1 | 22 |
| $500,000 to $549,999 | 1 | 9 | 5 | .46 |
| $550,000 to $599,999 | 16 | 6 | 3 | 11.6 |
| $600,000 to $649,999 | 11 | 6 | 0 | 11.95 |
| $650,000 to $699,999 | 24 | 5 | 1 | 26 |
| $700,000 to $749,999 | 6 | 5 | 4 | 4.34 |
| $750,000 to $799,999 | 17 | 1 | 0 | 30.6 |
| $800,000 to $849,999 | 12 | 3 | 0 | 26 |
| $850,000 to $899,999 | 8 | 2 | 0 | 26 |
| $900,000 to $949,999 | 4 | 1 | 0 | 26 |
| $950,000 to $1 million | 4 | 1 | 0 | 26 |
| $1 million + | 30 | 2 | 0 | 100 |
What does all this mean? If you are planning to list a home for sale with a list price of $565,000, you might want to consider a list price in the price range just below ($500,000 to $549,900) as you should have a better chance of getting your home sold quicker. If you have a home listed for sale in Newtown for $750,000 or more, expect it take a long time to sell.
We hope that we have given you a clear picture of what price ranges are selling in Newtown, CT. If you have any questions, please Email us!
Bob & Richelle Ward, Realtors, ABR
Prudential Connecticut Realty
www.connecticuthomesforsale.com
Cell - (203) 470-9818
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We service homebuyers and homesellers with real estate in the Greater Danbury, CT area. This includes the towns of Danbury, Bethel, Brookfield, Newtown, New Fairfield, New Milford and Southbury.
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