Greater New Haven House Price Index continues growth and stability

3/03/2018 (CT) Milford New Haven CT "Carr Value Shelf" (FHFA HPI 173-178 since 2Q2012) indicated a value breakout for the 3nd time since 2016Q4, finishing 20174Q at 182.14 ( up from 180.32) . documenting 5 3/4 years house price stability since Sept 2012. Your property purchased after 2013 would have maintained or increased in House Price Index value, as would have any property purchased before 2004Q3. David Carr  The foundation of your success in real estate, here when the time is right for you©

US Senate may loosen banking rules soon

The US Senate began debate March 7, 2018  to loosen banking rules implemented following  the 2007-2009 financial crisis, marking a significant breakout in the long-running debate over regulation compared to consumer protection. Proposals include relaxing restriction on bank owned hedge funds, reducing holding capitol in time of crisis, and reducing oversight on banks under $250B. This may loosen credit restrictions, increase the buyer pool, and hypothetically increase demand for housing. David Carr  The foundation of your success in real estate, here when the time is right for you©

February 2018 Mortgage Minute

February 2018 continues to a good time to get off the fence as a home-buyer since rates in general are still historically low, which generally means under 7%.

When you bring your pre-approval from another lender to Kevin,  my Milford office in house Loan officer, he will  get you a $100 gift card just for giving us a chance to do business.

Remember, the Consumer Financial Protection Bureau website shows you  mortgage credit pulls within a 45 day period are treated as one inquiry to allow and encourage consumers to shop for the best available mortgage rates. This should be done after you go into contract.

This week Home Services Lending offered these rates with APR based on your qualifications.

Conv 30 Year Fixed (5% Down) =   4.50%

Conv 15 Year Fixed (5% Down) =   4.125%

FHA 30 Year Fixed (3.5% Down) = 4.50%

USDA 30 Year Fixed (0% Down) = 4.25%

CHFA Conv (1 point) = 3.875%

CHFA Conv (0 Points) = 4.25%

More homes sold with Higher Values in New Haven County

In New Haven County Connecticut, 658 homes sold in October 2017, compared to 650 during the same month in 2016, an increase of 1 percent. The median (not average) home price was $220,300, vs. $217,475 in October 2016, according The Warren Group, a Boston publisher.

To learn about what is happening in your neighborhood or feature specific market, give David Carr a call at 203-877-2704 x 400826 . Here for you when the time is right since 1996, the foundation of your success in real estate.  

#HomeOwnershipBuildsWealth

#HomeOwnershipBuildsWealth

The family home is a real estate, not an ATM from which to withdraw equity. A HELOC  is not an investment strategy any more than paying full boat for life insurance and borrowing your cash back at the current rate. A good investment is paying off a substantial debt so you can free up cash flow for future investments.

One additional principal only (not escrow or PMI) payment each year will reduce your 30 year mortgage to about 23 years (saving up to $56,000 at 6.5%). Two additional principle only  payments will drop your 30-year mortgage to about 17 years, while making twelve extra principle payments will allow you to pay off a 30 year mortgage in 10 years! Your lender likes you to pay mostly interest on the whole loan at the beginning, not equally through the term because of how your ratios are amortized, so the wise person adds an extra principle payment or two per year to reduce the loan term.  PMI and interest payments may be changed by your lender, however the wise borrower uses their freedom to make prepayments, since debtors pay interest on what they owe every month.  

While home improvement contractors and town assessors like you to make big investments in renovations, your wise financial planning self likes debt resolution and income creation through designated asset allocation. Perceived benefits of debt with a low (<5%) mortgage rate are: 1) the fact money gets easier to earn in the future due to inflation, 2)the interest expenses tax write off may be valuable, and c), you might more money investing those 2 payments a year somewhere else.

I have learned a lot since 1996 as a licensed real estate agent in Connecticut, and enjoy discussing options of wise planning, when buying, selling or investing real estates. As a Connecticut Fidicuary REALTOR since 1996 I advise you to complete due diligence with your fiduciary accountant or financial planner as well. ©David Carr 11.3.17 All Rights Reserved 203-877-2704 x 400826

New-Haven-Hartford-Springfield-commuter-train-coming-soon

CT Rail New Haven Hartford Line Proposed Fares for Rail Service Announced

CT Rail New Haven Hartford Line Proposed Fares Announced

On Monday, October 23, 2017, the Connecticut Department of Transportation (CTDOT)  announced a 35-day comment period on the New Haven to Hartford, Hartford to Springfield Train Line. The CTDOT is providing a variety of ways to submit comments on the proposed fares ($6.25 from New Haven to Springfield with senior/disabled discounts).

Look at the stops along the corridor here.

Both CTrail - Line and Amtrak trains will serve the 6-17 roundtrips along the New Haven-Hartford corridor, and up to seven from Hartford to Springfield. The SAFE Analysis and proposed fares do not apply to Amtrak service on this  81 minute train trip that will travel up to 110 mph.

New Haven continues to gain traction as a regional hub of economic and transportation resources, making now a good time to become and expert in your market.  David Carr, Licensed REALTOR since 1996. The foundation of your success in real estate, here when the time is right for you.

The best financing options may be overlooked......

When you are getting ready to buy a home and deciding what your monthly payment will be, the best financing options may be overlooked in the excitement of touring homes and neighborhoods.

The Connecticut Housing Finance Authority provides some of the most competitive home ownership opportunities in the state for individuals who make less than $89,000 per year and want to buy homes under $281,000. In target cities like New Haven, house prices and incomes go up, as in Fairfield County

As your exclusive Fiduciary Buyer Representative, I will help you understand options that will save you money every day.

Remember, if you spend $4000 extra on origination fees of a thirty year 4% fixed rate mortgage, you will pay around $160 extra interest per year to borrow those higher fees. Multiply that by 10 or twenty years, and you see how much the right decisions are worth.

Saving a half, or a whole percent can change your costs on a $200,000 mortgage $500-$1000 per year, enough to make extra principle prepayments, or have some extra cash on hand for steak and lobsters.

If you skip the lobster and steaks, choosing an extra principle (no extra interest) payment per year, you can pay your 30 year mortgage down in about 23 years. Make two extra principle payments per year and pay off in about 17 years. If you double your principle only payments you can pay off a 30 year mortgage in about 10 years! You have to decide if that cash is best invested paying off this debt, investing in a higher yield investment, or just having more steak and lobster parties.

Since 1996 I have maintained my commitment to helping my clients build wealth with the leveraged power of home ownership, delivering “the Foundation of Your Success in Real Estate” since 1996

Sincerely,

David Carr       Berkshire Hathaway Home Services New England

203-877-2704 Extension 400826                          “On the Green” in Milford Connecticut