October Median House Price Report

As I always say, you have to be an expert in your market to make the right decision at the right time For another month the Carr HPI Value Shelf has been extended from the origination point in established in 2Q2012, adding more properties to the statewide foundation of comparable equity value. Since 1996 I have been attentive to values and trends in Greater New Haven Connecticut

My Connecticut Association of Realtors reports the single-family residential home median sales price for October was $247,000, a 3.3 percent increase from $239,000 in that same time period last year,

Median price is one that indicates half the homes sold for more and half for less, a more accurate data point than the average.


October 2016 single-family residential home sales in Connecticut decreased 4.6 percent in October 2016 compared with a year ago. The total units of homes sold were 2,881 in October 2016 vs. 3,021 in October 2015.

Townhouse and condominium median sales prices also rose to $159,900, representing a 1.7 percent increase from $157,250 in that same time period. Sales in Connecticut increased 1.7 percent, with total units sold numbering 728 in October 2016 vs. 716 in October 2015.

Nationwide, the National Association of Realtors found combined total home  (single-family homes, town homes, condominiums and co-ops) sales nationwide moved in a contrarian direction of Connecticut, posting a median a increase 5.9 percent in October 2016 compared with the same month a year ago. The median national home sales price was $232,200.

Regionally, Northeast home sales increased 1.4 percent in that same time period placing  Connecticut ahead of the regional value recovery.

What does this mean to you? That Connecticut remains undervalued in a regional perspective compared to New York and New Jersey, while posting a better October than the rest of New England. We can discuss why now may be the right time to buy or rent, depending on your unique position and  projected life and career course. Since 1996, I am proud to be the foundation of your success in real estate, providing objective, transparent consultation that will help you make the right investment or find the right house to call home.. contact me on my webpage david-carr.net

How to Re Purpose Closets in Connecticut

Where am I going to put this?

There's no room here?

As we look a new home, or consider making improvements (and a commitment) to our current residence, new ideas can be work their weight in gold.

One of the real estate service values I deliver is visualization and  re - purposing of space.

I  have inspected thousands of properties, have seen my clients implement renovations, and worked with contractors to make proposals. My understanding of structure, flow and functionality will add value to your plans when we work as a teem.

 Here we see how a closet can become a workshop, home office, entertainment center, wet bar, exercise center or specialized storage center. The possibilities are endless when you have the resources of insight, objectivity and planning I can share with you.

Since 1996 I have helped people make the right move in real estate.

Call 203-654-2905 to ask how I can make a gift to your favorite nonprofit organization when your transaction, or one you refer to me closes.

I believe in doing well by doing good

David Carr, MA, PSCS
The Foundation of Your Success in Real Estate

Freddie Mac October 2016 Outlook

MCLEAN, VA--(Marketwired - Oct 20, 2016) -   Freddie Mac (OTCQB: FMCC) released today its monthly Outlook for October showing that housing remains a bright spot in the face of a marginally improving U.S. economy and tight inventories of for-sale homes. However, mortgage activity, which has benefited greatly from low mortgage rates post-Brexit, is starting to see a slowdown in refinance activity that will persist into next year as the mortgage market transitions to a purchase-dominated mix.
Outlook Highlights

• Continued strength in consumer spending and a reduction in the drag from inventory spending should boost second half growth, resulting in full-year 2016 GDP growth of 1.6 percent. The economy should do modestly better in 2017, posting 1.9 percent year-over-year growth.
  
  
• A mature expansion operating near full employment only needs to generate enough jobs to keep the unemployment rate steady. Expect the unemployment rate to decline slightly over the next year-and-a-half, ending 2017 at 4.7 percent.
  
  
• Even if worldwide bond yields recover to the pre-Brexit status quo, mortgage interest rates are likely to remain low for an extended period. Expect a gradual rise in rates throughout the remainder of 2016 and into 2017, with the 30-year fixed-rate mortgage averaging 3.9 percent in the fourth quarter of 2017.
  
  
• Don't expect much increase in total home sales going forward with a slight decline in seasonally-adjusted sales in the fourth quarter. Next year, rising new home sales driven by increases in new single-family housing construction will push total home sales slightly higher, to 6.16 million in 2017 compared to 6.04 million in 2016.
  
  
• Forecasting house prices will grow at a 5.6 percent annual rate in 2016, moderating to 4.7 percent in 2017.

FHA Reduces Condo Occupancy Requirements to 35%

On Oct. 26, 2016, HUD issued a mortgagee letter making changes to the Federal Housing Administration's (FHA) owner-occupancy requirement for condominiums as a result of the Housing Opportunity Through Modernization Act of 2016 (HOTMA). Under the new provisions, FHA approved condominium projects will allow the owner-occupancy requirement to be lowered down to 35% under 3 conditions (a) The project has replacement reserves of at least 20% of the budget, (b) No more than 10% of the units more than 60 days past due with their fees, and (3) The condo has three years of acceptable financial documents.Be an expert in your market when you work with david-carr.net. The Foundation of Your Success in Real Estate since 1996. I'm here to help you make the right move when the time is right for you

How can I tell what my dream home is worth? It's not an apple or orange.

The value of a property, or anything, is ultimately what another person will pay you for it at a particular time. As a licensed Connecticut REALTOR since 1996, I have observed a similarity between real estate and produce, as the price of both items changes depending on a variety of conditions, including quality and availability. When we buy or sell a property together, we consider many more factors other than color, size and freshness. Here are a few ideas to help you. As your fiduciary agent, I will share more property specific ideas and insight with you, when we look what you want to acquire or sell,

Many times I have counseled my clients, always saying the location is the most important value, because you can change almost everything about a property, except where it is. Therefore, I consistently advise my clients to buy the ugliest house in the best location they can afford, then work to make it uniquely theirs.

When looking at a specific market, such as three bedroom homes with a bath and a half, garage and about 2000 square feet in the same community, consider these adjustments to value:

1) Neighborhood Location- Is the property on busy street, cul-de-sac, or neighbor only loop.

2) Topography-Is the lot (and driveway) level or sloping, affecting functional space.

3) Style-A colonial does not compare to a split or cape due to dormers and basement design.

4) Renovation- The quality and placement of a renovation may add value, appliances don't.

5) Layout – Functional flow, door way size and window views are items of value.

6) Proximity – To recreation, shopping, schools and exercise amenities within 2 miles.

7) Noise – How close are you to a highway, train, or other offensive noises and smells?

8) Property Setback – How close are you to your neighbors, and what are the sight lines?

9) New Construction – Consider workmanship, the material quality and the history of the builder.

Although these is a good list, it's not inclusive until we review your most favorite properties when buying, or compare your competition when selling. You may also read “The Multiple Values of a Home”, which I wrote, and is available on my website <http://ahomeforme.com> and Linked In. Since 1997, I have appreciated the time I have invested, learning about real estate with my clients, and your referrals of friends, colleagues and associates. Contact me at my office – 203.654.2905.

Copyright2016 by David Carr. All Rights Reserved

New Haven CT one of Top Five Undervalued USA Metros in June 2016

July 7, 2016 (CT) - The five most overvalued housing metros are Austin, San Antonio, Phoenix, Las Vegas and San Francisco. The five most undervalued metros in the United States are New Haven, Detroit, Hartford, Providence, RI, and Cleveland, OH. as reported by Kim Slowey on June 10, 2016 in Construction Dive, a building trade resource based in Washington, DC

Fitch determined the list for Forbes by labeling markets overvalued when home price growth outpaces the local economy, and labeling them undervalued when housing prices are below what the local economy can handle. 

Connecticut has not fared as well in the employment arena and has seen more than its share of millennials and baby boomers out-migrate to other states. That trend has left two of its metros, New Haven and Hartford, among the top five undervalued markets. Connecticut lost a high-profile business this year, General Electric, to Massachusetts, and Aetna and other insurance companies — the backbone of Hartford's economy — have considered similary moves, which many blame on a new round of state business taxes.

Experts at Fitch Ratings U.S. RMBS group said that while inventory is a consideration in overvalued markets like San Francisco, with ever-rising rents and home prices, the increase in incomes is "what's driving a lot of the demand."

David Carr is a full time REALTOR associated with Coldwell Banker who specializes in fiduciary representation of buyers of residential and multifamily investment property since 1996. Mr. Carr also specializes in marketing residential, multifamily and zero energy investment property in Southern Connecticut, and may be reached at 203-654-2905 or online at multiple venues.

http://www.constructiondive.com/news/5-most-overvalued-and-undervalued-us-housing-markets/420702/