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housing is not selling here either- the whole real estate market is becoming worse-everywhere it seems
Good luck-
I haven't really seen a slowdown in the Glastonbury market. Several friends and neighbors have sold recently and they went pretty quickly at a decent price. There are also a couple of homes I have been watching around town that went fairly fast as well. And there are some homes I thought would never sell because of location on a busy street and they have been sold.
The key seems to be pricing the home well and making sure it is clean, clean, clean. The house behind me sold in 2 days for well over asking price. The owners found their dream home so they priced theirs about $12,000 under where they should have. They got into a bidding war and sold for what it should have went for to begin with. Jay
I disagree with you about housing in CT right now- housing is going through Major bust nationwide. Homes and townhouses that once sold here in Vernon after few days on the market -now are not moving. Look at the way the stock market is responding to these problems. The credit squeeze is limiting the number of buyers.
The positive thing is CT should be less affected then many other areas-but does not mean we will not see a slowdown, which we are seeing now- the days of bidding wars and flipping are long gone-everywhere. And prices here though high for many locals, are only cheap to 'Equity locusts' coming in from more costly states and regions. Home and condo prices are likely to fall here- but less then other bubble areas of the nation.
Look at the increase in inventory throughout the state- its rising rapidly, and is now the highest since the recovery from the trough years after the last real estate recession ended around 1996-1997.
Last edited by skytrekker; 08-20-2007 at 10:15 AM..
While it is true that sales of home in Connecticut are down from last year (5.8% less than the first six months of last year), last year was a record year and the rate really had no place to go but down. The interesting thing about this real estate market though is that the average price of homes in Connecticut has increased and for the first time surpassed $300k (median sales price $307,250). No one knows what the current credit crunch will bring in the months ahead. The Fed seems to be reacting quickly (at least quickly for them) to get the credit market back on its feet before it impacts the economy too badly. We will see. Jay
I think if the FED had not thrown money out of helicopters from 2001-2004- with nearly negative interest rates this bubble would not have happened.
I mean really people with no or bad credit, and no income verification getting $500,000 loans?
No one truly knows how far the tentacles of this mess will reach-
The FED by adding more liquidity to the problem will only make the dollar decline.
First we where told there was no housing bubble, then there was one but it would not be a problem. Then we where told there was no sub prime mess, then there was one but was contained- now we see its not contained but spreading rapidly, then we where told this would not affect the broader economy- it is- at this point does the FED have any credibility?
I think if the FED had not thrown money out of helicopters from 2001-2004- with nearly negative interest rates this bubble would not have happened.
I mean really people with no or bad credit, and no income verification getting $500,000 loans?
No one truly knows how far the tentacles of this mess will reach-
The FED by adding more liquidity to the problem will only make the dollar decline.
First we where told there was no housing bubble, then there was one but it would not be a problem. Then we where told there was no sub prime mess, then there was one but was contained- now we see its not contained but spreading rapidly, then we where told this would not affect the broader economy- it is- at this point does the FED have any credibility?
I wonder this myself. You are so right about the Fed. This cheap money may have lulled everyone into a false state of security and caused more harm than good. I can't believe that so many people bought homes with no money down and adjustable rate mortgages. That is insane. Anyway, we will see where this will end. Lets hope for the best. Jay
It's just an unfortunately circumstance that Clamboy is trying to sell his house during a time when many mortgage companies are cracking down on their lending standards. Keep the faith Clamboy I'm sure it will sell soon, and you'll arrive in your New England haven soon enough.
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