Current Housing Market? (Hartford, West Hartford, Glastonbury: mortgage, good credit, real estate)

[Rich Lee]

Originally Posted by transplantct

Hmmm, is the reason people are coming out now because they think that they can get great deals due to the bubble bursting? Sometimes it seems like a lot of media hype with a little truth behind it.

They've been out; they're just not buying. The media has been focusing on all aspects of the economy as it transitions: stock market, retail sector, unemployment, housing, etc.

A traditional, 30-year mortgage is currently at 5.75 percent which isn't all that bad.

[activemom]

I do think the media here is getting carried away by the trends in other parts of the country. We didn't have the ridiculous bubble as other areas of the country nor do we have massive layoffs as in Ohio/Michigan. So why are our prices decreasing?

In my town there have been no big increases in jobs nor decreases in jobs...I figured that the houses here in SE CT would at least stay at the same price. There are very few new homes being built and most of the homes on the market currently are not very good looking homes. However, I just had a realtor come out and give me a CMT and actually said she'd list my house at 10% less than what we paid two years ago! And this place was SO outdated when we bought it and we've done tons to make it look nice. (We pretty much bought at the peak of the market...there were only 2 homes in this area on the market in our price range when we bought and now there are at least 20!) It is VERY disappointing to say the least.

[blackwell0222]

our house is currently on the market we have dropped the price 15,000 in just 2 months. how far do we have to go to get a sale? down to the price we purchased it for 34 years ago. mississippi

[blackwell0222]

sorry dumb act should have said 3-4 years ago

[skytrekker]

I think the national economy- stock market falling, many large financial institutions in trouble (due to housing) it may be said easily 'Doom & Gloom' is one thing- true or untrue- but the current economic statistics currently speak of reality.
And that reality says there are some serious problems ahead, that are not going to be solved in 6 months.

[ambar371]

Originally Posted by jad2000

Just read an article in the Danbury News-Times that said housing prices in CT as a whole are dropping. The only towns holding their value (some still going up) are lower Fairfield County with a few west NH County towns. Greenwich, New Canaan, Derby, Darien, Ridgefield, Redding, Oxford are the desirable towns when it comes to homes holding their value.

________
I agree

I know my current town, Fairfield, has experienced a drop in price. I've seen a condo listed for 317K drop to 285K and now to 282K. This is no doubt, bad news for me as I just bought late last year, but, is not as bad as my neighboor who bought 2.5 years ago for 50K more than what I paid (but mine is a fixer upper). There are more houses to sell in Fairfield than condos. I thought that would help me but so far is not the case. There are tons of houses for sale in FF-I've seen 3 houses on the market in the same block, two in front of each other.

Does anyone knows how accurate is Zillow? -last week my property value was just over 300K but it now dropped to the mid 280's! I am wondering if I should believe it (I prefer not!).

[activemom]

I don't trust Zillow...here's an article that is kinda old but basically says that Zillow isn't as accurate as it says it is. Leslie Walker - Site's Alluring Facade Is Built on Shaky Foundation - washingtonpost.com

I compared houses in my town to check out my realtor's CMA that she gave me and noticed that on Zillow my house (a cape with great curb appeal, everything updated on the inside of the house and on a beautiful large lot on a quiet street) was worth less than an orange (yes, orange) raised ranch with a horrible lot with totally outdated interior and on a very busy street. (Our square footage was close to being the same.) I think there's no way for Zillow to figure in to an estimate the value of the location or the interior condition of the house.

[ambar371]

Originally Posted by activemom

I don't trust Zillow...here's an article that is kinda old but basically says that Zillow isn't as accurate as it says it is. Leslie Walker - Site's Alluring Facade Is Built on Shaky Foundation - washingtonpost.com

I compared houses in my town to check out my realtor's CMA that she gave me and noticed that on Zillow my house (a cape with great curb appeal, everything updated on the inside of the house and on a beautiful large lot on a quiet street) was worth less than an orange (yes, orange) raised ranch with a horrible lot with totally outdated interior and on a very busy street. (Our square footage was close to being the same.) I think there's no way for Zillow to figure in to an estimate the value of the location or the interior condition of the house.

___________

This article is incredible helpful! Thank you, Thank you!

[jad2000]

Originally Posted by jad2000

Just read an article in the Danbury News-Times that said housing prices in CT as a whole are dropping. The only towns holding their value (some still going up) are lower Fairfield County with a few west NH County towns. Greenwich, New Canaan, Derby, Darien, Ridgefield, Redding, Oxford are the desirable towns when it comes to homes holding their value.

This is the News-Times link if anyone is interested. Exclude Ridgefield and include Milford, Easton and Westport. Sorry for the mistake.

NewsTimes.com - Housing market varies from street to street

[Bob The Builder]

Call me crazy, but shouldn't an average house in a town be priced so an average family with an average income (for that town) can purchase it with an average loan.Non of this silly 100% 1% teaser ARM stuff.

Seems to me that if you have an average home (for that town), if you are pricing above what an average family can buy, you are over priced.