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Old 09-14-2008, 10:37 AM
 
154 posts, read 687,278 times
Reputation: 53

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that's really helpful everyone. I admit we love the appeal of an older house but I agree with the poster from Bristol that heating it is an expense most people in a lower income bracket can't handle easily.

Thanks for all the info Waverunner, and for checking your own averages - such a nice thing to do. And no problem - we can't afford much more than 1500 sq ft.! We're hoping it stays a buyer's market for a little while but it's also getting harder to qualify so we want to do it while we still qualify ( the Freddie Mac and Fannie Mae are supposedly going to make lenders ask for at least 15% down starting in 2009). I've been looking at real estate listings online and havn't noticed the same price reductions in W. Hartford as I have elsewhere throughout the country.

thanks again! truly appreciated.
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Old 09-15-2008, 11:42 AM
 
Location: West End-Hartford
625 posts, read 2,045,430 times
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Unfortunately for buyers, West Hartford is still a seller's market at this point.
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Old 09-15-2008, 12:51 PM
 
154 posts, read 687,278 times
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thanks Amy - is that also true of Farmington and Granby, Canton, etc...?
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Old 09-15-2008, 01:10 PM
 
Location: Connecticut
34,788 posts, read 56,634,810 times
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Not sure about Farmington Granby or Canton. I have seen some pretty good buys in Burlington. I have a friend looking there and some nice homes at what look to be reasonable prices compared to other Farmington Valley towns. JMHO, Jay
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Old 09-15-2008, 01:52 PM
 
Location: West End-Hartford
625 posts, read 2,045,430 times
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Here are the latest stats...

(broken link)

Towns with "Months of Inventory" columns highlighted yellow are buyers markets right now.
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Old 09-16-2008, 12:37 PM
 
Location: Connecticut
34,788 posts, read 56,634,810 times
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AMy - This is very interesting. It confirms what I am seeing here in Glastonbury. Over the summer two homes came on the market and both sold very quickly and for near asking price. Just this past couple of weeks, two more homes came on and both sold almost immediately. I was very surprised. Jay
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Old 09-16-2008, 01:59 PM
 
Location: West End-Hartford
625 posts, read 2,045,430 times
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Jay- Yes, there are pockets that are still doing relatively well. It all depends on the house, condition, and price at this point. There has been quite an uptick in buyer activity in the last two weeks as rates dropped pretty significantly when the government intervened with Fannie and Freddie.
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Old 09-17-2008, 06:22 AM
 
Location: Fairfield
588 posts, read 1,868,255 times
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Quote:
Originally Posted by AmyBergquist View Post
Unfortunately for buyers, West Hartford is still a seller's market at this point.
That's not what I hear....I have friends who have been trying to sell their house in W Hartford for quite a while with no luck. They are on a nice and quiet street, have a very nice 3BR/2BA house with a good sized plot of land. They want to sell because they just had twins and need a bit more space, and he needs to be closer to his job. They report that the market is really tough for seller's. They are about to take the house off the market and try again in the spring.

OP - if you're interested in more detail on the house, send me a PM and I'll get the listing info for you.
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Old 09-17-2008, 07:12 AM
 
Location: USA East Coast
4,429 posts, read 10,334,163 times
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Quote:
Originally Posted by toddb View Post
That's not what I hear....I have friends who have been trying to sell their house in W Hartford for quite a while with no luck. They are on a nice and quiet street, have a very nice 3BR/2BA house with a good sized plot of land. They want to sell because they just had twins and need a bit more space, and he needs to be closer to his job. They report that the market is really tough for seller's. They are about to take the house off the market and try again in the spring.

OP - if you're interested in more detail on the house, send me a PM and I'll get the listing info for you.
I was about to say the same thing….

I highly doubt there is a “sellers market” anywhere in Connecticut (or the United States). They had a story on Channel 8 News a few days ago (before the stock market plunge)…that a home in Connecticut is foreclosed on every 100-minutes. I have seen houses in the real estate book (that little book you see on the rack before you go into the grocery store)…drop $25,000 to $40,000 from one month to the next!

Seems to me the baby-boomers (people in the 50 to 68 age group) are trying to cash in their “equity” in life all at once (stocks, big houses), and unload a mountain of debit they created by using their inflated houses as an ATM. In the last 100 hours…$100,000,000,000 was vaporized ($159 billion WorldWide). The job losses in the NY/CT area from the bankrupting and collapsing banking firms will reach over 60,000 in just the next 60 days ABC reported last night.

Imagine when the companies and business that sell to these six and seven figure folks feel the effect of this. If I were looking to buy a house…I would just sit back and wait for the bottom to fall out.

I don’t think it’s going to be a “seller’s market” for many years to come.
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Old 09-17-2008, 07:31 AM
 
Location: U.S.
3,982 posts, read 6,549,578 times
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I really think it varies by town and by price. Well priced homes in good condition are moving. Those who are still pricing according to last years market are the ones sitting for a while. Sorry, but thats what I see.
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