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Old 03-27-2007, 10:09 PM
 
22 posts, read 42,131 times
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We are about to do our first house hunting trip to CT. We have a wide area we are considering - western Litchfield county and quite a few towns in Hartford county. I am curous what a buyer's market means in this area. How close to asking price do we need to be? Is there a big difference for resale vs new? I have noticed a few spec homes on the market (not big builders) that have sat for a few months.
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Old 03-28-2007, 04:04 AM
 
1,219 posts, read 3,726,386 times
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I'm not familiar with Litchfield county, but closer to the middle of the state, you could probably offer several percentage points under asking price. They could always counter back with something higher, which you could choose to pay or not pay depending on how bad you want it. It's not like 2005 when houses were getting multiple bids (like mine did.)

I can't answer about new houses since there are not a lot of them here. The vast majority of houses here are resale. I guess the same would apply?

Keep an eye on property taxes. It varies a lot here. That could be a factor in deciding which town you want.
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Old 03-28-2007, 04:22 AM
 
Location: Fairview, Union County
46 posts, read 167,736 times
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We just sold our house and the first bid was 94% of our asking price. Our realtor said that the first bid is typically between 90% and 95%. Then there is a little wiggle room. You may find that most sellers are stuck between how much they have dropped their prices already and taking any serious bid. We began with a list price of $499.900 which was below the average sq ft cost for houses in our area. We also have a media room, five bedrooms, three and 1/2 bths, two full kitchens (one newly remodled with cherry and granite), 3 car garage, two gas fireplaces, and boarders on open space. After sitting on the market for 5 months, and lowing the price to $489,000 and then to $479,000 and finally to $475,000 we took $455,000 for it and it broke our hearts. But that is the market. I now laugh at the prices that people are putting their homes on the market for.
So, be prepared to initially offer 90% - 95% on the first bid and then go a little higher.
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Old 03-28-2007, 04:52 AM
 
Location: Tolland County- Northeastern CT
4,459 posts, read 6,028,805 times
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I know there are some Realtors here on the CT Forum. I am not a Realtor.
Housing here in greater Hartford has not risen for townhouses and single family homes since late 2005. Prices have probably dropped 3-5% -that means the buyer has the upper hand.
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Old 03-28-2007, 12:25 PM
 
Location: Connecticut
6 posts, read 28,635 times
Reputation: 12
Default Hartford County Home Sales

I live in Hartford County and have noticed homes east of the river are selling about 5% below asking price. Given a choice I would buy the newest house I could afford. Renovations to existing homes is very expensive here and reputable home improvement companies have more work than they can handle, and long waiting lists. Watch lot size to minimize your taxes.
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Old 03-28-2007, 12:42 PM
 
105 posts, read 315,707 times
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Quote:
Originally Posted by NutmegMum View Post
Watch lot size to minimize your taxes.
Please explain.
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Old 03-28-2007, 02:28 PM
 
Location: Connecticut
6 posts, read 28,635 times
Reputation: 12
Quote:
Originally Posted by Iska View Post
Please explain.
A typical 2400 square foot colonial on a 1/2 acre lot will have a smaller tax bill than the same size house on a 3/4 acre lot. If you don't need a large yard then look for, or build on, a smaller lot.
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Old 03-28-2007, 02:33 PM
 
Location: Ridgefield, CT
64 posts, read 317,687 times
Reputation: 21
Default % below

DISCLAIMER:
I am a Realtor

In my community, Ridgefield, CT sales in the month of March thus far
are at an average of 2.6% below the asking price.
This is admittedly a small sample.
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Old 03-28-2007, 06:38 PM
 
Location: Danbury CT covering all of Fairfield County
2,164 posts, read 5,715,288 times
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I'm a realtor in greater Danbury(Danbury, Ridgefield, Redding, Newtown, Brookfield, Newtown, New Milford, New Fairfield). The difference this year from asking price and sale price for single family homes is about 4.5%, and for condos and townhouses is about 3%. The numbers can be misleading because of credits for repairs and things like agents overpricing the listings.
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Old 03-28-2007, 10:21 PM
 
Location: Cheshire, Conn.
2,102 posts, read 6,779,066 times
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Quote:
Originally Posted by jdhall1 View Post
I'm a realtor in greater Danbury(Danbury, Ridgefield, Redding, Newtown, Brookfield, Newtown, New Milford, New Fairfield). The difference this year from asking price and sale price for single family homes is about 4.5%, and for condos and townhouses is about 3%. The numbers can be misleading because of credits for repairs and things like agents overpricing the listings.
DISCLAIMER: I am a REALTOR® in central Connecticut. Credits for repairs (concessions) are supposed to be noted in the "Concession" field on the Statewide and Darien MLS's. There's no way to know if an agent took an overpriced listing (seller's insistence) or got the listing simply by overpricing it (buying the listing).

What's happening in my immediate area (Cheshire, Southington, Wolcott, Bristol, Meriden, Middletown) is new listings priced at market value are selling quickly and often with multiple offers. However, savvy agents/buyers are sensing desperation from sellers whose properties are over 120 days especially when an Open House yields 10 - 15 buying units with no offers. There are buyers out there, and sellers of those properties >120 DOM are starting to accept lower offers or offers with contingencies, especially Hubbard Clauses (Buyer's Right to Sell Present Property).

Last edited by Rich Lee; 03-28-2007 at 10:28 PM.. Reason: for clarity
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