Waterbury CT Real Estate Market Update in Zip Code 06704

Waterbury CT-Real Estate Market Update in Zip Code 06704

Here are the most recent statistics on the real estate market for single family homes in Waterbury CT in the 06704 zip code. This area includes the following neighborhoods: Bucks Hill, Crownbrook, Fairmount, Lakewood, Long Hill, North End, Upper Fulton Park, Walnut-Orange-Walsh(WOW), and Waterville..

Homes for Sale	92
Average Listing Price	$104,852
Average Sq. Ft.	1404
Months of Inventory	9.5

 

Home Sales (December 2011)	13
Average Sale Price	$97,313
Average Days on Market	127

 

The single family Waterbury CT 06704 homes for sale range from a 3166 sq. ft. 6 bedroom colonial for $19,000 to a 2495 sq. ft. 4 bedroom split-level ranch for $239,900.

The homes sold in the Waterbury CT 06704 real estate market in December range from a 1080 sq. ft. 2 bedroom ranch that sold for $22,625, to a 1900 sq. ft. 3 bedroom other style home that sold for $170,000.

The Waterbury CT 06704 real estate market in is, with an absorption rate of 9.5 months worth of inventory being sold at the current sales pace of 9.67 units per month being sold,  still in a buyer’s market. This presents plenty of opportunities for buyers to purchase a home in any of the Waterbury CT 06704 neighborhoods. 

Ready to buy or sell your home in Waterbury CT 06704? Give me a call at (203) 558-7463 or send me an e-mail to request a free market analysis of your Waterbury CT 06704 home. I look forward to discussing with you Waterbury CT 06704 homes for sale.

 

© William James Walton, Sr. Market Report data provided by CTMLS. All data is accurate but not guaranteed at time of publication.

Watertown CT Real Estate Market Update In Zip Code 06795

Watertown CT Real Estate Market Update in Zip Code 06795 

Here are the most recent statistics on the real estate market for single family homes in Watertown CT 06795.

 

Homes for Sale	64
Average Listing Price	$398,336
Average Sq. Ft.	2454
Months of Inventory	5.8

Home Sales (December 2011)	13
Average Sale Price	$270,704
Average Days on Market	118

 

 

 

 

The single family Watertown CT 06795 homes for sale range from a 660 sq. ft.1 bedroom cottage for $99,900 to a 6758 sq. ft. 5 bedroom contemporary style home for $1.6 million.

The homes sold in Watertown CT 06795 real estate market in December range from an 1152 sq. ft. 2 bedroom cape that sold for $60,000 to a 3776 sq. ft. 4 bedroom colonial that sold for $450,000.

The Watertown CT 06795 real estate market has, with 6 months of inventory at the current sales pace of 11 units per month being sold, reached a balanced market.

 

Ready to buy or sell your home in Watertown CT 06795? Give me a call at (203) 558-7463 or send me an e-mail to request a free market analysis of your Watertown CT 06795. I look forward to discussing with you Watertown CT 06795 homes for sale.

 

 

©William James Walton, Sr. Market Report data provided by
CTMLS. All data reported is accurate but not guaranteed at time of publication.

 

Watertown CT Real Estate Market Update in Zip Code 06779

Watertown CT Real Estate Market Update in Zip Code 06779

Here are the most recent statistics on the real estate market for single family homes in Watertown CT 06779.

Homes for Sale	52
Average Listing Price	$183,966
Average Sq. Ft.	1426
Months of Inventory	13

 

Home Sales (December 2011)	7
Average Sale Price	$242,154
Average Days on Market	106

 

 

 

The single family Watertown CT 06779 homes for sale range from an 1164 sq. ft. 4 bedroom cape for $105,000 to a 2929 sq. ft. 4 bedroom colonial for $369,900.

The homes sold in Watertown CT 06779 real estate market in December range from a 912 sq. ft. 2 bedroom ranch that sold for $58,575 to a 2530 sq. ft. 3 bedroom colonial that sold for $357,500.

The Oakville CT (Watertown CT 06779) real estate market has an absorption rate of 13 months for the current inventory at the current sales pace of 4 units per month being sold.

Ready to buy or sell your home in Watertown CT 06779? Give me a call at (203) 558-7463 or send me an e-mail to request a free market analysis of your Watertown CT 06779 home. I look forward to discussing with you Watertown CT 06779 homes for sale.

 

 

©William James Walton, Sr. Market Report data provided by CTMLS. All data reported is accurate but not guaranteed at time of publication.

 

 

The True Cost of Buying A Home

The True Cost of Buying a Home

Do buyers really understand the costs involved in buying a home? Reflecting on my own home-buying experience, and thinking about the experience that I’ve had with a recent buyer in getting them the house that they want, has turned on a light bulb of sorts in my head. There are sooo many costs involved with buying a home that most people aren’t aware of when they first start on their home-buying journey.

The problem isn’t that Realtors don’t explain the costs. We actually do, but it is the way in which we do it that causes the most confusion for most buyers. Or maybe it’s just my relative lack of experience that’s surfacing? I am not so sure which one it is, but I do know that a detailed explanation should be provided in writing of the true cost of buying a home.

There are five different items which you will need to have money up-front for. In the order which you will need cash on hand for those items, they are:

1. Down Payment

2. Appraisal

3. Home Insurance

4. Home Inspection

5. Closing Costs: which include

a. Attorney’s Fees for title search and insurance, and representation

b. Prorated taxes already paid by the seller

c. Other prepaid items, such as oil/gas

Each of those items will vary, depending on the type of home you are purchasing, and other variables. Such as the type of financing you are using. Conventional, FHA, VA, and USDA all have different requirements for down payment amounts. Appraisals usually run anywhere from $200 to $500, depending on the area and type of property being appraised. Same thing applies when it comes to home insurance. Seller concessions may reduce the total amount of closing costs that you will have to pay, dependent on the terms that your realtor negotiates in the contract to purchase.

As a buyer, you should have this discussion with your realtor at the beginning of the home buying process. Doing so will allow you to prepare, or be prepared, for all of the nuances of buying a home, and will help to eliminate any last minute surprises and help you to achieve your goal of owning a home with much less stress.

Buyers – Are You Willing?

Buyers – Are You Willing?

BUYERS: ARE YOU WILLING?

(This is the finale of a three part series for homebuyers , outlining the process and steps to take that will result in your successfully buying a home, whether you are a first time homebuyer or a move-up buyer .)

There is nothing more exciting than buying a home.

So far, you have gone through the rigorous process of combing through your finances and credit to ensure that you were able to buy a home . You’ve corrected any deficiencies in your credit, and have contacted the appropriate professionals to assist you with your home buying search and financing.

You have also identified the reasons that make you ready to buy a home . The combination of your personal needs and wants has lead you to identify the type of house that you want to buy , and the time frame in which you will need to complete the home buying process. As a matter of fact, you have already located the specific house that you want. Your new home is in the perfect neighborhood. The house is in the right price range, has all of the amenities that you desire, and although it may have a few issues, they are nothing that you can’t deal with.

So the final question remains: are you going to buy this house ?

Whether you have or have not already chosen a realtor to work with you as you prepare to buy a home, this is the last of the three main questions that any realtor will be asking as they guide you through the home buying process:

1. Are you able to buy a home ?
2. Are you ready to buy a home ?
3. Are you willing to buy a home?

The focus of Part 3 in this series addresses the third and final question: Are you willing to buy a home? What will actually get you to commit to the process of buying a home? What will it take for you to make an offer on a home?

So, what does it mean to be willing to buy a home?

Being willing to buy a home is the most difficult aspect of the home-buying process to address – but in the simplest of terms, it is your call to action . It requires you to marshal all of your emotions, reasoning, and information that you, the buyer , have gathered up to that point to commit yourself to completing the process that you started with your first home search.

Being able to buy , and ready to buy , will become a total waste of time on the part of everyone involved – the buyer , the seller, the realtors representing both buyer and seller, the mortgage lender – if you, the buyer , do not act on your desire to buy a home.

Being willing to buy a home is most seriously impacted by the type of market that we are in – and always comes with the question “When?”

In a seller’s market , when the demand for houses exceeds the supply of houses for sale , the answer to the question “when” is always “right now!”, because you as the buyer never know if 1) the price is going to rise, and 2) how much competition you have for that exact same house from other buyers .

In a buyer’s market, where the supply of houses for sale exceeds the demand, the answer to the question “when” can range from “right now” to “not yet…” , depending on the readiness of the buyer , and what expectations the buyer brings to the process: will prices drop further? Is this the best bargain I can get for a home like this?

The challenge for all buyers in a buyer’s market is for you to realize that now is the time to buy . Speak with your Realtor about any concerns that you may have about buying now. He or she will be able to help you navigate though the issues which are hindering your willingness to buy . Also realize that special incentives, such as the current $8000 First Time Home Buyers Tax Credit, are only available for a limited time, so if those incentives are a part of your calculations, you should act on them as soon as possible.

Being willing to buy is the final step that you, the first time homebuyer , or the move-up buyer , must take to accomplish your goal of buying a home.

So, what are you waiting for? Let’s go buy a home !

Buyers – Are You Able?

BUYERS: ARE YOU ABLE?

(This is the first of a three part series for homebuyers, outlining the process and steps to take that will result in your successfully buying a home, whether you are a first time homebuyer or a move-up buyer .)

Buying a home has always been an exciting endeavor. The steps to buying a home, however, have always been somewhat confusing to many homebuyers , even those who have already bought a home and are looking to buy a new home.

In my experience in meeting with prospective homebuyers, the conversation generally goes something like this:

Buyer : Oh, you’re a realtor! I’ve been looking for a home!

Me: That’s great! Are you working with a realtor?

Buyer : Not at this time . We’ve just started looking.

Me : That’s good for you to know. Have you been pre-approved for a mortgage?

Buyer : No …

In today’s market, many buyers start their search for a home on the internet, but do not have a game plan for how to go about actually purchasing a home.

The first thing that all prospective homebuyers should do is to hire a Realtor to help guide you through the process. Hiring a Realtor usually takes place through what is known as a Buyer’s Agency/Broker Agreement. This generally means that the Realtor is legally responsible for 1) helping you to both locate the property that you wish to buy, 2) providing you access to other services which are relevant to the homebuying process, such as mortgage, home inspection, and legal services, and 3) when you are ready to actually purchase a home, negotiating on your behalf and protecting your best interests. It also means that the Realtor that you have hired is the sole contact that you should have when looking for a home, as sellers also have Realtors looking out for the seller’s best interests .

The Realtor that you hire should address three important questions as they guide you through the process of buying a home:

1. Are you able to buy a home?
2. Are you ready to buy a home?
3. Are you willing to buy a home?

The focus of Part 1 in this series addresses the first question: Are you able to buy a home? This is the first question that needs to be asked because without the ability to buy a home, the other two questions, and indeed, the whole process, becomes an exercise in futility, and an unproductive use of both your time and the Realtor’s time.

So, what does it mean to be able to buy a home?

Being able to buy a home encompasses the following:

1. Income/debt ratio
2. Credit score
3. Amount of money for down payment/closing costs

The price of the home you can afford, and the interest rate that you will pay on the mortgage, are determined by the amount of your debt relative to your income, and your credit score. Your Realtor should provide you with at least three mortgage professionals to choose from, and the one you choose will ask the relevant and appropriate questions to determine whether you are indeed able to buy a home.

If you have been planning to buy a home for some time, and have the cash reserves for a down payment, then your mortgage amount will be less than the actual purchase price of the home. You should also have some reserves for the closing costs associated with buying a home – attorney’s fees, lender’s fees, insurance, appraisal, taxes, etc.

Even if you do not have a lot of money for a down payment or for closing costs does not mean that you are unable to buy a home, if your income and credit qualify you. There are down payment assistance programs available; talk with your lender about your options. Your Realtor can discuss with you the options available for covering your closing costs, should you be unable to cover most or all of the closing costs.

But what happens if you are not able to buy?

There are generally two main reasons why a prospective homebuyer would be considered unable to buy a home – lack of income, and poor credit.

There are many reasons why a person’s income is not enough to qualify to buy a home, at any price range. The thing to do in those cases is to decide if buying a home is really what you want, and if it is, then you must engage in some long-term strategies to improve your income. Taking a second job or improving your skills to qualify for a higher paying job are certainly options to consider. Reducing the amount of debt that you owe is another way to improve your income, because it will show that you have more money available for buying a home.

Credit issues are another matter entirely. The first step to correcting any deficiencies in your credit is to know what is on your credit. Prior to contacting a mortgage professional, you can access your credit report free of charge once a year through annualcreditreport.com .

This service provides access to your credit report from the three major credit reporting agencies – Transunion, Equifax, and Experian. Identifying what issues you have with your report is the first step in correcting them. If the items on your report that are negative are accurate, then you must correct those items. If there are errors, then you have the option of challenging those items on your own. Should you be unsuccessful in getting the credit bureaus to correct the deficiencies, you can contact credit repair and restoration companies to assist you, and there are several available here on ActiveRain and also through my website.

Depending on which mortgage professional you choose, they may also be able to assist you with programs designed to help you correct any deficiencies in your credit report.

Knowing that you are able to buy a home is the first step to complete in the home buying process.

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Buyers – Are You Ready?

Buyers – Are You Ready???

BUYERS: ARE YOU READY?

 

(This is the second of a three part series for homebuyers, outlining the process and steps to take that will result in your successfully buying a home, whether you are a first time homebuyer or a move-up buyer .)

 

Great! You have made a decision to buy a home for the first time, or perhaps the second time, in your life. Exciting, isn’t it?

 

 

But what brought you to the decision to buy a new home?

 

Whether you have or have not already chosen a realtor to work with you as you prepare to buy a home, this will be one of the three main questions that any realtor will be asking as they guide you through the home buying process:

 

1. Are you able to buy a home ?
2. Are you ready to buy a home?
3. Are you willing to buy a home?

 

The focus of Part 2 in this series addresses the second question: Are you ready to buy a home?   Knowing what your motivation is for buying a home is key in determining how serious you are about completing all of the steps, and answering all of the questions, that are involved in buying a home.

 

  So, what does it mean to be ready to buy a home?

 

  Being ready to buy a home addresses a very wide range of     factors that answer the question “Why?” The answer(s) to that question can be as varied and complex as the number of buyers who have to answer that question.

 

There are some answers to the question “why do you want or need to buy a home” that will, just by their very nature, have more weight to them in your decision to buy a home.

 

 

The following list gives the major reasons why people want or need to buy a home. This list is not meant to be an all-inclusive neither exhaustive list, nor will they all apply to all buyers equally, but they generally tend to be the consensus of what most buyers report as reasons for wanting or needing to buy :

1. Job/military relocation
2. Getting married/just married
3. Seeking/establishing independence
4. Growing family
5. Desire for a better area/neighborhood
6. Empty nest-need to downsize
7. Unsatisfactory current living arrangements
8. Upcoming lease renewal with significant increase in rent  

 

Wanting to buy a home may come with several other behind-the-scenes motivators, such as the recent $8000 First Time Home Buyer’s Tax Credit, programs that offer down payment and/or closing cost assistance, knowledge of the tax benefits that come with home ownership, the pride of having something to call one’s own, low interest rates, and the fact that it is currently a buyer’s market.

 

However, no matter what type of market we are in, none of the factors that motivate people to want to buy can ever trump having the need  to buy.

 

 

Being ready to buy because there is a need that is fulfilled by acquiring a home of one’s own is the most powerful motivator there is – especially if there is a time component involved. Lease is up within the next six months? Job relocation is scheduled within the next three months? Getting married in the next five months? A new arrival to your family is coming in the next four months?

 

 

These are all compelling reasons to get the home-buying process started. Of course, you should first hire a Realtor and make sure that you are able to buy a home when you make the decision to buy a home .

 

Having compelling reasons to buy a home will make it easier for you to follow any recommendations by your realtor and/or mortgage professional that will bring you closer to achieving your goal of home ownership.