New Haven Real Estate Market Condition Report 3Q2015

FHFA New Haven Milford House Price rises 5 points since 1Q2014

11/30/2015 (CT) The Greater New Haven Milford Metro House Price Index rose 0.52 to 178.65 ending 3Q2015. Greater New Haven saw HPI values decline from the Great Dutch Tulip Recession of 2007, falling to a low of 178 in 2Q2011. A false recovery offered brief hope, however HPI-178 emerged as a significant point ending 2011. The Carr New Haven Milford Metro Value Shelf is defined as the range of 173-178, the 5 point range HPI values have maintained for the past 45 months.  2Q2015 produced a 0.02 correction that was absorbed in the 0.52 increase of 3Q2015.
 
The current 2012-2015 Carr  Defined Value Shelf is intriguing as it mirrors the region’s recovery from the 1989-1991 S&L Crisis, a two year property value correction followed by the 1991-1997 Carr New Haven Milford Metro Value Shelf in New England. While a Value Shelf and Equity Bank formation does not assure us of future prices, it demonstrates an investment in stated values over a period of time.

Connecticut has a mixture of amenities and challenges that must be managed properly to ensure prosperity for the seventh generation, 120 years from today. Connecticut has excellent climate, easy proximity to New York City, while being close to Providence and Boston. Good rail, highways, harbors, navigable rivers, air service, multiple world class universities, hospitals, shopping, farming, artisan manufacturing, theater, indoor and outdoor recreational opportunities can be found throughout one of the smallest states in the nation. Connecticut has a rich national history as one of the thirteen colonies integral in the creation of the United States. New Haven was the first planned city in the country. The proud history of local manufacturing has created an extensive, impressive registry of national companies that have called Connecticut home, including many of the Fortune 500.

Since 2011, USA housing values have mostly recovered, in some places attaining new, bubble like highs, leaving Connecticut in the bottom 10% of the nation in recovery. The June 2015 Core Logic House Price Index (CLHPI) placed Connecticut 20% below July 2006 Great Dutch Tulip Recession 2007 peak prices. In October 2015 CLHPI placed Connecticut in the national top ten for year over year appreciation in 2016, as the tide raises all ships. 
  
The October 2015 Freddie Mac Multi Indicator Market Index (MIMI) reported the New Haven Metro Market as “weak and improving” with a ranking of 73.5. which is 6.5 points under the target range of 80-120, and a similar position to July 2009.

Looking hyper local at New Haven County we see the 2012-2015 Carr Value Shelf is defined by a static prices, an inventory around 3450 (+/-3%) of residential properties in the 150-500k range, and a static Selling Price per square foot of 152 (+/-3%). Signs of recovery include 8 months of standing inventory, a steadily increasing Ask/Close ratio, increased sales with static appreciation. All around Greater New Haven we see new residential, commercial and academic construction, evidence of long term confidence in our neighborhoods. 
 
Renting continues to be >20% more expense than buying over seven years in various projections, yet traditionally requires the buyer brings 3% of the purchase for down payment and closing costs. Incentives can be identified by knowledgeable professionals. On November 20, 2015, 107 openings existed for low down payment and low interest forgivable and/or deferred loans for owner occupants in Greater New Haven

Remember, Real Estate is Local but your life is regional, which is why my experience in the neighborhoods of  the  Greater New Haven is valuable for people like you who are seeking a qualified, experienced fiduciary agent who will provide consultation, market interpretation and results driven transaction management. Buying or selling, you make the right move when you hire me.

Reach out to Mr. Carr at his Coldwell Banker office, (203) 654-2905, for more information. Copyright© November 30,  2015. Original material. All Rights Reserved. Call for reprint permission.

06/09/15 New Haven, Ct – New Haven Milford Metro posted the 4th consistent quarter of HPI increase ending March 31, 2015. As we enjoy rising temperatures of summer the same can be said for Connecticut median house price values. We may anticipate continued improvement and stabilization of all property value indexes.

The New Haven-Milford FHFA HPI All Transaction values have improved for 1Q2015 with an increase of +1.79, bringing this all-encompassing HPI value to 177.86, surpassing Carr Correction Base (177.64), first observed ending 1Q2012, reported in May 2012.

When we consider Distress Free Property (remove foreclosures and owners under water) the recovery is more dramatic, exceeding 4Q2010, minimally surpassing 2Q2010. When comparing Connecticut FHFA HPI to other metros, observe the length of width of the Carr Lateral Shelf which shows a notable inventory of 13 quarters with a range of 10 points, demonstrating sustained value, or a delayed recovery, compared to a “bottom touch” quick recovery seen in many metros.

5/26/2015 Washington, D.C. – U.S. house prices rose 1.3 percent in the first quarter of 2015 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). This is the fifteenth consecutive quarterly price increase in the purchase-only, seasonally adjusted index. FHFA’s seasonally adjusted monthly index for March was up 0.3 percent from February. The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. 

All-Transactions Indexes (Estimated using Sales Prices and Appraisal Data)

Metropolitan Statistical Areas and Divisions (Not Seasonally Adjusted) 

“New Haven-Milford, CT”    35300  2004   1       171.29 -1.11

“New Haven-Milford, CT”   35300  2004   2       176.63 -1.14

“New Haven-Milford, CT” 35300   2004   3       186.29 -1.23″

New Haven-Milford, CT” 35300   2004   4       189.55 -1.25″

New Haven-Milford, CT” 35300   2005   1       194.26 -1.3″

New Haven-Milford, CT” 35300   2005   2       201.41 -1.33″

New Haven-Milford, CT” 35300   2005   3       208.35 -1.36″

New Haven-Milford, CT” 35300   2005   4       212.71 -1.42″

New Haven-Milford, CT” 35300   2006   1       216.08 -1.47

“New Haven-Milford, CT” 35300   2006   2       217.44 -1.46

“New Haven-Milford, CT” 35300   2006   3       217.78 -1.46

“New Haven-Milford, CT” 35300   2006   4       219.2   -1.46

“New Haven-Milford, CT” 35300   2007   1       220.39 -1.49

“New Haven-Milford, CT” 35300   2007   2       219.94 -1.46

“New Haven-Milford, CT” 35300   2007   3       217.05 -1.44

“New Haven-Milford, CT” 35300   2007   4       215.71 -1.44

“New Haven-Milford, CT” 35300   2008   1       215.2   -1.41

“New Haven-Milford, CT” 35300   2008   2       208.88 -1.39

“New Haven-Milford, CT” 35300   2008   3       201.76 -1.37

“New Haven-Milford, CT” 35300   2008   4       200.76 -1.38

“New Haven-Milford, CT” 35300   2009   1       202.67 -1.33

“New Haven-Milford, CT” 35300   2009   2       195.47 -1.27

“New Haven-Milford, CT” 35300   2009   3       189.69 -1.27

“New Haven-Milford, CT” 35300   2009   4       190.14 -1.28

“New Haven-Milford, CT” 35300   2010   1       187.33 -1.29

“New Haven-Milford, CT” 35300   2010   2       186.28 -1.27

“New Haven-Milford, CT” 35300   2010   3       188.1   -1.26

“New Haven-Milford, CT” 35300   2010   4       187.37 -1.23

“New Haven-Milford, CT” 35300   2011   1       182.34 -1.25

“New Haven-Milford, CT” 35300   2011   2       178.57 -1.25

“New Haven-Milford, CT” 35300   2011   3       179.61 -1.23 <False Bottom

>“New Haven-Milford, CT” 35300   2011   4       180.65 -1.21 <False Bottom>

“New Haven-Milford, CT” 35300   2012   1      177.64 -1.21 <Correction>

“New Haven-Milford, CT” 35300   2012   2       175.37 -1.20 <TECHNICAL BOTTOM>

“New Haven-Milford, CT” 35300   2012   3       175.35 -1.19 <Lateral Shelf>

“New Haven-Milford, CT” 35300   2012   4       175.67 -1.19 <Lateral Shelf>

“New Haven-Milford, CT” 35300   2013   1       175.61 -1.21 <Lateral Shelf>

“New Haven-Milford, CT” 35300   2013   2       176.01 -1.23 <Lateral Shelf>

“New Haven-Milford, CT” 35300   2013   3       176.04 -1.28 <Lateral Shelf

>”New Haven-Milford, CT” 35300   2013   4       174.38 -1.38 <Lateral Shelf>

“New Haven-Milford, CT” 35300   2014   1       173.14 -1.45 <Lateral Shelf>

“New Haven-Milford, CT” 35300   2014   2       174.73 -1.4 <Lateral Shelf>

“New Haven-Milford, CT” 35300 2014   3       175.44 -1.38 <Lateral Shelf>

“New Haven-Milford, CT” 35300   2014   4       176.07 -1.39 <Improvement>

“New Haven-Milford, CT” 35300   2015   1       177.86 -1.43 <Improvement>

SOURCE:

http://www.fhfa.gov/DataTools/Downloads/Documents/HPI/HPI_AT_metro.txt

Non REO Distress Free Property-Transactions Indexes (Estimated using Sales Prices and Appraisal Data)

Metropolitan Statistical Areas and Divisions (Not Seasonally Adjusted) 

35300   “New Haven-Milford, CT” 2004   1       163.07 165.3535300 

  “New Haven-Milford, CT” 2004   2       169.37 168.3735300  

“New Haven-Milford, CT” 2004   3       177.34 175.8835300  

“New Haven-Milford, CT” 2004  4       177.86 179.8335300 

  “New Haven-Milford, CT” 2005   1       180.21 182.4835300

   “New Haven-Milford, CT” 2005   2       188.77 187.5635300 

  “New Haven-Milford, CT” 2005   3       195.34 193.735300  

“New Haven-Milford, CT” 2005   4      193.28 195.7235300  

“New Haven-Milford, CT” 2006   1       197.23 199.4935300 

  “New Haven-Milford, CT” 2006   2       200.54 199.4435300  

“New Haven-Milford, CT” 2006   3       198.47 196.4235300 

  “New Haven-Milford, CT” 2006   4     194.26 196.9635300 

  “New Haven-Milford, CT” 2007   1       200.56 20335300  

“New Haven-Milford, CT” 2007   2       203.48 202.5635300

   “New Haven-Milford, CT” 2007   3       202.07 199.2435300

   “New Haven-Milford, CT” 2007   4       195.03 197.9135300  

“New Haven-Milford, CT” 2008   1       187.07 189.9935300  

“New Haven-Milford, CT” 2008   2       188.15 187.2635300  

“New Haven-Milford, CT” 2008   3       184.15 180.8435300  

“New Haven-Milford, CT” 2008   4       179.32 181.8635300  

“New Haven-Milford, CT” 2009   1       179.23 183.2235300  

“New Haven-Milford, CT” 2009   2       175.16 174.0435300  

“New Haven-Milford, CT” 2009   3       180.76 176.6635300  

“New Haven-Milford, CT” 2009   4       170.53 173.0535300  

“New Haven-Milford, CT” 2010   1       168.73 173.5635300  

“New Haven-Milford, CT” 2010   2       174.44 172.9435300  

“New Haven-Milford, CT” 2010   3       178.01 173.3435300 

  “New Haven-Milford, CT” 2010   4       162.44 164.9335300 

  “New Haven-Milford, CT” 2011   1       153.85 159.0435300  

“New Haven-Milford, CT” 2011   2       166.37 164.4935300  

“New Haven-Milford, CT” 2011   3       164.2   159.6035300  

“New Haven-Milford, CT” 2011   4       164.19 166.9535300

“New Haven-Milford, CT” 2012   1       149.9   155.22 <TECHNICAL BOTTOM>>35300 

  “New Haven-Milford, CT” 2012   2       159.58 157.33 <Lateral Shelf>35300 

  “New Haven-Milford, CT” 2012   3       165.02 160.74 <Lateral Shelf>35300  

“New Haven-Milford, CT” 2012   4       153.59 156.08 <Lateral Shelf>35300  

“New Haven-Milford, CT” 2013   1       155.65 161.12 <Lateral Shelf>35300 

  “New Haven-Milford, CT” 2013   2       164.48 161.98 <Lateral Shelf>35300  

“New Haven-Milford, CT” 2013   3       164.54 160.62 <Lateral Shelf>35300  

“New Haven-Milford, CT” 2013   4       159.3   161.98 <Lateral Shelf>35300 

  “New Haven-Milford, CT” 2014   1       154.94 159.85 <Lateral Shelf>35300  

“New Haven-Milford, CT” 2014   2       161.16 158.82 <Lateral Shelf>35300  

“New Haven-Milford, CT” 2014   3       162.06 158.55 <Lateral Shelf>35300  

“New Haven-Milford, CT” 2014   4       159.5   162.17 <<Rocovery>35300 

  “New Haven-Milford, CT” 2015   1       160.36 164.97 <<Recovery>

David Carr’s FHFA and CLHPI Connecticut House Price Observations are based on principles of support, resistance and channel recognition of value. Many factors affect real estate value, including, but not limited to employment, community stability, quality of life, proximity to goods and services, educational resources, recreational resources, money supply, credit, perception of future value, owner demand, owner financial resources, seller motivation, inventory and lender equity valuation.

The goal and vision of David Carr’s FHFA and CLHPI House Price Observations is to recognize a historical formation of value so home buyers and investors can determine if they may be able to avoid market forced loss of value and mobility.

Home Value Assurance is a key attribute of Consumer Confidence, while equity withdraw undermines liquidity. Home ownership traditionally was a long term, forced financial investment in a community, a savings plan, and a lifestyle. Buying and selling property at the same time preserves equity regardless of current values.

Homeowners invest in the Multiple Values of a home, acknowledging they are getting more for their money than renting, when one considers tax, location, property control, educational, recreational and neighborhood advantages.

David Carr supports the FHFA, an organization working to strengthen and secure the United States secondary mortgage markets by providing effective supervision, sound research, reliable data and relevant policies.

David Carr, M.A. is a Connecticut REALTOR since 1996 who provides experience and information that will help others expand their perspective, with the intention of improving the quality of life and personal resources of his clients. Mr. Carr is a member of the Greater New Haven Association of REALTORS, and serves on the Professional l Standards Committee, as well as other community development initiatives. Call Dave at his Coldwell Banker office, (203) 654-2905, for more information. Copyright June 9 2015. Original material. All Rights Reserved. Call for reprint permission

ARCHIVE——————————–

New Haven Connecticut Shoreline Real Estate 

March  2015 Real Estate Market Commentary and Insights

Copyright © 2015 by David Carr. All Rights Reserved

I provide concise real estate market information to my clients on a consistent basis, and update this site when it is convenient for me to do so. My objective it to support your expertise in your geographic area and inventory of interest.

I deliver specific market data analysis for my clients based on property preference, location and price points. Know your market! 

As we anticipate the spring thaw, record snow accumulations and record low temperatures continue to embrace Connecticut. The same can be said for Connecticut median house price values and distressed housing inventory. We may anticipate improvement as the New Haven-Milford FHFA HPI values have improved for 4Q2014 with an increase of +1.37. This increase brings this HPI value to 177.17, within a two point range of CarrBaseA (179.67), first observed in February 2012.

Demand Pockets have developed in specific local markets, fueled by (a) historic low 30 year mortgage rates, (b) increasing rental costs, (c) pent up quality of life demand from the Great Recession, (d) increasing awareness of the long term values of leveraged investing, (e) increasing consumer confidence and, (f) a developing Real Property Value Shelf. This Value Shelf was established and validated in Connecticut with two and a half years of transactions of displaying comparable market value since 2012.

AHFM CT Continues To save

Connecticut continues to rank lower than many states in short term appreciation as we move into 2015. Transaction volume has been consistent as buyers recognize a period of price decline (beginning in 2007) has experienced stabilization in Southern Connecticut as revealed in the House Price Value Index.

A home for me House Price Value Index

Shadow inventories remain the wildcard in 2015. We are seeing increased marketing of such property. I personally have experienced foreclosures completed over two years ago coming to market in my personal inventory

Some people anticipate less Bank Owned/REO/foreclosure sales and more owner initiated “short sales”. Certain Value Pockets have a higher percentage of foreclosures than others, frequently correlated to economic and zoning demographics 

FFA regulations require Fannie and Freddie lenders to respond to homeowners requests for short sales authorization in a prompt manner, and have the lender make a final decision within 60 days of receiving a valid offer to purchase. 

Bankers are motivated to do short sales more the Foreclosure, since the Bank may not formally recognize the loss on their books as long as they hold the debt and title. There is a chance that the short selling owner may agree a new, smaller additional debt as part of the short sale dissolution. Some people would rather have a $25,000 note due than a $600,000 mortgage on a property now market valued $300,000.

The Realty Trac® U.S. Home Equity & Underwater Report for 2Q2014 (July 24, 2014), which showed that 9.1 million U.S. residential properties were seriously underwater (when the loan amount is >25 % more than the property’s estimated market value) representing 17 percent of all US properties with a mortgage. Major metropolitan statistical areas (population 500,000 or more) with the highest percentage of residential properties seriously underwater included New Haven-Milford, CT with 30% underwater. Those ratios have shown little change entering 2015.

Thank You for sharing my website with your friends and colleagues who may desire expertise regarding this Connecticut Real Estate market. I appreciate your referrals and confidence in my commitment to your goals.

I work to help you make a good decision for your future. We can discuss your plans and this summer market. My obligation and fiduciary duty as your buyer agent is to help you weigh the variables and make a very unique and personal decision based on your resources and housing plans for the future.

I anticipate a longer view on appreciation of 10% over the next 5 years from today’s prices. We are seeing more interest from foreign investors, as well as local landlords. Vacation and retirement quality housing continues to be attractive as the population ages.

When we consider the past 21 years of Connecticut House Price Value History we remember people who bought from 1991 through 1996 realized no appreciation, nor did they lose money if they stayed in their home until at least 1998. Some homebuyers are concerned that values will continue to decrease and are waiting for a defined price reversal. If we look at the last market reversal we saw the stabilization to appreciation process continue from 1990 to 1997. 

 A home for me People who remained in their home

People who remained in their home through the end of this 1991- 2006 period saw the values increase dramatically due to the subprime adjustable lending practices of 2003-2006. This dramatic expansion of values has been in a correction since 2006, challenging people who bought in the past 5 years. We now see homes prices around 2002 values or before, depending on transaction variables. This is significant when we apply adjusted values of inflation. I can show you neighborhood specific information for your favorite location.  I provide this general information to introduce you to my expertise and experience. More updated information is created for your individual location, price and style of property.

I define a market bottom in real estate is when we buy within 10% of a historical low. See the period from 1987 to 1999 for an example. When we consider the House Price index for Connecticut and Milford-New Haven metro we see a shrinking depreciation value, indicating a possibility that a static market may be developing. We may see a market with mixed quarters of increase and decline, bouncing in a defined channel for a period of time before we see consistent appreciation. 

The possibility of increased interest rates in 2015, many threaten affordability in the short term, increasing monthly ownership costs for debt service. The increase in debt to earnings ratios will challenge the ability of buyers to purchase the same cost property without increasing income or reducing other obligations. The FED remain hard to read as the tea leaves of economic stability seem to change with each pour.

Inflation benefits borrowers at the expense of creditors. Inflation benefits those who receive the money first before prices rise and hurts those on fixed incomes. Cheap financing hasn’t done enough to boost home sales in part because lenders are being more selective with applicants. 

“The Fed Open Market Committee anticipates that inflation will run at or below levels consistent with the mandate of 2 percent” Chairman Bernanke stated,  “Projections have a central tendency of 1.4 to 1.8 percent for 2012 and remain subdued at around 1½ to 2 percent through 2014…… with levels of inflation this low, interest rates should pretty much fully compensate for the losses to savers……The weakness of the housing sector is an important reason why the economy is not recovering more robustly. It seems very likely that principal forgiveness could be helpful in reducing delinquencies. The amount of negative equity in the United States is about $700 billion, which is enormous, and so there is no conceivable program that is going to put everybody in the country above water.” January 25, 2012 Press Conference  

A Home for me January 25 press conference

“If you can jump through the hoops to get a mortgage then this is an amazing time to purchase real estate,” said Robert Stein (in August 2011), a senior economist at First Trust Portfolios LP in Wheaton, Illinois, and former lead at the Treasury Department’s Office of Economic Policy . “There are going to be a lot of people kicking themselves a few years from now because they didn’t take advantage of the low prices and the low mortgage rates.”

Home ownership is about quality of life. People want a place to live and spend time with their families. You want to feel safe. You want good schools. You want comfortable living space, inside and out, that you can control and design. You want to live in a neighborhood that has other people who value these things. 

People are finding lots of reasons to buy now, but your reasons are unique to you and your life. I will help you make a good decision as you consider:  

Your debt (loans) to income ratio

Your savings and credit history

Possible rising interest rates

Adjusted cost for inflation

Quality of life requirements and aspirations

The fact that your housing dollar must be spent some where

Leveraged value of loan

Decreasing Rent to Own Ratios

5-year window of commitment for probable 10% appreciation

Your connection to community and school

Your ability to personalize/improve/modify your home

Lateral moves to new neighborhoods

Picking neighborhood values

Living among people with similar values

Neighborhood pride of ownership

Now may good time to buy for people who are renting now, who have held off buying since 2004 or earlier, who are employed with good credit or who have the financial resources to obtain financing and make mortgage payments. Lack of well-paying jobs threatens the economic recovery, a trend investor have identified. We are seeing more rental housing, projected and coming on line in many metros in 2014.

We see an aggressive creation of new Rental Units in Connecticut and other regional Metropolitan Statistical Areas (MSA’s). There are a number of reasons why this is occurring. The most common perception is that there is a demand for rental since home buyers do not have confidence in the current values and long term solvency of real estate since witnessing the housing bubble burst of 2002-2007 and aftermath of foreclosure and job loss. Since that financial event Regulatory agencies haven re-structured loan requirements, seeking to maintain the quality of borrowers and resulting collateral portfolios.

A less known scenario is that Investors are actively creating new housing stock under the premise of rental units that may be convertible to condominium or Planned Unit developments through zoning appeals and changes, allowing the investors to sell the real property when values increase.   When one considers the cyclical nature of inflation, debt and interest it is reasonable to assume that real estate prices will appreciate beyond 2004 levels in Connecticut.

A larger question is the decision to form new households and commit to this location. Although we have seen a regional deterioration of medium wage and skill jobs (technology and outsourcing has eliminated many repetitive tasks). We also see the demand for skilled providers in global services and local health, education, and infrastructure positions in 2014. The factors make it is unlikely that Connecticut, and especially The New Haven Milford MSA Market, will not maintain its desirability as a very attractive, and livable place to make an affordable life style-commitment.

Many people who would be forming households have debt and lower paying jobs that prevent them from qualifying for a mortgage, assuming a debt to income ratio of 43%. Private Mortgage Insurance (PMI) adds 1.5% or more per year to the mortgage payment as well.

A person with no debt making $50,000 would be able to carry about $21,000 of debt at 43%. So if you owe no money and your car is paid for, you could pay about $1700/month for your mortgage, assuming your good credit and employment.  

Successful buyers have an idea about their commitment to the neighborhood they are considering. Successful buyers understand the income/expense ratios relative to their housing expenses and quality of life. Successful Buyers understand the value of borrowing at 4.25%) (30YF) in 2014 compared to 5.25% in 2003 coupled with current prices, adjusted for inflation. I provide this general information to introduce you to my expertise and experience. More updated information is created for your individual location, price and style of property

The South Central Comprehensive Economic Development Strategy can be accessed by clicking here, where you can examine detailed information about the fifteen communities  considered to be my area of specialization and expertise.  

Everyone has to commit a certain monthly cost to his or her shelter, so the decision remains very personal and unique. General accepted housing costs are 30% of your gross income. I can show you numerous examples of people who think now is a good time to buy the same type of house you are considering right now. This may be a bad time for people who are unsure about their employment or who have damaged their credit by circumstances beyond their control.

One instrument is consideration of the Rent to Own ratio which is the price of a house divided by one year of comparable rent. This guide is local and personal. We have to evaluate your current situation, future prospects, and desired quality of accommodations.

Rent Ratio = Home Ownership Price divided by Annual rent

Consider a $200,000-250,000 house while paying 1600/month rent:

(250,000) divided by (1600×12=19200) for a rent ratio of 13.02

(200,000) divided by (1600×12=19200) for a rent ratio of 10.41

Price-to-Rent Ratio of 1-15: Owning a home is less expensive than renting in this scenario

Price-to-Rent Ratio of 16-20: The total costs of home ownership are greater than renting, but it might make sense to buy depending on your unique situation.

Price-to-Rent Ratio of 21+: Renting is much less expensive than owning a home.

Total home ownership costs include mortgage (principal & interest), property taxes, homeowners insurance, closing costs, HOA dues and private mortgage insurance. It also includes credits for tax advantages of home ownership, (mortgage interest, property tax and closing cost deductions). Total costs of renting include rent and renter’s insurance. 

As we consider the cost of buying to renting it is interesting to consider the changes in Fair Market Rents across the state, indicating demand or vacancy in certain market areas. You could by a $200,000 house for about $1550/month with a 3.75% 30 year fixed mortgage.

Here is a Great Rent vs. Buy Comparison Calculator.  Set the taxes at 3.5%

New Haven-Meriden Metro FMR Area saw a 2.66% decrease in 2B Rental cost (from  $1,352 in 2012 to $1316) in the 2013 in Final Fiscal Year, after appreciating consistently since 2010.  

 Milford-Ansonia-Seymour, Metro FMR Area saw a 0.31% decrease in 2B Rental cost (from $1,298 in 2012 to $1294) in the 2013 Final Fiscal Year, after appreciating consistently since 2000. An impressive 13 year run for The Valley.

 I appreciate your decision to work together.

I care about your plans, your dreams and your success in the real estate market, and life.

I promise to treat you like a friend, paying attention to your best interests. 

We will contract a property that will satisfy your desires, is good for you, and your unique situation.

I understand the trust you want to place in our relationship.

I assure you of honesty, integrity and consistent commitment to excellence.

I appreciate it when you forward your friends and family who may like my low pressure, high information client focused business model. I believe that helping you make the right decision is more valuable then telling you what to buy.

My breadth of information and market knowledge, negotiation skills and professional experience benefit my clients who buy and sell real property. 

My clients have realized the value of my full service marketing and brand identification with Coldwell Banker, the most successful real estate company New Haven County, and beyond.

Sincerely,

Dave Carr – A Connecticut REALTOR since 1996

Direct Line two zero three six two seven four two one three

Four-Quarter Percent Change in Level House Price Indexes

A home for me Four-quarter percent

Copyright© 2015 by David Carr. All Rights Reserved

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