Quantcast

Home » Real Estate » Recent Articles:

Canton Real Estate Notes: January, 2017

January 4, 2017 Real Estate No Comments

David Sinish

By David Sinish 

 New year greetings.  I hope that your holidays were pleasant. 

Fully recovered from the real estate bust of the late 1980s, the most recent national and local sales figures are setting records.  The drawback to more sales is the diminishing supply of homes for sale.  This trend has been with us for the past six months, and locally is driven by the winter season.  It is important to remember that people looking for new homes are serious, and sales continue.   If we were selling our home I would want to be in a small group of homes for sale, rather than joining the large group that becomes listed in the Spring.     … Continue Reading

Canton Real Estate Notes: Dec. 1, 2016

December 10, 2016 Community, Real Estate No Comments
David Sinish

David Sinish

By David Sinish

How did the Canton market fare in the past twelve months compared with the previous twelve months?

  1. Number of single family homes sold increased slightly from 126 to 127.
  2. The median sales price increase 4% to $315,000.
  3. The median sales price per square foot also increased slightly .4% from $141.02 to $141.55.
  4. The “days on market” increased from 45 to 48.

It is important to remember that these are the “median” numbers with half of sales above this number and half below.  There are different numbers for different homes reflecting different price ranges, various sizes, features and locations.  The number of homes listed as of December 1, reduced to 44 from the 58 as of November 1.   Should you require more detailed information, please let me know.   … Continue Reading

Canton Real Estate Notes: Why Waiting Until After the Holidays to Sell Isn’t a Smart Decision

December 2, 2016 Community, Real Estate No Comments
David Sinish

David Sinish

By David Sinish

Every year at this time, many homeowners decide to wait until after the holidays to put their homes on the market for the first time, while others who already have their homes on the market decide to take them off until after the holidays. Here are six great reasons not to wait: holiday time

  1. Relocation buyers are out there. Companies are not concerned with and if the buyers have kids, they want them to get into school after the holidays.
  2. Purchasers that are looking for a home during the holidays are serious buyers and are ready to buy.
  3. You can restrict the showings on your home to the times you want it shown. You will remain in control.
  4. Homes show better when decorated for the holidays.
  5. There is less competition for you as a seller right now. Let’s take a look at national listing inventory as compared to the same time last year:

… Continue Reading

Canton Real Estate Notes: Historically Low Interest Rates are Rising Slightly

October 18, 2016 Real Estate No Comments
David Sinish

David Sinish

By David Sinish

We have noticed that historically low interest rates are beginning to rise slightly.  What does that mean to you?

The chart illustrates what the monthly principal and interest payments might be for the interest rates shown on the left column and the house price on the bottom row.   The payment for a $243,750 home might be $1,061 at 3.25 percent, and $1,199 at 4.25 percent.  The $138 monthly difference is $49,680 over a 30 year mortgage of 360 payments.  Do remember that in addition to the principal and interest one would also pay taxes and private mortgage insurance.   There are great benefits to buying soon.

… Continue Reading

Canton Real Estate Notes: It’s a Local Market

September 12, 2016 Opinion, Real Estate No Comments
David Sinish

David Sinish

By David Sinish 

It is important to remember that the real estate market is a local one. Although national news is what we hear and read in the media, local statistics are most meaningful to local buyers and sellers. It is certainly very true that different regions reflect regional activity.  For instance, real estate sales and prices are increasing dramatically throughout the central region of our country due to the increases in the energy industries.

How did the Canton market fare in the past twelve months compared with the previous twelve months?

The number of sales reduced by 4.7 percent to 122, median sales price reduced by 2.2 percent to $317,000, median sales price per square foot are down 3.4 percent to $141.92, and days on market increased from 44 to 47.   It is important to remember that these are the “median” numbers with half of sales above this number and half below There are different numbers for different homes reflecting different price ranges, various sizes, features and locations.  Should you require more detailed information, please let me know.
… Continue Reading

Canton Real Estate Notes: Sept. 1, 2016

September 2, 2016 Opinion, Real Estate No Comments
David Sinish

David Sinish

By David Sinish

What is For Sale in Canton, as of Sept. 1. How many, in which price range? How does this inventory compare with last year?

As of 9/1/2016 there were 68 Single Family Homes listed FOR SALE in Canton, which is three lower than last year.  In addition, are 10 homes or lots that are in the process of being built, (but listed as “Active” in the Multiple Listing Service).    … Continue Reading

 Canton Real Estate Notes: August 10, 2016

David Sinish

David Sinish

By David Sinish   

Freddie Mac has recently produced their Quarterly House Price Index.

For the entire State of Connecticut, they report that house prices have increased from 6/1/2015 to 6/1/2016 by .8 percent.  The prices are still 19.5 percent below the 2008 peak.   In the Hartford/West Hartford/East Hartford area, prices have increased by .7 percent from 6/1/2015 to 6/1/2016, and prices are 15.1 percent below the 2008 peak.

How did the Canton market fare in the past twelve months compared with the previous twelve months? 

The number of sales reduced by 3.2 percent to 122,  median sales price reduced by 2.2% to $310,000, median sales price per square foot are down by .3 percent  to $141.54, and days on market increased minimally from 45 to 46.   It is important to remember that these are the “median” numbers with half of sales above this number and half below.  There are different numbers for different homes reflecting different price ranges, various sizes, features and locations.  Should you require more detailed information, please let me know.

How is the performance of our neighboring towns of Avon, Burlington, Canton, Farmington, Granby, New Hartford and Simsbury? 

 On a year to year basis, the number of sales is down11.3%, median sold prices have a slight 1.5% decrease, price per square foot off 2% and it takes 42 compared to 44 days to sell a home.

These statistics are based on information provided to and compiled by the Connecticut Multiple Listings Service, Inc. as of August 10, 2016.

David Sinish is a Realtor® with the Realty Works Group of William Raveis Real Estate located at 200 West Main Street in Avon.  He is very willing to provide assistance with your general real estate questions, or with buying or selling your home.        

Please email dsinish@comcast.net  call 860-922-6170 or go to   DavidSinish@Raveis.com

 

Canton Real Estate Notes: What Credit Scores Are Needed for a Home Loan?

August 1, 2016 Opinion, Real Estate No Comments
David Sinish

David Sinish

By David Sinish 

Do you know what credit scores are needed to get a home loan?  You may not be alone.

A recent survey done by Ellie Mae found that there is some confusion as to what is necessary to qualify for a home mortgage.   Ellie Mae is a software company that processes more than a quarter of American homes.  In their new Origination Insight Report, they show the required FICO scores:

All Loans                721

Conventional         754

FHA                         687

VA                            706

Perhaps you might want to check with a lender to see if you qualify.

What is For Sale in Canton, as of August 1, 2016?

As of 8/1/2016 there were 69 Single Family Homes listed FOR SALE in Canton property increase from July 1, 2016. There is an additional, 10 homes or lots that are in the process of being built, (but listed as “Active in the Multiple Listing Service).    … Continue Reading

Canton Real Estate Notes: Brexit – What is the Impact?

July 1, 2016 Real Estate No Comments
David Sinish

David Sinish

By David Sinish 

The most immediate impact of Brexit will be on mortgage interest rates.  Interest rates have remained at historic lows for the last several years.  Contrary to what many experts had projected, rates have remained low throughout the first half of 2016.

The Washington Post opined, “Brexit has spawned the recent bout of volatility in global financial markets.  That has anxious investors scurrying for safety—and few assets are safer than U.S. Treasuries.  High demand for government debt pulls down the interest rates.”

Trulia Chief Economist Ralph McLaughlin cautions, “While the departure of the UK from the European Union has driven down the 10 year bond and thus mortgage rates, we expect them to rebound later in the year as uncertainty over the economic consequences of the departure lifts.” … Continue Reading

Canton Real Estate Notes: June 9, 2016

David Sinish

David Sinish

What is the difference between assessd value and appraised value? (Simplified)

Assessed Value and Appraised Value are two different concepts.  The assessed value (Assessment) is determined by the town’s assessor, and used for property tax purposes.  A property is assessed on a common date to determine its’ part of all properties combined (Grand List). The tax rate (mill rate) remains the same for the entire town, but the actual taxes are based on the individual assessed value.   Assessments may be appealed to the town.   Appraisals are determined by an appraiser.  The appraisal represents the fair market value of the property and is used by lenders to determine the properties market value and collateral value for the loan.

How Were Canton Sales in May?

May was a banner month with the number of single family home sales doubling from the prior month!  The most recent quarter showed a 24% increase in the number of homes sold during last year’s quarter. The comparison between the most recent twelve months and the prior twelve months (YTY) shows an overall reduction of about 3.5%.  The median YTY selling price has increased by 1.6%.  Houses take less time to sell YTY by 8%.  The year to year increase in median price per square foot increased by 1.2% to $142.24.

Tell me about the sales in our six contiguous towns?

The Year to Year number of sales of single family homes in the group of Avon, Burlington, Canton, Farmington, Granby, New Hartford and Simsbury increased by 12.9%.  However, the median YTY price reduced by 3% and there was no change in how long homes were on the market.   The year to year reduction in the average price per square foot was 2.1% to $143.22.

These statistics are based on information provided to and compiled by the Connecticut Multiple Listings Service, Inc. as of June 7, 2016. … Continue Reading

VISIT OUR SPONSORS!

Upcoming Events

May
29
Mon
8:30 am Daily Mass @ St. Patrick Church
Daily Mass @ St. Patrick Church
May 29 @ 8:30 am
 
1:30 pm Wii Bowling @ Canton Community Center
Wii Bowling @ Canton Community Center
May 29 @ 1:30 pm
Have you ever wished you could continue to bowl without putting on bowling shoes or lugging a heavy ball?  You’re in LUCK!!  Join the Canton Senior Center Wii Bowling Team, The Canton Rollers.  Show off your bowling skills or learn new ones at the Senior Center.  Mondays at 1:30pm, Wednesdays ...
May
30
Tue
7:30 am Canton Food Bank @ Trinity Episcopal Church
Canton Food Bank @ Trinity Episcopal Church
May 30 @ 7:30 am – 9:30 am
The Canton Food Bank is accepting fresh produce (as well as non-perishables of course!) every Tuesday from 7:30am-9:30am. Please keep them, and those less fortunate in our community, in mind as your backyard gardens begin to bloom and produce a bountiful harvest!  
8:30 am Daily Mass @ St. Patrick Church
Daily Mass @ St. Patrick Church
May 30 @ 8:30 am