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Ledyard CT Real Estate Update

Ledyard and Gales Ferry Real Estate Statistics for the week of February 21st

Finally some good news to report! Inventory dropped to 105 active listings in Ledyard last week and the reason for the drop is the best news of all! There were 7 pending sales reported last week. That's the most sales reported in a given week for quite awhile.

Of the homes currently listed in Ledyard, the average days on market is 136. There were 8 rather large price reductions last week totaling $115,000. I suspect that the reductions were an effort by the sellers to get their homes sold before the April 30th deadline of the extended tax credit.

In national news last week, First American Core Logic reported that 24% of residential properties are underwater. Underwater means that the mortgage balance owed is higher than market value. Many of these properties are located in 5 states: California, Florida, Nevada, Arizona and Michigan.

Ledyard home owners are also feeling the effects of foreclosure.  According to Realty Trac, there are 22 bank owned homes in Ledyard due to foreclosure and 35 homes in pre-foreclosure.

Ledyard Real Estate - February 28, 2010

Number of Ledyard Homes Currently for Sale: 105
Last week there were 111 active listings in Ledyard.

Number of Ledyard Homes Currently Pending: 17

Number of Homes Sold in 2010: 12

There were 149 residential home sales in Ledyard in 2009. 
There were 143 residential home sales in Ledyard in 2008.
There were 213 residential home sales in Ledyard in 2007.

The highest priced home to sell in 2009 & 2010:  $385,000



Listing and sales reported by the members of the Connecticut Multiple Listing Serve, Inc and may not represent all sales. Information deemed reliable but not guaranteed.


Just Plain Photo Friday

The Leaning Tower of Pizza

Since this is the Simply Ledyard Blog, I wanted to call this regular feature Ledyard Photo Friday, but I’ve found some fun photos around Connecticut and even in other parts of the country that I wouldn’t want to miss sharing. For today’s photo however, I didn’t need to leave Ledyard.  This one was taken at Valentino’s with my cell phone.  My only complaint is that they don’t have a website that I can link to!

valentinos


Fisher Cats in Connecticut

Rarely seen Fisher Cat photographed by Ledyard CT Animal Control Officer

image You've seen the missing cat posters on telephone poles and in neighborhood stores. Lots of domestic cats in the area have disappeared over the past few years and many believe the Fisher Cat is to blame. The Connecticut Department of Environmental Protection didn't seem convinced that Ledyard residents were seeing Fisher Cats but cat owners remain convinced. 

As reported on the CT DEP Fact Sheet: “Because fishers seldom travel in open areas and tend to be nocturnal, they are rarely seen by humans. They have not been studied as extensively as many other wildlife species because they are difficult to observe.”

Despite the DEP Fact Sheet, three years ago, Kimlyn Marshall, Ledyard Animal Control Officer, photographed this Fisher Cat on North Road in Groton.


Mini Mansions

No walk in closets in these little gems.

Since 1997 Jay Shafer, owner of the Tumbleweed Tiny House Company, has been living in a home that measures less than 100 square feet.  Jay has a website named after the first of his tiny houses, Tumble Weed,  where he sells these little gems.

To put that in perspective, I had Gales Ferry home for sale a couple years ago on Hyde Park Drive that had a 27x22 master bedroom closet. That is over 500 square feet. It gave a whole meaning to the feature "walk-in closet".  Complete with granite countertops, fabulous built-ins, and spot lighting, this closet was memorable. I still think about it.  

Jay offers a number of different floor plans, none with walk-in closets. The 65 Square Foot XS House sells for $38,997 while the larger 130 Square Foot Fencl model sells for $53,997. I visited the website but it raised a whole lot of questions…like what would the local building officials think about these tiny little estates? And where would you put the litter box?


Ledyard CT Real Estate Update

Simply Ledyard started as a Real Estate Blog in March of 2005 and turned into a photo blog in 2007.  You’ll find some history in the side bar. This is the very first Real Estate Update I’ve ever included in Simply Ledyard.  Look for it every Sunday!

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The beat goes on. Unfortunately the beat is a slow one. There is only 1 pending sale to report from last week, a Gales Ferry home listed at $224,900. There were no closed sales reported.

The average price of a listing in Ledyard is $311,000 but the average sold price is $210,650. Those homes that are currently pending but not yet closed average $240,800. (For my statistician friends, using  medium prices doesn't paint any rosier of a picture.)

Last week, the federal reserve raised the discount rate. Mortgage interest rates will soon follow. My friend Dan Green of The Mortgage Reports puts it this way, "If you're in the process of shopping for a mortgage or buying a home, the longer you wait to commit, the higher your mortgage rate will likely be."  Spread the word to every buyer you know.

So what's the good news? The number of showings continue to increase. Eventually these buyers will be pulling out their checkbooks. If they wait too much longer they are going to miss the best interest rates in years as well as the extended tax incentive.

The other good news?  Spring is not that far away!

Ledyard Real Estate - February 21, 2010

Number of Ledyard Homes Currently for Sale: 111
Last week there were 109 active listings in Ledyard.

Number of Ledyard Homes Currently Pending: 14

Number of Homes Sold in 2010: 10

There were 149 residential home sales in Ledyard in 2009.
There were 143 residential home sales in Ledyard in 2008.
There were 213 residential home sales in Ledyard in 2007.

The highest priced home to sell in 2009 & 2010:  $385,000  

tulips

Listings and sales reported by the members of the Connecticut Multiple Listing Service, Inc and may not represent all sales. Information deemed reliable but not guaranteed.

Search Homes for Sale in Ledyard and all of Connecticut at my Eastern Connecticut Home Finder.


How accurate is Zillow in Ledyard?

Zillow, an online tool designed to help buyers and sellers estimate the value of their home, has been around since 2005. It's actually quite impressive even though the “zestimates” provided are not always perfect. I remember the day it launched and how it generated a lot of buzz as well as controversy. Some in the media felt Zillow estimates might replace the need for a comparable market analysis, typically a job for real estate agents.

Here’s how it works. You type in an address at Zillow.com and a zestimate quickly appears, as well as some details of the home including the date and purchase price of the last sale. You’ll also see data on comparable sales. I inputted some addresses in the Ledyard area and found many of the evaluations pretty close to market value. This is particularly true in large subdivisions. Where it seems to go astray is in the more rural parts of town or in areas just outside a subdivision where it tends to use the subdivision values due to the proximity even if the house is very different from those in the subdivision.

Here’s the important part for home owners.  You can “claim” your home on Zillow and make corrections to any data that is not accurate. This is  important if your home is on the market because missing information can effect the  zestimate. 

My opinion of Zillow hasn’t changed much in 5 years. I wouldn't rely on it for a home evaluation but it does provide some interesting information, good mapping, and a graph of a homes estimated value over time. And the best part is that the service is free. I think it is a very useful tool for buyers, sellers, homeowners and even real estate agents, but I don't think it will be replacing me anytime soon!


Little Bites of Ledyard

Beyond Ledyard Real Estate

Did you know that you can stop in the Ledyard Library, connect to wi-fi and have a cup of coffee.  And on Monday and Wednesdays, you can enjoy a homemade muffin brought to you by the Ledyard Library Friends.

For Gales Ferry weather information,  search Weather Undergound and you'll find information from a weather station at Our Lady of Lourdes Church on Route 12 in Gales Ferry?

Deb’s Veranda in Ledyard is now AJ’s Veranda.  The food is just as good! The Greek Salad remains my favorite.

Speaking of food, the new owners welcome you back to the Stonecroft Country Inn located at 515 Pumpkin Hill Road in Ledyard.


Selling Real Estate in Ledyard

You've heard the stories - John Smith, former car wash attendant, earns 2.7 million dollars as a real estate agent in just 2 years in the business.  Impressive, huh?  A few years ago, a book was published called Success as a Real Estate Agent for Dummies by Dirk Zeller, a well known Real Estate trainer.  Unfortunately, finding success in real estate isn't as easy as reading a book, even a 384-page one.  Yes, just a few years ago, selling real estate in Ledyard was pretty easy. As a result, a large number of newbies entered the business.  And now reality has set in, as inventory builds, the number of buyers shrinks, and multi-offers are a distant memory. Of course, I was a newbie once, but fortunately (and I mean that), my first years in the business saw interest rates at 17%. It wasn't easy. No multi offers. No quick sales.

So what does it take to be a success in real estate?  It takes experience, hard work, knowing the market, and a willingness to learn, even after you think you know it all.