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September 2016

What a difference a rate makes!

In the late 70's,  I sold a new construction home in the Pheasant Run section of Gales Ferry.  Because It was under construction and took several months to complete, the buyer had to “float” the interest rate rather than doing a “rate lock”. The weekend before the closing, the rate jumped to 17.25%. Of course, home prices then were considerably less but there is no question the interest rate you secure directly impacts your monthly payment and the amount of house that you can afford.  Years later the rates hovered around the 8% mark for a long period of time. Today they remain at historical lows.

 

Interest Rates in CT


Little Bites of Ledyard

Bites of LedyardLittle Bites of Ledyard is a compilation of Ledyard news, events and items of interest in the Ledyard Community. Not enough for a blog post but just a bite!

The 71st Ledyard Fair will be held on Friday, September 9,10 and 11. This year’s talent features Season Three Winner of The Voice, Country Western star Cassadee Pope and local favorite Braiden Sunshine. They will both be performing on Sunday. For the whole scoop visit the Official Ledyard Fair Website.

The Ledyard Food Pantry will be closed on Saturday, September 10, 2016 due to the Ledyard Fair.  Speaking of the pantry, making a donation to the Pantry is now easier than ever!  Here you’ll find an up-to-date Wish List and you won’t have to leave the comfort of your home to do the shopping.

Rolling Tomato, Uncle D's Blazin' BBQ, and Munchies will be at the Ledyard Farmers Market this week to provide dinner options to carry out or eat at the Market on one of the many picnic tables under the Holdridge Pavilion. CLICK HERE for more about this week's Wednesday market.

The Ledyard Community Forum on Facebook often talks trash!  For what you need to know about Ledyard’s Curbside Collection, read the latest FAQ sheet.


Connecticut Housing Finance Authority Rates Drop to New Lows!

Keith-TurnerBreaking news from Keith Turner of McCue Mortgage Company:

CHFA has lowered their interest rates, thus giving  prospective buyers a little more buying power.  They are now as follows.

CHFA Government Rate (CHFA/FHA, CHFA/VA, CHFA/USDA): 2.625%  (2.375% in New London)

CHFA Conventional (CHFA/Conventional, CHFA/HFA): 2.75% (2.50% in New London)

This is the lowest 30 year, fixed, interest rate that has ever existed.  There hasn’t been a better time financially to purchase a home.


New London County Real Estate Update

This report of Single Family Home Sales in New London County is generated by the 10th of each month with information from the previous month.  It includes new listings, pending and closed sales in New London County for the month of July.  What’s up and what's down from a year ago? The good news is that the number of closed sales Year to Date (YTD)  in New London County is up 16% from a year ago.  The number of new pending sales Year to Date is  up 8%  for that same period. The number of active listings (2162) is down from from a year ago and up only slightly from July.  Prices remain flat year to date and trending lower than a month ago. Please note that statistics will vary from town to town.

For a complete (and easier to read) New London County Real Estate report including condos and single families click on the photo below.

  
2016-08-20_New London County Real Estate

Copyright © 2016 RealEstate Business Intelligence, LLC. All Rights Reserved.
Data Source: CoreLogic. Statistics calculated August 6, 2016.

About the author:  Linda Davis has been a licensed real estate agent in Ledyard CT for over 35 years. She has a long history of community service and currently serves as Chairman/Deputy Mayor of  the Ledyard Town Council. Linda is the administer of the popular Ledyard Community Forum on Facebook and also teaches and speaks on technology, mostly for beginners. Linda can help with homes for sale in Ledyard as well as homes for sale in Eastern CT including, Groton, Mystic, Stonington, Norwich, Montville, New London, East Lyme, or Waterford.


Little Bites of Ledyard

Bites of LedyardLittle Bites of Ledyard is a compilation of Ledyard news, events and items of interest in the Ledyard Community. Not enough for a blog post but just a bite!

ATTENTION all Community Organizations and Non profit groups based in Ledyard and Gales Ferry:  The Ledyard Farmers Market will be hosting a Community Night on Wednesday, Sept. 14 during regular Market hours, 4PM-6:30PM. If your group would like to be included, go HERE and click on the Community Organizations link. Click on the link for the application, print out and mail to Ledyard Farmers Market Assoc. PO Box 334, Ledyard, CT 06339. Deadline for application submission is August 24. There is no cost to organizations.

Speaking of the Ledyard Farmers Market, Munchies will be back tomorrow as well as some old and new friends. You can read it all HERE.

Before you ask, “What is that low flying helicopter?” Eversource is conducting an aerial patrol of vegetation on transmission lines throughout the state. Ledyard is one of the towns being patrolled.
DATES INCLUDED: August 17, 2016 through August 26, 2016

DESCRIPTION OF AIRCRAFT: Blue & Gray Helicopter, Tail # N1431W & Blue & White Helicopter, Tail ‪#‎N411DD‬.
FLIGHT TIMES: 7:00 a.m. - 5:00 p.m., weather permitting.
CONTACT INFO: Contact Matthew Colebrook at 860-368-9795 or Matthew.Colebrook@eversource.com

There are plenty of ways to help the Ledyard Food Pantry including donating clean and unoened toiletry items from hotels.  We make cute little gift baskets with them! You can drop yours off at the food pantry which is opened Tues, Thurs, Sat 9-11 and Thurs 5-7. Or at the donation box in the hallway at Gales Ferry Landing behind CVS.


Ledyard Real Estate Update - Are we FINALLY turning the corner?

8 Birch RosesHowdy neighbors!
These lovely roses are from our upcoming listing in the Sablewoods Subdivision in Ledyard. This special home will be on the market during the first week of September and I wanted to be sure to have a photo of these beauties since September will bring a new season and new colors to the magnificent yard! Call me if you are looking for a home in this area.

Last month I asked the question, could Ledyard prices be increasing soon?  My answer this month is I think we may be seeing a very positive trend in that direction. No, not a return to 2005 prices but perhaps a solid increase over last year. Our pending sales report appears to offer a precursor to good news. While the number of pending sales has dropped to 31 from a high of 40 in May,  the 15 pending sales reported in July had a median price of $269,900. Yes, this could be the good news sellers have been waiting for. 

While our summer market is traditionally slower than spring, there will still be buyers in every season. August is always a slow month but September and October typically bounce back stronger.

Real Estate News

Although the "experts" keep talking about interest rates rising this year, Interest rates are once again near all time lows. You can even find 15 year rates under 3%. If you are looking to buy or refinance, now would be a good time to jump in.

On the Market

Inventory stayed about the same this month (good news for sellers). There are currently 115 single family homes on the market. The median list price is $284,000. There were 25 new listings reported in July, seven were new construction homes in the Via Verde Subdivision off RT 214 in Ledyard. We are very close to a balanced market which would indicate that prices should start rising. You can see in the chart below, we are a long way from our peak, this is extremely good news for a change. 

Current Pending Sales

Pending sales exhibit the best news as far as home prices! There are currently 31 pending listings with a median list price of $275,900!! There were 15 new pending listings in June with a median list price of $269.900. These are the highest reported pending prices for the year!

There are currently 17 pending but "Show for Backup" with a median list price of $219,900. Homes are often listed as "Show for Backup" when there may be a concern about contract contingencies including financing. 

Closed Sales

There are currently 139 closed sales in Ledyard with a median sales price of $196,000. There were 25 closed listings in July. 

While it is useful to follow month by month, a 6 month trend is a better indicator of market conditions. The median price of the 125 homes that have closed in the past 6 months is $196,500. Although this has not reached our 2015 median closed price, this number should begin trending up as a result of higher closed sale prices. (Note pending report.)

 

The median price of the 125 homes that have sold in the past 6 months is $196,500

1 - 2015 Ledyard Home Sales

Data to Consider

This LINK will take you to New London County Market Statistics by Town, including Ledyard as prepared by the Eastern CT Association of Realtors using sales reported by the members of the Connecticut Multiple Listing Service. 

About the author:  Linda Davis has been a licensed real estate agent in Ledyard CT for over 35 years. She has a long history of community service and currently serves as Chairman/Deputy Mayor of  the Ledyard Town Council. Linda is the administer of the popular Ledyard Community Forum on Facebook and also teaches and speaks on technology, mostly for beginners. Linda can help with homes for sale in Ledyard as well as homes for sale in Eastern CT including, Groton, Mystic, Stonington, Norwich, Montville, New London, East Lyme, or Waterford.

Listings and sales reported by the members of the CT MLS, Inc and may not represent all sales. Information deemed reliable but not guaranteed.


The Rule of 3 in Real Estate

Rule of 3In the book Home Staging by Barb Schwarz, Barb recommends using The Rule of Three.  She says that three items are pleasing to the eye and suggests grouping three items on a coffee table, three pictures on a wall or three candles on a mantle.  Remove extra magazines, pillows, clocks and that collection of elephants.  Ok I made up the part about the elephants but you get the point.  I once received this feedback from an agent on one of my listings - "Did you know that the seller has 37 stuffed bears in the family room?"  Needless to say the buyer didn't buy the house.  I believe a grouping of three bears would have been better! 

I am a firm believer in the Rule of 3 when your home is on the market. Personal “stuff” is very distracting to home buyers and really can spoil a lovely interior photo of your home. As I’ve said many times here, a buyer’s first showing of your home happens when they view your photos on the internet. Make your photos count!