Wallingford, Meriden Schedule Fireworks

by The Harriman Team on July 2, 2009

An Example of a Spider shaped firework in Japan
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Despite the current financial crunch that threatened to eliminate fireworks shows in Wallingford and Meriden, both have found a way to save their respective annual fireworks displays for 2009. This scenario is being played out in communities across the nation as neighborhoods struggle to find a place in the budget for the popular summertime event. Some, like Yonkers, N.Y. and Tuscon, AZ, have canceled their shows. Other places are also feeling the money crunch,  but manage to find the funds to allow the displays to go on as planned.

Meriden: Outsourcing the Big Bang

In Meriden, the City Council went ahead with plans to eliminate the $23,000 cost of their fireworks show when it became known that the Westfield Mall would go be staging their own display. Even if the mall had not planned to hold their own event, the council said they probably would have gone ahead with a scaled back version of the original, with the savings being realized either through shortening the duration of the program or asking their vendor to use less expensive materials.

Wallingford: The Town Taketh Away, Then Giveth Back

Wallingford had originally decided to eliminate their fireworks display due to difficulties with their town budget, but reversed that decision when it was realized that the shortfall could be made up in other areas of the budget. The $31,000 expense would be offset by a $30,000 savings on the cost of the town’s property and casualty insurance. The decision was not unanimous, however. Some councilors supported holding the program because the cost is such a small part of the overall budget, making cancellation of the event symbolic at best.

Others were not so supportive of the idea, though. They reasoned that, because of the amount of layoffs happening in the town, any celebration that took place would be hard to explain to those who might be on the receiving end of a pink slip. In the end, tradition won out and the night of fun and excitement that so many have come to expect will still light up the night sky. Come out and celebrate the birth of our nation!

UPDATE: There is no rain date for the Wallingford fireworks display. In the event of inclement weather, the decision to cancel the display will be made by 5:00 p.m. on Friday. Local radio and television stations will be notified of the cancellation.

Where To Go:

In Meriden, the festivities will commence at 9:15PM Saturday, July 4th, on the top level of the Sears parking garage at the Westfield Shopping Mall, 470 Lewis Avenue.


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In Wallingford, the annual event will kick off as usual on July 3rd at 9:15PM on the knoll at Moran Middle School, 141 Hope Hill Road. Music provided by the Wallingford Community “R Band” will begin at 8:15PM.


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New Listing: 3 BR Ranch For Rent in Meriden CT

by The Harriman Team on June 29, 2009

Three bedroom ranch with 1 1/2 baths, fireplace, eat-in kitchen and dining room. Interior to be painted prior to move in. One car garage and level treed lot. Home located on East side on cul-de-sac road. Credit check required. No pets. Call Wayne to schedule an appointment, (203) 672-4498.

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Mortgage Rate Update 6/26/09

by The Harriman Team on June 27, 2009

mortgage_rates2The dramatic increase in interest rates since May 28th has reduced refinance activity significantly.  For many homeowners the higher interest rates eliminate the benefit of refinancing.  Though the rates may decrease from today’s level, it seems unrealistic to hope for them to plunge back into the 4s.  On Monday, the MBA slashed its forecast for 2009 mortgage loans by more than 25% due to the slowdown in refinancing and a slow start to the federal Home Affordable Refinance Program.

The Senate bill (S. 1230) to amend the $8000 tax credit for first time home buyers and make it a $15,000 credit for ANY home buyer who buys a home within one year of the date of enactment has now been referred to the Committee on Finance. We have placed a widget on this blog that monitors the status of the bill and will display any change in its status. Feel free to stop by any time to see the latest development in the bill’s progress.

For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.

Click here to send a secure online mortgage application.

Here are this week’s rates:

Friday, June 26th, 2009

All rate quotes are for a 60-day lock with 0 points, 5% down payment, and a 720 FICO score.

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 5.375% APR = 5.534%

15 yr conforming fixed: rate = 4.875% APR = 5.140%

7/1 yr conforming ARM: rate = 5.375% APR = 5.725%

5/1 yr conforming ARM: rate = 5.125% APR = 5.320%

30 yr FHA Fixed : rate = 5.250% APR = 5.440%

30 yr CHFA w/ 1 pt : rate = 5.250% APR = 5.585%

———————————————————–

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.125% APR = 6.352%

15 yr jumbo fixed: rate = 5.750% APR = 5.905%

7/1 yr jumbo ARM: rate = **** APR = ****

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of June 25 – July 1, 2009

Homebuyer Mortgage Plan:
Interest rate: 5.250 % (APR range 5.350 – 5.750%)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.250 % (APR range 5.350 – 5.750%)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of
The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply. All information provided is deemed reliable but is not guaranteed and should be independently verified .

William Raveis Real Estate, 465 S. Main St., Cheshire, CT 06410

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Wallingford to Perform Property Revaluations

by The Harriman Team on June 24, 2009

Update: As stated below, the revaluation is scheduled to begin in the Southeastern part of Wallingford. We just happen to live in that area and we were visited today (6/26) by our friendly, neighborhood Appraiser! So, the fun has begun; watch for them coming to your neighborhood soon!

In accordance with Connecticut law, the town of Wallingford’s Assessor’s Office has announced that the the process of revaluating all real estate in the town is about to begin. The revaluation process must be done once every five years in order to establish a market value for all residential, commercial, and industrial properties as of October 1, 2010.

monopolycard

A certified revaluation company, Vision Appraisal Technology, Inc., has been contracted to assist the assessor in the completion of this project, which starts with data collection. During this phase of the project, inspections will be performed on and information collected about all real estate in the town. The assessor says that it will take approximately 8 to 10 months to complete all the property inspections.

Here are some other important points of information regarding the revaluation:

  • Property inspections will commence in June and continue until all properties have been inspected
  • Inspections will begin in the Southeastern portion of Wallingford
  • A typical inspection takes 10 to 15 minutes to complete
  • Property inspectors will perform both interior and exterior inspections of all real estate
  • Inspections will include looking at basements and attics, but furniture and personal property will NOT be inspected or assessed
  • An inspection will not be conducted unless an adult of at least 18 years of age is present
  • Property inspectors will wear a clearly visible ID badge which will include a photograph, and will present a letter confirming they are assigned to the project
  • Property inspectors and their vehicles are registered with the Town of Wallingford Police Department
  • To verify the identity of a property inspector, you can call the Assessor’s Office at (203) 294-2001

If homeowners have any questions or concerns regarding this revaluation, they can call the Assessor’s Office at (203) 294-2001.

This is Wallingford’s first revaluation since the real estate downturn and, coupled with the July 1st increase of the mill rate to 23.2, it will be interesting to see what happens to property taxes. Homes should be assessed lower now, but will this result in yet another mill rate increase to offset the decrease in tax revenue? Or, will assessments and the mill rate stay at or near current levels? We’ll be watching this one closely.

For more information on property revaluations, please check out Vision Appraisal’s Taxpayer Revaluation FAQ.

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Mortgage Rate Update 6/19/09

by The Harriman Team on June 20, 2009

mortgage_rates2

The current trend of rising interest rates has put a damper on many real estate deals as rate locks expire and buyers are forced to either accept a higher rate or pay points to get the rate back down to where it was. Others are using the rate increases as motivation to finally get off the fence and make an offer before rates rise even more. Having said that, rates are still hovering around historic lows, and even though a lot of people may disagree, a mortgage rate in the low fives is NOT a bad rate to buy a home at.

There is currently a proposal in the Senate (S. 1230) to amend the $8000 tax credit for first time home buyers and make it a $15,000 credit for ANY home buyer who buys a home within one year of the date of enactment. This proposal is far from being passed and even if it is, its impact on the economy will be far-reaching and possibly not worth the consequences. It will be interesting to watch how this plays out.

For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.

Here are this week’s rates:

Friday, June 19th, 2009

All rate quotes are for a 60-day lock with 0 points, 5% down payment, and a 720 FICO score.

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 5.500% APR = 5.664%

15 yr conforming fixed: rate = 5.000% APR = 5.240%

7/1 yr conforming ARM: rate = 5.375% APR = 5.725%

5/1 yr conforming ARM: rate = 5.125% APR = 5.320%

30 yr FHA Fixed : rate = 5.375% APR = 5.610%

30 yr CHFA w/ 1 pt : rate = 5.125% APR = 5.455%

———————————————————–

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.125% APR = 6.352%

15 yr jumbo fixed: rate = 5.750% APR = 5.905%

7/1 yr jumbo ARM: rate = **** APR = ****

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of June 18 – 24, 2009

Homebuyer Mortgage Plan:
Interest rate: 5.125 % (APR range 5.225 – 5.625%)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.125 % (APR range 5.225 – 5.625%)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of
The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply. All information provided is deemed reliable but is not guaranteed and should be independently verified .

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Meriden Market Update May 2009

by The Harriman Team on June 18, 2009

The Meriden housing market remained on the upswing last month. Pending sales were up again, and closed sales were up sharply for the second consecutive month. The inventory levels again went down, driving the absorption rate to a low for the year of 7 weeks worth of inventory. This is good news and gives an indication that Meriden might be quicker to recover than Wallingford, especially since sales prices are much lower in Meriden than most surrounding towns.

Condo sales remained fairly level, but inventory levels fell to their lowest levels of the year at 17 weeks worth. As indicated in the Wallingford Market Update, the $8000 tax credit for first time home buyers was approved and it was hoped that this, coupled with historically low interest rates, would spark some of the undecided first time buyers to take the plunge, but in our view this is not turning out to be the case. Mortgage rates have climbed sharply over the past few weeks, dulling some of the enthusiasm for home sales, and the tax credit will be gone in a little over 5 months, adding a new sense of urgency to the mix. All may not be lost, however. There is current legislation on the table to modify the tax credit so that the limit will be increased to $15,000, the deadline for using it will be extended for a year, and everyone will be able to use it, not just first timers. If this modification is passed, which is hardly assured, it should take some of the pressure off home buyers and give them an added incentive to buy soon. But we’re not assuming anything, and neither should you.

Here’s the comparison of the last three months:

Single Family Homes

Mar 2009

Apr 2009

May 2009

New Listings

56

56

39

Total Listings

190

131

64

Pending Sales

36

41

56

Homes Sold

16

27

37

Expired Listings

24

22

24

Average Days on Market

92

99

73

Average Price/SqFt

$127

$115

$127

Average Sales Price

$156,793

$176,649

$173,586

Absorption Rate (# of weeks to sell current inventory at present rate of sales)

51

21

7

Condominiums

Mar 2009

Apr 2009

May 2009

New Listings

18

26

21

Total Listings

71

49

28

Pending Sales

8

13

11

Condos Sold

9

6

7

Expired Listings

9

11

11

Average Days on Market

38

147

145

Average Price/SqFt

$98

$104

$101

Average Sales Price

$83,522

$123,817

$105,786

Absorption Rate (# of weeks to sell current inventory at present rate of sales)

34

35

17

*** = No stats due to no sales.


For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service).

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Wallingford Market Update May 2009

by The Harriman Team on June 18, 2009

The Wallingford housing market continues its slow, confusing march towards recovery. There were more houses listed for sale, but fewer houses sold than in April; the houses that sold were on the market 22% longer than April, but both the sales price and price per square foot were up. In addition, there were 80% more pending sales in April, but the total inventory went up by the same level.

Condo sales were also mixed. Sales dropped by 50%, but pending sales doubled; days on market dropped by 48%, but the average sales price sank by 16% to its lowest level since January.

The $8000 tax credit for first time home buyers was approved and it was hoped that this, coupled with historically low interest rates, would spark some of the undecided first time buyers to take the plunge, but in our view this is not turning out to be the case. Mortgage rates have climbed sharply over the past few weeks, dulling some of the enthusiasm for home sales, and the tax credit will be gone in a little over 5 months, adding a new sense of urgency to the mix. All may not be lost, however. There is current legislation on the table to modify the tax credit so that the limit will be increased to $15,000, the deadline for using it will be extended for a year, and everyone will be able to use it, not just first timers. If this modification is passed, which is hardly assured, it should take some of the pressure off home buyers and give them an added incentive to buy soon. But we’re not assuming anything, and neither should you.

Here’s the comparison of the last three months:

Single Family Homes

Mar 2009

Apr 2009

May 2009

New Listings

37

36

40

Total Listings

61

46

61

Pending Sales

26

20

36

Homes Sold

20

20

15

Expired Listings

21

15

18

Average Days on Market

100

103

126

Average Price/SqFt

$157

$159

$165

Average Sales Price

$272,961

$247,443

$274,753

Absorption Rate (# of weeks to sell current inventory at present rate of sales)

13

10

18

Condominiums

Mar 2009

Apr 2009

May 2009

New Listings

19

22

19

Total Listings

22

16

30

Pending Sales

9

9

19

Condos Sold

11

10

5

Expired Listings

4

6

3

Average Days on Market

90

128

73

Average Price/SqFt

$168

$156

$154

Average Sales Price

$213,984

$202,588

$170,300

Absorption Rate (# of weeks to sell current inventory at present rate of sales)

9

7

26


For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service).

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New Listing: 1196 Meriden-Waterbury Rd, Southington CT

by The Harriman Team on June 13, 2009

Unique property-single family home in a commercial area. Home has living room with fireplace (currently used as third bedroom), 2 bedrooms, eat-in kitchen and large family room addition with wood stove. Rear of property located in Cheshire. Great location for home office/small business! For more info or to schedule an appointment, please call our Team Agent Kim Vogt at 203-623-0017!

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Mortgage Rate Update 6/12/09

by The Harriman Team on June 13, 2009

mortgage_rates2The sharp rise in mortgage rates in recent weeks has dampened what had been a boom in mortgage refinancing and has threatened to squelch signs of a budding recovery in the housing market. However, there is disagreement among Fed officials as to whether additional stimulus is needed. Some believe more should be done to help the economy recover more rapidly, while others are concerned that it may be time to start pulling back in order to minimize the risk of inflation.

Without a consensus on the direction to go, strong new actions are unlikely. However, the Fed may make smaller adjustments to address current economic conditions.

For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.

Here are this week’s rates:

Friday, June 12th, 2009

All rate quotes are for a 60-day lock with 0 points, 5% down payment, and a 720 FICO score.

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 5.500% APR = 5.664%

15 yr conforming fixed: rate = 5.000% APR = 5.240%

7/1 yr conforming ARM: rate = 5.375% APR = 5.725%

5/1 yr conforming ARM: rate = 5.125% APR = 5.320%

30 yr FHA Fixed : rate = 5.500% APR = 5.770%

30 yr CHFA w/ 1 pt : rate = 5.50% APR = 5.895%

———————————————————–

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.000% APR = 6.242%

15 yr jumbo fixed: rate = 5.625% APR = 5.825%

7/1 yr jumbo ARM: rate = **** APR = ****

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of June 11 – 17, 2009

Homebuyer Mortgage Plan:
Interest rate: 5.500 % (APR range 5.600 – 6.000%)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.500 % (APR range 5.600 – 6.000%)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of
The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply. All information provided is deemed reliable but is not guaranteed and should be independently verified .

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New Listing: 329 Cherry Hill Rd., Middlefield CT

by The Harriman Team on June 10, 2009

Farmhouse Colonial with first floor family room, large eat-in kitchen with stainless steel appliances, fireplace in living room, first floor office, spacious bedrooms, lower level arcade area. Inground pool with cabana and pavilion, detached 3+ car garage with 12′ doors, tennis and basketball courts. Fantastic views. Over 5 acres – bring your horses!

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