Home Sweet Home! Four level split with many updates. You will love the tasteful colors, crown molder, chair rails, hardwood floors, remodeled kitchen and baths. The lower level is finished w/family room, 4th BR & bath. Large yard and 3 car garage.
For more information or to schedule an appointment to see this home, please call Pat at (203) 672-4499.
Welcome back!
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Daylight Saving Time Starts Sunday, March 14th!
Once again it’s time for that most hated of all Spring-time activities, the Springing Forward of the Clock, otherwise known as Daylight Saving Time. This year, the dreaded date and time is 2 AM on Sunday, March 14th. For the next 8 months we get to look forward to the wondrous day in November (the 7th, to be exact) when we can recoup that lost hour of time and stay in bed just a little bit longer and laugh at the alarm clock. I’m already looking forward to it.
If you’re one of us the many people who don’t exactly like the lost hour, you have a couple of choices:
1. Move to either Arizona, Hawaii, Puerto Rico, The US Virgin Islands, or American Samoa…these places have chosen not to participate in Daylight Saving Time, or
2. Move to Kyrgyzstan, a land-locked, mountainous, central Asian country about the size of South Dakota. Somebody set their clocks ahead one hour in 2005 and I guess they forgot to set them back the following November and no one noticed, so they now observe Daylight Saving Time all the darn time.
OK, so there IS a third option. Set your durned clock ahead on the 14th, get an hour less sleep and wake up all grumbly and curmudgeonly, take a shower, get dressed and DEAL WITH IT!
What a life.
Is it November yet?
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When Pat and I first entered the Real Estate world, we often spoke of someday having our own company, something we could build and mold into a company we could be proud of. We worked hard building our business under some great companies: Prudential, ERA and most recently, William Raveis Real Estate. We learned a lot from each of them and had the opportunity to work with some fantastic agents along the way. We have been fortunate to have had a fairly successful real estate career, and over the past few years we’ve worked hard through our various web sites and social media presence to build The Harriman Team into a recognizable brand.
Now, the time has come for us to branch out on our own. We’ve grown professionally, and personally, to the point that we feel the time is right to start our own brokerage, so we’ve been working hard to bring this infant company into the world, and today it is official. We therefore proudly present ourselves to you in our new configuration, Harriman Real Estate.
Actually, only the name has changed; our work ethic, our dedication to our clients, our determination to succeed, and our burning desire to help people find the home of their dreams is still the core of our business, and that will never change. We have always prided ourselves on treating our clients the way they want to be treated, and that, too, will never change.
What we can say is that we’re very excited to begin this next step in our professional lives. The end of “business as usual” is here. We’re on a mission to put the “real” back in real estate, and it’s gonna be a wild ride.
We hope you’ll join us.
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Meriden Market Update for January 2010
Here’s the way the housing market is shaping up in Meriden as of January 31, 2010:
There are currently 237 single family homes for sale in Meriden:
There are 77 homes currently under contract, priced between $47,000 and $399,000. Based on the number of homes sold in January (24), it would take approximately 10 months to sell the current inventory.
As for condominiums, there are currently 104 condos for sale:
There are currently 29 condos under contract, priced between $54,900 and $210,000. Based on the number of condos sold in January (10), it would take approximately 10 months to sell the current inventory.
Here is a chart comparing annual home and condo sales in Meriden for the past 5 years to year-to-date 2010:
The number of homes sold has been trending downward since 2005, but saw a 20% increase last year. Early projections put annual home sales for 2010 at 420, but several factors, including the Tax Credit and low interest rates, should work to push sales to higher levels in the coming Spring and Summer markets.
Condos, on the other hand, have been trending downwards every year, with 2009 sales being only 41% of 2005 sales. With 10 sales in January, it looks like sales with be flat this year, but it’s far too early to tell.
The following chart compares average days on market, or how many days it took to sell a home or condo during the month of January over the past 5 years, and compared to year-to-date January:
Over the past five years, both houses and condos have taken increasingly longer to sell, reaching a 5-year high last year of 110 days and 83 days, respectively. Those times are down sharply in January, but it remains to be seen if they can be sustained or improved upon throughout the rest of the year.
Similar to the Wallingford market, it appears sales are going up and selling time is getting shorter, which bodes well for the market up until April 30th, when the home buyer tax credit expires, and hopefully beyond.
Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.
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Wallingford Market Update for January 2010
Here’s the way the housing market is shaping up in Wallingford as of January 31, 2010:
There are currently 131 single family homes for sale in Wallingford:
There are 52 homes currently under contract, priced between $109,900 and $599,000. Based on the number of homes sold in January (12), it would take approximately 11 months to sell the current inventory.
As for condominiums, there are currently 79 condos for sale:
There are currently 15 condos under contract, priced between $89,900 and $417,300. Based on the number of condos sold in January (13), it would take 6 months to sell the current inventory.
Here is a chart comparing annual home and condo sales in Wallingford for the past 5 years to year-to-date 2010:
The number of homes sold has been trending downward since 2005, with a slight 5% increase last year. With only 12 homes sold in January, this would seem to indicate annual sales of only 144 units, but it’s still too early in the year to make such a prediction. Several factors, including the Tax Credit and low interest rates, should work to push sales to higher levels in the coming Spring market.
Condos, on the other hand, have been trending downwards every year, with 2009 sales being only 55% of 2005 sales. With 13 sales in January, it appears that the trend may be broken this year, but again, it’s too early to tell.
The following chart compares average days on market, or how many days it took to sell a home or condo during the month of January over the past 5 years, and compared to year-to-date January:
There was a big jump from 2005 to 2006 for single family homes, but since then the average selling time has remained fairly stable between 67 and 76 days year to year. Condos dipped in 2006, then rose sharply through 2008 before trending downwards up until this year.
Overall, sales are going up and selling time is getting shorter, which bodes well for the market up until April 30th, when the home buyer tax credit expires.
Data used was provided by the CTMLS (Connecticut Multiple Listing Service), and is considered reliable but not guaranteed.
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[Ever since we had our home energy audit done back in November, we’ve gotten several more solicitations from companies offering to do one for us, and only charge us $75. Luckily, since we are Wallingford residents our energy audit cost us nothing, as the cost was covered by the town. As we’ve said before, energy audits are a great service that can pinpoint the places in your home that can rob you of precious heat and allow you to have them fixed.
But, are the audits done through the utility companies all they’re cracked up to be? After a conversation with our good friend and home inspector extraordinaire Jim Quarello, we’re not so sure. Jim was kind enough to provide us with a professional’s viewpoint and has allowed us to publish it here.]
Are the Utility Companies Duping the Public?
by James Quarello, ASHI Certified CT Home Inspector
As everyone is well aware, the cost of energy has gone significantly higher in the last couple of years. This has spurred an interest in energy conservation. A little late in my opinion, kind of like closing the door after the dog gets out, but I digress.
Because higher energy costs hit everyone where it hurts, their wallet, the utility companies have been forced through public outcry to offer some kind of relief. Now I do not know what is being done or proposed in other states across the nation, I will only be focusing on where I live and work, Connecticut.
What has been instituted in Connecticut through the two major electric utilities, Connecticut Light & Power (CL&P) and United Illuminating (UI) is a program titled Home Energy Solutions (HES). This is touted by the utilities as; “A Comprehensive Service to Help Lower Your Energy Bills”.
The HES program is funded through the Connecticut Energy Efficiency Fund (CEEF). The CEEF is financially supported by all CL&P and UI customers through the conservation charge on their electric bills and paid for by customers of Connecticut Natural Gas, Southern Connecticut Gas and Yankee Gas. In other words, the customers are paying for this service. In essence, it’s a give back.
The service, however, is not free; there is a charge of $75 for most customers, with the only exception that I’m aware of being for Wallingford Electric Division (WED) customers. This program is free for those lucky enough to have WED as their electric provider.
The cost of the program is a bargain and I encourage everyone to take advantage of this service with one caveat: do not expect to save much money on your utility bills after the job has been completed.
The focus of the program is repairs to the home. Not specific repairs identified for each individual home, but more a blanket approach. The web page explaining what the program encompasses states:
The service may include, followed by a list of energy repairs and upgrades.
The most significant and impressive of these is the blower door assisted air sealing. Unfortunately, the job is focused on finding big leaks in order to drop the reading a few hundred points. The job performed is in no way complete or comprehensive.
The purpose of this dissection of the HES program is to provide understanding to homeowners in Connecticut who are seeking relief on their energy costs. The utility companies are selling the perception that this program will provide a significant and comprehensive solution to homeowner’s high energy costs. This, in fact,, is not the case.
As a home energy auditor/inspector, I have performed many audits on homes after the HES program was completed. The homeowners contacted my company because:
My company conducts a service called the Home Energy Tune-uP, a comprehensive energy efficiency improvement analysis specific to the individual home. No repairs are performed; instead,, the energy wasting culprits are first identified and then a report is assembled in which each available cost effective energy saving measure is charted. What in effect is presented to the customer is a pin point plan of how and where they can save money on energy in their home.
The other, and most important, aspect of the Tune-uP service is the fact it is performed by Connecticut licensed home inspectors, not contractors (who are not licensed). Home inspectors analyze homes almost every day. In order to perform their jobs, home inspectors must be knowledgeable on the plethora of components and systems found in a home. As a licensed profession this requires initially obtaining formal training and doing an in field apprenticeship followed by continuing education in order to maintain the license.
So, are the utility companies duping the public? Maybe a little, but it’s always been caveat emptor, buyer beware. The utility customer should research the program to understand the scope and focus of the service. It is certainly worthwhile for every utility customer to take advantage of the program. If the homeowner is seeking solutions and expert advice, a Home Energy Tune-uP should be the first step to resolving their high energy costs. In fact, having a Tune-uP done before the HES program would provide the homeowner education on precisely what their home needs to be more energy efficient.
[Thanks to Jim for this article. If anyone is interested in availing themselves of his services, Jim can be reached at (203) 697-1147 or through his web site at JRV Home Inspections.]
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Too late.
Unfortunately, the credit card companies have known for some time that this was coming and acted accordingly: they hurriedly raised people’s interest rates when they were late making payments, jacking up rates to over 30% in some cases (which borders on usury), and adding millions in fees to consumer accounts before the law went into effect today. So, while this law will hopefully curtail this shady activity going forward – and even that is not a certainty – the damage has, for the most part, already been done.
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While investors began the week watching for fresh information about Greece and China, the Fed stole the spotlight on Wednesday with news that was unfavorable for mortgage markets, and mortgage rates ended the week moderately higher.
The Fed currently has significant influence on mortgage rates. Over the last year, the Fed pushed mortgage rates lower by purchasing over $1 trillion in mortgage-backed securities (MBS). Wednesday, the Fed’s Plosser suggested that the Fed should begin selling those MBS “sooner rather than later.” Later that day, the Fed released the detailed minutes from the January 27 Fed meeting. The minutes revealed that “several” Fed officials favored starting the sale of the Fed’s MBS portfolio “in the near future.” Investors were not expecting that Fed MBS sales would begin any time soon. Quite simply, adding to the supply of MBS being sold means that yields would need to move higher to attract buyers. Since mortgage rates are largely determined by MBS yields, mortgage rates rose after the news.
Thursday, the Fed announced an increase in the discount rate, the emergency rate at which banks borrow money from the Fed. The Fed made clear that this in no way reflected a change in broader monetary policy or its economic outlook. This was simply a return to more normal levels for one Fed tool now that the financial crisis has eased. As a result, there was very little impact on mortgage rates. According to Fed officials, a move to begin to tighten overall monetary policy, which almost certainly would cause a significant reaction, is still expected to be at least several months away. The inflation data released this week continued to show low levels of current inflation, providing little pressure for the Fed to rush to take action.
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, February 19th, 2010
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 = 4.875% APR = 5.134%
15 yr conforming fixed: rate = 4.375% APR = 4.662%
7/1 yr conforming ARM: rate = 4.250% APR = 4.641%
5/1 yr conforming ARM: rate = 3.875% APR = 4.227%
30 yr FHA Fixed : rate = 4.875 APR = 5.120%
30 yr CHFA w/ 1 pt : rate = 4.375% APR = 4.698%
———————————————————–
Jumbo loan limits range from $417,001 to $1,000,000*
30 yr jumbo fixed: rate = 5.625% APR = 6.010%
15 yr jumbo fixed: rate = 5.125% APR = 5.357%
7/1 yr jumbo ARM: rate = 4.750% APR =5.224%
———————————————————————————
CHFA (Connecticut Housing Finance Authority) rates for the week of February 18 – 24 , 2010
Homebuyer Mortgage Plan:
Interest rate: 4.375 % (APR range 4.475 – 4.875%)
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: 4.375 % (APR range 4.475 – 4.875%)
Fees: Up to $2000 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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Global events in China and Greece had a significant impact on US mortgage markets this week, but in opposite directions. In addition, demand was much weaker than average for the 10-year and 30-year Treasury auctions, which pushed up yields. The net result was a slight increase in mortgage rates from last week.
A surprise announcement Thursday night that China raised bank reserve requirements helped mortgage markets and hurt the stock market. The increase is a form of monetary tightening which is intended to slow economic growth in China. This likely means that China will buy fewer exports from other countries, slowing economic growth globally. Slower expected economic growth reduces inflationary pressures, which is positive for mortgage yields.
In recent weeks, large fiscal deficits in Greece have caused speculation that the country will default on its government debt, which resulted in an investor flight to the relative safety of US bonds. This week, the news that Greece will receive economic aid from other European Union nations prompted investors to reverse this flight to safety by selling US bonds, moving yields higher.
While it caused little immediate reaction, on Wednesday Fed Chief Bernanke revealed monetary policy strategies which may have important long-term implications for mortgage markets. Bernanke released the text of a speech which provided more details about the Fed’s planned methods to tighten monetary policy when the economy has gained enough strength. One of the things the Fed intends to do is sell its portfolio of mortgage-backed securities (MBS). Due to concerns about disrupting mortgage markets, however, Bernanke suggested that this will be one of the last measures taken to tighten policy, and it will be done very gradually.
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, February 12th, 2010
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 = 4.875% APR = 5.134%
15 yr conforming fixed: rate = 4.375% APR = 4.662%
7/1 yr conforming ARM: rate = 4.250% APR = 4.641%
5/1 yr conforming ARM: rate = 3.875% APR = 4.227%
30 yr FHA Fixed : rate = 4.875 APR = 5.120%
30 yr CHFA w/ 1 pt : rate = 4.375% APR = 4.698%
———————————————————–
Jumbo loan limits range from $417,001 to $1,000,000*
30 yr jumbo fixed: rate = 5.625% APR = 6.010%
15 yr jumbo fixed: rate = 5.125% APR = 5.357%
7/1 yr jumbo ARM: rate = 4.750% APR =5.224%
———————————————————————————
CHFA (Connecticut Housing Finance Authority) rates for the week of February 11 – 17 , 2010
Homebuyer Mortgage Plan:
Interest rate: 4.375 % (APR range 4.475 – 4.875%)
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: 4.375 % (APR range 4.475 – 4.875%)
Fees: Up to $2000 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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