Building Your Family’s Wealth Over the Next 5 Years

by Harriman Real Estate on December 13, 2016

Over the next five years, home prices are expected to appreciate 3.24% per year on average and to grow by 21.4% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.

So, what does this mean for homeowners and their equity position?

As an example, let’s assume a young couple purchases and closes on a $250,000 home in January. If we look at only the projected increase in the price of that home, how much equity will they earn over the next 5 years?

Building Your Family’s Wealth Over the Next 5 Years | Simplifying The Market

Since the experts predict that home prices will increase by 4.0% this year alone, the young homeowners will have gained over $10,000 in equity in just one year.

Over a five-year period, their equity will increase by over $43,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one of the largest portions of a family’s overall net worth.

Bottom Line

Not only is homeownership something to be proud of, but it also offers you and your family the ability to build equity you can borrow against in the future. If you are ready and willing to buy, let’s get together to find out if you are able to, today!

Source: KCM Feed

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Home Prices: Where Will They Be in 5 Years?

by Harriman Real Estate on December 12, 2016

Home Prices: Where Will They Be in 5 Years? | Simplifying The Market

Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey.

Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

The results of their latest survey:

Home values will appreciate by 4.0% over the course of 2017, 3.2% in 2018 and 3.0% the next three years (as shown below). That means the average annual appreciation will be 3.24% over the next 5 years.

Home Prices: Where Will They Be in 5 Years? | Simplifying The Market

The prediction for cumulative appreciation ticked up from 18.7% to 21.4% by 2021. The experts making up the most bearish quartile of the survey are projecting a cumulative appreciation of 10.2%.

Home Prices: Where Will They Be in 5 Years? | Simplifying The Market

Bottom Line

Individual opinions make headlines. We believe this survey is a fairer depiction of future values.

Source: KCM Feed

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Americans Are on The Move [INFOGRAPHIC]

by Harriman Real Estate on December 9, 2016

Americans are on the move, leaving some states and moving to others. Check out this infographic to see how your state stacks up!

Americans Are on The Move [INFOGRAPHIC] | Simplifying The Market

 

Some Highlights:

  • For the 4th year in a row, the Northeast saw a concentration of High Outbound activity.
  • Oregon held on to the top stop of High Inbound states for the 3rd year in a row.
  • Much of this Outbound activity can be attributed to Boomers relocating to warmer climates after retiring.

Source: KCM Feed

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Will Increasing Mortgage Rates Impact Home Prices?

by Harriman Real Estate on December 8, 2016

Will Increasing Mortgage Rates Impact Home Prices? | Simplifying The Market

There are some who are calling for a decrease in home prices should mortgage interest rates begin to rise rapidly. Intuitively, this makes sense as the cost of a home is determined by the price of the home, plus the cost of financing that home. If mortgage interest rates increase, fewer people will be able to buy, and logic says prices will fall if demand decreases.

However, history shows us that this has not been the case the last four times mortgage interest rates dramatically increased.

Here is a graph showing what actually happened:

Will Increasing Mortgage Rates Impact Home Prices? | Simplifying The Market

Last week, in an article titled “Higher Rates Don’t Mean Lower House Prices After All, the Wall Street Journal revealed that a recent study by John Burns Real Estate Consulting Inc. found that:

“[P]rices weren’t especially sensitive to rising rates, particularly in the presence of other positive economic factors, such as strong job growth, rising wages and improving consumer confidence.”

Last week’s jobs report was strong and the Conference Board just reported that the Consumer Confidence Index was back to pre-recession levels.

Bottom Line

We will have to wait and see what happens as we move forward, but a decrease in home prices should rates go up is anything but guaranteed.

Source: KCM Feed

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Selling in the Winter Attracts Serious Buyers

by Harriman Real Estate on December 7, 2016

Selling in the Winter Attracts Serious Buyers | Simplifying The Market

A recent study of more than 7 million home sales over the past four years revealed that the season in which a home is listed may be able to shed some light on the likelihood that the home will sell for more than asking price, as well as how quickly the sale will close.

It’s no surprise that listing a home for sale during the spring saw the largest return, as the spring is traditionally the busiest month for real estate. What is surprising, though, is that listing during the winter came in second!

“Among spring listings, 18.7 percent of homes fetched above asking, with winter listings not far behind at 17.5 percent. While 48.0 percent of homes listed in spring sold within 30 days, 46.2 percent of homes in winter did the same.”

The study goes on to say that:

“Buyers [in the winter] often need to move, so they’re much less likely to make a lowball offer and they’ll often want to close quickly — two things that can make the sale much smoother.”  

Bottom Line

If you are debating listing your home for sale within the next 6 months, keep in mind that the spring is when most other homeowners will decide to list their homes as well. Listing your home this winter will ensure that you have the best exposure to the serious buyers who are out looking now!

The study used the astronomical seasons to determine which season the listing date fell into (Winter: Dec. 21 – Mar. 20; Spring: Mar. 21 – June 20; Summer: June 21 – Sept 21; Autumn: Sept 21 – Dec. 20).
Source: KCM Feed

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When Is a Good Time to Rent? Not Now!

by Harriman Real Estate on December 6, 2016

When Is a Good Time to Rent? Not Now! | Simplifying The Market

People often ask if now is a good time to buy a home. No one ever asks when a good time to rent is. However, we want to make certain that everyone understands that today is NOT a good time to rent.

The Census Bureau recently released their third quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:

When Is a Good Time to Rent? Not Now! | Simplifying The Market

As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with the decision of whether you should renew your lease or not, you might be pleasantly surprised at your ability to buy a home of your own instead.

Bottom Line

One way to protect yourself from rising rents is to lock in your housing expense by buying a home. If you are ready and willing to buy, let’s get together to determine if you are able to, today!

Source: KCM Feed

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4 Reasons to Buy Your Dream Home This Winter

by Harriman Real Estate on December 5, 2016

4 Reasons to Buy Your Dream Home This Winter | Simplifying The Market

As the temperature in many areas of the country starts to cool down, you might think that the housing market will do the same. This couldn’t be further from the truth! Here are 4 reasons you should consider buying your dream home this winter instead of waiting for spring!

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.3% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.2% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates are Projected to Increase

Your monthly housing cost is as much related to the price you pay for your home as it is to the mortgage interest rate you secure.

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage are currently at 4.08%. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way You’re Paying a Mortgage

There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move on with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Source: KCM Feed

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Holiday Window & Outdoor Display Contest

by Harriman Real Estate on December 2, 2016

Holiday Window & Outdoor Display ContestThis weekend marks the start of a great holiday season in Wallingford; with the Holiday Stroll on for tonight from 4-9PM and SantaCon and Seasons of Celebration taking place on Saturday, this weekend promises to provide lots of fun of everyone young and old!

This year, a new wrinkle has been added to the mix that will showcase the art and ingenuity of our small business people. The Quinnipiac Chamber of Commerce is sponsoring a Holiday Window & Outdoor Display Contest from December 1st to the 21st to allow small businesses to dress up their windows for the holidays. Not only will their be a winner chosen who has the best window display, but people strolling up and down the street to participating vendors can win too! How? Like this:

Simply visit the participating vendors listed in the graphic below, take a selfie in front of the display and them email it to maribel@quinncham.com with the subject, “Selfie Contest”. You have 21 days to visit as many vendors as you want and take as many selfies as you want and submit them to the email address above. All selfies will be displayed on the Quinnipiac Chamber Facebook page.

Holiday Window & Outdoor Display Contest

In order to VOTE for your favorite display, when you email your selfie in front of your favorite display to the Chamber, make sure you specify IN THE EMAIL that this display is your favorite. Once the contest ends there will be random drawings for several $50 gift cards from the participating vendors!

With all these great events coming up, this weekend is shaping up to be an amazing mix of fun and festivities, not to mention a great way to get out and meet your neighbors and show some love for the many small business owners that are the life’s blood of our community. The weather should be fine for the Stroll tonight so we look forward to seeing you all stop into our real estate office at 116 Center Street for some wine provided by our two amazing wineries and some sandwich and cookie samples courtesy of our friends at Nardelli’s Subs! See you tonight, and make sure you take lots of selfies in front of our window display!

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Just Listed: 88 Wrinn St, Wallingford CT 06492

by Harriman Real Estate on November 29, 2016

88 Wrinn St, Wallingford, CT

88 Wrinn St Wallingford CT 06492

$ Click for current price
3 BEDROOMS | 2 (2 full ) BATHROOMS | 1232 SQUARE FEET

Beautifully updated home that is move-in ready! It’s a unique layout for a raised ranch. The upper level features a large living room with hardwood floors and a bay window. This room is open to dining area that has a pass-through to the kitchen to give it a more open feel. The kitchen offers some great updated features, such as newer appliances, lighting, fixtures and a center island. There are three bedrooms, all with hardwood floors and a spacious full bath with plenty of counter space. Other updates on this level are windows and fresh paint. The lower level has a finished room that could be a den, office or a 4th bedroom (has closets). There’s also plenty of space to finish for a rec room area and storage. To complete this level is another full bath and a laundry area. Off the back of the lower level is a large 3 season porch. This is a great spot to relax during those warm summer nights. There is a nice yard for outdoor enjoyment. There’s even a shed for storage. The home also features central air. Convenient location, close to shopping and dining.

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Wallingford Holiday Stroll, Seasons of Celebration Coming Up

by Harriman Real Estate on November 28, 2016

Where does the time go?? It seems like just yesterday it was Summer and we were basking in the warmth of the long days, and Thanksgiving and Christmas seemed a long way off. Now here it is November, Thanksgiving has gone by, and Christmas is so close you can taste it. In fact, it’s only 26 days away as of this writing, if that brings it into closer focus for ya! But it’s also time for three fun-filled events for our residents to enjoy: Wallingford Center, Inc.’s 8th Annual Holiday Stroll on Friday, December 2nd, followed on Saturday, December 3rd by Stroll Santa Stroll and Seasons of Celebration .

Wallingford Holiday StrollTo kick off this festive weekend, Wallingford Center, Inc. will hold their 8th annual Holiday Stroll, which includes their “Stroll, Shop, Win” event, a fantastic raffle with prizes of gift cards from many of the participating stores. First prize is $1,000, second place is $600, and third place is $400. How do you enter, you ask? Simple. Just stop into each of the participating merchants while you stroll and fill out a ballot. The more you stroll, the more places you visit, the more chances you have to win. Easy, right?

And if that wasn’t enough, many of the participating merchants will be offering in-store specials during the event and there will once again be activities at the gazebo in Johanna Fishbein Park, including a bonfire from 6pm – 9pm, carols sung by the Wallingford Chorus and Wallingford Community Theater, roasted chestnuts, and music provide by a DJ. Also, there will be ice carvers and Santa and Mrs. Claus will be at Mr. D’s from 5pm to 8pm.

In addition, several more businesses and non-profits will will have booths set up in the HUBCAP office at 128 Center Street so people can go in and get to know them better.

And our office at 116 Center Street is also a drop-off point for Holiday For Giving, so if you have a new, unwrapped toy you’d like to donate to a needy child, feel free to bring it in and drop it in our collection box!

For a list of holiday stroll participating merchants, CLICK HERE. For more info, contact WCI at (203) 284-1807 or Wallingford Parks & Rec at (203) 294-2120.

Next up on Saturday, December 3rd is a new event this year, “Stroll Santa Stroll”, a one mile stroll through downtown Wallingford taking place from 10AM to 12PM and beginning and ending at Johanna Manfreda Fishbein Park. Breakfast sandwiches will be provided by Chick-Fil-A, and hot chocolate and coffee will also be available to all that participate.

Pre-registration is required for this event, and is already underway, with the first 100 to register receiving a free Santa hat to wear while strolling. Registration is $5.00 per person or $10.00 per family, or an unwrapped gift for a child, and can be done at Wallingford Park & Rec’s Youth and Social Services office or at Wallingford Center Inc. located at 128 Center Street. All proceeds from this event will be donated to Holiday For Giving to help Wallingford families in need.

The final event on Saturday, December 3rd is Seasons of Celebration, which kicks off at 1PM following Stroll Santa Stroll. This annual event started decades ago at the downtown train station as a meet-and-greet for Santa Claus, but in recent years has moved uptown and expanded to include a variety of fun activities. The town is sponsoring most of the activities, which are free, and most will take place in or around Town Hall.

Here’s list of the happenings:

  • O little town of Wallingford...listen to your favorite Christmas carols at the Seasons of Celebrations!Kids can visit with Santa & Mrs. Claus from 1PM to 4:30PM in the foyer of Town Hall
  • There will be a petting zoo and games for kids from 1PM to 4PM
  • Elf Houses will also be on display
  • The North Farms Volunteer Fire Department will collect toys for Wallingford children from 1PM to 3PM
  • Hot cocoa. popcorn and cookies to keep you warm and toasty will be available from 1PM until they run out
  • A photo booth will be open from 2PM to 5PM, courtesy of Show Stopper Entertainment
  • Horse-drawn carriage rides will be offered in front of Town Hall from 1PM to 4PM
  • Roaming railroad train for the kids from 1:00PM to 4PM
  • The Yankee Chorus will sing Christmas carols from 2PM to 3PM
  • Chestnuts roasting on an open fire, 1PM to 4PM
  • Rudolph with your nose so bright, will you be in our parade tonight? See him in the Seasons of Celebrations event!The “Frosty Parade” will start at 5:00PM and will feature Frosty the Snowman, Rudolph the Red-nosed Reindeer, Santa’s Elves and the Toy Soldiers
  • The Wallingford Chorus will sing carols at the gazebo in Fishbein Park at 5:15PM and dancers from Fusion Fitness & Dance will perform, followed by a reading of “Twas the Night Before Christmas” by Wallingford Mayor William Dickinson, Jr.
  • The Christmas tree lighting ceremony will take place at 5:45PM in front of the railroad station
  • Enjoy the music of DJ Jake Zielinsky all day long!

This year’s holiday events again promise to be fun for kids of all ages and an exciting kick-off to the town’s holiday celebration. While we hope for good weather, would it be blasphemous to wish for just a little bit of snow? Regardless of the forecast, we hope for a great turnout and hope to see you there!

(Disclaimer: the schedule of events is accurate as of press time; however, they are subject to change at any time due to inclement weather or the organizer’s discretion. Please check back often for updates.)

 

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