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By David Dave Carr | Agent in New Haven, CT
  • 3 things to know about 2014 Conneticut Real Estate

    Posted Under: Market Conditions in New Haven, Home Buying in New Haven, Home Selling in New Haven  |  March 22, 2014 7:25 AM  |  401 views  |  2 comments

    3 things to know about 2014 Real Estate

    According to David Berson (chief economist at Nationwide) 2014 should prove to be the strongest year for housing activity since 2007

    1) Home sales are supported by job growth and housing affordability. The latter reflects the interplay of household income, mortgage rates and house prices adjusted for inflation, balanced by rent to own patios. Learn more about Rent to Own ratios if you do not understand this measurement tool, or give me a call to discuss your situation. People buy homes when their job and income prospects improve – even if it’s more expensive to do so – rather than buy when it is inexpensive to do so but they’re worried about keeping their jobs.

    2) On average, roughly 1.2 million households form every year in the United States and they each demand a housing unit. Household formations are affected by the job market, as people “double-up” when worried about their job and income-earning prospects. The slow pace of household formations leads to pent-up demand. After all, most of these young adults would prefer the freedom of being on their own (and their parents really don’t want them as full-time residents, either). We estimate the economy is short by more than three million households.

    3) Mortgage credit isn’t nearly as easy to get as it was from 2000-2007, with preferred  ratios arounf 43% . Compared with recent 5 years, mortgage availability has increased slightly. And reasons exist for mortgage availability to be no worse in 2014 than in the past few years. Actually, it may be somewhat easier to get a mortgage loan.

     In Connecticut you can count on David Carr to help you define local trends and values in the neighborhood of your choice. Since 196 Mr Carr has been a Licensed Agent working n the North Haven, CT Coldwell Banker transaction floor, representing buyers and sellers of real property. Visit ahomeforme.com to learn more

    Prior to joining Nationwide, David Berson served as the chief economist at The PMI Group and for Fannie Mae. HW Publishing LLC gladly permits others to freely link to the content on our site, and encourages third parties to quote from small sections of content within our stories

  • 2014 Connecticut Maintains Positive House Price Index Appreciation in 4Q2013

    Posted Under: Market Conditions in New Haven, Home Buying in New Haven, Home Selling in New Haven  |  March 2, 2014 11:39 AM  |  506 views  |  No comments

    While this story may look gloomy for many of the hot, national real estate markets, it may be promising for Connecticut. House prices have trailed the nation since the beginning of the Connecticut recovery in 2011, as reflected in recent FHFA information below.

    Four-Quarter Percent Change in FHFA MSA-Level House Price Indexes

    (All Transactions Index, 2013Q4) Feb 25, 2014

    Year

    Quarter

    New Haven-Milford, CT

    Norwich-New London, CT

    Bridgeport-Stamford-Norwalk, CT

    2013

    4

    0.04

    -2.11

    0.26

    2013

    3

    0.86

    -1.71

    0.43

    2013

    2

    0.37

    -3.34

    -0.06

    2013

    1


    Four-Quarter Percent Change in FHFA State-Level House Price Indexes

    Seasonally Adjusted, Purchase-Only Index, (2013Q4) Feb 25. 2014

    Year

    Quarter

    Connecticut

    2013

    4

    1.15

    2013

    3

    1.66

    2013

    2

    2.42

    2013

    1

    0.23

    While Connecticut squeezed out a respectable state wide increase of 5.46% in 2013, regional shoreline areas seek to continue marginal appreciation. From my perspective of 17 years as a licensed agent, I see the lack of appreciation a positive indicator moving forward, as we  may be developing a scenario of delayed appreciation compared to National Averages, supported by a historical strong relationship with New York City. Connecticut saw a simliar market in the early 1990's.  2014 house price appreciation is forecast in Suffolk County, Long Island as well as all metro areas of Connecticut. Both areas are served by a commuter rail system (LIRR and Connecticut's Metro-North).

    As you read the following CoreLogic report consider the ratio of one to three year appreciation and see how much of the three year appreciation has occurred in one year.

    Consider the Connecticut state wide and metro values. You will see how Connecticut metros have lagged the nation to date.

    All your real estate acquisition decisions should be based on local market data and your personal resources. Factors including employment, savings and future earning potential must be factored with your past history to help you define an appropriate model. My ability to present appropriate models to my clients may help them clarify their intentions.

    Since 1996 I have actively participated in the Connecticut Real estate market working with residential home buyers and muli-family investors. I also work with sellers of real property including Bank and Asset management companies, who recognize my superior brokerage market share. My Coldwell Banker team has the resources to present your property for sale to more qualified people in more places online at david-car.net and many other leading homebuyer platforms.

    I offer the following  press release for your consideration...............CoreLogic Case-Shiller Home Price Indexes Point to the Most Rapid Rate of U.S. Housing Market Appreciation Since 2006. Home prices increased nationwide by 11.2 percent year over year in the third quarter of 2013.

    IRVINE, Calif., Jan. 30, 2014 /PRNewswire/ – CoreLogic®  a leading residential property information, analytics and services provider, today released an analysis of home price trends during the third quarter of 2013 in more than 380 U.S. markets based on the CoreLogic Case-Shiller Indexes.*

    The CoreLogic Case-Shiller Indexes estimate that home prices increased by 11.2 percent in the third quarter of 2013 compared to a year ago. Nationwide home prices were 17 percent above values attained in the fourth quarter of 2011, but remained 23 percent below the peak reached in the first quarter of 2006. The analysis projects that price appreciation is expected to slow to 4.2 percent nationally through the third quarter of 2014 across all U.S. markets, close to its long-term annual average of 4.5 percent recorded since 1975.

    "Investor demand and sales of foreclosed properties are dropping quickly," said Dr. David Stiff, principal economist for CoreLogic Case-Shiller. "This is especially true in states that were caught up early in the bubble and have non-judicial foreclosure proceedings, such as California and Arizona. In these states, inventories of bank-owned properties are close to being cleared. Non-investor demand, although increasing, will not replace demand from investors."

    The large metro areas, defined as those with populations greater than 950,000, that experienced the most rapid appreciation rates on a year-over-year basis compared to third quarter 2012 were Las Vegas (+30 percent), Sacramento (+27 percent) and Riverside, Calif. (+26 percent). The large metro areas with the slowest appreciation rates were Philadelphia (+3 percent), Hartford, Conn (+3 percent) and New Orleans (+3 percent).

    "Double-digit price gains are unlikely to persist, but since housing is far more affordable now than it was in 2006, there is less concern that a new housing bubble will occur. As of the third quarter of 2013, the ratio of median mortgage payment to median family income was at a 40-year low and 35 percent lower than it was at the peak of the bubble, even after accounting for recent increases in prices and mortgage interest rates," Dr. Stiff said.

    Metro areas with large projected year-over-year gains through the third quarter of 2014 are Oakland, Calif. (+9 percent), New Orleans (+9 percent) and Fort Worth, Texas (+9 percent). The large metro areas with smaller projected gains are Nashville, Tenn. (+2), Orlando, Fla. (+3 percent) and Jacksonville, Fla. (+3 percent).

    The CoreLogic Case-Shiller Indexes are owned and generated by CoreLogic. The historical home price trend information in this report is calculated from the proprietary CoreLogic Case-Shiller Indexes, supplemented with data from the Federal Housing Finance Agency (FHFA). One-year forecasts in this release are for the 12 months ending on Sept. 30, 2014. CoreLogic Case-Shiller home price forecasts are produced by CoreLogic and Moody's Analytics®.

    *This quarterly report differs from the S&P/Dow Jones Case-Shiller monthly report. Although both reflect findings from the same dataset, this analysis includes local-level data for a greater number of markets over a different time frame. Additionally, this report differs from the monthly CoreLogic Home Price Index (HPI®) report, which provides the most current indication of trends in home prices on a monthly basis.

    Selected U.S. markets (other metro areas available upon request):

    Metro Area

    Population
    (2012)

    Change in

    Home Prices
    (Q3 2012 to Q3 2013)

    Change in

    Home Prices
    (Q3 2010 to Q3 2013)

    Forecast

    Change in Home Prices

    (Q3 2013 to Q3 2014)

    United States

    313,914,040

    11.2%

    11.3%

    4.2%

    Las Vegas, Nev.

    2,000,759

    29.6%

    24.6%

    5.4%

    San Francisco, Calif.

    1,821,243

    20.2%

    25.2%

    4.8%

    Phoenix, Ariz.

    4,329,534

    18.7%

    34.2%

    4.3%

    Orlando, Fla.

    2,223,674

    17.2%

    21.0%

    2.9%

    Fort Lauderdale, Fla.

    1,815,137

    15.6%

    18.3%

    4.4%

    Tampa, Fla.

    2,842,878

    14.6%

    13.3%

    8.0%

    Jacksonville, Fla.

    1,377,850

    12.3%

    7.5%

    3.2%

    Salt Lake City, Utah

    1,161,715

    11.3%

    15.4%

    6.3%

    Austin, Texas

    1,834,303

    10.1%

    20.3%

    3.7%

    Indianapolis, Ind.

    1,798,634

    9.0%

    14.6%

    6.6%

    Columbus, Ohio

    1,878,714

    8.1%

    8.3%

    4.3%

    Richmond, Va.

    1,282,305

    7.2%

    9.1%

    8.5%

    Nashville, Tenn.

    1,644,703

    6.3%

    6.7%

    2.0%

    Raleigh-Cary, N.C.

    1,188,564

    5.3%

    8.4%

    6.1%

    Baltimore, Md.

    2,753,149

    4.8%

    2.4%

    8.0%

    Edison, N.J.

    2,360,602

    4.2%

    -0.8%

    4.3%

    Nassau-Suffolk, N.Y.

    2,848,506

    3.3%

    -1.4%

    4.8%

    Philadelphia, Pa.

    4,050,793

    3.1%

    -0.3%

    6.4%

    Hartford, Conn.

    1,214,400

    2.9%

    -2.5%

    8.3%

    New Orleans, La.

    1,205,374

    2.7%

    6.4%

    8.7%

    ® 2014 CoreLogic Case-Shiller

    SOURCE March 1, 2014___http://www.prnewswire.com/news-releases/corelogic-case-shiller-home-price-indexes-point-to-the-most-rapid-rate-of-us-housing-market-appreciation-since-2006-242739931.html

    David Carr is a full time, Coldwell Banker REALTOR residing in Southern Connecticut. Mr Carr finds time to write about being a Dad (4015 days/smashwords.com) and advocates for sustainable energy practices (newengland.eco-smart.com). Contact Dave at http://david-carr.net

    Copyright (c) 2014 by David Carr. All Rights reserved

  • New Haven County Southern Connecticut school community neighborhood value

    Posted Under: Using Trulia in Connecticut, Home Buying in Connecticut, Home Selling in Connecticut  |  December 19, 2013 1:32 PM  |  261 views  |  1 comment

    Trulia's unique Heat Maps provide property buyers detailed pictures of an area's sales, price trends and overall popularity.

    Now you can work with me, David Carr, an experienced, CT Licensed Buyer Agent who will help you find the property that speaks to you, then guide you through the purchase contract and contingencies with your best interests in mind. Since 1996, my full time occupation has been to be that person for you and my clients.

    Now you can see home price trends, sort the data by average listing price, median sales price, and search popularity. Then we can discuss what you have decided and how to best meet your goals.

    Now you can Review Specific Property for sale, by considering Listing and Sale price, price per sq ft and average home values arranged by neighborhood.

    http://www.trulia.com/home_prices/Connecticut/

    Now you can Review Rental prices by median price per bedroom measure, showing how much you should expect to pay for an apartment of any given size or number of bedrooms.

    Now you can Review Commute times, based on 1—60 minute commutes on public transportation or private vehicle without traffic delays. I will also help you explore employment and economic development issues in the community, since I pay close attention to opportunities in my area of focus.

    Now you can Review School information by overall rating points, parent reviewers, specific school information, average class size links to the town Board of Education and links to state CT Academic Performance (CAPT) Test scores. This great site also allows you to zoom out and see how schools change by community in a 50 mile radius. More map size causes the icons to overlap and become unrecognizable. I understand how important schools are to a young family, and want your children to have the best experience possible.

    Now you can Review Community Statistics including relative household and family income comparisons to state averages, per capita income and value of individual property compared to cross state averages.

    Now you can easily and quickly Review local maps, census data, points of interest, crime statistics, natural hazards, educational resources and achievement information, entertainment, local government, and general trending News & Media for the communities you are most interested in all from this one dashboard.

    After you do some research, please let me know what you have discovered, what you like, and what concerns you. I will explore your concerns so you can have the confidence to make the next step in your plans. I always wanted to have a vocation where I could use my native knowledge and community involvement to help others, so working as a buyer agent fits that bill pretty well. I use these skills to leverage the Coldwell Banker marketing, system, to help you find a qualified buyer for your property when you want to move.

    http://www.trulia.com/home_prices/Connecticut/New_Haven_County-heat_map/

    David Carr is a full time, Coldwell Banker REALTOR residing in Southern Connecticut. Mr Carr finds time to write about being a Dad (4015 days/smashwords.com) and advocate for sustainable energy practices (newengland.eco-smart.com). Contact Dave at http://www.trulia.com/profile/davecarr/

    Copyright2013 by David Carr. All Rights reserved

  • Small cities with good schools are great places

    Posted Under: Home Buying in New Haven County, Home Selling in New Haven County, Investment Properties in New Haven County  |  October 9, 2013 5:47 AM  |  286 views  |  No comments

    On Tuesday, 8 Oct 2013  Matthew J Southern, Producer, CNBC's "Squawk Box" reported Sam Zell believes if the nation's big cities fixed their schools, there would be little reason for people to move to suburbia. I agree with Mr Zell, as long as the person is willing to give up daily immrsion in nature, less congestion, easy parking, lower consumer prices, and short distance access to natural recreation places.

    Greater New Haven, CT is well positioned to benefit from this trend with our low property prices, higher foreclosure inventory (Oct 2013), and proximity to NYC via Internet and commuter rail (1:45 to GCT for $35/RT). New Haven, CT currently offers some single family property prices under $80,000 within 2 miles of Yale University 

    Young people shunning the suburbs in favor of the hustle and bustle of city life are leading the charge in the "re-urbanization of America," real estate mogul Sam Zell told CNBC on Tuesday.

    "You're drawing all the young people in America to these 24/7 cities. The last thing they want to do is live in the suburbs, in that respect, you're increasing demand for housing in the urban markets."

    The demand for the suburban lifestyle had been driven mainly by safety and schools, he said. "If you wanted to see the end of suburbia, all you'd need to do is make the school systems in the cities triple-A and why would anybody live in the suburbs," Zell said.

    One of the byproducts of people moving to cities is soaring demand for apartments. "We are seeing 96 percent occupancy," said Zell—who's chairman of Equity Residential, one of the largest apartment groups in the country. Of the 18,000 units the REIT manages in New York City, Zell estimated 45 percent are occupied by just one person.

    Looking ahead, these same apartment dwellers may decide that a small city like New Haven, CT or the supporting "ring Towns" may be an attractive place to escape the city, or to move from a more rural location lacking the extensive transportation, shopping and recreation options residents of Southern Connecticut enjoy  

    "It's probably going to happen here in New York first," he said. "You're going to see 300-square-foot apartments, directly related to that one person wanting to live alone—and saying, 'I'll give up space for privacy.'"

    David Carr works as a REALTOR, assisting buyers and sellers of real property  with decisions and seamless transaction management so his clients may realize their objectives in lifestyle and investment. Mr Carr may be reached with trulia "contact me" or in his office at 203-654-2905

     

  • Connecticut trailing the Nation in Appreciation as Bubble Chatter rises

    Posted Under: Home Buying in Connecticut, Home Selling in Connecticut, Investment Properties in Connecticut  |  September 30, 2013 5:57 AM  |  273 views  |  No comments

    Published Commentary (below) is interesting in light of Connecticut trailing the Nation in Appreciation, see my 082513 commentary on Value.....Neighborhood to neighborhood matters, as
    housing is more complicated, and messier, than many people realize. I know a lot about New Haven, the surrounding towns and Connecticut, as I have lived around here most all my life, sharing my experience and knowledge to help my friends and neighbors, since 1996.

    Bubble Trouble?
    BY David Blitzer
    Chairman of the Index Committee; S&P Dow Jones Indices September 29 - 10:58 am
    With the continued price gains seen in the S&P/Case-Shiller Home Price Indices, questions about a new housing bubble are bubbling up. The Sunday New York Times editorial page asks about housing and laments that the weak recovery and student loan debt are preventing potential home buyers in their 20′s and 30′s from helping the housing market. In the same issue Robert Shiller reports on a recent survey showing that expectations of rising home prices are common but bubble euphoria is not here.

    The housing market is more complicated, and messier, than many people realize. There may not be a “normal” housing market. Rather the old comment about location location location does matter — not only will one city differ from another, but neighborhood to neighborhood matters. A glance at the latest S&P/Case-Shiller report or at the table in my previous post shows that the theme is not that all prices rise or fall together, it is the large variation across cities. Dallas and Denver set new highs — Boom? New York and Chicago are 20% to 25% down from their peaks — Bust?

    Where does this leave the housing market? If you’re a buyer or seller, the answer is about where you’re buying or selling. National numbers may be interesting but won’t tell the story you’re looking for. For the economy the good news is that expectations of future prices are (somewhat) under control while home construction and sales of new homes are weak and not giving the economic recovery much of a boost.
  • FHA Back To Work Program Waives 3 Year Foreclosure, Bankruptcy, And Short Sale Waiting Periods

    Posted Under: Home Buying in Connecticut, Home Selling in Connecticut, Financing in Connecticut  |  September 18, 2013 10:29 AM  |  352 views  |  No comments

     News Update Wednesday, September 18, 2013

    FHA Back To Work Program Waives 3 Year Foreclosure, Bankruptcy, And Short Sale Waiting Periods

    The minimum standards of the FHA mortgage guidelines are

    • a minimum credit score of 500

    • a down payment of at least 3.5%

    • Verify income via W-2 or federal tax returns.

    • U.S. citizenship requirements for borrowers

    • Minimum standards for condominiums and co-ops.



    The FHA  "Back To Work - Extenuating Circumstances Program", removed the familiar 3 year waiting period that typically followed a derogatory credit event.

    If you've experienced any of the following financial difficulties, you may be eligible

    • Pre-foreclosure sales

    • Short sales

    • Deed-in-lieu

    • Foreclosure

    • Chapter 7 bankruptcy

    • Chapter 13 bankruptcy

    • Loan modification

    • Forbearance agreements

    The FHA realizes some credit events may be beyond your control, and don't always reflect a person's true ability to pay a mortgage. The Back To Work - Extenuating Circumstances Program" works for a first-time, repeat home buyers, and FHA 203k construction loans.

    In order to qualify, you must:

    1)Have experienced an "economic event" (pre-foreclosure sale, short sale, deed-in-lieu, foreclosure, Chapter 7 bankruptcy, Chapter 13 bankruptcy, loan modification, forbearance agreement).

    2)demonstrate a full recovery from the event.

    3)Complete housing counseling prior to closing.

    4)Show that your entire household income declined by 20% or more for a period of at least 6 months, which coincided with the above "economic event" by presenting federal tax returns or W-2s, or a written Verification of Employment evidencing prior income. If one member of the household lost income but the household income did not fall by 20 percent or more, the borrower will not be eligible.

    The New FHA program opens doors to homeownership that were previously closed. Real Estate begins it's return to the spotlight as a good investment in lifestyle and security. People who bought before 2004 may have equity in their property now if they did not drain cash for personal expenses. 

    Real Estate is the only market where people can obtain 100% financing on a negotiable asset that can appreciate in value while providing shelter and quality of life. Real Estate provides tax deductions and the unique opportunity to use Other Peoples Money (OPM) to secure the property, a technique that can be profitable, while providing shelter, in the multifamily investment universe.

     David Carr has practiced real estate agency in Metro New Haven, CT since 1996. Mr. Carr offers buyer representation, market analysis,  data interpretation,  investment proformas,  property marketing to support his seamless transaction management services.  

     
    Dave Carr 
    The Foundation of Your Success since 1996
    Coldwell Banker Residential Brokerage
    Direct Line two zero five six five four two nine zero five 
     
    Please feel free to ask any questions, or for specific support with anything that challenges you.
     I like to talk with, and help others every day. 
     
  • New Haven - Milford Metro Connecticut MSA Housing Report posts the first House Price Value increase since 3Q2007

    Posted Under: Market Conditions in Connecticut, Home Buying in Connecticut, Home Selling in Connecticut  |  August 23, 2013 8:50 AM  |  298 views  |  No comments

    PRESS RELEASE   August 23, 2013
    • David Carr, REALTOR Est. 1996

    • http://ahomeforme.com

    • Coldwell Banker, North Haven, CT 06473

    New Haven - Milford Metro Connecticut MSA Housing Report posts the first House Price Value increase since 3Q2007.

    Of August 22, 2013 the FHA reported the New Haven-Milford area delivered a +0.30% increase in house price value in the second quarter ending on June 30, 2013..

    This data is significant since the New Haven Milford Connecticut statistical area has declined in value consistently since October 1, 2007. New Haven-Milford CT. leads the way in Coastal Connecticut  property values, posting the +.30% increase in values.  

    Bridgeport-Stamford is  down 0.37 in 2Q2013, consistently declining since Jan 1, 2007 Norwich-New London is down 3.36%, declining consistently since October 1, 2007.

    Connecticut has delivered statewide improvement in 1Q2013 of +0.30% and 2Q2013 of +2.00% after consistent value declines beginning in 2Q2007. 

    While this value increase in the New Haven-Milford statistical area is not an assurance of continued short term value increases, it provides a definitive change from the consistent value decline experienced in this FHA data set. Similar data formations can be observed in 1991-1997 period.


    Real Estate continues to be an attractive investment, providing immediate cash flow and long term appreciation using other people's money. Quantitative Easing and recent adjustments to the Bond Market have increased acquisition costs of financed properties, yet mortgage rates remain close to  the bottom of the historical chart.  

    David Carr has practiced real estate agency in Metro New Haven, CT since 1996. Mr Carr offers buyer representation, market analysis,  data interpretation,  investment proformas,  property marketing to support his seamless transaction management services.  Mr. Carr may be reached at 203.654.2905. 

    http://www.fhfa.gov/Default.aspx?Page=216&Type=compare&Area1=35300&Area2=14860&Area3=35980

    Copyright 2013DavidCarr. All RightsReserved. Please share my work in its entirety

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