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Is Real Estate in CT Ever Worth Nothing?
Posted Under: Market Conditions | December 30, 2008 2:05 PM | 52 views | No commentsI can think of few instances where a home could be worth nothing.
Nuclear waste spill. Located on earthquake fault line. Maybe.
Even this instance, where a woman paid $1.75 for an abandoned home in Saginaw Michigan. That seems ridiculous to people in CT where our median home price is around $240,000 but in Saginaw, the median sales price is about $76,000, according to Zillow. Given the state of the economy in Michigan. $1.75 seems about right (the buyer also has to pay some back taxes).
People will always need a place to live. There is a finite supply of land. The population keeps growing.
Sure, real estate can go down in value because of the economy, too many homes on the market, not enough buyers, mortgages harder to obtain, catastrophic events like 9/11, etc. But it’s hardly ever worth nothing.
To read more articles like this, visit CTRealEstateUnleashed.com
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West Hartford's Property Records Database
Posted Under: General Area in West Hartford | September 4, 2008 9:34 AM | 279 views | No commentsWest Hartford has a great online tool for home buyers, home owners and home sellers. The property records database features:
- Detailed property information including sales history, photo, permits, and building sketch
- Interactive map, allowing you to select neighboring properties without knowing address
- Comparable sales info by address and also shows you location on map in relation to property you’re comparing
- Pick a place of interest, say a golf course, and view properties near that location
Do you dig real estate news, tips and advice? Sniffing around for pet-related information in Connecticut? Get CT Real Estate Unleashed - the blog that’s helping to find homes for people and pets.
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What's the Difference Between Closing Costs and Prepaid Items
Posted Under: Home Buying in Connecticut | August 30, 2008 7:52 AM | 543 views | No commentsAlthough both closing costs and prepaid items are paid upon closing, they are different. Here's what buyers should know:
Closing Costs
Closing costs are non-recurring costs related to your closing, such as:
Title Insurance
Attorney's Fees
Mortgage Origination Fee
CT Real Estate Conveyance Tax - Sellers
Recording Fees
Prepaid Items
Prepaids are fees you will not only pay at closing but are recurring. Some examples include:
Homeowners Insurance
Property Taxes
Prepaid Interest
Mortgage Insurance Premium (PMI)
Home Heating Oil/Propane
For related posts:
A Guide to Typical Closing Costs in CT
For more real estate news, advice and market updates in Connecticut, visit CTRealEstateUnleashed.com -
Much Ado About Pools
Posted Under: Home Buying in Connecticut | August 27, 2008 1:12 PM | 76 views | No commentsPools are a great thing - if you have kids, like to swim and can afford the expense. For many people in the Northeast, they are impractical which is why pools typically don't affect home values and can sometimes decrease a home's value.
If you are considering the purchase of a home with a pool, don't forget to include it your home inspection.
For 8 months of the year, buyers can't have pools inspected because pool season really only lasts 4 months - from the end of May to September. But during those 4 months, if a seller has the pool closed, your buyer radar should go up. Why hasn't the seller opened it?Separate pool inspections run about $150 - $200, although some home inspectors will include a quick overview of the pool in their general inspection.
If it's past pool season and the pool can't be inspected, then I advise two things:
- Get documentation of the pool's history. When was it installed? What type of pool is it? When was it last opened/closed/serviced? How much does it cost to maintain?
- Ask the home's seller to set aside some money in escrow to take care of any repairs you may need when the pool is opened.
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