It's difficult to make an assessment without seeing your home. Have you made any improvements, updated appliances, roof, furnace, septic? Your sq footage is a plus. In general home prices in Woodbridge have not appreciated since last year. However if there is something unique, location or style about your home you really just need one Buyer to appreciate it. Not knowing where your home is & the condition of the home I can't really predict the future.... more
The rental market in New Haven is excellent because of Yale and other Universities, so investing in a property with the idea of renting it later (or a multi-family that you can rent immediately) is a good idea. Unfortunately, your price range brings you out of the prime rental areas for these tenants.
Since this will be your primary residence, your interest rate can be very low (assuming you do not own another property). You may be surprised how low your mortgage might be, even if you increased your range a bit. You may want to speak with a mortgage professional to see if a higher price range makes more sense in that you can purchase something that will pay for itself in rental income. There are many two and three families that will allow you to do so and reside there.
Otherwise, purchasing a property does not make too much sense - the lower range in New Haven is still trending downward and once you add taxes and Realtor and Lawyer fees, you will likely do better renting.... more