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Fall 2020 New Haven Milford Ct Real Estate Report

3Q2020 New Haven Milford Metro Ct Real Estate Market ReportNov 28, 2020 -- The Third Quarter of 2020 delivered a unique summer market due to the  continuing burden of COVID-19  that shutdown our economy beginning March 12, 2020. Although things were relaxed in the summer we are witnessing increased reports of C19 cases for multiple reasons, mostly people refusing to maintain social distance protocols. Sadly, the USA has one of the highest per capita rates of infection in the world in November  2020,  while enjoying some of the greatest access medical and informational technology    

Connecticut surpassed USA Average National Appreciation Values ending 3Q2020 --

Connecticut (CT) is currently in 25th position  delivering an impressive (based on previous performance)   one year  appreciation of 7.84% (relative to four quarters ago),  one quarter appreciation of 4.18%,  five year appreciation of 16.35% and total appreciation since 1991 of 89.35%

The  Connecticut real estate market powered through Summer 2020 with virtual open houses, electronic documents, and social distancing protocols that enabled motivated parties to complete transactions. Remote Socially Secure Technology has rapidly accelerated and reshaped the Metro NYC commuter economy due to the hyper quick forced implementation of social distancing, and , *IMO* has forever changed the definition of work and commuting. My Milford New Haven Metro  has seen an increased presence of New York license plates which may support reports of a NYC outbound migration, which has driven up prices in my market with less inventory. We may see people moving remote location out west to capitalize on  short ter, ,migration and lower prices, however my Milford New Haven CT Metro Market will continue to appreciate and retain value based on the multiple vales of our location, location location. Your personal real estate market is hyper local as defined by my PALCompReport (Price Amenities & Location)  

2.72% FHFA 30 year fixed rates have continued their exploration of  historic lows  (2020-11-25 2.72%)

New Haven County 3+ bedroom w/ 2 or 3 baths homes for sale/ month  has dropped from 1409 in Jan2019 to 1311 in Jan2020 to 1078 in Oct2020,

New Haven County 3+ bedroom w/ 2 or 3 baths (price per square foot) has risen from $137/sqft in Jan2019 to $141/sqft in Jan2020 to $148/sqft in Oct2020,

New Haven County 3+ bedroom w/ 2 or 3 baths Closed Transaction have ranged from from June2017 (3752), to a March 2020 precovid low (3645), the dropping to the June2020 (3459) social distance low then displaying a COVID19 Oct2020  (3842) recovery, the most transactions available in this resource since 2003, which may support my position that Connecticut is undervalued based on our vast resources of location, climate, recreation, art,  bioscience, manufacturing, technology, financial services, education, healthcare and well known quality of life.

 It will be interesting to see if this matrix of less property, more transactions & higher prices are sustained in 2021 with news of a COVID19 vaccine on the horizon.

The FHFA House 3Q2020 Price Index for my Milford New Haven Metro (All-Transactions Indexes estimated using Sales Prices and Appraisal Data))  value went up  4.67  to 197.01  (a value comparable to 195.05 in 2Q2009).  Remember my Carr Value Shelf identified the range of 173 (4Q2014) to  178.06  (3Q2017)  as a probable range of statistical stability comparable to the 1991-1997 Connecticut value shelf. As a real estate professional I must say that past performance does not assure future results however housing is a leveraged quality of life acquisition as well as an investment. If you have to pay to live somewhere I believe it is wise to consider the financial benefits provided by ownership of real property.

At this point in our history the only people who are technically "underwater in my Metro are ones who purchased after 4Q2004 in the period leading up the the great recession,  which peaked in 1Q2007.  People who purchased after 2Q2009 now have positive equity in their homes if they stayed the course. Many people who stayed the course were supported with HAMP and HARP programs which addressed the irrational exuberance period no document lending      

My market has finally attained the Highly Respectable Inclusion of the Top 20 Metropolitan Areas Ranked by Annual Appreciation  !! Our New Haven-Milford Metro CT  home attained 8th position of the top 100  with one year appreciation of 10.9%,one quarter appreciation of 7.47% 5 year appreciation of 20.82% and 91.69% appreciation since 1991   Hartford-East Hartford-Middletown moved out of the bottom 20 with  7.08 annual appreciation,  2.87% one quarter appreciation, 13.25% five year appreciation and 68.39% appreciation since 1991  Bridgeport-Stamford-Norwalk, CT  remained in the national  bottom 20, improving to 85 (up from 89 in 2Q2020) of 100 with 5.99  annual appreciation, 2.94% one quarter appreciation, 12.97% five year appreciation and 120.34% appreciation since 1991  The FHFA House Price Index (FHFA HPI) is a broad economic measure of the movement of single-family house prices in the United States. The production of the FHFA HPI is statutorily mandated (12 U.S.C. 4542) but it began in 1995 with one of FHFA's predecessor agencies, the Office of the Federal Housing Enterprise Oversight (OFHEO).

A  1Q2014  Residential Purchase of  $100,000  with a  3Q2020 Valuation is Estimated around $126,000  (a 6.5 year appreciation of 26%)  in my "Greater New Haven Milford Ct Metro."   I bet your rent went up a bit since 2014,  and you probably spent at least $2000 a month plus plus. That $156,000 (2000x78) is gone with no equity, compared to the leveraged appreciation you might have recognized. This is why I teach people that  #HomeOwnershipBuildsWealth and cash out refis are a bad solution for unsecured debt.

Connecticut and my Milford New Haven Metro remains underappreciated despite our proximity, climate and high quality of life.This unprecedented 2020 Hot Summer COVID-19 market has created new financial opportunity (  lower interest rates and higher sales prices )  and logical challenges, ( home bound school, remote employment, social distance restrictions on businesses)  in a locally lateral market for qualified participants in Connecticut. I am confident our location, climate, quality of life and infrastructure will continue to make Connecticut an excellent place to live in 2021 and beyond. The Connecticut fiscal recovery continues as tax cuts are withheld, allowing the Rainy Day Fund to surpass it's $3.000.000.000 cap, which could allow fiscal conservation and sustainable, long term municipal debt retirement. Connecticut has a history of debt creation to fund tax cuts which has proven to be an ineffective long term management program, as evidenced in other states with potentially bankrupt national municipalities. Since 1996 I am here to help you discern value and quality of life when the time is right for you.  People move because it’s the right time more than anything else. People complete home purchases with higher interest rates in more challenging historical environments than today. Is there anything I can do to help you make a good decision?  I am here to help. Copyright©11/28/2020 All Rights Reserved. My opinions are mine, my facts are authentic, my attention to your success is relentless.   Follow me on twitter @ctrealdavecarr

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Bond Investors & David Carr believe in CT

These excerpts from the attached 4/18/19  CT. Post article support my confidence in the multiple values of living in Connecticut- David Carr.   “Bond investors overwhelmingly are making a bet on the future of Connecticut, They can read official statements and they have analysts who do that all the time but to be in a room in that setting and to kick the tires and ask questions … you’re getting a qualitative analysis of what’s happening with the state and the leadership.” Shawn Wooden, State Treasurer said.  Howard Sitzer at CreditSights, said Connecticut is moving slowly in the right direction, and that helped the recent sale. “The ‘debt diet’ Governor Lamont has proposed…may have additionally driven demand for this issue,” David M. Womack, senior vice president at Blaylock Van LLC and a co-manager of the bond issue said “ “It’s still by and large a wealthy state, it’s got good schools and it’s between Boston and New York. … People aren’t heading for the exits.” https://www.ctpost.com/business/danhaar/article/Dan-Haar-Celebrating-mildly-the-right-13747517.php

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How Can I Help?

I care about your dreams and your future. What do you need most right now? How do you feel about that? How can I help? Let's start the confidential conversation so we can identify opportunities and resources together.

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David Carr New Haven Milford Ct Metro Value Shelf Report ending  4Q2018

The Federal Housing Finance Agency (FHFA) reported today, February 26, 2019, that Connecticut posted the 2nd smallest annual appreciation at 0.9 percent in home prices between the fourth quarters of 2017 and 2018 while values rose in all 50 states and the District of Columbia.

 Multiple factors may be considered when deciding to invest in Connecticut Real Estate in 2019, however lack of relative over-appreciation does not seem to be a primary concern. According to the FHFA HPI Calculator today, a $100,000 New Haven Milford Metro property purchased in 1Q2012 would be worth $112,296 today.  

 My home market, New Haven-Milford, CT  placed in 222nd national position with a one year appreciation of  2.08%,  a small decline from position 216 in 3Q2018 when the annual appreciation was reported to be 3.10%   Since 2014, the “Carr New Haven Milford Metro Value Shelf©”  has maintained and appreciated beyond the original established range of 173-178 based on the  FHFA All-Transactions house price index,  which adds appraisal values from refinance mortgages to the purchase-only data sample. Historical observations are available on my platforms.

 Connecticut real estate values in this sample appreciated 7.43% in the past 5 years and over 75% since 1991, yet your target market and property preference may be different, something I am available to investigate with you, using a variety of data tools that target where and what you are most interested in. You may have heard “New is national, but real estate is local,” so choosing the data configuration and unbiased source appropriate for your unique position and goal is essential. In my experience, real estate is hyper local, drilling down to school district and geographical boundaries, affected by a variety of community resources and local factors.

 As we consider our Connecticut One Year House Price Appreciation we see Bridgeport-Stamford-Norwalk up  0.91% and Hartford-East Hartford-Middletown up 0.50%  in the “20 Metropolitan Areas with Lowest Rates of Appreciation” holding national positions 235 and 239 respectively, out of a total 246.  

 The top five states in 2018 annual appreciation were: 1) Idaho up11.9%,  Nevada up 11.2%,  Utah up 9.8%, Georgia up 8.2% and Arizona  up 8.2% while the top five metros were Las Vegas-Henderson-Paradise, Nevada up  17.63% , Boise City, Idaho  up 16.65%, Idaho Falls, Idaho up 13.78%, Spokane-Spokane Valley, Washington up 13.08%  and Coeur d'Alene, Idaho  up 12.85%.   This demonstrates a huge appreciation differential for Connecticut, which I propose is undervalued considering deferred appreciation since 2012, our close proximity to New York City, New England, the Long Island Sound Shoreline, our quality of life, recreational resources, schools, health care and a relatively hospitable climate. It’s important to remember the FHFA House Price index is constructed to reflect the weighted average quarterly price change for the fifty states and Washington, D.C. The weights are the estimated share of one-unit detached housing units in the respective states.

 At the peak of Irrational Exuberance in New Haven-Milford,  house price values peaked ending 1Q2007 at 220.41 (with a 1.46 standard error).   We can observe the 2014 bottom of the Great Recession in my Milford New Haven Metro as reflected here in the FHFA All-Transactions Indexes, estimated using sales prices and appraisal data not seasonally adjusted.  The number in parentheses is the standard error.

 "New Haven-Milford, CT"             35300    2011       1              181.66   ( 1.22)   4Q2018 Equity Point

"New Haven-Milford, CT"             35300    2011       2              177.88   ( 1.21)

"New Haven-Milford, CT"             35300    2011       3              178.89   ( 1.20)

"New Haven-Milford, CT"             35300    2011       4              179.74   ( 1.18)

"New Haven-Milford, CT"             35300    2012       1              176.96   ( 1.17)

"New Haven-Milford, CT"             35300    2012       2              174.5     ( 1.16)        

"New Haven-Milford, CT"             35300    2012       3              174.76   ( 1.16)

"New Haven-Milford, CT"             35300    2012       4              175.05   ( 1.16)

"New Haven-Milford, CT"             35300    2013       1              174.95   ( 1.17)

"New Haven-Milford, CT"             35300    2013       2              174.67   ( 1.18)

"New Haven-Milford, CT"             35300    2013       3              174.36   ( 1.21)

"New Haven-Milford, CT"             35300    2013       4              173.04   ( 1.29)

"New Haven-Milford, CT"             35300    2014       1              171.51   ( 1.33)   BOTTOM

"New Haven-Milford, CT"             35300    2014       2              171.75   ( 1.28)

"New Haven-Milford, CT"             35300    2014       3              172.44   ( 1.26)

"New Haven-Milford, CT"             35300    2014       4              173.05   ( 1.26) BEGIN 173-178 SHELF

"New Haven-Milford, CT"             35300    2015       1              175.54   ( 1.29)

"New Haven-Milford, CT"             35300    2015       2              176.04   ( 1.31)

"New Haven-Milford, CT"             35300    2015       3              175.24   ( 1.33)

"New Haven-Milford, CT"             35300    2015       4              175.95   ( 1.37) BEGIN 2nd Year

"New Haven-Milford, CT"             35300    2016       1              175.31   ( 1.38)

"New Haven-Milford, CT"             35300    2016       2              177.17   ( 1.36)

"New Haven-Milford, CT"             35300    2016       3              178.21   ( 1.31)

"New Haven-Milford, CT"             35300    2016       4              178.24   ( 1.34) BEGIN 3rd Year

"New Haven-Milford, CT"             35300    2017       1              177.28   ( 1.52)

"New Haven-Milford, CT"             35300    2017       2              178.03   ( 1.44)

"New Haven-Milford, CT"             35300    2017       3              178.69   ( 1.44)

"New Haven-Milford, CT"             35300    2017       4              181.21   ( 1.47)   BEGIN 4th Year and

"New Haven-Milford, CT"             35300    2018       1              181.09   ( 1.65)   end 173-178 SHELF

"New Haven-Milford, CT"             35300    2018       2              182.76   ( 1.55)

"New Haven-Milford, CT"             35300    2018       3              184.88   ( 1.64)

"New Haven-Milford, CT"             35300    2018       4              184.98   ( 1.82)

 As we move ahead or look back, we may notice the velocity with which values evolve. Here we see 12 quarters over 3 years with five points appreciation forming the Carr Value Shelf©. The next 5-point appreciation from179 -184 has been in process about half that time over 5 quarters.  The last tme we saw this demonstration of price stability with delayed appreciation was the seven-year period from 2Q1991, when this index was at 110.78 (0.75) to 4Q1998 when the index rose to 111.38 (0.72).

   As a licensed real esate professional since 1997, I find it interesting to consider when there is a point of stability compared to a rising value environment.  It’s unique that real estate is controlled with dedicated shelter money in a leveraged transaction that may have tax benefits, so one can either pay rent or a mortgage.  It seems to me there is a definite amount of inventory in New Haven-Milford, CT that has maintained value since the 181.66 (1.22) equity point established in 1Q2011, and before   3Q2004 when the FHFA HPI was 186.34 (1.21).

 Moving ahead, this is a reasonable data set to consider when weighing 30 year interest rates in 5% in a non-inflationary environment. When I wrote #HomeOwnershipBuildsWealth©  an example was presented comparing renting to buying over 30 years. This study concluded in the 31st year the tenant would be signing a new lease while the homeowner who bought the $275,000 property would probably have an asset worth over $550,000 when projecting 100% appreciation over 30 years.  I hope you have found this interesting and helpful. It seems to me that Connecticut is a superior location to New York or New Jersey for a variety of reasons including schools, density and quality of life. I look forward to working together to help you make the right move when the time is right for you. I am proud to be the foundation of your success in real estate since 1996. This work is my own reflection of FHFA public data, presented in the public interest. I am happy to explore any ideas you may have. My work and the referenced data sets are Copyright©2/26/19. All Rights Reserved. Follow me on Twitter @ ctrealdavecarr. See on on YouTube at David Carr Milford New Haven Real Estate.

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Nine Signs Now is the Right Time to become a Homeowner, By David Carr;  CT-REALTOR Est.1996

Nine Signs Now is the Right Time to become a Homeowner, By David Carr;  CT-REALTOR Est.1996

1) You have established a Career and/or Consistent Verifiable Income History.

2) Your Debt to Income Ratio (which is your loan/revolving credit monthly minimums not counting rent) is under 35%.

3) Your credit report demonstrates accountability and responsibility.

4) You have some savings to provide a safety net, or pay closing costs. Some loans allow 100% down with 3-5% added for closing costs (You get an escrow savings account of six months taxes as part of your closing costs). I can show you how to shop Loan Costs, possibly saving thousands of dollars.

5) You like the community you live in and want to make a commitment to have a life here. Living is more than having a place to sleep and store your stuff, it’s about making a place your own, making memories staging the theatre of your life. You will   get to know people are in it for the long haul, committed to making their corner of the world better for themselves, their neighbors and their family.

6) You recognize #HomeOwnershipBuildsWealth. You understand after 30 years of paying rent you will have nothing to show for that money.  Using that same monthly shelter money to leverage a real property purchase is an investment that can deliver the Multiple Values of Home Ownership, and give you something you own, can sell or leverage in the 30th year or before.

7) Your housing market is comparably or undervalued. By discerning a menu of static variables, we can evaluate historical appreciation and comparable market values.

8) You want creative license to live life on your terms, not the next wall or downstairs neighbor’s. As a homeowner you will decide how your home looks and feels.

9) You enjoy learning and trying new things. You new home has a range of systems and elements you can maintain and improve. From painting to floor covering, interior decorating to landscaping, gardening to pet care, you new home will be all yours to learn about, care for, and enjoy. Personally, I have relished the opportunity to become a good tile setter, painter, vegetable farmer, woodworker, plumber, and landscaper. There is a lot to be said for the satisfaction that comes from the successful completion of a home project

Copyright©2019 by David Carr. All Rights reserved.

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Happy Early Summer 2018

Happy Early Summer 2018            

5/5/18 —  Justify just won the Kentucky Derby !

As we see  the temperatures begin to rise My New Haven Milford CT Metro posted another increase in HPI ending 4Q2017. There seems to be mpre demand with less inventory although some people who wanted to sell in the past have not done so yet. Interest rates continue under 4.5% with 620-720 FICO scores using Conventional or CHFA origination.

I have been developed a YouTube Site   …    https://www.youtube.com/watch?time_continue=2&v=QMyTLlu3gOw ….

 …..   and continue to write on twitter, Linked In and my Berkshire Hathaway Home Services New England website. 

It’s my honor to help you make wise decisions when the time is right for your, since 1996

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How can I tell what my dream home is worth? It's not an apple or orange.

      The value of a property, or anything, is ultimately what another person will pay you for it at a particular time. As a licensed Connecticut  REALTOR since 1996, I have observed a similarity between real estate and produce, as the price of both items changes depending on a variety of conditions, including quality and availability. When we buy or sell a property together, we consider many more factors other than color, size and freshness. Here are a few ideas to help you.  As your fiduciary agent, I will share more property specific ideas and insight with you, when we look what you want to acquire or sell,

Many times I have counseled my clients, always saying the location is the most important value,  because you can change almost everything about a property, except where it is. Therefore, I consistently advise my clients to buy the ugliest house in the best location they can afford, then work to make it uniquely theirs. When looking at a specific market, such as three bedroom homes with a bath and a half, garage and about 2000 square feet in the same community, consider these adjustments to value:

1) Neighborhood Location- Is the property on busy street, cul-de-sac, or neighbor only loop

. 2) Topography-Is the lot (and driveway) level or sloping, affecting functional space

. 3) Style-A colonial does not compare to a split or cape due to dormers and basement design.

4) Renovation- The quality and placement of a renovation may add value, appliances don't.

5) Layout – Functional flow, door way size and window views are items of value.

6) Proximity – To recreation, shopping, schools and exercise amenities within 2 miles.

7) Noise – How close are you to a highway, train, or other offensive noises and smells?

8) Property Setback – How close are you to your neighbors, and what are the sight lines?

9) New Construction – Consider workmanship, zero energy efficiency, material quality and the history of the builder.

Although these is a good list, it's not inclusive until we review your most favorite properties when buying, or compare your competition when selling. You may also read “The Multiple Values of a Home”, which I wrote, and is available on my website <http://ahomeforme.com>  and Linked In.

Since 1997, I have appreciated the time I have invested, learning about real estate with my clients,  and your referrals of friends, colleagues and associates. Contact me at my office – 203.877-2704 x 400826. Copyright2016 by David Carr. All Rights Reserved

#new haven #new haven real estate

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New Haven CT one of Top Five Undervalued USA Metros in June 2016

       July 7, 2016 (CT) - The five most overvalued housing metros are Austin, San Antonio, Phoenix, Las Vegas and San Francisco. The five most undervalued metros in the United States are New Haven, Detroit, Hartford, Providence, RI, and Cleveland, OH. as reported by Kim Slowey on June 10, 2016 in Construction Dive, a building trade resource based in Washington, DC Fitch determined the list for Forbes by labeling markets overvalued when home price growth outpaces the local economy, and labeling them undervalued when housing prices are below what the local economy can handle. Connecticut has not fared as well in the employment arena and has seen more than its share of millennials and baby boomers out-migrate to other states. That trend has left two of its metros, New Haven and Hartford, among the top five undervalued markets. Connecticut lost a high-profile business this year, General Electric, to Massachusetts, and Aetna and other insurance companies — the backbone of Hartford's economy — have considered similary moves, which many blame on a new round of state business taxes. Despite the economic gyrations, Connecticut and Shoreline New Haven, remain incredibly well positioned for resources, amenities and climate. New Haven is also the terminus of the Mtero-North Grand Central Commuter Rail Experts at Fitch Ratings U.S. RMBS group said that while inventory is a consideration in overvalued markets like San Francisco, with ever-rising rents and home prices, the increase in incomes is "what's driving a lot of the demand." David Carr is a full time REALTOR who specializes in fiduciary representation of buyers of residential and multifamily investment property since 1996. Mr. Carr also specializes in marketing residential, multifamily and zero energy investment property in Southern Connecticut, and may be reached at 203.877-2704 x 400826 or online at multiple venues.

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Greater New Haven Connecticut Property Sales Continue to Rise in February 2016

In Greater New Haven Connecticut,  not including New Haven, the volume of transactions between $150,000 and $350,000  has increased year over year since 2014, which demonstrates  buyer confidence despite lack of appreciation.

This data is available for your review upon request, as I believe educating my real property buyer and seller clients empowers you with realistic expectations. I also develop unique data sets for your (location & price) market,

I see equal or more transactions every month since May 2014 except for November 2016, which is evidence of an improvement. Buying real estate at the right time is important, since you do not want to invest in something that looses value.

Many REALTORS, including my self,  will remind you that buying a property is ideally a "long term" commitment to a community, lifestyle, or Return on Investment.   I do not think home or investment ownership  should be a long term financial liability due to market forces. I believe home value assurance is an important component of buyer confidence, one that has been the foundation of home ownership over the years, with the exception of 1988-1991, and  2004-2012, in Connecticut.

One can easily identify multiple quality of life factors to determine Greater New Haven is under priced  relative to Fairfield County and Metro New York. Connecticut remains near  the back of the pack in recovery from the Collateralized  Debt Recession of 2007, with values off about 20% from 2006. This decline relatively stabilized in 2012 as documented in my previous research.

Statewide, Single-family home  and condo sales climbed  almost 30% percent in February compared to last year, while sale prices dipped a bit. A total of 1,788 single-family homes sold in Connecticut during the month compared with 1,376 sold in February 2015, according to The Commercial Record.

Statewide  February 2016 delivered the  greatest number of homes sales in February since February 2007, when there were 1,860 house and condos sold. The Statewide median price of a single-family home fell by almost 1 percent in February 2016  to $222,750 compared with $224,900 a year ago. This has been the story in Connecticut since 2014 , except in March 2015 when prices increased about 3% statewide.

I can help you become an expert in your market, as your licensed fiduciary representative

David Carr,

Licensed in Connecticut since 1996

Professional Standards Certified Specialist

#new haven property buyer #new haven #new haven real estate

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The Greater New Haven Connecticut real estate market extends the Carr Value Shelf in the third quarter of 2015.

Nov.30, 2015 (CT) -  The Greater New Haven Milford Metro House Price Index rose 0.52 to 178.65 ending 3Q2015.  Greater New Haven saw HPI values decline from the Great Dutch Tulip Recession of 2007, falling to a low of 178 in 2Q2011. A false recovery offered brief hope, however HPI-178 emerged as a significant point ending 2011. The Carr New Haven Milford Metro Value Shelf is defined as the range of 173-178, the 5 point range HPI values have maintained for the past 45 months. The current 2012-2015 Value Shelf is intriguing as it mirrors the region's recovery from the  1989-1991  S&L Crisis,  a two year property value correction followed by the 1991-1997  Carr New Haven Milford Metro Value Shelf in New England. While a Value Shelf and Equity Bank formation does not assure us of future prices, it demonstrates an investment in stated values over a period of time. The future of Connecticut is currently under siege, according to lifetime CT business owner David Bohn of Preferred Utilities Manufacturing Corporation, who in a March 17, 2105 op-ed said. “factors that affect the state’s national preferred business placement include the second highest per capita property taxes in the nation, sales taxes on many business-to-business transactions, multiple taxes (corporate, personal and sales), the highest capital stock tax rate, the only state with a gift tax, an alternative minimum tax detrimental to small businesses, and internet sales tax. Levying heavy taxes does nothing but drive business from the state, leaving fewer corporations and individuals to pay the state’s outstanding obligations. ” While Connecticut has trailed the nation in recovery from the Great Dutch Tulip Recession of 2007, the future of Connecticut holds much promise considering the environmental and economic challenges facing many other states, if Connecticut can be more friendly to businesses and residents.

We can only discuss what has happened as a statewide community, and use our experience to plot a better course for the future. Despite the challenges, there is much room on the table for optimism and growth, as we see old manufacturing communities transform into future business, technology, educational and research communities. There is no lack of property available for purchase in the residential or commercial market, with new construction statewide, at prices that seem a bargain compared to other metros with comparable amenities and proximity to regional shoreline population centers.

On July 8, 2015, the Hartford Courant reported the U.S. Department of Commerce selected Connecticut for preferential treatment when local companies apply for grants to promote manufacturing. CT is one of 24 regions or states that have been selected to compete for $1.3B  in grants from federal agencies. The Connecticut Advanced Manufacturing Communities Region is positioning itself for the future, as national manufacturing is on the upswing, with 900,000 additional jobs since February 2010, while Connecticut has 4,200 fewer jobs in the sector since then.

Connecticut has a mixture of amenities and challenges that must be managed properly to ensure prosperity for the seventh generation, 120 years from today. Connecticut has excellent climate, easy proximity to New York City, while being close to Providence and Boston. Good rail, highways, harbors, navigable rivers, air service, multiple world class universities, hospitals, shopping, farming, artisan manufacturing, theater, indoor and outdoor recreational opportunities can be found throughout one of the smallest states in the nation. Connecticut has a rich national history as one of the thirteen colonies integral in the creation of the United States. New Haven was the first planned city in the country. The proud history of local manufacturing has created an extensive, impressive registry of national companies that have called Connecticut home, including many of the Fortune 500. Since 2011, USA housing values have mostly recovered, in some places attaining new, bubble like highs, leaving Connecticut in the bottom 10% of the nation in recovery. The June 2015 Core Logic House Price Index (CLHPI) placed Connecticut 20% below July 2006 Great Dutch Tulip Recession 2007 peak prices. In October 2015 CLHPI placed Connecticut in the national 10 ten for year over year appreciation in 2016, as the tide raises all ships. The October 2015 Freddie Mac Multi Indicator Market Index (MIMI) reported the New Haven Metro Market as “weak and improving” with a ranking of 73.5. which is 6.5 points under the target range of 80-120, and a similar position to July 2009. Looking hyper local at New Haven County we see the 2012-2015 Carr Value Shelf is defined by a static prices, an inventory around 3450 (+/-3%) of residential properties in the 150-500k range, and a static Selling Price per square foot of 152 (+/-3%). Signs of recovery include 8 months of standing inventory, a steadily increasing Ask/Close ratio, increased sales with static appreciation. All around Greater New Haven we see new residential, commercial and academic construction, evidence of long term confidence in our neighborhoods. Renting continues to be >20% more expense than buying over seven years in various projections, yet traditionally requires the buyer brings 3% of the purchase for down payment and closing costs. Incentives can be identified by knowledgeable professionals. On November 20, 2015,  107 openings existed for low down payment and low interest forgivable and/or deferred loans for owner occupants in Greater New Haven About the author: David Carr, MA, PSCS, has been self employed in the Connecticut real estate services industry since 1996, working as a transaction manager for his clients. Mr. Carr specializes in fiduciary agency in the purchase of residential, investment and distressed properties, and as a marketing specialist for clients selling various properties.  Mr Carr seeks to provide valuable presentation of market energy, direction and local dynamics. w Haven Connecticut real estate market continued to extend the Carr Value Shelf in the third quarter of 2015. 203.877-2704 x 400826

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FED Rates and Mortgage Rates—What Can You Do?

This historical period of time may come to an end, so everyone is wondering “What will happen when the FED begins to raise their rates?” Well, it's not so bad, because in the short term, the FED increase is only anticipated to be 2 basis points (0.25%) in late 2015, and maybe another 2 basis points (0.25) in 2016. This is the rate the fed charges banks to borrow money to meet minimum balance requirements. But guess what? Banks have increased their reserves dramatically compared to pre 2008 levels, and mortgage rates do not move hand in hand with FED rates.  So what can you do?

1)Build good credit by using credit, never debit to pay your electronic transactions. A person who makes $80,000 a year could probably move $40,000 through a portfolio of credit cards buying gas, food, paying bills and other expenses. Pay your balances in full and never pay interest.  If you have no credit, get a gas or store charge to start.

2)Never use credit it go on vacation, buy a new electronic, or any treats. Instead, save money by running financial engagement plan for your money. Know what you spend money on. I like to save receipts when I pay for something, so if I spend $100 I have matching receipts.

3)Never us more than 70% of your available credit.

4) Keep your oldest credit cards, even if you get anew one, and use them in rotation so you have more active balances. I have nine credit cards I use throughout the year, and carry two at a time, and others set to pay recurring monthly bills

Better credit lowers you mortgage,  multiple kinds of insurance premiums and can help you get a better job

5) A bigger down-payment lowers your interest rate, so while you can get a mortgage with no money down or 3%, 10% will save you money in the long run

6)Buying “Points” is paying a fee to lower your interest rate. This is a good move if you are sure you will not move or refinance in less than 7 years

7)Finally, PMI (Private Mortgage Insurance) is 0.85% of your loan, $2550 a year on $300,000. Be sure you have to pay it. Really! Pay attention to to LTV (Loan to Value) Ratio. When you think it's close to 80% tell the bank or lender. Your lender may not tell you to stop making an extra payment

It's my goal to help people make wise decisions in life regarding real estate investment. As your fiduciary agent, I, David Carr, MA, PSCS, will always put your interests first, providing you objective information so you can make the best decision at this point in your life. Call  203.877-2704 x 400826of find me.

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