Connecticut Real Estate | Homes for Sale

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Milford's Real Estate Expert

Real Estate Lessons from 2010 & Planning for 2011

Real Estate Lessons From 2010

1)   The home-buyer tax credit artificially increased home prices during the first half of 2010.  The median sale price in Milford was $293,000 during the first half of the year and $275,000 during the second half.

2)   A better indicator of market trends is to look at the 4^th quarter of 2009 and compare it to the 4^th quarter of 2010.  The median sale price increased approximately 1%, and appraisers now consider Milford to be a stable market – GREAT NEWS!     

3)   “Days on the Market” is one of the most important things buyers and sellers need to examine.  The median Days on the Market in a successful transaction is approximately 55 days for homes under $500,000, 90 days for homes between $500,000 and $1,000,000 and 120 days for homes over $1,000,000. 

4)   The leading home – price research firm in the nation, Fiserv Case – Shiller, expects the housing market nationwide to bottom by mid 2011.  It is nice to know the rest of the country is catching up to us.  It looks like Milford has again stayed ahead of the national trends.    

Planning For 2011

1)   If you are buying, take comfort that interest rates are low; prices are not inflated by a federal tax credit; the nation’s leading home – price research firm expects prices to stabilize; and being an owner is a more economically sound strategy than being a tenant because of the tax benefits and long-term price appreciation. 

2)   If you are selling, take comfort that buyers will be more comfortable making buying decisions and more plentiful in 2011 than they were in the second half of last year.  If you are priced competitively (that does not mean a “give away” price) and can demonstrate value in the eyes of the buyer and appraiser, you will meet your real estate goals.

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