ResalesNew Haven, Connecticut Reports Steady Housing Market
New Haven, Connecticut is in the heart of classic New England suburbs with access to a great highway system that can take you all over the Northeast in short order, which helps explain why prices are rising.
"New Haven is the center of New Haven County," says Realtor Chris Canfield. "It is bordered to the north by Hamden and North Haven, to the east by the Quinnipiac River and East Haven, to the south by New Haven Harbor and Long Island Sound, and to the west by West Haven. Within the boundaries of New Haven, Interstates 91 and 95 converge, allowing easy access to points north, east, and west. Connecticut Route 10 originates in New Haven and runs through the center of the city, taking travelers north through the center of the State. The population of New Haven in 2001 was 121,951 with 47,104 households, and the median age of the population was 33."
Canfield explains, "The city of New Haven offers a variety of residential housing that ranges from spacious historic mansions and brownstones to high-rise apartment towers, condos, and conversions from commercial buildings to residential units. Surrounding New Haven, classic New England suburbs offer the choice of restored older homes in downtown settings or spacious single-family houses in newer subdivisions."
He advises, "It is important for buyers to have a preapproval letter from a lender (not just a prequalification letter) to go with an offer. Any property that is fairly priced, and has been well maintained, sells in a reasonable period of time. Neglected, estate sale, or abused properties should consider advance inspections such as septic, termite, and home inspections by a licensed home inspector to detect and cure defects in the property. Sellers can significantly improve their return on investment with a fresh paint job or thorough yard clean-up. First impressions are critical. By making a home inviting, it will sell faster and most likely for more money."
"Spring was very busy here! Certainly in the $500,000 and under homes, there is no evidence at all of slowdown," says Realtor Teresa B. Storer, "properties that are in good condition and priced appropriately for the market are selling fast - some with multiple offers and still going over asking price. The East Rock section of New Haven near Yale has been especially busy, and once all the houses on deposit have closed this summer, I"m sure the prices will be at record levels."
"There is a slight increase in house pricing. Because there is limited selection of homes for sale, this leaves the seller with more of an advantage to get the price they are asking," says Realtor Maggie Griffin. "Interest rates are at an all-time low too. Buyers, now is the time."
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