Latest Mortgage Rates 30 Year Fixed 15 Year Fixed 5/1 ARM See local rates Zillow Mortgage Marketplace Get this widget

 
 

 
 

Now is a good time to buy a home.

 
  • Home prices have moderated, interest rates are at 50-year lows and the supply of homes for sale is plentiful.
 
  • There are a number of attractive and safe mortgage products available now, providing additional reasons for buyers to get off the fence and into the market.
 
  • Low interest rates, coupled with price declines give trade-up buyers a unique opportunity to take advantage of market conditions. What an owner may lose on the sell side can be more than recovered on the buy side.
 
  • MLS Statistics indicate that home prices in eastern Connecticut are at or near the bottom. Prices declined a much needed 11.32% in 2008 from 2007. For more statistical detail go to: http://www.easternctrealtors.com/marketstatistics.html
 
 

Every Market is Different.

 
  • The national housing forecast is no more useful than a national weather forecast.
 
  • It's important to consult with a Realtor® to get accurate local market information.
 
  • Location has never mattered more. While prices in some neighborhoods remained relatively stable this year, others fell depending on their exposure to subprime loans. Softer markets are providing especially good opportunities for buyers now.
 
 

Home ownership continues to be one of the best financial investments.

 
  • Most Americans still believe buying a home is a good investment. Nine out of 10 consumers consider homeownership to be a sound financial decision.
 
  • Given the leverage in purchasing a home, the average return on a 5 percent down payment over 10 years is usually three to five times greater than stock market returns.
 
  • If you bought a house six years ago, it would be worth almost 20 percent more today.
 
  • In a recent survey of economists, eight out of 10 believe home prices will be higher in five years that they are today.
 
  • Real Estate has delivered the most consistent positive return over any investment over the last 40 years.
 
 

The market is getting stronger - and some local markets already are improving.

 
  • The home buyer tax credit (enacted last year) likely will bring about 2.5 million first-time buyers into the market by the middle of 2009.
 
  • The Emergency Economic Stability Act enacted in October of 2008 will improve credit markets and allow housing to lead the recovery. NAR predicts that home prices will pick up later in 2009.
 
  • If interest rates stay low at near 5 percent or lower, home sales could rise nationally by 10 percent or 15 percent in 2009. This would help to stabilize prices, lessen foreclosure pressures and lower the rate of re-defaults on recently modified distressed loans.
 
  • The FHA single-family loan program is alive and well. As specialty mortgages have faded away, FHA is stepping in. In fact, the FHA market share is expected to jump from just 6 percent in 2007 to as much as 40 percent in 2009.
 
  • A modest recovery for existing-home sales is expected later in 2009. Pent-up demand, coupled with today’s safer mortgage products, will lead to market improvements.
 
 

Real Estate Prices

 
  • What's in a price?: Since all real estate is local, interpreting changes in home prices at the national or metropolitan level can be difficult. ...more...
 
  • Home Pricing - the Inside Story: All Real Estate is Local All real estate is local, really local, my colleague told us recently. He's right, and this fact makes understanding the changes in house prices at a broad level difficult, really difficult. ...more...
 
  • Media influence on pricing: The media has a lot of influence in determining the confidence of homebuyers. ...more...