Tag Archives: CT Real Estate

Connecticut Home Sales Up, Though Prices Slightly Down

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Single-family home sales in Connecticut rose slightly in September even as median sale prices fell slightly, according to The Warren Group, the Boston-based publisher of The Commercial Record.

There were 2,340 single-family homes sold in Connecticut during September, nine more home than were sold during the same period in 2013. Median sale prices of single-family homes in September fell by $2,000, or a little less than 1 percent, compared to a year earlier when it was at $250,000.

“September marked the sixth time this year sales have increased in Connecticut,” Cassidy Murphy, editorial director of The Warren Group, said in a statement. “Median prices continued to fall slightly but that could change once the new lending regulations fall into place, and buyers are able to afford more.”

Calcagni Associates, a Cheshire-based real estate firm, saw much more robust sales in September. The real estate agency, which also has offices in Hamden, Wallingford and Southington, saw a 21 percent increase in sales in September, compared to the same period a year earlier, said Steve Calcagni, president of the firm.

“New construction is starting to get very active,” said Calcagni, adding that a 22 percent increase in sales at Calcagni’s Cheshire office was due to sales in the new Heritage Hill development in nearby Wolcott. “We’re also seeing a loosening of underwriting standards. Interest rates remain low, but people are starting to fear that there are going to be price increases, so they feel they need to get into the market now.”

Third-quarter single-family home sales in Connecticut were down by 1.5 percent compared to the same period in 2013. A total of 8,232 single-family homes sold during the three month-period that ended Sept. 30, down 126 from the third quarter of 2013.

The third-quarter median price for single-family homes fell by 3.6 percent to $265,000 compared to the same period a year ago. The median price for homes sold in the first nine months of this year was $256,000, off 3.4 percent from $265,000 during the same period in 2013.

Condominium sales in Connecticut were hot during September, with a 12 percent increase in the number sold, although the median sale price fell by 4.6 percent to $167,000. There were 653 condominiums sold in September, compared to 584 during the same period in 2013.

Article Courtesy of the New Haven Register.

Home Selling 101: Capital Gains

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For those who sold their home this year, it’s important to understand how selling your home may impact your tax returns, now that tax season is upon us.  The following information explains how capital gains work for those who have recently sold a home.

If you sell your primary residence, you may be able to exclude up to $250,000 of gain – $500,000 for married couples – from your federal tax return. To claim the exclusion, the IRS says your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale.

There are a few catches: You also must not have excluded gain on another home sold during the two years before the current sale. However, special rules apply for members of the armed, uniformed and foreign services and their families in calculating the 5-year period.

If you do not meet the ownership and use tests, you may use a reduced maximum exclusion amount. But only if you sold your home due to health, a change in place of employment, or unforeseen circumstances.

An extra perk? If you can exclude all the gain from the sale of your home, you do not report it on your federal tax return. If you cannot exclude all the gain, or you choose not to, you must use Schedule D of Form 1040, Capital Gains or Losses, to report the total gain and claim the exclusion you qualify for.

How about for those with more than one home?

You can exclude the gain only from the sale of your main residence. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is usually the one you live in most often.

For more information on the home selling process, contact one of our real estate professionals at http://www.calcagni.com

Reprinted with permission from RISMedia. ©2014. All rights reserved.

New Year’s Resolutions Every Home Seller Should Add to Their List

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Now that the new year has arrived, sellers are back in full force, pulling out all the stops in order to get their home sold. Whether you’re listing your home for the first time or finally ready to get that “For Sale” sign out of your front yard, add the following New Year’s resolutions to your list.

1. Set Reasonable Expectations: Although the housing market is showing signs of being better in 2013, we’re still nowhere near the levels of the last housing boom. Therefore, you need to be practical when setting a price and listening to offers. Too many sellers still expect to put their house on the market and have people fight over it within weeks, when the reality is bidding wars just aren’t that commonplace these days.

2. Don’t be Discouraged – React: If your house has been sitting on the market for a long period of time, or no one is coming to see it, don’t give up. Be proactive. Do something to change up the listing—add some new photos, incorporate video, or hire a professional writer to add panache to the descriptions that are being used to market your home. In addition, talk with your agent about why he or she thinks your home isn’t selling and fix anything that’s reasonable.

3. Communicate with Your Agent: There’s a reason you hired an agent to sell your home, so be sure to take full advantage of their expertise. Ask them for their advice as well as tips regarding the best way to sell your home. If there’s a problem with any part of the process, don’t just bite your tongue; talk to your agent and iron out any issues.

4. Don’t be Stubborn: Oftentimes, sellers will set a price that they expect to get for their home and absolutely refuse to budge, no matter what. While you have every right to set the price you want, if you list a $400,000 home and someone comes in with an offer of $370,000, don’t just write them off. Take some time to research whether their offer is more in line with what houses are selling for and listen to their reasons (if the agent provided them) for the lower price. When it comes down to price, there’s nothing wrong with negotiating a figure that will work for both parties.

5. Leave the House: When sellers have their house on the market for a long period of time, eventually they may give up on the notion that they have to leave the house during a showing. However, it’s important to get out of the house no matter how long it’s been on the market. Being present for a showing not only makes it harder for the real estate agent to do his/her job, it can also lead to an uncomfortable situation for those viewing the home.

For more information about selling your home in the new year, contact us at www.calcagni.com

Tips to Overcome Winter Gloom and Sell Faster

If your home will be for sale this winter, it is important to master certain seasonal issues that are less significant or even non-existent at other times of the year. Here are a few tips to aid in the successful sale of your home:

2013 Jan WinterBrighten it up: Counter the cloudy days of winter by making your home stand out. Keep the lights on in the front of the house even if no showings are scheduled. You never know who will be driving by to take a peek.

Don’t overlook a place for shoes: Prospective buyers and guests will likely be schlepping through your home with muddy shoes and boots. Make sure you have a designated spot for wet footwear, like a festive rug or area in the breezeway. You want to ensure that your home stays just as clean for whoever will be touring the home next.

Keep it fresh: Homes, especially ones not currently being lived in, have a tendency to get stuffy in the winter time. Air out the home on warmer days or have a nice room fragrance available, like a candle or spray. As always, keep pets hidden or away from the main quarters to make sure no additional smells enter the home.

Keep a steady temperature: Don’t cook your prospective buyers. Keep the home at a steady 65 degrees during showings. Those touring will likely not be taking off their jackets, so there’s no reason to make them sweat.

Don’t ignore the exterior: Just because it’s winter doesn’t mean you should neglect the yard. Be sure to keep walkways clear of ice and debris to ensure everyone’s safety. Always shovel the driveway and walks promptly after a snowfall or ice storm.

With these tips and a little bit of thought, adjusting your selling methods to suit the season can only help in the long run.
For more information about selling your home in the new year, contact us at www.calcagni.com

Best Wishes for a Happy Holiday Season from Calcagni Associates!

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