2013 Manchester Connecticut Real Estate Market Report

2013 Manchester CT Real Estate Market Report

This year, the market has shown excellent rebound.  Sales increased annually since 2011. Last year, 2013, 473 residential homes are sold compared to 416 in 2012 . That is 57 units more. Out of the 476 units, the most expensive property is sold for $500,000. This property has 3949 square feet, 5.1 bathrooms and 6 bedrooms. In 2012, the highest is $540,000 with 4,300 square feet, 4.1 bathrooms and 6 bedrooms.

Even though the most expensive home is $40,000 more in 2012 compared to 2013, the SP$/SqFt is higher in 2013: $228.05 per square feet in 2013 and $183.98 per square feet in 2012.

(Click on the images to enlarge view)

2013 Manchester CT Real Estate Market Report

2013 Manchester CT Real Estate Market Report

DAYS ON MARKET: As shown on the data below, properties sold quickly if priced correctly during the first 30 days. The difference between the list price and the sold price is also lower when properties are sold within 30 days based on the Average % Ratio of Sold Price to List Price.
2013 Manchester CT Real Estate Market Report
2013 Manchester CT Real Estate Market Report
PRICE ANALYSIS: In 2013, the most numbers of sales in Manchester Connecticut are from the properties within the PRICE RANGE $200,000 to $249,999. In 2012, it is from $160,000 to $179,999. The increase in the home buyers’ price range can’t be attributed to the lower interest rate because the overall mortgage interest rate in 2012 is lower as pulled from HSH. Most likely, the home buyers’ preference could have been the primary factor compounded by the  increase in consumer confidence and continued recession recovery as Connecticut’s private sector has now recouped 71,600 (62.8%, 1,591 per month) of the 114,000 private jobs that were lost in March 2008 – February 2010 employment recession. For more details, visit Connecticut Department of Labor.
2013 Manchester CT Real Estate Market Report
2013 Manchester CT Real Estate Market Report
High-Low Comparison: The significant information on this graphs for the 2013 Manchester Connecticut real estate market report is the average square feet of sold homes in 2013 and 2012. The average size of the homes is between 1620 and 1680 square feet with 3 bedrooms and more than one bathroom. Houses with a minimum of 3 bedrooms, ideally, should have more than one bathroom. Homes with 3 bedrooms and 1 bath are considered to be suffering from functional obsolescence.
2013 Manchester CT Real Estate Market Report
2013 Manchester CT Real Estate Market Report
PRICE TREND: The average price of properties in Manchester Connecticut in 2013 has not fared consistently favorable compared to 2012. Although the months of February to July and December in 2013 generated higher average price, 2012 fared better in the months of January, August, September, October and November. The difference between January 2012 and January 2013 is less than $2000 in terms of the average price. But in August, September, October and November of this year, the difference is between $4000-$14000.
2013 Manchester CT Real Estate Market Report
2013 Manchester CT Real Estate Market Report
The average price trend may remain unpredictable. But the overall market performance in Manchester Connecticut is better in 2013 than in 2012. – See more at: http://activerain.com/blogsview/4288797/what-transpired-in-the-manchester-ct-real-estate-market-in-2013-#sthash.jbl0K57O.dpuf
The average price trend may remain unpredictable. But the overall market performance in Manchester Connecticut is better in 2013 than in 2012.

 

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Does Temperature Affect Home Sales Volume and Price?

Verdant landscape, lush greeneries, colorful petals in bloom, waltzing pollens in the air, rolling streams of water, birds’ and insects’ symphony and cacophony…nature’s reverie when the days are longer and the nights, shorter.

A study of human behavior signifying mood changes as the weather changes is noted in Winter Blues and Weather can Change your Mood by Dr. John Grohol.

Grohol refers to the link and relationship as Seasonal Affective Disorder(SAD). Ironically, the clinical acronym of the disorder depicts the disorder’s characteristic itself. According to him, this is a common affliction among the people in the northern climate.

Does this explain why real estate market shows weaker performance as the temperature drops in Connecticut?

The meandering flowed simultaneously with the sights of barren trees and blanket of brown leaves on the ground. Such is a picture of melancholic scenery.

The theory or postulation by Gohol prompted me to establish the correlation between the weather and home sales.

Below is the statistics as reported and published by Connecticut Multiple Listing Services (CTMLS).

Source: CTMLS, Inc. 2011-2012, CTREAL.com

The data above show that the second and third quarter of the year 2011 and 2012 performed better in terms of median price and volume compared to the first and last quarter of the corresponding year for single family residential homes. However, condo’s  data showed different pattern..

Perhaps, the buyers’ and sellers’ motivation could have been diminished due to many encumbrances that come with the cold weather… which could predispose some of them into delaying the intent of moving until the advent of spring.

For the rest of them, it is come cold and hot weather.

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What is Essential is Visible to the Eyes

As a buyer’s agent, I don’t present a verbal offer to a listing agent. However, I will notify the listing agent that an offer will be produced from my end epecially if the property is a hot commodity. But I do this with caution. Most of us know better. Buyers’ decision does change. And it can change unexpectedly…and randomly. Perhaps, after a sip of coffee or after watching a reality show?

Even though Realtors have an obligation to present all offers as quickly as possible as stated in Article 1 (SOP 1‐6) of the Code of Ethics, not seeing the whole terms and conditions is an invitation to commission of errors and omissions by transmission.

Here is a sample scenario:

Buyer’s agent called listing agent to present a verbal offer. Buyer’s agent relayed to the agent that the total purchase price offer is $10,000 less than the asking. Good so far. Crystal clear. Then the buyer’s agent proceeded,”With $5000 in seller’s concession.”

To clarify, the listing agent asked, “So basically, the offer is $15000 less than the listing price”

The buyer’s agent said, “No. Just $10K less, then the seller has to give the buyers credit of $5000 for closing costs and prepaid items.”

At this point, both agents should agree to dismiss the communication regarding the verbal offer and continue on when the contract is written in black and white.

Now, as a listing agent, I would like to see the whole picture. Showing me the money is good but showing me what you got is better.

Real estate purchase contract is not all about the purchase price. Sometimes, a listing agent’s heart pulsates faster and eyes grow bigger when the figure on the line across the purchase price is equivalent to the listing price. However, our sense and sensibility are already trained to temper the tempest until full review of the elements of the contract is completed.

Undoubtedly, the purchase price is the first essential element on the contract being the amount of consideration for the mutual exchange of the property. It is the pivotal point where the minds of the buyers and the sellers meet.

What about the deposit? Is there a rule of thumb in gauging the most appropriate or acceptable deposit? The deposit signifies a crucial element. The importance of being earnest. Seriously, how serious you think the buyer is if the deposit associated with the contract is $500? Or $1000 for a $200,000 home?

Don’t blame it solely on the buyer, especially first-time buyers. They usually ask their agent on how much deposit they need to give. The deposit attached to the contract is another way of conveying the buyer’s serious intent to purchase.

The interest rate. I will scream in disbelief if I see nowadays an interest rate of 3.25% without points under the mortgage contingency. If you know of a loan officer who can give this interest rate without paying points, please do share.

The mortgage contingency date. It takes longer these days to get a commitment letter. Before, a loan officer can confidently say that he can provide commitment letter within 21 days. Now, it can take more than 30 days. In some instances, the delays can be caused by the buyers themselves.

The home inspection date. A home inspection contingency date of 14 days after the date of the fully executed contract is normal as there are some tests like radon and well water which take at least 3 days to get the results back.

The closing date. Usually, anything within 60-90 days is acceptable for traditional sale of resale homes.

If I have to negotiate each line item with another agent, I would presume that the agent has been hibernating for a year with sleeping beauty.

This thought led me back to my early days in this business. One of the veteran brokers here in Manchester once said, “I don’t only screen my clients. I also screen agents.”

 

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His name is Jaime, a proud home owner in Manchester, CT, 06040

His name is Jaime. Jaime came to America through his sister’s sponsorship ten years ago. He left behind in the southern part of the Philippines his wife and kids.He would go back to the country to visit his family only once in a blue moon to save up for all the members’ plane tickets to the USA, the land of opportunity.  Last year, his wife and six children finally reunited with Jaime right after his petition with the immigration was approved. Jaime and his family stayed with his sister for several months—all cramped in a small house. Because of his meager income, they have to sacrifice for a little bit longer to obtain their own home. Today, Jaime, the wife and the kids live in a home they treasure with pride, love and security.

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Bowser Ball at Manchester Country Club, Manchester, CT.,06040

Come and join the group of Dog Lovers on November 8, 2013 at Manchester Country Club, located at 305 South Main Street, CT.,06040.

Bowser Ball is a Dinner Dance Benefit Event for Manchester Dog Owners Group, Inc. MDOG is a non-profit organization advocating responsible dog ownership.

In embracing this mission, MDOG works hand in hand with local veterinarians and trainers. It continuously supports canine recreational programs and activities.

This year, it has sponsored the Taste of Manchester to generate funds to maintain and expand the very first community dog park, Manchester Barks and Rec Dog Park in Mt. Nebo Park on Spring Street, Manchester.

Bowser Ball is sponsored by Leaps & Bones, a gourmet bakery which sells all natural and handmade items with the highest quality human grade ingredients.

Tickets are sold as follows:

$50 for invidividual; $90 for Pair; and $360 for Table of 8.

Each ticket includes buffet dinner with wine, silent auction and dancing. Dine, wine and dance the night away from 7PM to midnight.

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Flying Solo with The Kwan as my Wingman

Jerry Maguire, played by Tom Cruise, was a lustrous and  glossy sports agent with 72 clients to brag and 264 calls a day to make. But all of a sudden, a breakthrough emerged  as he reprimanded himself by not finding the simple pleasures in job.

The revelation led to a revolutionary mission statement. The  bottom line: Fewer Clients; More Attention; Less Money. The key to the business is personal  relationship.

His mission statement, albeit the accolades and ennobling  objective, got him fired.

So where  does the Flying Solo and Kwan come into the picture?

Jerry had no choice but to leave the Goliath company — armed  only with his inspiring vision under his wings to make a difference.

Rod Tidwell was the only client who stayed with Jerry.

On a Monday Night Football Game, Jerry jabbed into Rod’s  brain and heart the KWAN. The very own word coined by Rod which means love,  respect, community… and the dollars too. Rod clamored for the KWAN and entrenched  this word to Jerry before he swore his loyalty to him.

From what looked like a somersault in the air, Rod managed a  touchdown. The audience was held captive in anticipation, agony and vertiginous  falling sensation when Rod remained unconscious after hitting the ground.

Recovery ensued as he slowly opened his eyes, and then slowly  moved up to dance to the cheering crowd.

The Personal  Relationship

The most touchy-feely and pivotal scene in Jerry Maguire’s  movie was when Cuba Gooding and Tom Cruise hugged each other exalting without a  doubt of obscurity the depth of their client-agent relationship.

Another football player who witnessed the sincere and  emotion-drenched embrace between Cuba and Tom asked his agent, “How come we  don’t have that kind of relationship?” Then the athlete left his surprised agent  behind.

The Solo  Flight is not for Everyone

I am not here to profess that flying solo is just a simple  and graceful swan-like spreading of the wings. What works for me does not mean  it will work for the other agents. I  detest bureaucracy. I don’t like  manager looking over my shoulder and asking me, “What have you done for me  lately.” I believe I can do better without a person telling me what to do and  what not to.

I cut the Gordian Knot despite the lack of arsenal that other  huge companies are equipped with. I  have the support of a cyber-based community among others. Thanks to Active  Rain.

Here is my  Question to you

Would Fewer Clients, More Attention and Less Money work for  you? Money is a very strong  enticement. Can you achieve More  Clients, Unwavering Attention and More Money at the same time?

For the highly successful and most productive agent, this  could be achievable. But my question  is, “Did you ever feel that you have compromised personal touch or relationship  as you increase your business?”

Hiring competent assistant is the obvious solution. However, be honest and sincere. How do you  maintain personal relationship as you expand your piece of the pie?

I love  my solo flight as long as my wingman stays with me.

Shine Bright like a Diamond in the  Sky

040710-N-7559C-426

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Are you Ready to Drive an Office on Wheels?

When it comes to service differentiation and reinventing the wheels, Margie Peck of Arizona won me over when I read the article in Realtor Magazine Making A Difference, One Short Sale at a Time.

In keeping up with the competition or to sustain competitiveness, business should create, communicate and deliver value to customers. 

But how do business create, communicate and deliver value to customers? 

 Without a doubt, the offshoot of technology proves that print ads are cocooning into obsolescence.

Loyalty marketing is now the trend for people in the know in the marketing field. Loyalty marketing is the practice of using technology to build customer     relationships. Consumers make purchase decisions based on a combination of economic value and emotional appeal. This line of thought is very much   aligned with emphatic insight that even if the firm holds a regular share of the market for its products, it has to maintain customer loyalty by adding value through product innovation and excellent customer service. Customer is King.

Therefore, if we help our customers save time then we are adding value to our service.

 So, let us take a look at Margie Peck’ Office on Wheels. Here are the equipments and gadgets:

** portable scanners (without internal memory),

**iron key password-protected flash drives, and a

**secured digital signature application on tablets.

They scan and secure clients’ financial documentsEvery member of their team brings everything needed to make the collection of documents secure on-the-go and directly from the clients’ home.

They use a template for typing up all their clients’ documents so anyone at the bank can read them.

Her team also records every conversation they have with lenders and types notes into the system, which the home owner can access.

And every phone interaction is backed up with a .wav file and kept in an encrypted, secure location.

Wheeew! Is your office ready for a test drive yet? In my case, it will be making a difference one wheel at a time.

 

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