Groton Real Estate Market Report for January 2019 from Groton Realtor Bridget Morrissey

The Groton Real Estate Market Report is brought to you by Groton Realtor Bridget Morrissey.

  Groton Mill Rate click here.




  
                                                                

     

Groton was established in 1705, when it separated from New London, Connecticut.  The neighborhoods include Burnett's Corner, Center Groton, City of Groton, Groton Heights or Groton Bank, Groton Long Point, Long Hill, Mystic (06355) — primarily in the neighboring town of Stonington, but a small portion (West Mystic) is in Groton, Noank, Old Mystic, Poquonock Bridge, Fort Hill and Conning Towers-Nautilus Park or the Submarine Base area.

Groton is the home of General Dynamics Electric Boat Division, which has been supplying the Navy with submersibles since 1899. Electric Boat employs thousands in the Groton/New London area.

The Old Mystic Baptist Church, founded in Groton, was the first Baptist church in Connecticut.

East Lyme Real Estate Market Report for January 2019 from East Lyme Realtor Bridget Morrissey

The East Lyme Real Estate Market Report is a monthly statement of the average sales price for and number of  2 BR, 3 BR and 4 BR homes sold, the total number of sales, the number of active homes for sale ,and the average listing price of East Lyme homes for sale.








Located just 20 minutes south of famed Mystic, Connecticut, and just two hours from New York city or Boston, MA., sits the quaint village of Niantic Connecticut

Niantic is a warm, friendly and inviting seaside village easily accessible by car, foot, boat or train. It is a wonderful place to visit, play, and live. It's a place where residents and visitors alike gather for specialty shopping, a wide-array of gourmet and eclectic dining choices, creative entertainment and arts, and water related activities within a village that has maintained its historic past.

Niantic is the only community on the Connecticut coast where the "Main Street" runs parallel to the beautiful Long Island Sound. Downtown Niantic is the traditional center of East Lyme, with a Town Hall, a non-chain specialty supermarket, a famed movie theater, various restaurants and pubs, a one-of-a-kind book store, several antique and boutique shops, and a town beach all within walking distance.

While it's a great place to spend the day, there are also a couple of great bed and breakfasts and inns to suit the out-of-town visitors. Niantic has become a tourist destination in its own right, with Niantic Bay and Long Island Sound to the south, and the Niantic River to the east.

For more information see the rest of the article at http://www.discovereastlyme.com/niantic.php

North Stonington Open House at 35 Button Road Saturday February 2 from Noon - 1:30

#NorthStoningtonHomeforSale #OpenHouse on Saturday February 2 from 12:00 - 1:30. 4 BR Colonial with 2.5 baths, deck, greenhouse, 2 car garage, 2,980 Sq.Ft. and 5.92 acres. #realestate #mystic2westerly #northstonington http://bmre.us/35

Explore Gungywamp with Denison Pequotsepos Nature Center

Time for New Windows

Whether you just bought your home in the Mystic to Westerly area or you’ve owned it a while, it can be easy to overlook the windows that open it up to the world, as if they didn’t even exist. Even if you don’t, you probably know that a lot of glass and natural light is awesome, but it comes at a cost. As windows age and homes settle, windows can distort ever slow slightly. It’s not enough that you’d notice, at least until the first cold blasts of Arctic air are blowing into your home.                                  

Short of waiting for a major blowing snowstorm, how can you tell if it’s time for new windows? We’ll walk you through it. Read on, reader!

Signs Your Windows are Giving Up the Ghost

When it comes to the big things in your house, windows are pretty huge. On the hassle scale, replacing windows is up there with a new roof or trying to retile the busiest room in your home. Unfortunately, these are all jobs that you’ll eventually need to tackle, but sometimes you can make repairs rather than start a replacement project that will eat up your money, your time and turn your home into a construction zone.

Starting at a few hundred dollars each, a house full of windows can be a huge investment that you’re unlikely to get back. Before you go window hunting, check this list to see if buying new windows is the right move after all:

• Are your energy bills climbing or already high? A significant rise in your utility bills over the last year, or even five years, that comes from an increased use of power or gas and not simply a rate hike means you’re leaking somewhere. Windows are often the culprit. If you can borrow an infrared camera, you can track exactly where the energy loss is coming from. If you don’t have a friend with such fun toys, many home pros offer this service. Check HomeKeepr for a referral.                                                                                                                        
• Are they tricky to open or won’t stay open without a prop? Really old windows may have a problem staying open because their corded weights have broken after decades of use and fallen into the interior space between the window and the wall. Newer windows might refuse to close because they’ve shifted ever so slightly. Either way, these are windows that are a huge pain to operate. That alone can be a good reason to replace them.                                                
• Can you hear your neighbors when you’re indoors? Cars, kids and pets, they’re all part of living in most communities, but they also make a lot of noise. Good quality windows will help reduce the volume, though none can block noise entirely. If you can hear your neighbor’s car like it’s in your own driveway, you definitely need to consider a window replacement.                                                                                                                                                      
• Do you wake up to condensation between the window glass panes? A small amount of condensation isn’t really anything to worry about, but when it’s widespread or happens every day and hangs around for most of it, your window pane seal has probably been compromised. Sometimes you can contact the manufacturer or the reseller where the window came from and order a replacement pane, but they can be difficult to install and costly, which is why many people choose new windows at this stage. A window with a busted seal is one that’s costing you serious cash. The air trapped between those two (or three) panes of glass act as insulation, reducing the rate at which the window cools.                
• Is there extensive damage? Sometimes the damage to your windows can’t really be seen until you open them up, examine moving parts closely and, when necessary, remove some trim to look for rot that’s hidden inside the wall. Small sections of damage can sometimes be repaired, but larger areas indicate that you need to fix whatever cause the damage in the first place and then replace that window with one that’s new and healthy.                                             

What if My Windows aren’t Damaged?

If your windows are in great shape and the only problem you’re having is heat loss, you can do a few different things to maximize your efficiency when the cold wind blows. Those include:                                                                                                                                                            

Winterizing. Go around the house and seal up all the nooks, crannies and cracks you might find. A new bead of caulk around each window and door and along all the trim will help reduce drafts.                                                                                                                                                     

Sticking up window insulation film. For a temporary fix this winter, you can install window insulation film on the cold windows in question. When installed properly, you can barely tell there’s anything between the room and the window.                                                                                     

Installing heavy curtains. Like a warm blanket on a cold night, a thick insulating curtain can help reduce both heat loss and drafts. The only catch is that you have to keep them closed, which can make your cabin fever burn this winter.                                                                                  

Do You Know Who to Call for New Windows?

When it’s time to put new windows in your house, you don’t have to look any further than your HomeKeepr community for a window installer that you can trust. After all, your real estate agent recommended their favorite subcontractors, people they know will do a professional job each and every time. Come see who’s waiting to help you in the Mystic to Westerly community.

7 Things to know about whole home generators

There’s little more frightening than losing your electricity in the middle of a big winter storm in the Mystic to Westerly Area. Whatever natural disaster is common in your area, you have probably experienced at least one major disaster in your life. Because of that, you may tend to linger around the generators at your favorite home improvement store when bad weather season starts.

Is this the year you’ll finally install a whole-home generator? Before you swipe that card, take a look at these must-know things about choosing a whole home generator.

A Generator Can Be An Investment In Your Home

You probably know that in some areas you can get tax credits for installing efficient whole-home generators, but what you may not realize is that a permanently installed generator can also increase your home’s value. According to Consumer Reports, a three to five percent increase in appraised value after a generator is installed isn’t uncommon.

But, you can’t just stick any old generator in the yard and call it a home improvement. The generator you choose will be part of your home’s electrical system for the foreseeable future, so it has to be able to do the job you need it to do. Here are seven things to keep in mind while you’re shopping:

1. Generators are far from universal in size. You should make a list of the items you intend to keep turned on while you’re running on generator power before you start to shop. Appliances, HVAC systems, hot water heaters and even light bulbs add up when you’re talking about an entire home. Although your appliances may differ in their power consumption, in general, refrigerators use about 600 watts of electricity, your lights can soak up to 600 watts, even your computer may need 300 watts to stay running.                                              
2. Portable generators can be an inexpensive alternative. If you’re only hoping to keep a few lights on and maybe a small refrigerator running during a power outage, you might be able to limp along with a portable generator. These smaller units can be loud and require lots of manual intervention, including refilling their fuel tanks multiple times during prolonged use, but can push out 3,000 to 8,500 watts reliably for under $1,000.                                                               
3. Generators run on different types of fuel. Those portable generators almost exclusively run on either gasoline or kerosine, though some can be converted to run on propane or natural gas with a special kit. A whole house generator connects to a gas line by default, be that propane or natural gas. Depending on where you live and what your utility supplies, you’ll want to choose one that matches your fuel supply. If you live in a rural area, you may have to rely on your propane tank to run your generator, keep it full through the toughest weather of the year.                                                                                                                                                           
4. Regular maintenance on generators includes running them frequently throughout the year to ensure that there isn’t an unplanned problem when an emergency does crop up. Some whole home generators have an automatic maintenance cycle, allowing you to ignore them most of the time. However, these auto-run cycles can be very noisy, so you’ll want to consider the decibel level of the generator you choose.                                                                           
5. You’ll need a transfer switch, but there are several options. Transfer switches are electrical devices that allow you to change the power source that runs your home from the utility grid to your home generator. There are many different types, rated both by amps and switching type. Manual switches are less expensive, but require you to make the connection in all kinds of weather, automatic switches will flip on the generator when they detect a lack of power from the grid.                                                                                                                                             
6. Older homes may need electrical panel upgrades. Even homes that aren’t considered antiques can have very limited electrical systems that aren’t compatible with a large transfer switch. If you want to use, say, a 200 amp transfer switch and your house will only support 100 amps, either your system needs to be upgraded or your generator transfer switch will need to be downgraded.                                                                                                                                     
7. It needs to be installed by a professional. There are people who have installed their own whole home generators, but because of local building codes and the general difficulty of the project, this is not something that’s generally encouraged. You’ll be tapping into gas lines, electrical systems and you’ll need to place the unit a very specific distance from combustible materials and above areas that may flood.                                                                              

Don’t Spend One More Season Without Power

Storms can blow in fast and ice will bring powerlines to the ground, but you don’t have to worry with a whole home generator that’s properly sized for your house and carefully installed. You never know who might come out when you have the guy working for the home improvement store do the job, but when you ask for a referral from your HomeKeepr community, you can be assured that you’re getting the best.

5 Myths about a 2019 Real Estate Recession

22 JANUARY 2019

A conversation between Steve Harney: Keeping Current Matters and Tom Ferry: Tom Ferry Show

Does the fact that listings and price adjustments are increasing mean that we are heading into another 2008?

Do you remember that at the start of 2018 that the shortage of listings and price leveling adjustment were the two biggest things on every Realtors list that needed attention?  Price appreciation is still going up but at a slower rate than in 2018, which is exactly what the market needed.  The market could not sustain such rapid appreciation without first correcting itself.

In the recent past Realtors have been promising 1. Quick Sales, for 2. the most money with 3. the least amount of hassle.  There is a new shift in marketing properties.

Savvy Realtors realize that they need to educate sellers. Changes in market conditions locally, regionally and nationally need to be explained.  There is a difference between the old market and the new market.

The term Recession keeps popping up, is it inevitable?

Recession is defined as two consecutive quarters of economic slowdown.  The economy is roaring along right now.  Can it continue like it is? Of course not, it has to slow down at some point. Will we get an economic slowdown?  Of course we will, but that does not mean that housing prices will fall as they did in 2018. In 5 out of the last 6 economic slowdowns housing prices actually increased slightly.  In the 2008 downturn there were other factors at play that lowered prices.

1.  Homeowners took equity out of their homes, an appreciating asset, and bought depreciating assets such as vacations or toys.
2.  Homeowners took equity out of their homes and bought second or third homes leaving no equity in the first home.  When the   downturn occurred they were left with homes with no equity and multiple mortgage payments.
3.  Banks were making horrible loans and that practice has been checked by the federal government.

Is an economic slowdown expected?  Yes, most economists have recently changed the forecast from 2020 to 2021.  Is a housing price bubble burst expected? Absolutely not and there are about 6 data points to support that supposition.

Do you expect housing prices to decline in 2019?

No. 100 leading economists and real estate market experts projections for 2019 have been tabulated. 94 out of 100 say prices will continue to rise, 2 say the market will about break even while the other 4 think the real estate market will depreciate slightly.  You may watch someone on Youtube say otherwise but are they an expert or are they just looking for clicks on their channel?  How much appreciation is expected?  About 4.5%  is expected which is still higher than historical averages which are about 3.6%.  The National Association of Realtors, The National Mortgage brokers Association and Freddie Mac all anticipate higher home values in 2019.

Could the rise in interest rates affect home prices or the number of real estate transactions?

The rise in interest rates at the end of 2018 and the beginning of 2019 definitely had an impact on the psychology of home buyers.  The sticker shock especially affects millennialswho in their entire lifetimes have never seen rates above 5%. They need to be educated about the fact of 8, 9, 12% and higher rates of the past that parents, aunts, uncles and grandparents have experienced.

Also, the Federal Reserve has backed off recently on stating that there would definitely be any rate hikes.  That is really yet to be determined.

Once current home renters realize that they are much better off buying than renting they will soon get over the sticker shock.

Opinions, estimates, forecasts and other views contained in this image are those of Freddie Mac’s Economic & Housing Research group.

Do you anticipate another housing bubble as people take equity out of their homes?

In 2018, homeowners had 21% more tap-able equity over the bubble to pull out of their homes. Tap-able equity is the amount over the 20% reserve in case prices dropped again.  Over the last three years homeowners have pulled out $172 billion of equity which sounds like a big number but pales in comparison to the $824 Billion removed in 2005-2007.  Also, the reasons for taking cash out have changed.  Instead of buying a new car or taking lavish vacations with cash homeowners are paying down student debt or financing new business ideas. Have you ever watched the TV show SHARK TANK?

A paradigm shift has occurred in lifestyles.

Millennials are more concerned with retirement than getting married.  In the past, people got married, bought a house and worked toward retirement. Studies show that baby boomers who are renters have a net worth of $6,000 while homeowners show over $300,000. So if retirement is more important to millennials then they can help accomplish that goal through home ownership. 48% of the homes in America have at least 50% equity and that is a very appealing statistic to young people.  Getting married is on the list but not the priority that it used to be!

Houses are Less affordable today than they were 20-40 years ago.  NOT TRUE!

Even though interest rates have been on the rise over the last year they are still at historical lows (see chart above)

Renting has less costs than buying a home.  NOT TRUE!

People renting homes think they are saving because they are not paying for property taxes or repairs.  They may only write one rent check a month but they most certainly are paying for the property taxes and repairs as well as one other category which is landlord PROFIT!  Do you want to continue to pay someone else for your lodging or do you want to start building equity for yourself?

The American Dream of home ownership is dead.  NOT TRUE!

We have already explained that the term recession means economic slowdown of a booming economy and does not mean a housing market meltdown.  The number of listings has improved because homeowners have recovered the equity lost in their homes when the bad mortgage practices by banks occurred in 2005-2008.  Leading economists are predicting that home equity will continue to rise making real estate a sound investment.  Even though interest rates have risen they are still at historical lows. Home ownership is a much better plan for building equity over time than renting a home.  CALM DOWN, SIT DOWN, THINK, PLAN, ACT!