Brent Bell, CRS, e-PRO, GRI, Hartford County

Are you ready for a large check from the federal government to help you out during your first year of homeownership? You could buy a home (must close before July 1, 2009) in 2009 and apply your tax credit on your 2008 taxes! If your timing is good, you could receive your refund check before your first mortgage payment is due!!!

This program is available to homebuyers who have not owned a home in the last 3 years. The credit is repaid on your future tax returns at the rate of $500 per year over the next 15 years (much like an interest-free loan). There are income limits (for single individuals - $75,000 per year for the full credit).

This credit can be used for purchases on or after April 9, 2008. Please consult your tax advisor to confirm your eligibility for this program & the benefits in your particular situation.

There is nothing wrong with buying a for sale by owner house -- just make sure you hire a very strong agent to help you do it! Some FSBOs have something to hide, as the account below shows.

My favorite for sale by owner story goes like this: I listed a for sale by owner who could not sell their home themselves (By the way, most FSBOs tend to overprice badly which makes everything go wrong for them. Most buyers of FSBO houses expect to save at least 10% over what they would pay for the same home listed by a realtor. This make the FSBO sale almost impossible, unless the local market has a shortage of inventory and steadily rising prices!)

The next door neighbor to the former-FSBO approached me, stating that his last agents were unable to sell his home; after I sold his neighbor's home, he would hire me to sell his home. When we put this home on the market, I discovered that he and his wife had purchased from a FSBO seller, and saved even more money because the seller had offered them a home inspection report at no cost!

When I sold this home myself, the buyers' home inspector discovered an abandoned oil tank in the front yard. The prior owners had abandoned it years ago when it began to leak oil and neglected to mention it when they sold the home as a FSBO. My seller clients ended up with a multi-thousand dollar clean-up bill. Oh the money they saved by buying a For Sale by Owner...

The moral of the story: “If you think hiring an expert is expensive, wait until you hire an amateur!”
Red Adair - World Famous Oil Field Firefighter

If you don't hire an agent, you are the amateur...

For more actual experiences with For Sale by Owner challenges, email Brent.

The Newington single-family home market has 74 properties available, with asking prices ranging from $149,900 for a 2-bedroom Bungalow (956 sf, fp, 1 bath, 2-car garage in need of repairs, .19 acre) to $564,900 for a 6-year-old Colonial (2,294 sf, fp, 3-bedrooms, 2.1 baths, Central Air, fp, granite & stainless in the kitchen, LL theatre room). The median price in town is $269,900 for a 3-bedroom Split Level (1,344 sf, 2 baths, fp, 1 garage on .23 acres).

So far in 2008, 30 homes have closed, with prices ranging from $135,000 to $460,000 (median price $220,000). There are currently 45 homes under contract, but not yet closed. Asking prices range from $135,000 to $358,000 (median price $253,900).

In the year 2007, 243 houses sold in Newington. The low price was only $73,000 (for an estate sale of a Cape Cod (1,152 sf, 3 bedrooms, no garage, needing major renovations). The high price was $550,000 for a 4,088 sf Colonial with a 4-car garage built in 1988. The median price was $245,000 for an updated Ranch (newer roof & remodeled kitchen) offering 1,238 sf and a 1-car garage.

For detailed information about sales in your neighborhood, contact Brent by email or cell (860) 614-8927.

How many popular neighborhoods are there in West Hartford? Different people would argue for all of them! Webster Hill provides an elementary school within walking distance for most students (Conard High School is also just a few steps away for most). Also close by are West Hartford Center, the Noah Webster House, Rockledge Golf Course and 2 entrance ramps for I-84.

In Webster Hill, bordered roughly by Boulevard, I-84 and South Main Street, houses sold (median #) in 29 days over the course of 2007! Buyers liked what they found and usually found theirhomes quickly (fastest sale in 2 days and slowest 415 days). There were 57 single-family homes sold, at prices ranging from $425,000 to $145,000, with a median price paid of $257,500. That median price was for a split-level home with 1,244 sf of main floor living space, plus a 14x13 lower level family room, a 1-car garage, 3 bedrooms, 2 1/2 baths and a .37 acre lot. Most homes were build between the 1920s and the 1960s. Very limited land remains in this area for any new construction...

Currently, there are 83 3-family houses for sale in New Britain, Connecticut (as of 2/21/2008). Listed prices range from $345,000 to $138,000, with the average price (median) at $259,000.

In 2007, there were 76 sales of 3-family houses in town. Buyers paid prices ranging from $335,000 to $120,000 with the average price paid (median) at $245,000. Both owner-occupants and investors purchased these versatile properties. It is still possible for an investor in town to realize positive cashflow from the careful purchase of a 3-family house in New Britain!

For comparison purposes, there were 125 sales of 3-family houses in 2006. Buyers paid prices ranging from $495,000 to $57,500 with the average price paid (median) at $232,000.

Resolve to purchase your first 3-family in 2008; begin building your real estate portfolio while the interest rates are still low!