Local community and real estate information for Cheshire CT by your Cheshire Real Estate Experts, Sally Bowman Real Estate

Ignore the weather forecast - spring is already here, as far as Cheshire real estate is concerned! Home sales are warming up, and the days spent on market are growing shorter as the daylight hours grow longer! Here is a look at the highlights!

Cheshire homes sold during January 2013 spent an average of 72 days on market. This is a strong improvement over the same time last year when homes were spending over 100 days on market.

Median home prices from November 2012 to January 2013 increased 7.3%. The median home sales price for Cheshire during that period was $279,000. "Median" means that half of the homes sold for more than this price, and half of them sold for less. Please keep in mind that prices tend to be softer during the winter months; as our "low point" makes gains, it bodes well for home prices in upcoming seasons.

As of February, we are seeing more homes on the market at higher price levels, which has lifted the average listing price to $398,233. This is in line with the average sold price we saw in January of $352,750.

Conditions for Cheshire home buyers remain positive with low mortgage interest rates and reasonable home prices. The overall economy in Connecticut has been making gradual progress, which helps home demand. We also have fewer foreclosures on the market, which has trimmed home inventory and allowed home values to improve.

There are a few storm clouds on the horizon that bear watching. At the time of this post, the federal budget squabble is leading us closer to sequester, and the automatic budget cuts in federal spending could certainly have an impact on us. It would not be an overnight effect, but anything that disrupts consumer and business confidence could naturally slow down the housing market. This is a topic in motion and there are many economic opinions about it. The Hartford Courant offers several points of view of the possible fiscal outcomes for Connecticut.

No matter the headlines, remember that Cheshire homes are bought and sold during all market conditions! This is why using an experienced real estate team is so important. When you need real estate guidance, turn to us! We will tell you what's happening with home prices in your neighborhood, and provide you with the professional guidance you need for success! Call us today - we are ready to help you!

Sally Bowman
Sally Bowman Real Estate
Your Cheshire Real Estate Expert
Cheshire Homes

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Did you know that the Cheshire Public School District is ahead of the curve?

According to a recent article in the Cheshire Patch, Cheshire elementary schools average one computer for every 3.7 students. At the middle school level, there is one computer for every 2.4 students. Cheshire High School averages one computer per every 2.8 students.

This is above the State requirements for computer access, and positions our schools well for the new Common Core State Curriculum testing that begins in 2014.

The 2014-2015 common core tests will use computer adaptive testing to assess how well students understand course material, according to the Smarter Balanced Assessment Consortium website. As students take the tests, the computerized exams will adjust the difficulty level of the questions depending on the accuracy of the student's answers. This enables a student-tailored testing environment that would not be possible in a pen-and-paper, uniform test. This will result in individualized assessments that pinpoint where a student's abilities stand - and where he or she may need help.

Cheshire schools have long-invested in the technology and resources students need in order to excel in today's world. It pays off in the form of successful students and national recognition. In 2012, Cheshire High School was awarded a silver rank by U.S. News and World Report's rating of Best High Schools In America. Cheshire High School students ranked higher than CT averages in math and reading proficiency.

Cheshire High School is ranked #30 among Connecticut high schools, and ranked #1,171 nationally. The U.S. News rankings consider student proficiency and college readiness, including advance placement, when determining awards. If you're not impressed, consider the fact that many schools do not make it on this list at all!

Our good schools are another reason we enjoy a pleasant quality of life in Cheshire! Strong schools are the cornerstone of a strong community!

Are you ready to learn more about Cheshire, and see some of the beautiful Cheshire homes we have on the market? Contact us for neighborhood information, market activity, and the newest listings! As your Cheshire community and real estate experts, we are always ready to help you!

Sally Bowman
Sally Bowman Real Estate
Your Cheshire Real Estate Expert
Cheshire Homes

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Cheshire home buyers who expect the 2013 real estate market to look like 2012 are in for some news! If you saw our last Cheshire market update, you've noticed that homes are spending fewer days on market than they did a year ago. If you're thinking of buying a Cheshire home, it's time to get ready! Here are some mortgage updates to help you!

1. Mortgage interest rates are trending higher and are expected to gradually climb up throughout the rest of the year. You can watch mortgage rates by looking at the weekly rate survey by Freddie Mac; it's at the bottom left of their home page. Please keep in mind that the actual interest rate you may qualify for could be different. Your credit score, length of time at your job, and debt-to-income ratio all plays a role.

2. FHA-backed mortgages, which are popular for first-time home buyers in Cheshire, have new qualifying guidelines; things are a little tougher for those with lower credit scores. The mortgage insurance premiums have also increased in cost, and you can no longer waive them as your loan matures.

Mortgage insurance covers the lender in case of default, and since FHA loans require a small down payment, the insurance offsets the risk to the lender. Don't worry, I can refer you to a good mortgage lender who can explain FHA loans and help you!

3. The new Consumer Protection Act affects the way lenders look at loan applications. The rules basically abolish the risky mortgage practices that led to the housing crash. Lenders must prove that the borrower has the ability to repay the mortgage; not just during an introductory interest rate, as in the case of adjustable-rate mortgages, but also through the life of the loan. It means that new ARM loans will be hard to come by. Self-employed loan applicants will continue to face tough criteria. Get used to the detailed underwriting process; it's here to stay!

All together, it means that Cheshire home buyers shouldn't take anything for granted. The markets change, rates change, mortgage rules change. This is why you need expert guidance to help you capture the best opportunities and succeed in your home buying plans! And while we have good opportunities on the market, you cannot assume they will be there indefinitely!

As your Cheshire real estate professional, I am happy to share these tips with you! And when you have questions about buying or selling a home in Cheshire, CT, I will be here to help you! My team and I have the best in local market experience to help you succeed - contact us today!

Sally Bowman
Sally Bowman Real Estate
Your Cheshire Real Estate Expert
Cheshire Homes

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February 2013 Market Watch for Cheshire CT

Cheshire Active Listings: There are a total of 116 properties actively on the market with an average list price of $466,202.

Have you been checking your debit and credit card statements? If not, you will want to do so after reading this information from the Connecticut Better Business Bureau!

Credit card use is heavy during the holiday season. It creates the perfect opportunity for fraud and theft, especially because consumers are lax about checking their billing statements in the following months! You can protect yourself by following these important suggestions!

Keep transaction documentation - After completing an online order, look for a final confirmation page or email confirmation. Save a copy of the webpage and any e-mails for future reference. Save receipts from brick and mortar stores.

Verify if your personal information is protected – When shopping online, read the website’s privacy policy to understand what personal information is being requested and how it will be used.

Is your online purchase secure? - Look in the address box for the “s” in https:// and in the lower-right corner for a padlock symbol before paying. Don’t be fooled by fraud sites that feature convincing security measures. If you have doubts about a site, right-click anywhere on the page and select “Properties.” This will let you see the real URL (website address) and the dialog box will reveal if the site is “not encrypted.”

Beware of phishing – Legitimate businesses do not send e-mails claiming problems with an order or an account. This is a common phishing tactic trying to trick you into giving up your personal info. If you get such an email, do not call the number in the email. Do not reply to the email. Use the phone number on your monthly billing statement to contact your card issuer, if you want to check your records.

Watch out for skimming – If a store employee asks to see your credit card, watch everything they do. A dishonest store employee could scan the card on another machine before returning the card. The card number could then be used by the employee and/or sold to someone else. Make sure your receipt is accurate before leaving the register and keep it to verify against your billing statement.

Remember that under Federal law, consumers can dispute charges on their credit cards if they do not receive ordered items. Shoppers also have dispute rights if there are unauthorized charges on their credit cards. Many card issuers have "zero liability" policies to protect the cardholder if someone steals the credit card. You must report any such issues as soon as possible to your card issuer.

As a Cheshire business owner, I am happy to share these tips with you! And when you have questions about buying or selling a home in Cheshire, CT, I will be here to help you! My team and I have the best in local market experience to help you succeed - contact us today!

Sally Bowman
Sally Bowman Real Estate
Your Cheshire Real Estate Expert
Cheshire Homes

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For single family Cheshire properties there was a total of 144 homes listed as of January 18th and only 8 of the 144 Cheshire homes were actually newly listed in the past week. With an average of 2,585 square feet and 3 bedrooms, the average list price comes out to $443,622. Finally, these homes have an average of 227 days on the market.

The numbers for Cheshire condos are promising. The average list price is at $275,089 with a total inventory of 66. The average Cheshire condo size is currently sitting at 1,604 square feet, along with an average of 2 bedrooms, 2 bathrooms and 209 days on the market.

Sally Bowman
Sally Bowman Real Estate
Your Cheshire Real Estate Expert
Cheshire Homes

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If you are thinking of buying a home in Cheshire, CT, your best opportunity could be right now, in January! Yes, it is cold outside, but mortgage interest rates are having a January thaw! Here's why the spring home buying season could be early this year!

Bankrate.com recently announced that the benchmark mortgage interest rates for a 30-year loan have dropped to 3.60%!

It gets even better for 15-year mortgages; rates on those are as low as 2.89%! Rates like this make it feasible for Cheshire home buyers and refinancing homeowners to obtain 15-year mortgages and achieve mortgage-free living!

However, these very-low rates are not likely to stick around! Bankrate reports that the Federal debt ceiling debate has rattled the bond market, which in turn has caused a pullback in mortgage interest rates. Once the debt ceiling issue is resolved, most economists expect that interest rates will gradually rise later in 2013.

First-time home buyers should also be aware that FHA mortgage rates tend to be a bit higher than conventional mortgages. FHA loans allow a lower down payment amount, lower credit scores, and a higher debt-to-income ratio. They are a bit easier to qualify for as a result. In return for the higher risk, the rates are not quite as low as a conventional mortgage.

FHA mortgages also require mortgage insurance premiums that protect the lender in case of default. The good news is, these premiums are once again tax-deductible, if you itemize your Federal income tax return. Your tax preparer can tell you more, or you can find details at IRS.gov.

For more information about mortgages, contact us for referral to a reputable lender who can find the right loan for you!

Aside from mortgage rates, buying a Cheshire home now can mean lower home prices than what you are likely to see during the peak season! You also have less competition from other home buyers, who will be out in droves once the weather warms up. Buyer demand and limited inventory is a combination that can drive up home prices, so your best home buying advantage could be today!

For more information about the wonderful Cheshire homes on the market today, give us a call! Our experienced, friendly team will answer your questions, and walk you through the home buying process. Let us be your guide to Cheshire real estate!

Sally Bowman
Sally Bowman Real Estate
Your Cheshire Real Estate Expert
Cheshire Homes

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For single family Cheshire properties there was a total of 146 homes listed as of January 11th and only 6 of the 146 Cheshire homes were actually newly listed in the past week. With an average of 2,573 square feet and 3 bedrooms, the average list price comes out to $441,135. Finally, these homes have an average of 231 days on the market.

The numbers for Cheshire condos are promising. The average list price is at $267,013 with a total inventory of 66. The average Cheshire condo size is currently sitting at 1,572 square feet, along with an average of 2 bedrooms, 2 bathrooms and 209 days on the market.

Sally Bowman
Sally Bowman Real Estate
Your Cheshire Real Estate Expert
Cheshire Homes

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There are many reasons to "go green" when it comes to home energy use, and saving money is just one of them! The winter months can be especially hard on the household budget for Cheshire homeowners, but fortunately there are several things you can do to keep your utility bills under control!

Here are 10 energy-saving tips I put together for Cheshire, some of them coming from Energy.gov:

1. Use seasonal window treatments. In the winter, use heavy drapes and tight-closing blinds.

2. Prevent drafts. Apply foam weatherproofing strips in the inside of door frames to create a draft-free seal. Caulk window drafts or use clear plastic sheets to seal them up. You can find these kits at R.W. Hine Ace Hardware.

3. When it’s time to replace an appliance or water heater, buy an Energy Star-rated appliance. These models can save you 10% to 50% in annual operating costs!

4. If you have a fireplace, keep the damper closed unless you have a fire going. Check the seal around the damper to make sure it closes tight. If you never use the fireplace, plug and seal the chimney flue.

5. Turn your hot water heater temperature down to 120 degrees. Hot water heaters account for up to 25% of the energy use in your Cheshire home!

6. If you’re not already using them, replace your standard light bulbs with CFL bulbs. CFL’s use 75% less energy than traditional light bulbs!

7. Install water-saving shower heads. They are inexpensive and help you reduce your usage of hot water as well as your overall water consumption.

8. If you have a gas-powered furnace creating forced-air heat, lower the thermostat by 5 or 10 degrees while you are sleeping, and also whenever you plan to be away from home for a few hours.  You should also install a programmable thermostat.  The majority of your winter energy bill is spent on heating!

9. Instead of plugging small appliances and electronics directly into wall outlets, use power supply strips with surge suppressors. This protects your devices from stray voltage, and prevents them from drawing power needlessly when the power strip is off.

10. If you have ceiling fans that have a reverse-direction function, use them to circulate warm air during the winter. 

If you need help with your home energy costs, CTEnergyInfo.com offers resources and aid programs. The Town of Cheshire website also has several links for individual and business energy programs. 

As your Cheshire real estate professional, I'm happy to share home tips and real estate information to help buyers, sellers, and homeowners! When you have questions about Cheshire real estate, I'll be here to help you! Just give me a call!

Sally Bowman
Sally Bowman Real Estate
Your Cheshire Real Estate Expert
Cheshire Homes

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For single family Cheshire properties there was a total of 143 homes listed as of January 4th and only 2 of the 143 Cheshire homes were actually newly listed in the past week. With an average of 2,559 square feet and 3 bedrooms, the average list price comes out to $440,821. Finally, these homes have an average of 231 days on the market.

The numbers for Cheshire condos are promising. The average list price is at $265,576 with a total inventory of 66. The average Cheshire condo size is currently sitting at 1,564 square feet, along with an average of 2 bedrooms, 2 bathrooms and 219 days on the market.

Sally Bowman
Sally Bowman Real Estate
Your Cheshire Real Estate Expert
Cheshire Homes

Find Sally Bowman Real Estate on Facebook
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