The housing market in Connecticut has seen significant changes in the past several years, much like other states throughout the nation. But what in particular has been happening with Connecticut housing prices? Where is it going up and where is it going down? Understanding the drivers behind these shifts is critical for sellers and buyers alike. Factors such as median household income, local economic health, lending practices, and back-end ratios also play significant roles in the housing market's volatility.

The median household income is a key factor to consider when examining Connecticut's housing market. The median household income in a town can greatly impact the typical home value. High-income towns like Darien, Greenwich, and Westport…

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Think creatively and look for opportunities - State of the market for new buyers in New London County

It is no secret that the housing market is in a tough situation right now. The problem is that the majority of Americans, no matter where they live, cannot afford to buy a home in the cities or towns in which they work. Why is that the truth? Looking back on the market, the selling price, along with the price per square foot, were at all-time highs just before the financial crisis in 2008. 

These all-time highs eventually dropped to all-time lows around 2015, before they started to slowly climb back up. Then, we had a global pandemic that decided to take a slow climb and accelerate at an exponential pace, and the slope of median selling…

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How to Evaluate Commercial Property

Tax rates, even within a state, are not universal! In Rhode Island, commercial mill rates or tax rates are different compared to the residential rates in some towns, but the same in others. The average residential property tax for the 39 municipalities in Rhode Island is 15.65 for residential property, but 19.60 for commercial property, but only 21 of the municipalities have a higher rate! Why is there this discrepancy? What do some towns provide that makes the mill rate different? 

A higher commercial tax rate often reflects the higher level of services available within the area. But this might also reflect the degree of reliance on property tax within the municipality. Tax rates are higher within areas…

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How to Determine the Relative Cost of Similarly Priced Properties.

When you start your home search, understand your purchase power. Although “location, location, location” is a common phrase in real estate, location also impacts the relative value of similarly priced properties in different towns.

Real estate taxes vary drastically by town in the state of Rhode Island. Unlike Connecticut which utilizes 70% of a home’s value, Rhode Island takes 100% of your home’s assessed taxable value when calculating property taxes. These property taxes are calculated using the assessed taxable value of the home and a mill rate. A mill rate (tax rate), in other words, is the amount of tax payable per dollar of the assessed value of a property.

For…

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