The State of New Haven, Connecticut Real Estate
What’s all the buzz about New Haven, CT homes and why should home buyers and investors be keeping their eye on them?
Connecticut real estate is often overlooked by investors and global home buyers, but many are now waking up to its attraction.
Connecticut real estate may not claim as much media coverage as San Diego, Miami or New York but in the current market that is actually a major plus for both everyday home buyers and investors looking to cash in on the current market.
We’ve all heard how swarms of real estate investors are descending on places like Phoenix, Atlanta and Sacramento and also how CT homes are just now really feeling the pinch of the foreclosure crisis. This means a golden opportunity with the presence of distressed properties for sale at appetizing discounts, yet without all the competition of other markets.
New Haven, CT in particular deserves the attention of savvy home buyers and investors due to a combination of factors. It may not be the sexiest place in the world for buying a home but it is anchored by a strong foundation that will ensure it keeps growing in the right direction.
This is the 6th largest city in the region and home to Yale University and we know that isn’t going away anytime soon. Many also may not be aware of the strength of local industry which is grounded by healthcare, biotech, engineering and financial services.
This is a moderate Connecticut real estate market with mid-priced homes with 100 year old cozy homes in need of updating from as little as $30,000 on the cheap end, and up to $2 million for a lush private retreat on 6 acres.
Although there are foreclosures RealtyTrac reports just 1 in every 1,030 homes in the city received a new notice in September 2012, just a third of the rate being seen in Florida and other harder hit states. This means that while there are great buys to be made, the market is strong. And even though local home prices have still been finding their feet, locals and out of area investors have been becoming more active, pushing up sales volume by 8.4% since last year and the average price per square foot by 4.2% according to Trulia.
It’s a great time to buy CT homes, whether for long term wealth building and rental income, quick profits from flipping houses or just to lock in a great deal on a new residence.