Expert Advice from Amy & Kyle Bergquist at Keller Williams Legacy Partners
Warning: What follows is a long, dry, stat-heavy summary without much original commentary or insight. It’s here because putting this together helped me think through the subject better. Proceed at your own risk. Hopefully at least one other person will find it interesting… I came across an article a while back that I’m still trying to wrap my head around. It’s a wide-ranging piece on the Bloomberg site called Private Equity Has Too Much Money
This past Saturday I had two showing appointments with two different clients, one in the morning and one in the afternoon. The morning appointment went fine. The afternoon appointment was a doozy. I had called the listing agent for the house the previous day because it was a fairly expensive short sale and I wondered how involved the bank was and if it would be a quick turnaround if my client was interested and put
I had some downtime last night, so I decided to look through the MLS to see how the multi family markets are holding up in the current environment. Although multi family properties can be found throughout the region, they make up a small fraction of the overall residential market in most towns. I started by identifying the towns in which they represent a meaningful portion of the housing stock, which makes the data more interesting
The Courant had an interesting article this morning about a family in Farmington that recently tried to sell their home as a short sale. They had an offer on their home and waited for 3 months for their bank to respond to the offer and authorize the short sale. The bank did not respond. The buyer eventually got tired of waiting and walked away. The house is currently in the process of being foreclosed upon.
I was just messing around with some data in the Multiple Listing Service. If you’re a real estate investor, toying with the idea of becoming a real estate investor, or a home buyer that would consider purchasing and living in a multi-family- you should take a very strong look at Hartford right now. Year-to-date, multi-family homes sales are down 24% in Hartford, compared to the same timeframe in 2007. The median price for multi-families in