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April 8, 2021

7 Watercress Ave. Norwich CT

New Listing !!

Check out this bright & sunny 3-Bedroom, 2-Bath Colonial home nestled on a quiet side street in Norwich, CT! The beautiful stone patio will be the perfect spot to enjoy your morning coffee while listening to the sounds of the nearby river. Stepping inside you will find a spacious living area with abundant natural light and hardwood floors throughout. The kitchen features granite countertops and large picture window overlooking the backyard. This well-cared for home won't last long! Schedule your showing today. We are always here to help!

 

𝐓𝐡𝐞 𝐁𝐢𝐥𝐥 𝐇𝐞𝐞𝐧𝐚𝐧 𝐆𝐫𝐨𝐮𝐩

𝐖𝐡𝐨 𝐘𝐨𝐮 𝐖𝐨𝐫𝐤 𝐖𝐢𝐭𝐡 𝐌𝐚𝐭𝐭𝐞𝐫𝐬.

 860.460.8053

billheenan@billheenan.net

https://www.billheenan.net

Posted in New Listings
April 8, 2021

900 Vauxhall St Ext. Waterford CT

New Listing !!

Spectacular 5000 Sq/Ft Contemporary Cape with 5 Bedrooms & 3.5 Bathrooms situated on a 2.76 Acre Parcel. Check out our Pics & VR Tour. Beautifully shaped In-Ground Salt Water Pool, Natural Stone Walls and a scenic 36' x 24' Three Stall Barn w/ a Loft just waiting to be finished. Huge 1st Floor Master Suite, Gleaming Hardwoods, 9' Ceilings, Windsor Moldings, Open Rail Balcony, Floor to Ceiling Field Stone Fireplace, Great Room w/ Vaulted Ceilings & Electric Skylights, Custom Granite & Stainless Kitchen w/ 36" Wolf Duel Fuel Stove, Gigantic Breakfast Island, Six Zone Whole House Audio System, Central Vacuum, Whole House Sound Proofing System, Extensive Security w/ 8 Exterior Cameras, DVR & Remote Access & a comprehensive Lawn Sprinkler System. The fully finished walkout lower level is an ideal In-Law set up for those aging parents or 'Getting Older' kids. We are always here to help!

 

𝐓𝐡𝐞 𝐁𝐢𝐥𝐥 𝐇𝐞𝐞𝐧𝐚𝐧 𝐆𝐫𝐨𝐮𝐩

𝐖𝐡𝐨 𝐘𝐨𝐮 𝐖𝐨𝐫𝐤 𝐖𝐢𝐭𝐡 𝐌𝐚𝐭𝐭𝐞𝐫𝐬.

 860.460.8053

billheenan@billheenan.net

https://www.billheenan.net

Posted in New Listings
April 8, 2021

16 Laurel Crest Dr. Waterford CT

New Listing !!

Holy Great Neck!! Just bring the bikes! Located only a short ride from Harkness Park, Waterford Beach, The Eugene O'Neil Theater & everything else the southern side of Waterford has to offer! This Four Bedroom & Two Bathroom Colonial is a great opportunity for a First Timer or an Old Timer! Large 'Eat-In' Updated Kitchen, Stainless Appliances, Hardwood Floors Up & Down, Terrific Floor Plan, First Floor Family Room, Fireplace, Front Porch, Large Deck, Full Basement & a Two Car Garage. Check out those Pics & Virtual Reality Tour. Fantastic residential lot on a wonderful Waterford cul de sac. Close to Schools, Playgrounds, Shopping & The Library. Welcome FHA & VA Buyers. It is a great time to buy a house! We are always here to help!

 

𝐓𝐡𝐞 𝐁𝐢𝐥𝐥 𝐇𝐞𝐞𝐧𝐚𝐧 𝐆𝐫𝐨𝐮𝐩

𝐖𝐡𝐨 𝐘𝐨𝐮 𝐖𝐨𝐫𝐤 𝐖𝐢𝐭𝐡 𝐌𝐚𝐭𝐭𝐞𝐫𝐬.

 860.460.8053

billheenan@billheenan.net

https://www.billheenan.net

 

Posted in New Listings
April 8, 2021

31 Oswegatchie Rd. Waterford CT

New Listing !!

Everywhere you look. Water! Water! Water! Direct Niantic River Waterfront Embankment Ranch Style Home w/ an 80' Deep Water Dock! Just bring the boats! Check out those Pics & Virtual Reality Tour. Unique waterfront covered patio w/ a wood burning fireplace. Open & Contemporary Floor Plan. First Floor Bedroom. First Floor Laundry. Perfect 'In-Law' set up in the Walkout Lower Level. Spectacular location on the Eastern Shores of the Niantic River w/ Wonderful Views of Oswegatchie Hills, Sail Boats, Water Skiers, Osprey, Water Foul & the occasional Bald Eagle. It is a great time to buy a house. We are always here to help.

 

 

𝐓𝐡𝐞 𝐁𝐢𝐥𝐥 𝐇𝐞𝐞𝐧𝐚𝐧 𝐆𝐫𝐨𝐮𝐩⁣

𝐖𝐡𝐨 𝐘𝐨𝐮 𝐖𝐨𝐫𝐤 𝐖𝐢𝐭𝐡 𝐌𝐚𝐭𝐭𝐞𝐫𝐬.

860.460.8053

billheenan@billheenan.net

https://www.billheenan.net

 

 

 

Posted in New Listings
April 8, 2021

251-1 Mile Creek Rd. Old Lyme CT

New Listing !!

A true New England gem! Sitting on a sunny 1-acre lot, this charming 3 bedroom, 1 1/2 bath cape cod-style home has had only one owner for the past 57 years. Inside the home features two fireplaces; one in the formal living room- complete with built-ins, and the other in the partially finished basement. Beneath the carpeting original hardwood flooring is just waiting to be revealed. Outside, the detached 2-car garage features power openers and additional storage space. The deck off the back of the house will be the perfect spot for outdoor entertaining- a New England-style clam bake would be just the thing this summer! Many updates have been completed in recent years including newer vinyl siding, roof replacement in 2014 and a new boiler installed in January of 2021. Schedule your private tour today! We are always here to help!

𝐓𝐡𝐞 𝐁𝐢𝐥𝐥 𝐇𝐞𝐞𝐧𝐚𝐧 𝐆𝐫𝐨𝐮𝐩⁣
𝐖𝐡𝐨 𝐘𝐨𝐮 𝐖𝐨𝐫𝐤 𝐖𝐢𝐭𝐡 𝐌𝐚𝐭𝐭𝐞𝐫𝐬.⁣
860.460.8053⁣
billheenan@billheenan.net⁣
Posted in New Listings
March 29, 2021

What Is the #1 Financial Benefit of Homeownership?

There are many financial and non-financial benefits of homeownership, and the greatest financial one is wealth creation. Homeownership has always been the first rung on the ladder that leads to forming household wealth. As Freddie Mac explains:

“Homeownership has cemented its role as part of the American Dream, providing families with a place that is their own and an avenue for building wealth over time. This ‘wealth’ is built, in large part, through the creation of equity…Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”

Odeta Kushi, Deputy Chief Economist at First American, also notes:

“The wealth-building power of homeownership shows that home is not only where your heart is, but also where your wealth is…For the majority of households that transition into homeownership, the most recent data reinforces that housing is one of the biggest positive drivers of wealth creation.”

Last week, CoreLogic released their latest Homeowner Equity Insights Report, which reveals the surge in wealth created over the last twelve months through increased home equity. The report makes five key points:

  1. Roughly 38% of all homes are mortgage-free
  2. The average equity gain of mortgaged homes in the last year was $26,300
  3. The current average equity of mortgaged homes is greater than $200,000
  4. There was a 16.9% increase in total homeowner equity
  5. Total homeowner equity reached over $1.5 trillion

Here’s a map that shows the equity gains by state:What Is the #1 Financial Benefit of Homeownership? | MyKCMIncreasing equity is giving homeowners the power to better manage the challenges of the pandemic, especially for those spending more time at home. In the report, Frank Nothaft, Chief Economist for CoreLogic, explains:

“This equity growth has enabled many families to finance home remodeling, such as adding an office or study, further contributing to last year’s record level in home improvement spending.”

The financial advantage homeowners have has not gone unnoticed. In the same report, Frank Martell, President and CEO of CoreLogic, states:

“This growing bank of personal wealth that homeownership affords was noticed by many but in particular for first-time buyers who want a piece of the cake.”

Increasing wealth benefits more than just homeowners.

Last year, the Rosen Consulting Group released a report outlining the benefits of homeownership. In that report, they explained what an increase in net worth – which they call the “wealth effect” – means to the economy:

“In economic literature, the wealth effect is a term used to describe the fact that individuals have a tendency to increase their spending habits when their actual or perceived wealth increases. For homeowners, the latent savings achieved by building equity in their home and the growth in home values over time both contribute to increased net worth. Through the wealth effect, this in turn translates to households having a greater ability and willingness to spend money across a wide range of other types of goods and services that spur business activity and provide a positive multiplier effect that creates jobs and income throughout the economy.”

Bottom Line

Homeownership builds wealth through equity, and this creates a positive impact for homeowners and their communities. Let’s connect today if you’re ready to invest in a home of your own.

 

𝐓𝐡𝐞 𝐇𝐞𝐞𝐧𝐚𝐧 𝐆𝐫𝐨𝐮𝐩. 𝐖𝐡𝐨 𝐘𝐨𝐮 𝐖𝐨𝐫𝐤 𝐖𝐢𝐭𝐡 𝐌𝐚𝐭𝐭𝐞𝐫𝐬

860.460.8053 | billheenan@billheenan.net | www.billheenan.net
Posted in Tips & Advice
March 25, 2021

How to Make a Winning Offer on a Home

Today’s homebuyers are faced with a strong sellers’ market, which means there are a lot of active buyers competing for a relatively low number of available homes. As a result, it’s essential to understand how to make a confident and competitive offer on your dream home. Here are five tips for success in this critical stage of the homebuying process.

1. Listen to Your Real Estate Advisor

An article from Freddie Mac gives direction on making an offer on a home. From the start, it emphasizes how trusted professionals can help you stay focused on the most important things, especially at times when this process can get emotional for buyers:

“Remember to let your homebuying team guide you on your journey, not your emotions. Their support and expertise will keep you from compromising on your must-haves and future financial stability.”

A real estate professional should be the expert guide you lean on for advice when you’re ready to make an offer.

2. Understand Your Finances

Having a complete understanding of your budget and how much house you can afford is essential. The best way to know this is to get pre-approved for a loan early in the homebuying process. Only 44% of today’s prospective homebuyers are planning to apply for pre-approval, so be sure to take this step so you stand out from the crowd. Doing so make it clear to sellers you’re a serious and qualified buyer, and it can give you a competitive edge in a bidding war.

3. Be Prepared to Move Quickly

According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), the average property sold today receives 3.7 offers and is on the market for just 21 days. These are both results of today’s competitive market, showing how important it is to stay agile and alert in your search. As soon as you find the right home for your needs, be prepared to submit an offer as quickly as possible.

4. Make a Fair Offer

It’s only natural to want the best deal you can get on a home. However, Freddie Mac also warns that submitting an offer that’s too low can lead sellers to doubt how serious you are as a buyer. Don’t make an offer that will be tossed out as soon as it’s received. The expertise your agent brings to this part of the process will help you stay competitive:

“Your agent will work with you to make an informed offer based on the market value of the home, the condition of the home and recent home sale prices in the area.”

5. Stay Flexible in Negotiations

After submitting an offer, the seller may accept it, reject it, or counter it with their own changes. In a competitive market, it’s important to stay nimble throughout the negotiation process. You can strengthen your position with an offer that includes flexible move-in dates, a higher price, or minimal contingencies (conditions you set that the seller must meet for the purchase to be finalized). Freddie Mac explains that there are, however, certain contingencies you don’t want to forego:

Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”

Bottom Line

Today’s competitive market makes it more important than ever to make a strong offer on a home. Let’s connect to make sure you rise to the top along the way.

 

𝐓𝐡𝐞 𝐇𝐞𝐞𝐧𝐚𝐧 𝐆𝐫𝐨𝐮𝐩. 𝐖𝐡𝐨 𝐘𝐨𝐮 𝐖𝐨𝐫𝐤 𝐖𝐢𝐭𝐡 𝐌𝐚𝐭𝐭𝐞𝐫𝐬

860.460.8053 | billheenan@billheenan.net | www.billheenan.net
Posted in Tips & Advice
March 24, 2021

How to Be a Competitive Buyer in Today’s Housing Market

Some Highlights

  • With so few houses for sale today, it’s important to be prepared when you’re ready to buy a home.
  • Meeting with your lender early, knowing your must-haves and nice-to-haves, preparing for a bidding war, and keeping your emotions in check are all ways to gain confidence in the homebuying process.
  • If you’re looking for an expert guide to help you navigate today’s lightning-fast housing market, let’s connect today.

𝐓𝐡𝐞 𝐇𝐞𝐞𝐧𝐚𝐧 𝐆𝐫𝐨𝐮𝐩. 𝐖𝐡𝐨 𝐘𝐨𝐮 𝐖𝐨𝐫𝐤 𝐖𝐢𝐭𝐡 𝐌𝐚𝐭𝐭𝐞𝐫𝐬

860.460.8053 | billheenan@billheenan.net | www.billheenan.net
Posted in Tips & Advice
March 22, 2021

Will the Housing Market Bloom This Spring?

Spring is almost here, and many are wondering what it will bring for the housing market. Even though the pandemic continues on, it’s certain to be very different from the spring we experienced at this time last year. Here’s what a few industry experts have to say about the housing market and how it will bloom this season.

Danielle Hale, Chief Economistrealtor.com:

“Despite early weakness, we expect to see new listings grow in March and April as they traditionally do heading into spring, and last year’s extraordinarily low new listings comparison point will mean year over year gains. One other potential bright spot for would-be homebuyers, new construction, which has risen at a year over year pace of 20% or more for the last few months, will provide additional for-sale inventory relief.”

Ali Wolf, Chief Economist, Zonda:

“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed. This suggests more inventory will be for sale in late 2021 and into the spring selling season in 2022.”

Freddie Mac:

“Since reaching a low point in January, mortgage rates have risen by more than 30 basis points… However, the rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.”

Mark Fleming, Chief Economist, First American:

“As the housing market heads into the spring home buying season, the ongoing supply and demand imbalance all but assures more house price growth…Many find it hard to believe, but housing is actually undervalued in most markets and the gap between house-buying power and sale prices indicates there’s room for further house price growth in the months to come.”

Bottom Line

The experts are very optimistic about the housing market right now. If you pressed pause on your real estate plans over the winter, let’s chat to determine how you can re-engage in the homebuying process this spring.

 

𝐓𝐡𝐞 𝐇𝐞𝐞𝐧𝐚𝐧 𝐆𝐫𝐨𝐮𝐩. 𝐖𝐡𝐨 𝐘𝐨𝐮 𝐖𝐨𝐫𝐤 𝐖𝐢𝐭𝐡 𝐌𝐚𝐭𝐭𝐞𝐫𝐬

860.460.8053 | billheenan@billheenan.net | www.billheenan.net

 

Posted in Tips & Advice
March 21, 2021

6 Simple Graphs Proving This Is Nothing Like Last Time

Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Instead, real estate had one of its best years ever. Home sales and prices were both up substantially over the year before. 2020 was so strong that many now fear the market’s exuberance mirrors that of the last housing boom and, as a result, we’re now headed for another crash.

However, there are many reasons this real estate market is nothing like 2008. Here are six visuals to show the dramatic differences.

1. Mortgage standards are nothing like they were back then.

During the housing bubble, it was difficult not to get a mortgage. Today, it’s tough to qualify. Recently, the Urban Institute released their latest Housing Credit Availability Index (HCAI) which “measures the percentage of owner-occupied home purchase loans that are likely to default—that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates that lenders are willing to tolerate defaults and are taking more risks, making it easier to get a loan.

The index shows that lenders were comfortable taking on high levels of risk during the housing boom of 2004-2006. It also reveals that today, the HCAI is under 5 percent, which is the lowest it’s been since the introduction of the index. The report explains:

“Significant space remains to safely expand the credit box. If the current default risk was doubled across all channels, risk would still be well within the pre-crisis standard of 12.5 percent from 2001 to 2003 for the whole mortgage market.”

6 Simple Graphs Proving This Is Nothing Like Last Time | MyKCMThis is nothing like the last time.

2. Prices aren’t soaring out of control.

Below is a graph showing annual home price appreciation over the past four years compared to the four years leading up to the height of the housing bubble. Though price appreciation was quite strong last year, it’s nowhere near the rise in prices that preceded the crash.6 Simple Graphs Proving This Is Nothing Like Last Time | MyKCMThere’s a stark difference between these two periods of time. Normal appreciation is 3.8%. So, while current appreciation is higher than the historic norm, it’s certainly not accelerating out of control as it did in the early 2000s.

This is nothing like the last time.

3. We don’t have a surplus of homes on the market. We have a shortage.

The months’ supply of inventory needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance and will causes prices to depreciate. Anything less than that is a shortage and will lead to continued appreciation. As the next graph shows, there were too many homes for sale in 2007, and that caused prices to tumble. Today, there’s a shortage of inventory, which is causing an acceleration in home values.6 Simple Graphs Proving This Is Nothing Like Last Time | MyKCMThis is nothing like the last time.

4. New construction isn’t making up the difference in inventory needed.

Some may think new construction is filling the void. However, if we compare today to right before the housing crash, we can see that an overabundance of newly built homes was a major challenge then, but isn’t now.6 Simple Graphs Proving This Is Nothing Like Last Time | MyKCMThis is nothing like the last time.

5. Houses aren’t becoming too expensive to buy.

The affordability formula has three components: the price of the home, the wages earned by the purchaser, and the mortgage rate available at the time. Fifteen years ago, prices were high, wages were low, and mortgage rates were over 6%. Today, prices are still high. Wages, however, have increased, and the mortgage rate is about 3%. That means the average homeowner pays less of their monthly income toward their mortgage payment than they did back then. Here’s a chart showing that difference:6 Simple Graphs Proving This Is Nothing Like Last Time | MyKCMAs Mark Fleming, Chief Economist for First American, explains:

“Lower mortgage interest rates and rising incomes correspond with higher house prices as home buyers can afford to borrow and buy more. If housing is appropriately valued, house-buying power should equal or outpace the median sale price of a home. Looking back at the bubble years, house prices exceeded house-buying power in 2006, but today house-buying power is nearly twice as high as the median sale price nationally.”

This is nothing like the last time.

6. People are equity rich, not tapped out.

In the run-up to the housing bubble, homeowners were using their homes as personal ATM machines. Many immediately withdrew their equity once it built up, and they learned their lesson in the process. Prices have risen nicely over the last few years, leading to over 50% of homes in the country having greater than 50% equity – and owners have not been tapping into it like the last time. Here’s a table comparing the equity withdrawal over the last three years compared to 2005, 2006, and 2007. Homeowners have cashed out almost $500 billion dollars less than before:6 Simple Graphs Proving This Is Nothing Like Last Time | MyKCMDuring the crash, home values began to fall, and sellers found themselves in a negative equity situation (where the amount of the mortgage they owed was greater than the value of their home). Some decided to walk away from their homes, and that led to a wave of distressed property listings (foreclosures and short sales), which sold at huge discounts, thus lowering the value of other homes in the area. With the average home equity now standing at over $190,000, this won’t happen today.

This is nothing like the last time.

Bottom Line

If you’re concerned that we’re making the same mistakes that led to the housing crash, take a look at the charts and graphs above to help alleviate your fears.

Posted in Tips & Advice