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Connecticut Real Estate & Mortgage News
Real Estate News
The Connecticut apartment market continues to be red hot. Fueled by historically low interest rates and extreme appreciation, sellers are getting top dollar for their properties. There are still some real deals left out there but one has to be careful to avoid over paying.
According to the Hartford Board of Realtors, housing prices appreciated in Hartford County 13.2% from Feb 2004 - Feb 2005. Multi family and apartment buildings appreciated even more. Will this pace of appreciation continue? Probably not. We look for a more modest rate of appreciation of between 6 - 9% per year.
Still, where else can you get 1). A positive cash flow return on your investment 2). Lenders willing to finance most of your investment enabling you to leverage your assets and returns. 3). Someone else (tenants) to pay down your debt balance, therefore increasing your net assets. 4). Asset appreciation based upon the total value of your asset, not just your out of pocket expense. 5). Liberal tax deduction benefits. 6). The ability and option of taking profits tax free through refinancing equity, exchanges, and other strategies. ?
Mortgage News
Will the FED continue to raise rates? Some people think so. Higher FED rates lead to higher rates in the mortgage market affecting apartment owners' net operating income. You must know what mortgage is right for you to maximize your returns.
Alan Greenspan's tenure as chairman of the Fed will end on Jan. 31, 2006. And while there has been a bunch of speculation about who will succeed him, it's almost more interesting to think about what Greenspan will do once his term is up. Ben Bernanke, currently chairman of the president's Council of Economic Advisers and a former Fed governor, is widely considered one of the leading candidates for the job. We do not expect a big change in FED policy but will stayed tuned.
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