NB Once Again the Place to Be
By Robin Vinci | Editor at August 6, 2024 | 6:30 pm | Print
New Britain Homes Selling in 2-3 Weeks
Those selling their homes in New Britain may be surprised to find out that right now they are selling fast. In fact homes are selling in an average of 22-34 days, the lowest numbers in 10 years.
Single Family homes have a median days to sell of 34. Multi-families are selling with a median of 22 days.
So far in 2015, per MLS Statistics, there have been 196 sales of Single Family homes and 97 sales of multi-family homes. The dollar value of these transactions has been $26,583,399 for single family (with a $118,500 median sale price) and $11,367,209 for multi (with a $100,000 median sale price).
“The prices are still being negatively impacted by a large number of distressed properties on the market; vacant homes in disrepair, foreclosures, and other such situations that result in houses being put on market at a lower than usual list price drag down the value of even the most pristine homes,” said Todd Cheney from Keller Williams Realty in West Hartford. “However, the median list price of a single family homes is up to $142,243, the highest since 2009, indicating demand is rising.”
Despite the increase in prices, the cost of homes in New Britain is still lower than surrounding towns.
“Part of the uptick in demand in New Britain has to do with our lower home prices being more attainable for the typical working class family,” said Cheney. “With a first time buyer program you can get an FHA loan with as little as 3.5 percent down (as opposed to the traditional 20 percent). With the 3.5 percent down payment, you can typically expect a person making $35,000 a year to be able to afford a $150,000 home and a person making $50,000 a year to afford a $220,000 home (These both assume no debt, which drastically changes the numbers and is a huge factor when getting a mortgage). A person making $50,000 with a $500 a month student loan payment would get knocked down to about a $150,000 house.”
So how much does it cost to buy a home in this area?
“In New Britain, $150,000 can get you a nice house. Something around 1100-1200 sq ft, 3-bedroom is typical in that price range here, and you have literally dozens of options at any point in time,” added Cheney. “In Berlin or Newington you’d be lucky to find six houses on the market for under $150,000 at any point in time, Plainville has plenty in that price range, but you’d be lucky to get 1000 square feet. New Britain simply offers great value and many options at a price point that is attainable for many people, especially first time home buyers.”
“We have been finding in New Britain and in the marketplace in general, there is quite a bit of activity in the $150,000 level and below,” said Sally Eigenraam of the HBO Realty Team of William Raveis Farmington office. “New Britain has affordable house rates. Many are going in three weeks.”
Eigenraam said houses need to be priced correctly and be clean.
“Sales are steady and prices in New Britain have gone up, but not astronomically,” Eigenraam said. “I’ve had some sell in four days at a price that was close to what was listed.”
Homes also depend on the location. In New Britain two prime areas have been the West End and the Belvidere section.
Buyers have included everything from new young married couples to seniors who want to stay in New Britain.
“Living in New Britain is not a negative,” said Eigenraam. “People see all the good things going on in this City. They talk about the good things that are happening. The negativity that used to be out there is not any more.”
