Call for Action: CT Home Sales Tax Hike Imminent - Act Now!

Tell your lawmakers to vote “No” to H.B. 5885: An Act Concerning the Municipal Share of the Real Estate Conveyance Tax.

The Legislature’s Finance Committee recently reported out a bill that, if enacted, would re-impose the extra tax for two more years until June of 2010. This bill is now on the House Calendar. The House meets on Wednesday, April 16th at noon and is likely to act on the bill then. Lawmakers have continually allowed themselves to be influenced by the pressure of CCM, the Mayors and First Selectman who want this easy, hidden tax to remain in place.

What's At Stake:
If H.B. 5885 is enacted than property sellers will be responsible for paying this unfair sales tax for two more years. This regressive tax that targets a small portion of the population and is not based on a person ability to pay. During these particularly trying economic times homeowners should have the right to hang on to the equity they’ve earned in their homes. While some people can afford to pay this regressive tax, for many it is an unplanned expense at a time when resources are tight. This is particularly true in the current real estate market where many home sellers are actually losing money on the sale of their homes. In addition the tax robs seniors of equity they planned to use in retirement. It makes it more difficult to close a deal on a new home. And it cuts into savings for the future.

What you can do:
Go to - http://www.myhouse-mymoney.com and insert your town. You will be able email your thoughts regarding this punitive and selective tax to your legislators and Governor Rell.

It’s time Connecticut’s legislators do the right thing and do away with the extra tax.

State of the CT Real Estate Market

Contrary to media reports, the real estate market in central CT is not bad unless you are focused on only a Short-Term investment or you are a real estate 'flipper' where you purchase, rehab/update and then re-sell quickly.

Real Estate has always been an excellent Long-Term investment and now is a great time to purchase since there are real values that will yield a solid return on investment, especially when the market starts to solidify and prices rise again ... and yes, they will rise again.

To truly sieze the opportunities available, start with a buyer's agent. CT law Sec. 20-328-6a states that if you are to be represented by a buyer agent, you must ratify the relationship in writing so interview first and we would love to be at the top of that list! Our team has over 20 years of experience helping clients and our reputation is stellar. We offer a buyer counseling session on our website at http://www.AJCarrollTeam.com so check it out and then contact us for a personal visit.

Once you've got your buyer agent, since interest rates are low right now - it is wise to secure financing in advance through a reputable lender offering solid loan products with reasonable loan-to-value options.

Jenna and I work with a variety of stable loan originators that will be able to assess your asset/debt ratio and then provide your with options for a variety of loan packages. Once you have analyzed your available options, the loan originator you select will provide you with a pre-approval. We have worked with some lenders that just aren't any good. They make promises they can't keep and don't know what they are doing so please work by referral when it comes to having lenders quote you loan options.

Once we have the loan originator and loan package in place, you can shop with confidence and take advantage of not only the dip in the market but the opportunities that are available to you.

We are always here to help so visit our website for tons of property in our property search area and even more general information on buying and selling property.

We can also be reached by email so don't hesitate to contact us if you need some straightforward advice. Adorna@Adorna.com or Jenna@JennaCarroll.com