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The Process of Buying a House in Milford, CT

When searching for homes to buy in coastal Connecticut, many individuals and families look at real estate in loan Milford. Some people are attracted by the area's high incomes and proximity to major cities. On a typical day, it's possible to find hundreds of stand-alone houses, condominiums and townhouses for sale in Milford. About one out of seven residential buildings on the market were recently constructed. Local buyers have several appealing options for purchasing and financing homes.


Pricing

In this city of approximately 53,000 people, the typical house is priced at $402,000. The National Association of Realtors reports that this statistic exceeds the U.S. average, but it's about $121,500 less than the statewide figure. Data from 2012 and 2014 shows that asking prices increased by roughly 7 percent in two years. Mobile home owners often ask about one-third as much as sellers with condos or townhouses. As of early 2015, homes in Milford actually sell for around $273,000. They cost an average of $180 per square foot.


Buying

Homebuyers can choose to purchase properties directly or work with real estate agents. Multiple realty agencies maintain offices in Milford. They list homes on their websites, advertise in local media and regularly schedule open houses. Both agency and private ads appear in the Milford Mirror newspaper. Buyers also find properties on classified and for-sale-by-owner websites. Some of these services have sections dedicated to Milford; others place local listings alongside real estate in New Haven.


Borrowing

Relatively few people can afford to buy houses without borrowing money. Homebuyers may obtain mortgages from several different institutions with branches in Milford. They include banks, credit unions and lenders that specialize in mortgages. Buyers need to apply for membership before they can obtain a credit union loan in Milford. Nonetheless, the AARP reports that these organizations generally charge lower interest rates and provide friendlier service. Borrowers often take closing costs and repayment options into account when selecting the most suitable lender.

Today, financial institutions normally expect substantial down payments from homebuyers. Many people find it difficult to save this much money. However, two down payment assistance programs can help some individuals purchase houses in Milford, CT. The Housing

Development Fund assists buyers in certain counties who meet income requirements and haven't recently owned homes. Likewise, the Connecticut Housing Finance Authority supplies low-interest down payment loans to residents with sufficient income and inadequate savings.