There’s quick-changing real estate news coming out of Fairfield and Southern New Haven counties. In my last blog, I told you how Connecticut’s real estate market lags behind key markets, such as California, New York and Florida by about six months. The U.S. is experiencing supply contraction. As the supply of homes on the market goes down, which key markets are experiencing, the prices start to tick upward. But Connecticut is catching up much faster than anticipated. Here in Connecticut we recently had an overabundance of supply, but the market is changing and the supply is now steady. We’re experiencing bidding wars. The same is true in northern Connecticut.
As far as price ranges, the lower-end homes—$300,000 to $550,000 range—are moving fast while those over $550,000 are a bit sluggish, but will pick up as we move along in spring.
What does the current market mean for the buyer? If you see a home you want, go for it because it won’t stay on the market for 180 days. Since there is not an overabundance of inventory, there’s more competition for those available homes and, hence, bidding wars. Here are a few tips. When a home that you’re interested in hits the market, plan to see it as soon as possible and make the best possible offer that’s at an appropriate price point for the seller. Remember, sellers are getting multiple offers.
What does this mean for the seller? If you’re thinking of selling, now’s the time. To get top dollar when selling your property, you should take advantage of steady inventory. Here’s the thing: supply and demand affect what you’ll get for your home. When everyone who has been thinking about selling their home puts their home on the market is not the time to dive in—if you want to get the most out of your home. If you put your home on the market now, you’ll be up against less competition, making your home look much better.
Give me a call so I can tell you where to be positioned and how to be successful in this changing market. Please contact me at (203) 727-8621 or AndySachs@CBMoves.com. We’d be happy to assist you.