Welcome back, everyone. Today I want to talk to you about the spring real estate market here in Connecticut. In particular, I want to talk about what buyers can expect in our market as the spring market is nearly here. Here are three things to keep an eye on:
1. Surge of inventory
Around March 1, you will see a big surge of inventory of 2 kinds of homes: Homes that have never been on the market, and homes that have failed to sell repeatedly since the recession. Now might be the time when these homes finally sell.
2. Steady interest rates
Our interest rates should stay steady at around 3.5%-4%. We shouldn’t see it go above 4% in the near future, so it’s a great time to buy.
3. Sellers think we are in a seller’s market
Although sellers are benefiting greatly in our market, we are not quite at a seller’s market yet. Right now, we are in fact in a very neutral market. Buyers and sellers need to come together to get the fair market value for the homes out there. At the end of the day, it’s about coming together to get the right price.
If you have any questions for us, or are interested in buying or selling in Connecticut, give us a call or send us an email. We can’t wait to hear from you!