Markets across the country give us a glimpse of what we will most likely experience in our state. Nationwide, we’re seeing supply contraction—the number of houses on the market is going down. This is especially true in California, Las Vegas, Florida and New York, specifically New Your City. Since these markets don’t have a lot of listings, the prices are starting to go up. They drive the U.S. market, which is ticking upwards.
So what does this mean for folks who live in Connecticut? Here in Connecticut we have a great amount of supply—an overabundance—but because we lag behind key markets nationwide by 6 to 12 months. This market won’t last forever. That’s why right now is a great time to buy. There is lots of supply. Stable prices. Fantastic interest rights. As we work through the pool of foreclosures and inventory that have sat on the market for so long, the prices will increase. It’s all about supply and demand!
Keep in mind that the mortgage loan rates are still low, which makes buying a home more affordable than ever. A 30-year fixed-rate mortgage hovered at record-low rates during 2012. If you wait and interest rates rise, you could get locked into spending a few hundred extra dollars a month on your payment. Ouch!
Give me a call so I can tell you where to be positioned and how to be successful in this market. Please contact me at (203) 727-8621 or AndySachs@CBMoves.com. We’d be happy to assist you.