Connecticut Real Estate Market Update

Our real estate market continues to remain flat, but
some segments remain hot. Here’s what you need to
know.

Selling your home? Get a home value report here


Looking to buy a home? Search all local homes for sale
here






We’re digging right into the numbers today to get to the
bottom of what’s going on in our real estate market. For
the last few years, we’ve been relatively flat across the
board. But now more than ever, this market is
price-point driven. We’re down about 2% overall in list
price from last month, and we’re also down by 1% in
sales.

Why are we seeing a decrease at all? Well, the issue
lies in the upper end of the market driving the overall
averages down. In the lower end of the market, we’re
still seeing much more competitive sales, multiple bids,
and some prices above asking. Higher-priced homes are
selling for less at the same time.

What does this mean for our market going forward? The
overarching issue continues to be Connecticut’s fundamental
business climate and challenges. I don’t fall on either
side of the political spectrum and I see merit on both
sides, but you can't deny the fact that Connecticut is in
trouble fiscally. We’re going to need leadership to be able
to get us out of that. I’m not sure we have that leadership
now. It's to be determined, but we are looking at a long
trudge through some murky waters. Luckily, the strong
national economy should keep us flat.





The upper end of the market is driving the overall
stats down.



We’re continuing to see buyers in our market at all
price ranges. There are folks out there who want to
buy here in Connecticut, many of whom are from New York.
There are tax advantages here when it comes to how much
you can write off. It’s capped at $10,000 a year right
now.

The challenge with these buyers is that they can be a
little bit pickier about what they want to be. They have
time to wait for the right home. They rarely tell me they
need to move. They want to find the right house and pay
the right amount. They aren’t trying to lowball folks,
but they do want to make sure they’re getting a fair
price. I can’t blame them. As a seller, how can you
deal with buyers like this? You can prepare by getting in
touch with someone like us as far in advance as possible
so we can make a plan of attack on how to get your home
sold on the market. Having more time is always ideal.
Today’s buyers don’t want to do the work, so doing it
yourself can really benefit you.

If you have any questions for me about buying or selling
a home or real estate in general, don’t hesitate to reach
out and give me a call or send me an email. I look
forward to hearing from you soon.