Silly Seasons

I was going to use a picture of Donald Trump’s hair to gain attention but decided I would be pandering for attention. OK, I can live with that. My apologies to my republican friends. Henceforth, let’s stick to the facts.

SILLY SEASON

Well now, political silly season is coming and with it, the quotes and facts that are misleading. We here in the real estate industry in CT suffer a bit of misleading information, albeit not intentionally trying for any desired effect. While the below are true statements, they do not reflect what is happening locally in the real estate market.
“Home Sales Hit 8 Year High – U.S. home resales rose in June to their highest level in nearly 8-1/2 years, a sign of pent-up demand that should buoy the housing market recovery and overall economy”
OR
The National Association of Realtors said on Wednesday existing home sales increased 3.2 percent to an annual rate of 5.49 million units, the highest level since February 2007.
OR
I heard on the CBS New York news this morning that according to the national “Realtors Association” – home sales are up 6.5% nationwide and the average selling time is one month!!

All true statementstrump-hair BUT – they have no merit in describing what is going on here in southern Ct. along the shore. Want the truth? The Ct shoreline is not doing well. The number of sales in Guilford (similar numbers occur in surrounding towns) in the 2nd ¼ show a decline from 77 to 71 sales, or 7.8% from the same period last year. Similarly, there has been a drop in the median price of 6.5% from $383,378 to $359,900. A slightly different statistic, the average sales price from this period shows a drop from $485,000 to $381,100 or 21.5%, which means that there are fewer more expensive homes selling.

To quote a fellow Realtor who I hold in high regard “It’s been depressing to read the national news, and to see how the real estate market around the country has finally begun to rebound healthily in most areas, while we sat in the state with 3 of the nation’s 6 worst markets”

Adding to the mix is the increasingly more difficult process of getting a mortgage. It is getting rare to obtain a mortgage in 30 days. The new CU regulation (Collateral Underwriting) mandates review of the appraisal and adds several days to the mix and more if any issues arise. Not a time for a pity party but a time for honest discussions between Realtors and their client about realistic expectations.

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