STATE OF REAL ESTATE 1639 – 2014

November, 1639 State of Real Estate 

Henry Whitfield had it easy. How was the market then? Pretty much open.HenryWhitfieldHouse1639Guilford_CT_sm

November, 2014 State of Real Estate 

TMI. There is just too much information about real estate on the news and internet. Unfortunately most of it is not put into appropriate context to do much good for people here in Connecticut and along the shore. They cite national trends or sometimes regional trends that do not reflect our shoreline area. So, my plea is do not listen to “trends” that are not specific to this state and to this area. Here is some information that is good for you to know.

Wherever I go I am always asked, “how’s the market”?  As many know, real estate started into a slump in 2006 and 8 years later, we still have not recovered. Certain states have recovered better than others and comparably, are doing fairly well. Unfortunately, Connecticut is not one of those states. Here is one very real stat you can believe. Including distressed transactions, on average, U.S. home prices remain 12.6 below their peak in April 2006. Here in Connecticut, prices remain on average 19.9 percent below their peak in April 2006.

A basic tenet of any economy is supply and demand. Not to oversimplify, too much supply, it is a buyers market, too much demand, it becomes a sellers market. There is an abundance of inventory right now and it is not getting any better any time soon. For example, in Guilford (most shoreline towns share the same “trend”) at the beginning of the selling season – April 1, there were 260 residential listings (no land, condos, rentals, commercial) in town. At the end of the selling season, one would like to think that we have made a dent in the inventory. Unfortunately, as of Nov 6th, there were 273 listings. That does not bode well for our hopes to get back to a more balanced market place. Faced with the usual seasonal slowdown, it may be a very long winter for many sellers.

Including distressed sales, Connecticut ranked 49th among all states for home price appreciation in September, with Connecticut prices rising 1.2 percent, according to CoreLogic.

Bottom line, if you have to sell, be realistic and get your house in order to show. We’d be happy to give you an honest opinion of value and how to get you the most for your home. If you are a buyer, my advice is to buy right now! In order to do so there are a few things to get you ready to buy once and buy right. Call us for an initial conference I call Boot Camp. It is a well spent hour or so to get you fit and ready for the market.

Visit Us On FacebookCheck Our Feed