Connecticut Real Estate
The Market in Connecticut
First Quarter 2008
It is a "buyer's market" as evidenced by property coming on to the market at less aggressive prices, and by the reduction of prices for homes have have remained on the market for a length of time. Real price is softer than a year ago in most areas.
With interest rates relatively low, the "bad news" in all the media can translate into a time of opportunity for homebuyers ready to purchase at this time. The basics rules still apply. Well priced homes are being sold. Buyers have the opportunity to choose well, after carefully learning the market. Even in this buyer's market, the right house at the right price should not be taken for granted, because there is competition in the market for the well price homes. It is a fact that buyer are not being taken for granted.
In answering the question of market strength for any of our clients, a generalization is not made. Variations in market strength varies from town to town and varies by price range within a given town. We look at market activity in the target price range and specific neighborhood if possible to gauge pressure most accurately, at the time any potential offer is made. Quantity of homes, percentage of current offering under contract awaiting closing, marketing times of recent sales and the relative attractiveness or scarcity of target property style is all considered. This allows a more accurate and responsible answer. The market date we use is current, and we share it with the client to allow the best understanding of the value expectation for any particular property.
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