CONNECTICUT REAL ESTATE - THE MARKET IN CONNECTICUT
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The Market in Connecticut

Summer 2010

 

Wow...The real estate industry and its participants find themselves in a bucket of paradoxes. Depending on what you read, prices are stabilizing, rising in some markets, or falling and will continue. Everything seems plausible. Buyers who purchase now may be at the optimum moment of low interest rates, bottomed prices, and reduced competition...or not. So, buyers who are active in the market are those who feel it actually is a moment of opportunity, and who want to move their lives forward now without betting on the future to be better.

Financing is available, although it has become a strange world of unexpected requirements from most all lenders, as they and the appraisal industry adjust to changes that are not entirely established.

Given the erosion of prices over the past years, we may be at 2003 price levels (pricing has to be judged town by town, and often at the neighborhood level, and by price-range group). Numbers of transactions have decreased since the 2004 peak year. Hartford County has seen a 37% drop in the number of transactions, Fairfield County has decreased 70% (when peak year 2004 is compared to 2008). It is arguable that 2004 was higher that typical; this recognize, the drop remains indicative of the currently slower market. Financing has become unpredictable for the best of buyers requiring extra caution in choosing the financing source. We like to use lenders we know very well, who's performance capacity we know.

We are closing a higher percentage of short sale/foreclosure transactions in than in past years, as they listings represent a larger share of the market. These are not always the bargain that might be anticipated but can offer an opportunity.

The basics rules still apply. Well priced homes are being sold. Buyers have the opportunity to choose carefully, and sellers are making every effort to nurture a well qualified and well presented buyer.

In answering the question of market strength for any of our clients we look at market activity in the target price range and specific neighborhood if possible to gauge pressure most accurately. We will look very closely at the specific market with you. Quantity of homes, percentage of current listings under contract awaiting closing, marketing times of recent sales and the relative attractiveness or scarcity of target property style is all considered.  

Call us to discuss any town or submarket within a Connecticut town.

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BUYER'S REPRESENTATIVE LLC
Exclusive Buyer's Agents (EBA). We are rare agency dedicated to the interests
of the buyer in all transactions. In 1994, we took a long term view that buyers would
come to seek out our services once the understood the difference in what we provide.

We are impassioned to provide the finer buying experience...and that translates simply into the best possible home at the best possible price.

We are like no other Realtor In Connecticut.
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Greenwich:  203-637-3200     Farmington:  860-674-0345 
   Litchfield County:  860-379-2664   Statewide:  203-REALTOR

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