Wow...The real estate industry and its participants find themselves in a bucket of paradoxes. Depending on what you read, prices are stabilizing, or rising in some markets, or falling (and will continue or won't). Every competing theory seems plausible. Buyers who purchase now, may be at the optimum moment of low interest rates, bottomed prices, and reduced competition...or not. Given the uncertainty, buyers who are active in the market are those who feel this actually is a moment of opportunity, or they are buyers who except the uncertainty and want to move their lives forward now.
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 in procedures and requirements. Financing has become unpredictable for the best of buyers. Extra caution is required in choosing the financing source. When possible we like to use lenders we know very well, who's performance capacity we know.
Given the erosion of prices over the past years, we may be at 2002-3 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 2004-5 peak years. Hartford County has seen a 37% drop in the number of transactions, Fairfield County has decreased 70% in number of transactions.
We are closing a higher percentage of short sale/foreclosure transactions in than in past year, as these listings represent a larger share of the market. These are not always the bargain that might be anticipated, but often they can offer a genuine opportunity.
The basics rules of smart home shopping still apply. Competitively 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 our clients in regard to a specific home of interest, we look at market activity in the price range (and the specific neighborhood) to gauge pressure most accurately. Quantity of homes, percentage of current listings under contract, percentage awaiting closing, marketing times of recent sales and the relative attractiveness or scarcity of target property style;.these relevant factors are weighed in judging market value for our buyers. Here is 2010 analysis for a neighborhood of Greenwich: Riverside . We offer a clients a close look at any neighborhood in CT.
THE BUYER'S REPRESENTATIVE LLC,
Exclusive Buyer's Agents (EBA).
We are rare real estate firm dedicated to the interests
of the buyer in all transactions. In 1994, we opened our buyers-only firm, taking a long term view in the belief that buyers would
come to seek out our services once the understood the difference in what we can do for them. This philosophy of "provide the better service and they will come," has benefited our clients and our firm.
We are impassioned to provide the finer buying experience. We believe that translates into the best possible home for our clients. Feel welcome to call for confidential Chat.
After-hours calls are welcomed.