Connecticut Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

July 9, 2020

The Rising Need for Extra Cash

The rising need for extra cash

Given the exponential growth of unemployment, Americans are now looking into different ways to get that much needed extra cash. Those who have savings are using their funds to survive bills during this pandemic but others don't have the stability or an emergency fund to do so. That's why many have turned to mortgage refinance since the rates are low and/or home equity loans. However, due to the high demand, some lenders have stopped accepting applications and some are tightening restrictions. One of the biggest worries for applicants is the employer certification restriction when applying. Due to the fact that many applicants are looking for extra cash because their unemployed, some are still requiring these certifications. On the bright side, there's still are lenders that are accepting applications and have reasonable requirements. 


Posted in Market Updates
April 18, 2020

How to Stay Proactive & Position yourself for a Post COVID-19 World

Here's How Home Buyers and Sellers Can Stay Proactive & Position Themselves for a Post COVID-19 World

 

Here's How Home Buyers and Sellers Can Stay Proactive & Position Themselves for a Post COVID-19 World

Thousands of realtors across the country know this script all too well. A listed property is one or two weeks in escrow and all of a sudden, the buyer pulls out, leaving the realtor scrambling for a replacement. Or a seller calling to say they’ll take down their listing because they can’t afford to sell at lower prices.

Over 10 million people filed unemployment claims by April 2, and with no end in sight yet, the economic prognosis for 2020 remains bleak. The real estate market has suffered its share of trouble: 41 and 45 percent of realtors have reported a decline in seller and buyer activity respectively. But in the face of fear and instability, businesses must find ways to forge ahead and remain afloat. Real estate is no different.

Brace for the Worst

There’s no saying the exact way the real estate market will be affected by the coronavirus pandemic. Experts say it’s still too soon to make predictions with any kind of certainty. Buyers are definitely afraid of job instability and loss of income within the next six months. The number of mortgage approvals has also declined.

Sellers and realtors alike should prepare themselves for a downturn in prices, at least in the short term. Those who can afford to want to hang on to their properties for a year or more to see how the market behaves. Even this move is risky, given the uncertainty. A seller might be better off taking a price hit of 5-10 percent to close a sale now than risk waiting around and having the market emerging as a buyer’s market.

Keep Preparing

Preparation for the buyer means that you keep researching and seeking pre-qualification. Since much of our activities have moved online, you’re likely to find houses whose floor plans, staging, square footage, and amenities are uploaded through various showing tools. Similarly, the shelter in place orders came with regulations to enable remote filing of important documents, which means you can still move the process of pre-qualification along.

For sellers, even without open houses, preparation is basically leveraging technology to present all aspects of your house to potential buyers. Depending on your state’s and local city’s regulations on real estate, you might be able to organize in-person showings, but this should be the last step for serious buyers, and remember to take all safety precautions.

Make all your disclosures at the beginning by sharing home inspection reports and any other necessary documentation. Remember that in this process, time of essence; you don’t want to spook a buyer who is ready to move forward in this period. You can find more selling tips during coronavirus to help you keep your listing and attract serious buyers.

Final Thoughts

Millions of people will have their livelihoods adversely affected as a result of the coronavirus pandemic. In the past, the economy has bounced back pretty well following different calamities, and we can only hope for a similar outcome once the virus comes under control.

In the meantime, stay informed about the trends and news affecting your market, whether you are buying or selling. To be forewarned is to be forearmed.

 

Stay home, and stay safe. We are closer to the end than when we began.

 

Posted in Market Updates
July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates