Connecticut Real Estate Blog - Real Real Estate in CT

If anyone tells you we’re in a buyer’s market in Connecticut, kick them for me, please.

By Fall of 2006, it seemed like Connecticut’s real estate market was levelling off.  Buyers were out looking but not really buying, especially properties over the median value of around $250,000.  The slow market continued throughout Winter.  I was beginning to think I could finally get my first-time buyers into properties without fighting tooth and nail.

But something happened in March - buyers started sprouting up like the bulbs in my flower beds.  And, they started buying, especially starter homes and condominiums.   In the last two weeks, I’ve had four different buyers put in offers that were multiple offer situations.  And there were at least two offers on each of those.  It’s been a busy two weeks.

The properties had these characteristics in common:

• Move-in condition
• Priced right - either very close to or below recent comparable sales
• Would be considered entry-level or starter homes for the community or were condominiums
• They were in suburban communities usually more affordable to first-time buyers

What isn’t selling fast? Houses that need a lot of repairs or updates are sitting.  Houses above the median sales price  are also moving slowly in many towns. 

If you’re looking for a house, be aware that the market conditions vary greatly depending on the type of home you’re looking for and that the market is changing from month to month.  Market knowledge is especially critical.