July 2, 2015
The market as we see it today
You have probably read articles recently referring to the real estate market having made a complete recovery back to 2006 levels. This is true of many markets. The desert southwest , California Coast and most major cities, including Boston and New York. However real estate markets are very localized and we, in Eastern Connecticut, have not seen prices climb. The Eastern Connecticut market has seen a recent rise in sales and activity. We are seeing "multiple offer" situations, a sure sign of a market that is warming up. This activity will lead to higher prices as our existing inventory of homes for sale gets reduced. My take on prices is that we are still sitting at 2011 levels with some rising prices along the shoreline.
Buyers need to understand what is happening and take advantage of that knowledge. Prices are rising in other parts of Connecticut. Inventories are coming down as a result of greater buying activity. Interest rates are stable and very low but slowly rising. For buyers sitting on the fence waiting for prices to come down,that ship has sailed. Over the next five years our prices will be only going higher. My advice to any renter with good credit, first time buyer or just someone looking for a deal is to get moving. Our lower priced homes (under $250,000) are going at a faster rate than any other market segment. Waiting WILL cost you money.
Call any of our four offices today at 860-887-1145 (New London County) or 860-779-1939 (Windham County) and ask to speak to an agent about purchasing a home. We will be happy to help you.