CONNECTICUT, USA — The Connecticut real estate market is on fire!
“It is a different market than we’ve ever experienced. I’ve been in the business for 34 years, and I can tell you we haven’t had anything quite like this. Then again, nobody’s experienced what we have in this past year,” said Shelly Dowling, Realtor, Coldwell Banker.
People are putting a lot of value on the place they call home with many moving out of cities and into suburbs with a little more space.
“People coming in from New York are savvy enough that they’re looking I’m sure, everyone’s looking online, and they’re also coming in and they’re ready to make a decision usually quickly,” said Dowling.
Pair that with buyers in Connecticut, and you have a lot of market demand with low inventory.
“There are stories of 50 offers. It was like a wedding, they had a policeman there in Monroe to manage the traffic because there were so many showings and people are just dying to get into these houses,” said Kim Levinson, Realtor, Coldwell Banker.
So how do make sure you’re getting the best bang for your buck if you’re buying? How far will your money take you?
FOX61 looked at homes in the $500,000 range.
Listed for $579,900, one is a 3400 square foot Monroe colonial with three bedrooms and two and a half baths on about a third of an acre in the Great Oak Farm community. Compare that with a $549,900 Bristol ranch with four bedrooms and four bathrooms with about 4,000 square feet on a 25,000 square foot lot. Realtors say it’s all about location and the city or town you’re buying in. It also depends on the neighborhood in that community.
No matter what the price though, you’ll have to go in with a good offer. There are a lot more buyers heading into the market ready with cash offers.
“It’s very difficult for the buyers right now. I think the main thing they have to realize is they’re overpaying. They’re all aware of it. They’re fully aware of it. If something’s priced right, they have to go above asking, and you’re kind of gambling. They don’t know what the other offers are,” said Levinson.
“We’re in a position now, where in multiple offer situations, it’s not uncommon to go 30, 40, even 50 thousand dollars above the asking price and not get the house. So some buyers and realtors are trying to be aggressive, and they’re waiving certain contingencies to make their offer more attractive to the sellers,” said Ryan Smith, Broker and Owner, Tier One Real Estate.
Because right now, it’s a seller’s market. Homes are going for $70,000 to $100,000 more than they would have before the pandemic.
“Just in the past year due to COVID, we’ve seen a 15 to 20 percent increase in home values in Hartford County, so it’s been a significant increase in demand,” said Smith.
So the next question becomes should you sell your home?
“Now is probably the best time I’ve seen in 21 years to sell your house,” said Adam Clemens, VP of Sales, Century 21 Clemens Group.
But with one caveat: you need to have a plan.
“You need to first and foremost have an alternative place to live, so if you’re moving out of state, that’s a consideration, but moving within state, like for people downsizing has become quite a bit of a challenge and that’s because it’s super competitive,” said Clemens.
The realtors say while you may get more for your house right now, you’ll also be looking at paying more for the next purchase. It’s something to keep in mind.
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