Thursday, January 21, 2016

Connecticut is Out of Sync with the US as a Whole

We have posted charts this week, showing the increase or decrease in sales from 2014 to 2015 at different price points, both in CT and across the country.  You can see that sales here are higher on the lower end of the price spectrum, while higher-priced homes have increased more in other parts of the country.  This means that we are still, relatively, a buyers' market, whereas lack of inventory, combined with greater price increases, have combined to give sellers the edge in many other places. 

What does this mean for buyers and sellers?  If you are a first-time homebuyer, or a buyer moving into our region, you can buy more for your money than you could before, and more than in places that used to be equivalent in price to Connecticut.  If you are trading up or down, it shouldn't matter; you will sell for less than you hoped, but will buy again at the same lower prices.  If you are selling only, you may find that you cannot achieve the net price you wished, and that your asking price may have to be lower, or that you need to lower it now, if it has been on the market for some time.