Prices dropped in Connecticut last year in most places. We also have the lowest appreciation of almost all the states. And only a few towns are back to 2006 price levels. So why is this a good time to sell?
There are buyers. Everywhere. Millennials are coming into the market, now that they are marrying and having children. They need places to live, and, surprising, are choosing many of the same things that their parents chose. Although they do want smaller houses, on smaller lots, in neighborhoods with sidewalks, they are having to pick from what's available. Your home could be on the list, if you list now.
They have money. Mortgage rates are very low still, by historical standards. What matters to buyers is what they need to have for a monthly payment. If interest rates are lower, they can pay more. It's that simple. In addition, many of them are in dual career families, and those that aren't burdened by student debt, and even some that are, can afford what's for sale.
There isn't enough supply. Obviously, you will get more for your property if many people are competing to get it. High demand also reduces what sellers lose in inspection problems, assessments, and closing costs, because back up buyers keep people in contract, and asking for less. Things sell faster, too, when there aren't enough to go around. This is more likely in places like Connecticut, where lack of land, high building costs, and a poor economy led to less construction over the past decade.
You will get more for your money when you purchase your new home. If you are buying where you are selling, it doesn't matter whether you buy and sell high, or buy and sell low. It evens out. Caveat: Most sellers end up spending more on finishes and add-ons, so that even a downsized home costs close to what their original, larger home cost. It's still a good deal. Even if you plan to winter elsewhere, a summer home near your friends and family will make sense.
Still not convinced? Think about the stock market. Why not put some of your gains into real property? There couldn't be a better time than the present to make that decision, or so it seems to many pundits. And you will have more years to enjoy your new home!
