Selling your house? Connecticut home values continue to rise
Earlier this year we started looking at how the market would react once the COVID-19 pandemic really took hold. As we’ve talked about before, especially since the start of March, the impact of the COVID-19 virus left everybody wondering what direction the economy would head. When we look specifically at real estate, and in our case for the state of Connecticut, what came of the COVID-19. There’s nothing but astonishing.
Classic tale of “Supply vs Demand”
We have watched our real estate market simply explode with activity. The classic scenario of demand outstripping supply hit in our state, just as it did in almost every market across the country. For Connecticut, sellers have enjoyed an unbelievable increase in pricing. On top of that, appraisers have supported those prices simply due to the lack of inventory which inherently creates an increase in home value. For Connecticut, sellers are seeing an unbelievable increase in pricing. On top of that, appraisers have supported those prices simply due to the lack of inventory which inherently creates an increase in home value.
Most assumed this would be short-lived. But we have watched it persist, in terms of Connecticut median price value increase, month over month. In April, May, June, July, and now August the median price value for Connecticut has gone up every month. In some cases as much as $15,000 a month over month.
When will it stop?
The reality is no one knows. Supply continues to be on the low side, and demand continues to outstrip what’s available we can only assume that price valuation will at least stabilize and possibly incremental increase. It begs the question of when will we see a retraction. In some markets, it is unlikely to see much if any. Again prices may stabilize and not shoot up anymore, or only at 1 to 2% in general, but as long as we are in a limited supply situation and buyers are capable of purchasing price valuation will be strong.
Sell your house and know your needs
It may sound odd, but when we talk to people about selling their house very few start out with asking the question “what are my needs?“ Instead, many people focused almost exclusively on “how much can I sell it for?“ In truth, there may be scenarios where it doesn’t matter how much you sell it for if it doesn’t meet your needs and goals. For example, simply selling your house and putting it up with a price on it doesn’t mean the markets going to pay that price. Even in a hot market like we have been seeing. So before you run down the path of listing your house at a price that you want talk to a realtor. Or, give us a call. As realtors and real estate investors we are aware of all the options available to you to sell your house. And not be taken advantage of. But it all starts with knowing what your needs and goals are and then finding the right solution to accomplish these.
Questions? Comments or suggestions? Let us know. We are always ready to help and love to talk about real estate.
Need to sell your house now?
But if you need to sell your house and simply need to get it done quickly, we can help you with that. Just call us today at 203-993-6700. Will get it done for you in just a couple of weeks.no fees, no closing costs, save on your realtor commissions and walk away with cash in hand.