Seller Market for sure, but Foreclosures are coming
The Connecticut Real Estate market has been on fire. It is a true seller market as we continue to see median price value jump up month-over-month. Over the past 12 months, we have seen median price values across the whole of Connecticut increase by 12%. But for how long? When will the market turn? There is concern shared by many economists that the pent up demand of “negative” inventory is on the horizon.
Think of this as the foreclosure market. These will be the homes that come to market as the banks are forced to move ahead with foreclosures on so many homes where the owners are unable to make their mortgage payments. There is a potential surge of inventory due to the unfortunate circumstances of lost jobs and wages due to COVID-19. As these homes start to flow through the system (currently on hold per the Fed), we will see the hot seller market start to cool off as inventory will increase. Buyers, both investors and retail buyers, will have multiple new options to consider. Thus creating the natural in supply and demand to favoring the buyer.
Foreclosure Market Looming
For so many, the very real possibility of a foreclosure is looming on the horizon. Even for those who historically met their mortgage payments, the job loss situation has created the possibility of a repeat event such as the foreclosure market of 2008-2010. But for different reasons.
Avoid Foreclosure and Save Your Credit
You have options. You can avoid the headache, stress and negativity of going through a foreclosure. We are a local Connecticut real estate service company with solutions to help all scenarios and situations. Even if you’re just looking for some information, give us a call (203-486-8868) or send an email ([email protected]). We’re here to help and there’s no obligation.