Another lovely article reminding us how Connecticut has yet to recover (particularly in real estate) from the 2008 recession. But, what is encouraging is the direction that things are heading in. The article mentions that home sales did start to slow down and the median price has been generally lower. But, for the first time in a decade or more, the average home price went up from one month to the next. Good news in general.
Connecticut home sales fall in May, prices surge (click to read)
What’s not surprising, but is a growing concern, is the number of homes that are sitting on the market because they are outdated. Buyers have become more particular about not wanting to purchase a project. Sure, some people love the idea of buying a fixer-upper. Generally though, especially in certain price ranges – no one wants to buy a project. And right now, the inventory in Connecticut has too many houses that aren’t meeting buyer expectations. Not modern enough. Dated cosmetics. Aging roofs and windows. Inefficient heating systems or outdated wiring. For some buyers, these challenges affect their loan options as well. So, sellers are faced with one of two scenarios. Lower the price repeatedly and just get the house sold. Or, put money into it and hope to get it back. If you’re looking to sell…why would you make the investment? It’s not just the use of your money, it’s your time. It’s management of the contractors and then making sure they are licensed, pulling permits, etc., etc., etc.
But, regardless – if you’re curious about the CT average home sale price and other notes – it’s a good article.
Want to chat? Sell your home? Give us a call.