“Buyers” Market in Connecticut

May 20, 2009
Matt Isleib

 

 

 

 

 

 

It is a ‘buyers’ market in Connecticut and across the entire US. Even though real estate values continue to decline, there are a few bright spots staggered across the country where prices are stable. Aside from that the pickings are plentiful for the home buyer.

It seems as though no matter what town in Connecticut you are in you can find ‘cluster’ homes for sale. What I am referring to is driving down a road in a town in CT and all of sudden you stumble on a group of homes that are all for sale. Two in a row and the two across the street or three for sale in one complex, it  is mere coincidence but it does show if you like that particular area you have several homes to choose from. It is not like the neighbors all got together and decided hey let’s all sell.

Just to refresh everyone a ‘buyers’ market is a real estate market where there are more homes or inventory of homes than there are buyers. Making it favorable for those who want to buy for the first time and not so favorable if you are trying to sell. Even though mortgage rates are low and there is a tax credit for first time home buyers it is still a buyers’ market.

I recently drove through Milford, Trumbull and Monroe and had no problem finding some “cluster sales”. I snapped some photos so you see what I mean. Monroe and Trumbull are in Fairfield County and Milford is in New Haven County. All three towns have felt the downturn in real estate.

Putting aside the fact that there are cluster sales out there prices are low, mortgage rates are low, it is a buyers’ market and if you happen to be a first time home buyer you have $8,000 reasons to find a home. The spring market is here. And if you look hard enough you should not find it too difficult to find the home that you want. Happy house hunting.