Real Estate Values Don"t Move Like A Roller Coaster in Central CT
Historically, real estate values have a tendency to fluctuate in a manner similar to the ups and downs of a roller coaster. In the past decade this has truly been the case as home prices went from rising at a nominal rate that paralleled the economy's cost of living adjustments.
From 2003 forward, the ride was a wild one, with values skyrocketing like that first hill on a roller coaster, and when the mortgage crisis hit, the ride took a plunge, the return to a normal cycle has not been easy, nor has it been as quick to recover as most economists and the US population would have liked.
Here in Central CT, the ride has not been as active as other parts of the country. The rise from 2003 to 2006 was unlike any other real estate cycle in history. The corresponding drop in prices has been just as pronounced. Except, the towns delineated in the graph show a stall in the cycle that has yet to see a rcovery, and in reality is still on the decline to vlaues tht are lower than they were in 2003.
While other parts of the country are showing an increase in prices and in sales activity, here in Central CT, the prices are still in a decline.
If you are thinking about buying a home, the market couldn't be more to your advantage with the lowest interest rates we've seen in over 30 years.
If you're thinking of selling your home, then being sensitive to the market values and pricing it appropriately will be the best chance to move it.
Real estate,com prepared the following graphic to demonstrate the real estate market for the rest of the country. Here in Central Ct, the roller coaster has a flat track.
Riding the Trillion-Dollar Real Estate Recovery Roller Coaster.
Real Estate Values Don"t Move Like A Roller Coaster in Central CT
Comments(7)