This past Sunday the Hartford Courant ran an article written by Kenneth R. Gosselin titled "Play To Win, Rising Sales, Low Inventory Bring Back The Bidding War". In his article Gosselin does not claim that the Real Estate Market in Connecticut has turned around, but he makes several good points to show that the Connecticut Real Estate Market Is Showing Positive Signs For Sellers.
Gosselin, makes that clear in his opening paragraph were he states "As the spring home-buying season heats up in Connecticut, buyers increasingly find themselves locked in multiple bidding wars ....." Cosselin goes on to give a couple of examples of Buyers that he talked to who found themselves in a bidding war for the houses that they made offers on. However, I am not going to use Gosselin's examples here, we at McCue Mortgage have been seeing the bidding wars first hand. I have had a couple of my Borrowers run into multiple offer lately, but the best example of a bidding war that anyone at McCue Mortgage has come across, is one of the Borrowers that is working with our Inside Sales Manager, Cathy Kehoe.
Cathy has a Borrower that is selling her home, and purchasing another one. This weekend her Borrower's Realtor had an Open House on the property that she is selling in Glastonbury for just under $400,000. The Realtor ran the Open House on both Saturday and Sunday, which is very unusual, but what was even more unusual was she had 29 potential Buyers come through Open House over the course of the two days. Out of those 29 potential Buyers, the Realtor received 5 offers over the weekend. This along with the multiple offers that my Borrowers have been running into, I believe is a very good indication that the Housing Market in Connecticut is showing signs of life again.
Gosselin also pointed out in his article that "Through the first three months of this year, the number of single family houses on the market across all the state's eight counties averaged a backlog of 5.4 months ...... That's down 26 percent from 7.3 months for the same period in 2012". I am not a Realtor but my understanding is that if the inventory is under 6 months that it indicates a Sellers Market.
What all this means to me is that Buyers who have been waiting around to purchase a home, best not wait much longer. If this trend continues, the next thing should be for house prices to go up, and that means buying power going down for Buyers. With the Connecticut Real Estate Market Showing Positive Signs For Sellers, Buyers need to get into the market before it is to late.
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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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