Buyers Market In Connecticut
The overwhelming sentiment in the current Real Estate market is that prices are dropping with no end in sight. One of the largest contributing factors is the substantial number of properties in distress which have been listed. These include; bank owned properties, properties in some stage of mortgage default, owners facing resets of their mortgages which they will not be able to afford and the usual mix of divorces, business failures, bankruptcies and estate sales.
Opportunities to buy nice homes at reasonable to bargain prices seldom occur to the degree currently available. Just like stock purchasing, you can't time the low point of the market for home prices with any certainty. You can however time the low point for purchasing a specific property.
When certain conditions exist for the seller of a property, such as a possible short sale, a buyer has a distinct advantage in negotiating a great price for the home since the owner's emotional value perception is eliminated.
We all know perception is reality. When the owner removes themselves from the perceived value of their home in a short sale negotiation a true value can be established more readily by the parties. This should result in a good price for the buyer, an exit for the seller from this financial situation and a closed case for the banks' loss mitigation department.
It should be noted that the majority of the homes for sale are not facing a short sale and are not bank owned. The inventory of homes always has properties available due to move up buyers, new construction, downsizers, investors, heirs and more. These sellers may not be as motivated which can be evidenced by their market time and reluctance to adjust the listing price.
Your Realtor should be able to determine your objectives and the best plan to accomplish them whether you are a first time buyer or a seasoned pro.
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