As we all were surprised, in Stamford CT, at the October snowstorm, the real estate market is business as "unusual". We are definitely in a buyer's market. Prices and interest rates are low and the inventory is high. Both buyers and investors have their choice in picking through the growing inventory of our fair town, also know as the "City that Works".
The great news is that the FHA loan limit is now $708,750, allowing Fairfield County buyers to buy with a minimum of 3.5% with a maximum loan limit of $708,750. There is plenty to choose from!
However on the sales side, the tide is getting lower. Sales are down and the largest sales price point is $499,999 and below offering the most inventory to first-time buyers and investors. Thinking of selling your home? We are now in a beauty contest and a price war. If you are looking to sell, your house must be the best value in its price range. Currently the ruling price range is at the lower price point. So if selling, your property must stand out.
Stay tuned for next month, where historically there are fewer homes on the market as homeowners withdraw for the holidays. However my advice is, if you must sell the holidays are a great time to do it. Click here for my thoughts on selling your home during the holidays. If you're wondering about your market in Fairfield County, CT, please let me know.