"We are never, ever, ever... going to find a home!"
I'm sure Taylor Swift won't be singing this tune, but many potential home buyers in the West Hartford area are.
Housing inventory is so low right now, there are only 165 homes on the market in West Hartford-- that's a very small percentage in a town with over 18,000 single family homes! And I receive inquiries every day from ready, willing, and even ABLE buyers wanting to purchase a home in West Hartford. Of course, time of year has something to do with this conundrum, however, it feels like there is a subtle shift occurring in the market. I've had buyer and seller-clients in multiple offer situations in West Hartford over the past 6-9 months and a declining absorption rate seems to indicates a trend where the inventory is decreasing as more homes are being sold than are coming onto the market. In fact, home sales in West Hartford were up by 13.3% in 2012 as compared to 2011.
Let's face it we've been in a buyers' market for so long it seems almost impossible to consider, let alone utter (in hushed tones of course) the words many West Hartford home owners are longing to hear, "sellers' market". But it is possible...Low inventory + high demand can start to swing the pendulum the other way. Real Estate is always local, so sellers who have been on the fence should consult with a real estate expert at least in West Hartford anyway to determine if the time may be right to list. After all, even great songs get overplayed after awhile!