The Connecticut housing market is ever-changing, and to navigate it successfully, you must be well-versed in the current market trends. As a potential homebuyer, you may have many questions regarding the state of the Connecticut housing market. Luckily, we’ve reached out to some Connecticut lending experts to give us the inside scoop on what’s currently happening in the market. In this blog post, we’ll dive into what they had to say about the real estate market and what to expect, so let’s get started.
The first thing that crossed our minds was, “Is the Connecticut housing market currently in a buyers’ or sellers’ market?” Faye Griffith, a loan officer at Liberty Bank, shares that the market leans more towards a seller’s market. With inventory remaining low, there are more people looking to buy than homes available, leading to multiple offers and bidding wars at times. This factor can make it harder for buyers to get an offer accepted and lead to increased home prices.
Interest rates are a major factor for many homebuyers, and according to Colin Crossman, a loan originator at Webster Bank, the current rates remain low. This means that it’s still a great time to purchase a home, as mortgage rates are one of the critical factors to your monthly mortgage payment. But with low inventory and high demand, getting pre-approved for a mortgage may help you stand out in a crowded housing market.
Another important aspect of the current housing market is the impact of COVID-19. According to Donatos Vasilakos, a loan officer at Guaranteed Rate, due to the pandemic, many people are reevaluating their living situations, and the Connecticut real estate market is still going strong. With social distancing regulations in place, many people have started prioritizing the need for extra living spaces, home offices, and even spacious yards. With fewer properties listed on the market today, it’s about finding that right fit for you while navigating the pandemic.
Homebuyers always want to know what they can expect with the home evaluation process. According to Griffith, given the competitive market, appraisers are seeing higher value homes than in recent years. However, appraisals don’t always match the desired sale price. Therefore, it’s essential to have realistic expectations when offering on a home.
Overall, there’s no doubt that the Connecticut housing market is in high demand, leading to price hikes and low inventory. However, with low mortgage rates, more space required by people amidst a pandemic, and an intense desire for homeownership, it’s not all doom and gloom. With a few adjustments and steps, prospective homeowners can find the right property to fit their needs.
Making the decision to buy a home is a significant investment, and it’s essential to be informed of the current housing market. From various lending experts, we’ve learned that it’s currently leaning towards a seller’s market, interest rates remain low, COVID-19 impact on shopping, appraisals are coming back with higher values, and there’s a need for more space. Ultimately, it’s crucial to work with trusted mortgage experts and real estate professionals to help navigate through the current Connecticut housing market conditions. By doing so, you can make well-informed decisions on your road to homeownership.
