For some Connecticut residents, this is literally a million-dollar question: Concerning residential real estate transactions across the state, is it a buyer’s or seller’s market?
“Sellers are not satisfied — it’s still a buyer’s market,” states one realty principal offering her opinion in a recent news article focused upon current real estate realities operative in the state.
Frankly, and as evidenced by ample evidence indicating otherwise, her comment seems to reflect a decidedly minority view.
“If something comes on the market under a million,” counters one busy Connecticut realtor, “it gets snapped up quickly.”
Other inside commentators echo that positive take on sales activity, with one referring to “a surge” of buying activity over the past couple years and especially within the past six months.
The reasons underlying the notable uptick in home purchases are several and interrelated, with the above-cited news report citing specifically to relatively low mortgage rates and spiking consumer confidence linked with an improved economy.
The numbers indicating what one industry insider terms a “hot” entry-level housing market in Connecticut clearly support such an assessment. Reportedly, sales of single-family dwellings were at a nine-year high last year, with 2016 sales also being up by approximately 9% from the preceding year.
Both Connecticut home buyers and sellers might reasonably want to secure the proven services of experienced legal counsel when involved with the fundamentally important decisions surrounding a major property-related transaction.
A seasoned Connecticut real estate attorney can provide solid input at every step of the home purchase/sale process, including the rendering of advice relevant to home financing and transaction closings.