What’s happening in Hartford County with real estate this year?
People often ask how the market is doing. Working with buyers to obtain mortgages and get into a new home as quickly as possible, we stay up to date with market shifts and trends.
Recently, the Brians sat down to disclose what is happening in the real estate market in Connecticut, why buyers should lean on their Realtor, and reasons not to worry about getting a good deal.
If you are looking for a home under $400,000, know that you will need to act quickly. Right now, there are more buyers than sellers at this price point. Particularly between $200,000 and $300,000, homes are moving very quickly.
Houses in the lower price point are selling at or very close to their listing price. Multiple offer situations are also happening in this price range, which sometimes drives the selling price above the list price.
With plenty of buyers looking, sellers know they do not need to settle for a low ball offer - especially if the home has only been on the market for a few days.
“Now if a home has been on the market for two months, three months, that’s the time to go in with a low ball offer,” Brian Faye explained. “You have to do your research.”
This is where your Realtor can add value to your home search. Stay in communication with your agent about new properties that are listed for sale, and ask how quickly homes have been selling in the neighborhoods you are looking to buy in.
Brian Taylor said, “Rely on your Realtor and ask, what’s going on with this house, what it worth? We have a lot of disappointed buyers because they think this is the house for them, and they come in low (when) there are multiple offers.”
In multiple offer situations, buyers often get nervous about paying too much for a home. After the purchase contract is signed by all parties, and before the closing takes place, the house will be appraised. That appraisal ensures that the house is worth what you are paying.
Let’s say you come in with an aggressive offer, and the appraisal comes in lower than that offer. You have the right to negotiate the price down to the appraised price. If the seller is not willing to come down, you can then walk away with no repercussions. This protects you from overpaying on a home.
Do you have more questions about the home buyer’s process? Contact NEHM!