Dear Prospective Buyer or Seller,
I get asked the question often: "How is the real estate market doing?" And, my answer is easily that it is stronger than it's been in five years. Houses are being bought and sold quickly when priced correctly while the market values of homes continue in an upward trend.
From the home buyer's prospective, it is a great time to buy as interest rates remain low and home prices have not nearly reached the the highs of 2007. In addition, there are many mortgage products that will finance a home for a buyer with credit scores as low as 600.
The home seller's story is a bit more complicated. One needs to look at what you purchased your home for, how much was invested in the renovation of your home (if any) and what is the best possible price you can ask to be a realistic seller in today's market. If you are ready to sell your home, you should ask the most reasonable price based on what has recently sold that is comparable to your home in your area. Asking prices are very important today for a home on the market; otherwise, it will, most likely, receive low bids, limited buyer interest and sit on the market. The good news is a well-priced home on the market now is regularly receiving multiple bids and occasionally being sold for over the asking price which has not been the case until this summer/fall.
This can be a time for investors too as there are still opportunities to acquire properties that someone needs to sell now and may have fallen under the radar of the market. This type of seller will move quickly on a reduced market value offer but these opportunities also require immediate action from a buyer with either financing already in place or all cash. But, with market penetration, there are "deals" to be found out there too.
As a real estate professional for 5 years in Fairfield County market, I know we are now in a multi-faceted market of homes for sale that has finally translated into a great time to buy or sell a home. I would look forward to answering any further questions you may have about buying or selling a home and sharing with you my educated understanding of the market in your area to help you make the very important decision of buying or selling a home.
