With the housing supply at historic all-time lows and buyer demand still high. Here is why now is the time to sell your house in Connecticut. The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued momentum, with average rates hovering at historic all-time lows still.
According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is incredibly strong and especially here in Connecticut as well. However, on the supply side though seller traffic is simply not keeping up with the demand. Here is a breakdown by state:
As the maps show, buyer traffic is high, but seller traffic is low. With so few homes for sale right now, record-low inventory is creating a tough balance between supply and demand.
NAR also just reported that the actual number of homes currently for sale stands at 1.28 million, down 22% from one year ago (1.64 million). Additionally, inventory is at an all-time low with 1.9 months supply available at the current sales pace here in Connecticut for single family homes. In a normal market, that number would be 4.0- 6.0 months of inventory for a balanced market which is significantly higher than it is today.
What Does This Mean For Buyers And Sellers?
Buyers need to remain patient in the search process. At the same time, they must be ready to act immediately once they find the right home since bidding wars are more common when so few houses are available for sale.
Sellers may not want to wait until spring to put their houses on the market, though. With such high buyer demand and such a low supply, now is the perfect time to sell a house on optimal terms with less competition on the market.
The real estate market has started off the year strong with continued high buyer demand from last year. There is no indication it will slow down with mortgage rates still at record lows and assuming inventory continues to come to market. If you are planning to sell your house in Connecticut let’s talk today about your local real estate market and create a plan to accomplish your real estate goals this year.
I am committed to the real estate market to make sure you have all the information you need to make your next move. Make sure to check out all the resources I have to put together for you on my website and if you have any real estate questions or even just want to meetup for a quick coffee, reach out to me anytime. I look forward to hearing from you. Have a great day.