I cannot say it is a seller’s market, but we have an interesting phenomenon happening in the Greater New Milford, CT area as far as real estate is concerned. And it is making it very hard for serious buyers. First of all, the inventory has dropped over the last few months. However, it is on the rise again as you will note below. And with the rise in the inventory, interest rates are ticking up too.
- October 2010, 279 active single family homes
- November 2010, 246, active single family homes
- December 2010, 214 active single family homes
- January 2011, 218 active single family homes
- February 21, 2011, 231 active single family homes
Current prices range from $89,900 to $5,900,000. (We are a diverse town here in New Milford, CT!) But the hardest thing for buyers to comprehend is that they often cannot find the home they want!
What does this mean for buyers? If you are a truly serious buyer you need to be prepared!
Work with a local Realtor® who knows the local inventory. Be proactive and watch the market yourself. Some agents like myself have search capabilities right on their websites which allow you to check the real estate market in real time. Stay in touch with your Realtor®, if something that really interests you hits the market, your agent should be calling you, or you may even see it online before your agent. Be ready to go and see the house. Get pre-approved for a mortgage! Nothing worse than finding the house you have been waiting for only to find out you are not qualified for the mortgage, or someone else put in an offer with a pre-approval letter and was accepted!
Well priced homes are selling faster than you can say Jack Rabbit! If you, or your agent, snooze, you will lose! Although we are still in a buyers market, it looks like the spring market will be a great one here in the Greater New Milford, CT area. So if you are serious about buying a house here, get ready!
It is an interesting phenomenon occurring here in the Greater New Milford, CT real estate market. Well priced homes ARE SELLING!