Of course there are many factors that determine if this is indeed the right time to purchase a home in Litchfield County. Job security, availability of funds, credit score, these are personal factors that determine if it is the right time for you to purchase a home.
But if you are confident in your job security, if you have the funds and the credit score and are sitting on the fence, you may want to get down off the fence and purchase a home in Litchfield County.
Interest rates are low, housing prices are low, it is a buyers market. However, the inventory is shrinking and prices are not falling like they were overall. Over the past few years people had no confidence in home prices. It was rather like buying a new car, we all know that when you drive it off the lot is lost value. And that was true of the housing market. I was always concerned that from the time the offer was made and accepted and the date it closed, the house would have already lost value.
But that is no longer the case. Housing prices are not in a decline. A report released by CoreLogic stated that Connecticut was the 6th worst state for price depreciation. The rates home prices are rising is very slow, less than 1% year over year, but the good news is, they are no longer falling!
So if you are sitting on the fence, waiting for the market to bottom out, you missed it. But the combination of low housing prices and historically low interest rates, it is time for you to climb down off that fence. There are some truly great housing bargains out there. And it just might be less expensive to own a home rather than to rent a home these days!
Check out what homes are available to purchase. Search homes for sale in Litchfield County.