Market Monday 5-7-18

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Welcome to Market Monday, our Real Estate team’s weekly summary of the real estate market in the coastal CT Towns of Guilford, Branford and Madison.  Like the last several weeks and, in fact, most of this spring, inventory in the 3 towns is tight.  Add to this the fact that spring is the time for many new buyers to enter the market and the expectation of rate increases which further fuels buyers to buy now … I hate to say it but it is starting to feel a little bit like a Sellers Market!!

What is a Sellers Market you wonder?  After all, for many of you young buyers, you probably have never experienced anything except for a Buyers Market!  At Redfin, they describe this as:

A seller’s market occurs when demand exceeds supply, or there are more buyers seeking to purchase properties than there are available homes on the market. 

For Buyers, a sellers market can mean a higher possibility of multiple offers (Talk to us about strategies for winning bidding wars!); a higher probability of appraisal issues; and the importance, now more than ever, to speak to your lender about getting pre-approved (not just pre-qualified) for your purchase.  This could be the difference between winning and losing the bidding war!

And while sellers may be rejoicing that the tide is turning in their favor finally, just remember that most sellers are eventually buyers and if you sell way high, you likely will be buying high also.  So now (before prices skyrocket) may be the perfect time to add your home to the list of homes for sale and find a new house to make your new home!

If you’d like to discuss buying or selling a home on the CT Shoreline, please call Heather Dacey at 203-314-1301 or Paula “PB” Baraket at 203-434-1868.  We would love to help you!