Friday, December 14, 2018

What’s on the Horizon for Our Market?

What direction is our market set to take as we move into the new year? Let’s discuss.
Selling your home? Get a home value report here

Many people are wondering about where our market is headed right now. First and foremost, there are a couple of trends that hold true across the nation: Inventory is seeing a spike, while sales and home prices have both decreased.

But what does the national market have to do with us here in Connecticut?


The truth is that certain nationwide trends will also hold true on a local level for us. Inventory, for example, is rising in our state, too. On the other hand, unlike in other parts of the country, we didn't see mounting appreciation post-recession. With that in mind, it’s possible that we may undergo some depreciation moving forward.

Certain nationwide trends will also hold true on a local level.

The bottom line, though, is that things will likely stay relatively flat for us in the future. The important thing is that we keep an eye on incoming supply, as this will be a major indicator of other statistics on the horizon.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

Friday, November 16, 2018

How to Make Sure the Home Inspection Process Doesn’t Derail Your Transaction

Whether you’re a buyer or a seller, the best way to deal with home inspections is to set proper expectations up front.
Selling your home? Get a home value report here

Whether you’re a buyer or a seller, the most important thing to remember when dealing with home inspections is to set proper expectations up front.

If you’re a buyer, for example, only request repairs for big issues (health and safety issues, major mechanical issues, an unsound foundation, etc.). Don’t ask for some chipped paint to be painted over in the home’s interior just because it doesn’t look pretty. Just because an appliance might be past the halfway-mark of its lifespan, don’t ask for it to be replaced if it's been serviced and it’s still functioning properly. If you’re not buying a brand-new home, you need to understand that you’re inheriting that home’s age, and its age should be reflected in the price up front—not in a renegotiation after the home inspection has taken place.

Don’t ask for some chipped paint to be painted over in the home’s interior just because it doesn’t look pretty.

Granted, there are always exceptions to the rule, which is why we have inspections in the first place. At the end of the day, if you’re not comfortable with the house or you can’t cover future expenses that come with owning an older house, just walk away.

If you’re a seller, the best thing you can do is disclose everything you know about the house in your mandated disclosure form. Be as open and honest as possible so the buyer knows what they’re getting into. This will eliminate the strife and heartache that comes when a deal falls through.

If you have any questions about dealing with home inspections or you have any other real estate needs I can help you with, don’t hesitate to reach out to me. I’d be happy to help you.

Monday, November 5, 2018

How Will Rising Interest Rates Impact Buyers and Sellers?

How will rising rates impact buyers and sellers in our market? Let’s find out.
Selling your home? Get a home value report here

The Fed has done it again: Interest rates have once more gone up 0.25%. So what does this mean for our market? Actually, from speaking with our team’s mortgage experts, we’ve learned that right now most buyers will see a rate between 4.75% to 5%, depending on what they qualify for. If rates do continue to rise, this could put downward pressure on our market. That said, values are flat, rates are still aggressive, and transactions are still taking place. If you’re curious about what this might mean for you, specifically, we’d be happy to have a conversation about your circumstances.