Sellers, It's Time to Accept the Reality of Our Connecticut Market

Sellers, It's Time to Accept the Reality of Our Connecticut Market

Sales statistics have just been released for Connecticut Real Estate Homes Sales for 2011 and they are not positive. Sales in Connecticut were at their lowest levels since the mid 1980's.

For 2011, sales of single family homes were 13 per cent less than the previous year and run a consecutive streak of 7 straight years of decline.

Sellers who have been in their homes for years, and had seen the value at the height of the market, have a difficult time accepting that their home, however grand it might be, will not be seen in the same light by buyers.

Record low mortgage rates are a lure for buyers, but they are also well aware of the price drops. There are buyers in the market, but they are reluctant to make a purchase and then realize within months that they are already underwater. Buyers are also wary of taking on too much debt with the job market being so tight.

The days of putting a home on the market at an inflated price just to test the market are gone. There are enough home sites available online for a buyer to realize true values and to be skeptical of an over-priced home.

Sellers that want or need to sell their homes should be given all data as to recent sales that impact their home, and this includes short sales and foreclosures. That is not to imply that they need to price their homes at distressed values, but a bank appraisal will probably carry a similar value for comparison and the appraiser may not be generous enough with adjustments on that home.

People look at the equity in their homes as they would an investment, especially when the market was high. Now that they are trying to sell, they feel they are giving away their savings, and in a way they are, but like any investment, it was not a real value unless they had actually sold it at it's height.

Stock prices rise and fall, and unfortunately over the past few years, home prices have fallen as well. Many a seasoned owner still has equity in their home, just not the windfall they thought they could get.

If the house needs to be sold, the reality is it needs to be priced at market value or it will just sit. If you need some assistance with selling your home, or would like to get a market analysis of your Connecticut home, give me a call at 203-206-0754, or send an email to me at edsilva@remax.net.

Selling homes is what I do, and getting a fair price for my clients is what we work to do.

Sellers, It's Time to Accept the Reality of Our Connecticut Market