Is It Really the Right Time to Buy?

The debate on "should I wait?" continues as buyers wait to take the plunge. Most of the agents in my office are busy, but busy doesn't always translate into closed business. There are a number of things at play here - mainly fear that somehow the bottom is going to fall out of the market. However in Connecticut this is absolutely not true. On average, prices in the State have declined by 6%. And while each market is different, Fairfield County continues to be a place where people want to live and work.

Have prices come down? Yes. But not to such a point that homeowners are giving their properties away. If you bought a home two to three years ago chances are that you will not see a profit. If you bought your home five years ago and have maintained it, you should be fine.

Are the number of transactions down? Yes. It is tougher if not impossible to obtain a mortgage if your credit is shot and you do not have the financial wherewithal to purchase a home. We are still seeing well-priced properties that clearly show the value of their home selling quickly.

Obviously our economy, the price of oil, the war, the election, and the tightening of bank requirements for mortgages are making the business of buying and selling real estate tougher. However, for a well-qualified, well-educated buyer, now is a great time to buy. Those who need to sell in this market are mostly willing to work with a reasonable offer. Those buyers that are bottom feeding will usually start the process off on the wrong foot. We are seeing sellers who are listening to fair offers and we are counseling our sellers to not take the process personally - especially when the offer is perceived as ridiculous.

The most important issue I am stressing for my agents is to really understand the true goals of each client. Getting consensus on how you and your client are going to work through the process is important, and getting that in writing will help especially when tempers run high. It isn't enough to understand whether someone is qualified to buy. My agents are working on digging deeper with each client so that when the right property comes along, the agent has built up substantial credibility with their client to help them best take advantage of the current market.