Connecticut's Real Estate Boom: Navigating the New Normal

The Surge in Home Prices

Welcome to the new normal of real estate in Connecticut. In the past year, home prices have surged by over 10%, while inventories remain at historic lows. This trend isn't new – looking back from 2019 to 2024, prices have skyrocketed by more than 50%.

What does this mean for you?

For sellers: This is your time to shine. A well-priced house will likely sell quickly, often with multiple offers above asking price.

For buyers: Brace yourselves. You're facing an uphill battle, looking at numerous houses, making multiple offers, and potentially getting outbid by cash buyers or those willing to waive inspections.

The Supply and Demand Dilemma

Two main factors are driving this price surge:

1. Increased demand: More people are moving into Connecticut, consuming available housing.

2. Decreased supply: Since 2007, we've been building only about half the number of houses per year compared to pre-2007 levels.

The result?

A mere 1.5 months of available inventory – a situation that's unlikely to change soon due to:

• Government regulations increasing costs and timelines

• Rising material costs

• Labor shortages

Navigating the Market: Dream to Doorstep

In this competitive market, you need a tailored approach.

Dream to Doorstep helps personalize your real estate experience, whether you're buying, selling, or doing both simultaneously.

For buyers:

• Where are you now and what is your Dream?

• Challenge your assumptions about "must-haves" vs. "nice-to-haves"

• Set Your Priorities

• Position yourself as the Best Buyer by:

  • Choosing the Best Strategy for You

  • Understanding Market Conditions

  • Considering Seller's Needs

  • Crafting an Overwhelming Offer

For sellers:

• In this seller's market, you have the advantage

• However, be prepared to prove you're the Best Seller in a buyer's market by offering:

  • Concessions for closing costs

  • Flexible closing dates

  • Credits for repairs

  • "Curb appeal" updates

Remember: Real estate is local. What's happening in California, Florida, or Michigan isn't necessarily reflective of Connecticut's market. While other markets may see inventory building, CT inventory remains LOW.

By leveraging the Dream to Doorstep strategy, you'll stay in tune with the market and have the tools to adjust as your real estate journey evolves. Whether you're a buyer facing challenges or a seller looking to maximize your opportunity, this approach will help you navigate Connecticut's booming real estate market with confidence.