Connecticut has one of the most stable real estate markets in the US. The demand for houses has been rising steadily for the last three years which in turn has led to an increase in home prices.
Availability of basic social amenities and a favorable business environment could be the reasons behind the growth of Connecticut real estate market.
If you’re a buyer, you’ll be happy to know that the prices of homes are very reasonable in Connecticut. Though prices have steadily risen, they still remain quite affordable across the state, even in big cities like Bridgeport, Stamford, Shelton, and Waterbury.
Additionally, in the last few years, the state and federal governments have made it easier for low-income home buyers to benefit from various housing programs. Private lenders and banks are also becoming more generous now and offer affordable mortgage loans.
Thanks to these proactive measures, more people can now qualify for a loan. As a result, the demand for real estate in Connecticut is on the rise.
Home prices are expected to rise slightly higher in 2019 even though they have already been going up for the past few years. So, Connecticut home sellers might emerge as the biggest beneficiaries this year if the market trend continues.
2019 Real Estate Market Forecast for Connecticut
The Connecticut real estate forecast projects that home prices will go up in 2019, but not by a significant margin. In the last few years, home prices have been on the rise at a reasonable rate, though.
The forecast in 2019 predicts a similar situation. However, some cities will see a more significant price increase. Stamford and Bridgeport, for example, will see home sales and prices go up by 5% and 4% respectively.
Boston is the only city on the Northeast market where home prices are expected to shoot up by quite a lot. 4.6% price rise is what the experts predict. On the other hand, Milford and New Haven will experience just a 2.9% increase in real estate prices.
In terms of home sales, Augusta is expected to register an increase of about 8.8%.
Summer and spring seasons are expected to register the best sales while winter won’t be favorable to sellers at all. Prices in winter will drop by at least 5%.
The probability of house prices going up in Connecticut stands at 83% unless the industry is hit by unpredicted market dynamics. According to the current forecast, home prices in Connecticut will be at their highest during the beginning of the 4th quarter of 2019.
What’s also interesting to note is that the spring and summer months will see the highest number of sales in 2019. The year is expected to start at a low, but the prices will increase gradually from the 2nd quarter, peaking at around October and then tapering off by the time winter rolls in.
If you’re planning on investing, you should consider doing it now and wait for the prices to go up. Holding a property for a year or two can bring in very healthy profits.
When Is the Best Time to Sell a House in Connecticut in 2019?
As mentioned above, home prices will peak at the beginning of the 4th quarter. So, if maximum profits are what you’re after, this is the time to sell.
However, in Connecticut, most sales happen in early summer and during spring. So, if you want to sell your home fast, this is the time to sell. The catch is that you won’t get early-October prices. However, the prices aren’t as low as they are in the winter either.
Though the prices are great at the beginning of the 4th quarter, they drop quite a lot after October. The prices only go up after December. So, you have a very small window.
Also, ensure that your homes provide what the clients expect and consult with your agent to come up with the best home marketing strategy. In case the sales are not impressive during the winter, it’s better to sit back and wait for the 1st quarter of 2020.
In conclusion, the real estate market for sellers in Connecticut is great. Just make sure that you sell before the onset of winter.
“We buy homes for cash” companies are also a factor to consider as a home seller. They offer instant cash but undervalue your home by at least 20%. Don’t sell your home for less than the market value. Hire a home inspector and a real estate agent to help you determine your house value.
When Is the Best Time to Buy a House in Connecticut in 2019?
Obviously, the best time to buy a house in Connecticut is when the prices are at their lowest. In Connecticut, that is during the first quarter or from late November. Generally, during the winter, home prices go down due to low demand.
The reason is quite simple. Very few people are willing to look for homes or to shift during winter. During the holidays, many home sellers have various offers and discounts on their homes.
Also, look for an experienced real estate agent to help you find the best home deals at the best places in Connecticut. What’s also equally important is to keep the money ready. Make sure that you’re approved by your lender before you start looking for a home.
This way, when you find a home that you like, you can instantly get the cash and begin the home buying process.
When you need to buy or sell your home, make sure that you have an excellent local real estate agent by your side. You need to partner with people who will help you navigate the real estate market easily.
Experienced real estate agents understand the market very well. So, they know exactly the sort of home you need.
Also, real estate agents understand home marketing very well. So, if you’re selling a home, real estate agents can market it to the right people in the right way.
Your agent can also advise you on timing and pricing your house for better and secure sales. On the other hand, if you’re a buyer, your agent can help you with both, locating a great house and also negotiating for it.
One way to hire experienced local real estate agents is by getting in touch with a Clever Partner Agent. They are full-service agents who will help you through every step of buying or selling.
Clever only partners with the very best agents in any given area. This way, you know that the person representing you is the best in the business.