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When's the best time to buy a house in Connecticut? It depends on your priorities and situation.
If price is the biggest factor for you, consider trends in listing prices. In recent years, listing prices for homes in Connecticut have been lowest in March — $46,202 less expensive than the yearly average. In November, listing prices spiked to around $34,313 more than the annual average.
Mortgage rates, on the other hand, were lowest in December. But with interest rates currently on the rise, it pays to explore your options with a trusted mortgage provider to make sure you’re getting the best rate possible.
Read on to learn more about when to buy a home in Connecticut.
If you're thinking about buying a home in Connecticut, the first step is to connect with a realtor who knows the local market. Economic conditions in Connecticut can change quickly, and a professional realtor can keep you up to date on the best times and places to buy.
A free service like Clever Real Estate will match you with top agents from trusted brands like RE/MAX and Keller Williams. Interview as many agents as you'd like until you find the perfect fit, or walk away at any time with no obligation. Add your zip code below to request hand-picked agent matches today!
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When is the best time to buy a house in Connecticut?
To know what time of year to buy, you need to know your priorities: Do you want the lowest prices? The largest selection of houses? Or something in between?
If you’re looking for the lowest possible prices, start looking in the fall and aim to buy in the fall or winter. During these seasons, fewer homes are on the market, but also fewer people are looking to buy.
Particularly in areas with harsh winters, homeowners selling from November through February are often selling because they have to, not because they want to, and that can lead to great deals.
If selection is more important than price, house hunt in the spring. April has the most listings of any month, and April, May, and June are by far the three most popular months for new listings.
Unfortunately for buyers, spring is also the most expensive time to buy in Connecticut. In the spring selling season, the most availability comes with the most competition. From March to May, one in every four houses sells above its list price. Even in the slower years since the recession, Connecticut homes have sold for high prices in the spring.
Middle ground: Good selection + good prices
If you want a middle ground between the craziness of spring and the lull of winter, look toward the end of summer. More homes will be available than in the fall and winter, and unlike in the spring, houses will be priced to move.
Homeowners who weren’t able to sell in spring or summer will start to lower their prices. Sellers will be motivated to sell quickly so they can move before the weather gets cold and the school year starts. And because the end of the season attracts fewer buyers, good deals should be available, especially on the Connecticut coast.
It's important to remember that price trends can vary from city to city — and there may even be anomalies within certain neighborhoods. The best way to find a home in your target market is to connect with a local realtor. They'll help you navigate the ins and outs of your market and find the best time to buy a house in Connecticut.
What are the best cities to buy a home in Connecticut?
Simsbury ranks highly on many lists of places to live in Connecticut. Between Simsbury Center, Weatogue, and West Simsbury, this part of Connecticut has a lot to offer.
Bridgeport is full of historic charm. Located at the mouth of the Pequonnock River on Long Island Sound, it offers an easy commute to New York. And with a median home value of $164,100, it’s affordable for many buyers.
Avon is a small suburb of Hartford. Known for its public schools, restaurants, cafés, and parks, Avon is a great place for young families and retirees alike.
If you’re looking for great value for money, Hartford is the place to go. This city has historic architecture, all the conveniences of a modern city, and a median home value of just $130,900.
Four ways to get a great deal on a home in Connecticut
1. Find a great Connecticut real estate agent
The first step in the home buying process is to find the right local real estate agent. You need an agent who knows the local market inside and out and who can advise you on the best time to buy in your part of Connecticut.
2. Determine what you need and want in a house
Figure out your priorities before you start house hunting. What features matter most to you, and which can you let go of? Make sure your realtor knows what you’re looking for. They’ll help you find a home that fits your needs.
3. Find a lender and secure financing
Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in Connecticut, interest rate is one of the biggest factors when choosing a lender. Doing some upfront research and comparing options to find the best rate could save you tens of thousands of dollars over the life of your loan.
For example, in Connecticut a typical house is worth $276,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $985. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $931.
4. Negotiate for the best possible price
Once you find your dream home, your agent will help you make an offer. Your agent will also negotiate on your behalf to ensure you pay a fair price for your new home.
If you're looking for a realtor, Clever can connect you with the top buyer's agents in your area for a free, no-obligation consultation.
Fill out our online form, and a Clever representative will reach out to get the process started and answer any questions.
Finding a great local realtor is the first step in making your home buying dreams a reality. Our free service matches you with top agents from trusted brands like Keller Williams and RE/MAX.
Enter your zip code to request hand-picked agent matches in minutes. Compare your options until you find the perfect fit, or walk away with no obligation. Try Clever's free service today!