October Market Update

Oct 25, 2021

Well, the market is certainly corrected and you better believe it. We are in for quite a winter.

Over the past few months, we’ve been putting out market update videos and they’ve essentially said that the market is cooling now and that’s absolutely correct. We had a zenith point this year of about $330,000- $340,000 for sale prices in Connecticut. And guess what? It’s cooled just as we said it would. Guess what? It’s now down to $315,000, but is this a crash? Not really. Actually, this is the seller and buyer demand that’s naturally happening through the cyclical nature of the real estate market. We’ve cooled about seven and a half percent, which is pretty crazy in terms of the amount of drop that’s happened. But that can be typical for this time of year. What we’re really excited about seeing is this change in the buyer demand. Now, why is that? People are asking me every day, “are we in a crash?” No, we’re not in a crash. However, more news has come out in the market regarding the feds and what they’re doing with the interest rates. If you’ve been watching our videos or haven’t, please go back and watch them.

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