Prices have started to cool

But as we get into that, the prices have started to cool just slightly. Now, is that the crash? Is that a bubble that’s about to burst? So many of our buyers and sellers are asking everyone of our agents each day about that. And what we want to do is just really look at the data. And what the data is suggesting is that a slight cool is happening over the course of the last two months. So basically, June- July was our high point where we saw a median sale price of around $339,000. And right now we’re cooling just slightly about 4-4.5% and that’s a look of the entire MLS over the state of Connecticut. So are things starting to cool a little bit? Absolutely! But what is that most reflective of as we look back at last year?

Last year, our top point for throughout the year was in September, a different point. And that was likely due to Covid. This year though, we’re returning more towards the normalcy that we see every year, as the schools kind of dictate when our high points are going be, when buyers really enter into the market. And when the market starts to pull back just naturally and cool over the autumn and winter seasons. So, now that we’re starting to see that, how much is the market going to cool? Well, my predictions are this; I believe we’re set to see at least another 3 to 5 % cool over the next few months up until about February and I believe then that we’re going to start to kick off again. Why do we believe that? Well just as I said before, the Federal Reserve is not going to hike their rates likely over the next year or so. So that is great news for buyers and sellers and then also due to remote job searches being up, that influx of the amount of buyers from out of state from Connecticut into Connecticut is just only a great driver.

How does this affect you?

So how does this affect you? What about your town? We’re seeing certain towns really actually maintaining around in our area, West Hartford, Farmington, Simsbury, all seeing property prices just basically keep flat. Maybe a town like South Windsor which had an amazing frenzy this past year, they’re seeing a slight cool of about a percent to two. Plainville, Southington, that area, really flat, if not cooling by about 1%. So if you live in those towns, don’t worry, don’t fret. If you’re seller, now may be the time for you to get into the market. Why? Because some sellers need to move out of state. They are okay or they’ve got a second house that they can move into. But for many of our clients who are out there, you’ve been calling us saying we want to sell but we just don’t have a place to go. This is a great time because now, when you’re selling, you’re still selling at such a strong point, but you likely now have a place to go. And we’re very excited about that. Why? Because there’s a little bit more inventory that’s available and the market is not as hot. So, like I said at the start, the market is coming right out of the oven, but it’s still hot and it’s sitting on top of stove and it’s ready for you to get in and involved.

How Does this Affect You?

Alright. So, how about buyers? What’s that mean for you as a buyer. It means right now that your rates are maintaining low, which means it’s a better time than ever in order to buy a property. And is it going to cool enough? You may actually see a deal or two start to surface on the market. We’re actually seeing properties go under contract with the sale of a buyer’s residence contingency. So we’re seeing people who need to sell their house first, we’re seeing those deals go under contract. More government-backed loans are actually going under contract as well for our buyers, and we’re also seeing some buyers get properties under the asking price. So that’s really, really healthy and good to see as we enter into that more balanced market.

Now, to be very specific about this, we’re still looking at about 2-3 months worth of inventory that’s on the market right now. And so that still means that the sellers are in command, but there is that stabilization that’s occurring.

Whats Next?

For us at Brooke Team at eXp Realty, we are coming up to that point of the year when we do yearly reviews for everyone. We’re excited about that. Most real estate agencies might just want to get you in a house and hope that it works out and maybe you’ll call them back in a couple of years. Not us. We want to be involved throughout the entire process. If you need a roofer, if you need an accountant, if you need a plumber, anything, we want to be here for you, but on top of that, we want to provide a yearly review for what your houses’ value is right now. We want to be in contact with you this year. We’d love to schedule your yearly review and prep you not only for the end of this coming year, but into the future for 2022. We hope you find us on the web at www.brookegrouprealestate.com. And also Facebook, Instagram and YouTube.