Why are sellers not listing their homes in Fairfield County?
While the news states that Nutmeggers are leaving the state in droves, it is not the case here. Inventory is at a low point in Fairfield County and there are certainly more buyers than homes available. Well priced homes are going to multiple offers and there is no question that buyers are writing checks and stepping up.
So the question is why aren’t there more sellers listing their homes? It’s not like this information is a secret — inventory in Fairfield County has been low for more than two years and many potential downsizers are staying put because their options are limited.
Trading down locally can be tricky. Finding single-level living in a condo is hard and not necessarily a bargain when you add up common charges and taxes. Smaller ranch-style homes are out there and can be affordable, but buyers have to be ready, willing and able to make a move quickly when that right home becomes available. Finding fair pricing within an hour radius is doable but requires some diligence.
The median close price has remained pretty steady, going up 2.2 percent in the last year from $360,000 to $367,750 and interest rates are hanging in there at the pretty reasonable 4.5 to 5 percent range for the moment.
This creates a perfect storm for buyers if they can find a house that suits them. And suiting the buyer is what the seller needs to keep forefront of mind. Buyers are accustomed to paying for what they want, but the general mindset is the value has to be there.
Consult a Realtor. This is what we do all day, every day — preparing buyers and sellers for the process. It wouldn’t be fun if it were easy.
Jean O’Neill, William Pitt Sotheby’s International Realty, 203-796-7700 office, 203-300-2332 cell, email@example.com