5 Things you need to know about the Spring Real Estate Market

Is it spring yet? I know it’s not until March 20th, but everyone wants it right now! We have had enough of the cold and snow. Although it’s apparent that the buyers are trying to get a head start on the spring housing market, we can still use an influx of new listings for them to choose from.

Number 1

Prices are starting to increase in the housing market. They are creeping up bit by bit as buyers are making multiple offers on some of the more desirable properties. The seasonal inventory has been very low. The cold and snow have caused a slight decrease in available homes for sale. We are hoping to see a spike in inventory as the weather improves.

Number 2

Mortgage rates are at an all-time low. Smart buyers know this fact and are working the housing market trying to get a good deal and a new home that fits within their budget. There are many different mortgage loan programs to choose from. We do prefer and recommend the smaller banks. They have proven they are much easier to work with to get the deal done. It’s very disappointing when you find the perfect home for your family and then the bank says no. Stick with your agent’s mortgage banker recommendations so you can guarantee a smooth transaction and get the keys to your new home on closing day.

Number 3

NO one wants to hear that there are still short sales and foreclosures coming on the market. You would think this would all be over with, but it’s still with us and will be for some time to come. I’ve seen a decrease in short sales and an increase in foreclosed properties hitting the market. Most of the time banks give the listings to real estate companies. Many of the foreclosure homes are in pretty rough shape, with freeze damage and unlivable conditions. Usually homes in this condition cannot be purchased with a mortgage loan and require cash in order to close the deal. Sometimes however, the bank decides to clean up, repair and update the property. When a bank does this they sometime set a condition on the property which allows first time homebuyers the opportunity to bid over everyone else within a certain time frame.

Number 4

Multifamily homes are extremely popular in this area. There is plenty of interest and sales of multi’s are increasing all the time. It seems that this housing situation works well for extended families by increasing their buying power. Rental properties are also very popular with investors. This is a great way to provide income for retirement or everyday living expenses. Just be sure that you are ready to manage tenants. Being a landlord is not for everyone. You always have the option of hiring a property manager to help you out with this situation.

 Number 5

Did you know most people in Norwalk support the new mall? Everyone we talk to is so very excited about the possibility of a new upscale shopping mall right here in Norwalk. The recent announcement that Nordstrom’s would be one of the anchor stores, showed a surge of support on social media. Many of our clients and friends were happy to hear the great news. A shopping destination such as this will bring recognition to our city and increase tourism here. It may also result in increased property values as more buyers seek out Norwalk as a place to raise their families.

 So as we wait for the temperatures to rise and the snow to melt, let’s think about our spring real estate market. We know if you are working with Bondi Realty Group  buying or selling a home,  that your transaction will be smooth and stress free.

 Betty Bondi
Bondi Realty Group LLC
203-899-9990

 

 

 

 

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