Fairfield County 2013 Real Estate News

2013 Was a Very Good Year!!

It’s been a very good year for the real estate business. Single family, multifamily and condominiums sold quite well. Prices continue to climb from 2012 and new construction is booming. Finally, we are seeing less foreclosures and short sale listings. When I’m out in public, people recognize me and mention they love my real estate articles. They always have questions, but the one that’s most often asked of me is what’s going to happen with the real estate market next year. Here are a few hints of news to come.

The cost of waiting to buy a home may not be a good move for new buyers. The housing market is on its way back at this time and waiting to purchase just doesn’t make sense.  The cost of a home is determined mainly by two components- Price and mortgage rates. The monthly cost of purchasing your average priced home has changed over the last twelve months and most likely will increase in the next twelve months.  In 2012 the average mortgage rate was 3.5%, 2013 rates were around 4.5% and 2014 rates are expected to increase to around 4.9%. Along with that, prices have started to increase slightly for single family homes since 2012.  If the right home comes along don’t wait, act on it right away and you will save yourself a cost increase next spring.

There are some new lending rules coming down the pike for 2014. Most of the news is good, but there will be changes which may make it harder to borrow for some new buyers. We will see more news on this subject to come in the next few months.

At this time, good single family home inventory needs to increase. There are many qualified buyers waiting for the perfect home. Most people think, well I’ll just wait for the spring market.  Smart buyers are doing their shopping right now. If you are ready to sell your home, the time to list is right now. If it’s on the market, keep it listed through the winter months. This will enable those serious buyers to see your home and make an offer.

As the real estate market starts to rebound the economy begins to grow. Our friends in the trades have also seen an uptick in business. As long as the public continues to have enough confidence in the real estate market, it will continue to have a very positive effect on everyone who makes their living working in the industry.

Bondi Realty Group would like to wish each and everyone one of you Happy Holidays and a Wonderful healthy prosperous New Year!!

 

Betty Bondi
Bondi Realty Group LLC
203-899-9990

 

 

 

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