Norwalk Fall Real Estate Market Preview

The summer weather has been glorious this year! There was a short burst of activity from mid-April to the beginning of July. The beautiful weather sent all of the buyers and sellers on vacation and thoughts and visions of new home purchases went with them, which has resulted in a very slow local real estate market.

Buyers should use this slow time to get all of their financing in order. I cannot stress enough, how   important it is to have this done ahead of time. You may be very disappointed if your homework is not complete. Mortgage brokers have time to work with you right now and can give you a loan approval based on your financial criteria. All lenders are not equal, so shop around to find one with low interest rates and a good track record with successful closings.

It looks as though most of the buyers are searching for that perfect home online although we have met buyers out there winging it on their own at open houses. This is a good way to start, but talking with a professional experienced Realtor is the way to go. They will educate and inform you, help negotiate the deal and guide you through the process when you are ready to purchase a home. You will be more successful working with an agent who understands your target area, wish list and budget.

Sellers have noticed the slowdown in activity and there has been quite a bit of drastic price reductions everywhere, especially in the over $500,000 price point. I don’t think there will be much if any further increase in property values this year as the market is constantly adjusting itself. Because the market got off to a slow start, we are hoping that Inventory will increase in the upcoming months which will result in a having more homes to choose from and increasing competition among listings. Sellers should use this time to paint, de clutter and make improvements and repairs so their home will shine far and above the other listings. Don’t forget to clean both inside and outside. This has a huge impact on how your home looks to potential buyers.

Buyers are enjoying the price reductions and are on the lookout for good values. Most buyers don’t have that extra money for improvements and are looking for homes already updated. Sellers need to take note of this.  Buyers will pay market value for your home, but not more than that. If the home needs updating they will add that cost to the bottom line and want to make sure they are not over extended. There is so much information on the internet these days; they already have a pretty good idea of what your home is worth before they come through the door. Keep in mind the bank will consider recent sales in your neighborhood when completing an appraisal for anyone applying for a mortgage.

We are approaching the third quarter of the year and will have the closing sales numbers at the end of the month. Follow our suggestions and both buyers and sellers will be successful and happy with their housing transaction this fall.

Betty Bondi Bondi
Realty Group LLC
203-899-9990

 

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