Interest rates may be rising but so is our buyer pool – to the extent that the average purchase price in all the towns around us is a few points higher than asking prices – ranging from 1-4% higher. Not that much different from the rest of the US, but nevertheless it’s great for Connecticut property owners to once again feel this love, after many lackluster years in the real estate arena.
This has necessitated a new set of tools successful buyer’s agents are using to beat the competition and meet the greatly accelerated timetable for presenting offers and getting contracts done fast. It has also brought a wave of seller hesitation and remorse we haven’t seen during the buyer’s market years (so many complete seller game-plan reversals too, as options have narrowed on the other end of their moves.
Here’s three terms that have become the ‘new normal’ in the thick of the latest frenzy:
-The shutdown price – the price at which a buyer has to bid to effectively shut out all the other bidders !
-The walkaway price – the price above which a buyer wants to pay, but they would rather not see someone else pay if they were to lose out on bidding.
-The Door-knocker Brigade – the agents (and some buyers too) who are literally knocking on doors or sending out letters to sellers to scrounge for more inventory, as housing supplies have dipped in all our towns to historic levels.
But have no fear ! Solutions are just a brainstorm away !
And please check out this fabulous home in the most coveted Westport neighborhood at Compo Beach, if you’re looking for a great housing solution, this one is hard to beat ! Pristine 5-bedroom yearly unfurnished rental just a short walk to the beach, golf, swimming, sailing, iceskating and more…
And of course monthly stats are below.
Happy Easter and Passover to all who celebrate, and happy school vacation week if it applies !
My best regards,