By Barbara Lehrer
Real Talk
Barbara Lehrer
The prices of homes for sale in Milford and Orange range from opportunities for first time home buyers to the dream home selection. This spring market already has exceeded realtors’ expectations. Selections are good, prices are stable and the information you can get on a building is more accurate than it has ever been, educating the buyers before they even write an offer.
With complete paperwork displayed by the listing agents, a potential purchase can show what the bottom line is for cost, including commissions and the most current conditions of the home. Accuracy is on the front burner in the real estate market and competition is now picking up.
Before getting involved, for example, buyers want to know what the real history of the home is. Sharpen your pencil and don’t be afraid to ask questions, because with these updated prices everyone wants to know what they are looking at. The home inspection industry has ramped up specialty inspections designed to grow their business while assisting buyers with resources for repairs or to provide analysis on future repair costs. It could be a staircase that is off kilter or an underground city water source with a minor leak inside a foundation wall. Are they small repairs or pricey upgrades?
Inventory is always key to the real estate market. Supply and demand always dictate what a property is worth. Our area is hot and the buyer pool has been waiting for this scenario. Having more choices to purchase awakens the potential seller to jump into the market so they can find something new to buy also. They may have competition, but also choices to purchase that have not been possible in almost five years. This means the price of homes should be realistic and the buyers need to proceed with generous tactics regarding down payments, closing contingencies and commitment requirements if they want the home they fell in love with.
These strategies are tough because mortgage interest rates are not resting easy on the buyer’s side. But it was 8 percent for over five years and the market was always hot. It is imperative that you sit with your real estate agent and go over all the finances up front. The cost to sell and to buy on paper will relieve unknowns; knowing your budget is key to jumping into the market.
I am excited to see the cycle start moving as first-time homebuyers start, then the next level of second-time buyers spend more. As the economy gets busy with growing families purchasing homes, we start waking up some of the great Connecticut opportunities, where doors to jobs, such as industries with art and music and education start expanding again. We are part of this system, and we are so lucky to be here in this beautiful state where we can brag about our economy and bring up our children.
If you need more information on these issues, email Barbara.Lehrer@cbmoves.com.