Connecticut Housing Prices

The Office of Federal Housing Enterprise Oversight released 2nd Quarter statistics on average housing prices this month. The full report can be read here: "The Housing Bubble and its Implications for the Economy"

The House Price Index for Connecticut provides percentage price changes in the market, by quarter, since 1975.

These reports indicate a definite "cooling" in the market.
I think the problem locally is more about the time of year, amount of inventory, and number of buyers currently looking. Interest rates are still at around 6.5% There is not enough demand for the current supply of housing. Its simple Economics 101.

Here is a question I've been asked alot lately:
I am ready to sell my house...should I wait until the spring market or put it on now?

This is not a simple question to answer because there are many different variables involved. This question needs to be answered on a case by case basis. Some questions that need to be answered are:

What is your timeframe and motivation?
Have you found suitable housing or waiting to purchase?
Have you talked with a mortgage professional about your purchase and what you can afford?
What is the condition of your house and how does it compare to others on the market?

The Spring Market always produces the most buyers and the best chance to receive the highest price for your house...but what if interest rates increase from now until then?

I invite you to contact me for a free consultation to discuss selling your home in today's market.