All the delays and what they mean!
Waiting on your lender for a purchase or refinance?
The days of a 30-day conventional loan closing seem to be in the distant past. Connecticut inventory has hit the lowest levels since 2005 (without subprime lending being at fault). This may lead to assuming there have not been many pending sales, which could not be further from the truth.
Pending home sales and closed home sales have spiked since the market took off in June 2020. Having all of these transactions leads to delays from lenders, attorneys, inspectors, and all other vendors involved in these transactions.
Using trusted vendors has never been more important because they'll help move your transaction along as best they can. Our tip is to make sure you have access to a robust list of trusted vendors. Of course, when you work with us you will always gain access to our most trusted and highly regarded vendors.
Why Buyers are Frustrated with the Market
Hearing buyers frustrated with the market? Here’s why!
Connecticut is struggling to keep up with buyer demand. Inventory is at lowest levels since 2005 and on track to stay that way. Months of inventory gives us insight into if we are in a “buyers” or “sellers” market. As we’ve mentioned
The holidays, uncertainty of the election, and new year have all held buyers back from listing their properties, however we expect a strong influx of new inventory coming onto the market in the next couple of weeks rolling into the spring market.
Status of the Median Sales Price
Check this out!
The Median sales price in 2020 has skyrocketed throughout Connecticut. There are a lot of factors to take into consideration for the cause of this spike some are:
Historic Low Interest Rates: More buying power at the same monthly rate
Influx of NYC buyers: More competition especially in Fairfield County
Work From Home employees looking to get extra space and open to moving further from city centers
