Market Updates March 22, 2023

March Madness = Market Madness

Usually when someone mentions March Madness we think of basketball, but that also describes the real estate market in our area right now.  The national narrative on the news is grim, but things are picking up.  Pending home sales, an important market indicator, were up 8% nationally in January on top of a 2.5% gain in December.  Our local market here in Fairfield County is quite robust.  After a slower November and December, things are really picking up. The number of people attending Open Houses is higher than pre-pandemic levels, and agents are still receiving multiple offers, many over asking.

Homes in our area are typically trading at 8-15% over asking, making it tricky and intimidating for buyers to stay engaged and submit competitive offers.  We have strategies to help buyers feel confident and compete in this market so please reach out if you are thinking of buying.  You won’t win if you don’t play!

Homes that are trading over asking have a couple of things in common: price and presentation.  If you’re a seller and your home is adequately prepared for market (all repairs done, good curb appeal, updated), and it’s priced correctly, it will trade quickly.  Price matters!!  It’s very tempting for sellers to “test” the market by listing their home at an increased price – we get it.  But the longer a home stays active on the MLS, the more buyers will wonder what’s wrong with it.  Let us help you with a pricing strategy.  And when those offers come in we can help you evaluate each one.  A high offer price is fantastic, but terms also matter.  We can help you manage those offers and choose the best one for you.