Market Update – April 2024

Earthquakes, Huskies, and a Solar Eclipse

The past week has been very exciting!  How often do you experience an earthquake (what?!), solar eclipse, and a national championship all in one week?  The UCONN women and men’s teams both advanced to the Final Four together for the first time in history.  It was an amazing weekend for basketball!  The Husky women fell to Iowa in the semi-finals but the men took the NCAA championship for the second year in a row.  Congratulations UCONN!

Spring is here and so is the Spring market.   We are still dealing with historically low inventories across Fairfield County.  Homes that are properly priced and prepped for sale are still seeing multiple offers over asking price.

Interest rates are trending up again since the beginning of the year.   The Fed is in no rush to make any cuts to interest rates given the strong economy and stubborn inflation data. Positive jobs and unemployment data are great for our national economy but bad for mortgage interest rates. Economists hope to see rates decline in the medium term.

Buyers, make sure your mortgage pre-approval and taxes are current, especially if you would like to use 2023 income to qualify.  A solid credit score and healthy down payment could improve your rate.

Buyers are out and actively looking, but because of the price inflation, are not always feeling the value on what they are bidding on. Presentation matters more than ever.  Sellers, consider small improvements like staging, a paint refresh, professional cleaning, and small fixes so your home looks, smells, and feels well cared for.  And take advantage of the spring blossoms to increase your home’s curb appeal.

There’s a lot of misleading information in the media about agency representation and commissions.  If you have questions, please reach out and let’s have a conversation. We’re hearing friends, family, and clients repeating things that aren’t accurate, so let us help clear up any confusion.