Is This the Time to Buy?

In a recent online article, Marketwatch writes that home prices rose for the first time this year. While this is good news for home sellers, it may mark the beginning of the shift we’ve been watching for.  Now, each region is of course a different animal than the rest of the nation, and real estate in Connecticut is no exception, but we’ll get into that some other time.

What does this mean for me?

It means silly, that now may be the time. You remember the scene in Dead Poet’s Society, where Robin Williams is walking around whispering ‘Carpe Diem’ to his class? Well, ignoring all the bad stuff that happens in that movie, that is the exact lesson I need you to think about now. Home prices are still down overall from where they were, but they are starting to see an increase, and all that means for you is that it will cost you some mad ducats if you don’t get on board with this and pay close attention if  they continue to rise. Not only are they beginning to inch up a bit, but we are seeing well priced homes flying off the shelves and, believe it or not, go into multiple offer situations as well.   Cannot believe it – our clients have been in multiple offer situations 3 times in the past week or so – how long has it been since THAT happened?

But Wait, There’s More!

Existing home sales are up 5%. Guess what that means? It means that the existing inventory should be beginning to shrink. More stats over the next few months will really tell the story – but we love good news don’t we – so lets take it while we can!  Now you don’t have to be Adam Smith to know that means that as our recession, hopefully, begins to reside (wha-?), homes will be snatched up. At that point it begins to be a simple matter of supply and demand (That’s where that whole Adam Smith thing came in, nice one eh?), and I don’t want you to be left out in the cold. In a tent. Yuck.

We are extremely busy, and the start of this year is one of the best we have ever seen! Both sellers and buyers are looking for experienced and  innovative Realtors (especially when it comes to marketing……more on that later, too). The fly by night, part-time agents pretty much have not survived the last 2 tough years. Can’t say I will miss them, talk about making a mess of things.

Did I just hear The Recession is over? And that I should rush out and buy a house?

In a word… No.  As per my previous advice, you have to live within your means. And if you’re in danger of losing your job – please don’t strap on a mortgage to your existing problems!  But I heartily encourage those of you who are in the position – call, email or come see me.