Real estate agencies share their perspective on the competitive housing market
ENFIELD, Conn. (WTNH) – The housing market continues to heat up with competition among homebuyers fiercer than ever. They are faced with exorbitant prices and historically low stocks.
“They were all taken so quickly,” said Denise Swistak, who recently purchased a home in Connecticut. “If you go to any house, there were 40 cars in the parking lot, they couldn’t get you in to see the house, so you were discouraged.”
There are fewer choices and you pay more for what you get.
“In Enfield alone, we used to rock around 100 properties on the market,” said Bill Arzt, broker and owner of CT Hometown Realty LLC. “If we hit 80, we would all start worrying that there was nothing to sell to our customers.”
Arzt said he has 10 homes available in Enfield right now. In the five surrounding communities, there are only 24 houses on the market.
“People just don’t want to sell,” Arzt said. “They know that if they’re selling, they also have to pay top dollar to get something. It’s not easy right now. »
Statewide, the median home price is up but demand remains intense in Connecticut, a trend we’ve seen since the start of the pandemic.
“People were looking to escape; people were looking to get backyards,” said Michael Barbaro, president of SmartMLS. “They were looking to have an open space and not an apartment.”
Experts News 8 spoke to him said that when you’re ready to list, use a real estate agent to ensure you get the best price. If you’re in the market to buy, come prepared and know what you can spend.
“Be absolutely patient and give yourself plenty of time,” Arzt said. “You’re not going to find your house right away. If you do, you’re probably matched with other buyers as well.
They said it’s important not to get discouraged as there is hope that more homes will come to market with the spring season upon us. There is optimism that new stocks can better meet this demand.