According to data provided by the Greater Hartford Association of Realtors (GHAR), there were 832 single-family homes sold in the Hartford area last month, an increase over last August by nearly 24%.
Mike Zubretsky of Venture One Realty believes that because of today’s work environment and adults working from home and kids remotely people are looking for a change. “They are also looking to escape the constraints and safety of raising a family in the city and looking to find suburban communities where their families are safer.”
While sales have spiked, listings remained relatively flat, only increasing by 1.1% in August. With limited inventory, he said there has been strong competition among those looking for a new home. This is driving the houses that are available to record high prices. “Many homes are being listed at a higher price only for potential buyers to get in a bidding war that eventually prices someone out of the market.”
That was the case for one family who recently bought a house in South Windsor. After a three-month search, they finally settled on a property but to avoid losing it, they said they had to decide within an hour of seeing it.
“It was pretty stressful,” said Lavanya Nangunoori. “We were stressed that entire night and in the morning, to realize, did we actually make that decision?”
With competition being what it is, this family said it also made a max bid on their home.
“There was no negotiation back and forth we said we’re gonna match this offer and moved on,” said Swamy Munukoti.
This is happening to buyers around the state. A combination of factors including low interest rates along with more people working from home, has helped drive the market. For those looking to buy be prepared and tell the seller what they want to here:
- Tell them what you love about the house.
- Get pre-approved from a reputable local lender.
- Make a strong deposit
- Consider waiving contingencies.
With the demand, prices have soared. The GHAR said the average sales price in August was $290,000, up 14% from a year ago. While it has become a seller’s market, buyers need to be on their game and make decisions quickly.