[cool_mommy]

I tried to start this post earlier but it went way off course on every subject under the sun but what I was originally asking. I'd like to try asking this once more...

Is anyone else in CT having trouble selling their home? I'm curious as to the trends people are seeing in the housing market in CT. I get the impression that the homes in my area (central CT) that are selling the quickest are the ones priced around $250,000. My house is priced right and marketed well. I've had several showings and one extremely low ball offer.

I have to wonder if the economy has people worried (gas prices, interest rates and the like), are people only bargain house hunting, is there any activity out there?

I would really love to hear some imput from people who either have there houses on the market or are house hunting. What is the average time a home is on the market right now before going under contract? I've never tried to sell a home in this type of housing market before and it's pretty frustrating!

[joshtpa]

It is not just CT, it is virtually the entire country. But you need to look at nothing more for the most part than at the times. The housing market surged very high over the last few years. Due to low interest rates. The "interest only loan" and many other things. The fact is that people buy things that they can afford the monthly bill for. With higher rates, people dont want to buy a lesser house. They would rather wait. Keep in mind that real estate has highs and lows every few years. Nobody was complaining when their homes jumped 20% or more in value over the last 24 months. But now that they cant sell it, everyone complains.

[JayCT]

We live in Glastonbury and have had three people we know sell in the last couple of months. None of them had problems. One firend had an upscale contemporary ($650k) and they are usually harder to sell. But they got a good agent, had the house staged (meaning a professional came in and set the place up to look nice) and priced it aggressively (probably $25,000 less than it shoudl have been listed for) and it sold in less than 30 days. They got very close to their asking price.

The house behind us sold in just 2 days. Again, it was priced agressively (about $10,000 to $20,000 less than it should have sold for) and it was in great condition.

Friends of ours also sold their home in town and I believe it was on the market for less than 45 days. It was a 3 bedroom cape in a nice neighborhood and was only in fair condition, but it was well priced for Glastonbury (around $300k) so I think they had a lot of interest since it was not on a busy street.

I do watch the housing market here fairly closely and I think homes are still moving pretty well. I can tell you that Toll Brothers two developments in town are selling well. They are just about sold out and together they were about 140 lots. That is a lot of pricey new homes for Connecticut. As I indicated in your last post, I think buyers are being more picky and your town is not as desirable for they type of home you are selliing. Be patient and I am sure you will find a buyer. Good luck, Jay

[cool_mommy]

Originally Posted by JayCT

We live in Glastonbury and have had three people we know sell in the last couple of months. None of them had problems. One firend had an upscale contemporary ($650k) and they are usually harder to sell. But they got a good agent, had the house staged (meaning a professional came in and set the place up to look nice) and priced it aggressively (probably $25,000 less than it shoudl have been listed for) and it sold in less than 30 days. They got very close to their asking price.

The house behind us sold in just 2 days. Again, it was priced agressively (about $10,000 to $20,000 less than it should have sold for) and it was in great condition.

Friends of ours also sold their home in town and I believe it was on the market for less than 45 days. It was a 3 bedroom cape in a nice neighborhood and was only in fair condition, but it was well priced for Glastonbury (around $300k) so I think they had a lot of interest since it was not on a busy street.

I do watch the housing market here fairly closely and I think homes are still moving pretty well. I can tell you that Toll Brothers two developments in town are selling well. They are just about sold out and together they were about 140 lots. That is a lot of pricey new homes for Connecticut. As I indicated in your last post, I think buyers are being more picky and your town is not as desirable for they type of home you are selliing. Be patient and I am sure you will find a buyer. Good luck, Jay

Yes, it sounds true. We bought our house in this town because of the great school system, it has "rural character" and is off the beaten path which is probably a factor as to why it isn't selling. Sometimes it's best to be closer to the highway.

Thanks for the well wishes!

[larsm]

Speaking only for myself as one potential buyer, I am very picky at what I look at and when I make an offer (i'm in no hurry as time/market conditions are clearly on my side) I will only pull the trigger if the house is priced very aggressively (and then I will still look for a discount).

One man's approach, YMMV.

[Radiant]

I just took a deposit on my house in Manchester. 1500 Sq ft cape with 4 Bedrooms and 1.1 baths. Only had a sign out front for three weeks & one craigslist ad - it has very nice curb appeal and is completely updated. It was estimated by real estate agents to list between $219,000 and $225,000. I listed at the low range as I wanted to sell quickly. Ended up selling from the sign alone, go figure. Worked out well for me!!

[JayCT]

Coolmommy - i would suggest that you place your home on craigslist.com in addition to the ads run by your realtor. I did this for a rental property I own and got a LOT of responses. It worked great. It is free and you must replace the ad every so often, but it was worth it to me. Jay