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The Danbury area seems to be hopping this spring, specifically $375 or <. Possibly because it never really recovered after 2008, and now is finally inching forward a bit. Many, many homes are under deposit within days — a week in that price range.
The Mid market, however (in between $450k+, but before the waterfront prices) appears to be still a little sluggish though.
Last edited by Lalalally; 04-02-2019 at 05:10 PM..
Closing the gap on some speculation regarding my original post...
Our house is listed for $1.099M. We paid $1.085M 5 years ago and put in about $150k in upgrades. We are not "overpriced". We are using a very well respected agent. We plan to reduce to $1.069 this week. It seems to our agent that there is a smaller pool of buyers and a lot more inventory this year given the complete $h!t show CT has become over the past few months-years.
Closing the gap on some speculation regarding my original post...
Our house is listed for $1.099M. We paid $1.085M 5 years ago and put in about $150k in upgrades. We are not "overpriced". We are using a very well respected agent. We plan to reduce to $1.069 this week. It seems to our agent that there is a smaller pool of buyers and a lot more inventory this year given the complete $h!t show CT has become over the past few months-years.
You aren’t alone. The mid to high end market in CT is suffering, and has been for a few years. This, IMO, correlates directly with the stats that seven figure wealthy residents are leaving and are being replaced with 200k income residents.
As I said, it’s very easy for posters to write you off as “overpriced”. If you’re considered overpriced, the market is really taking a beating.
We've been going about this for years, but in my neck of the woods looks like the big house built in the 80's-2000's with a big lot are struggling to find a new demographic. From just keeping a more casual eye than I usually do for Eastern Fairfield County the in-town and small lots are going fairly quick and at a pretty decent premium. The backwoods are certainly taking a bit of a wash.
My friends and family (and myself) are right in the prime starter and upgrade home purchasing bracket. I'm in my earlyish 30's and my cohorts are 8-10years in both directions. Most that are buying are going for 2-3br on manageable sized lots. Even if they could easily afford a bigger house, bigger yard, elegant extras yadda yadda... all that just holds no particular appeal to those that I know (anecdotal I know but seems to be fleshed out nationally though). As well they are keeping their eye on rent appeal if there's a good job opportunity elsewhere.
Doesn't really help that a lot of young buyers were shut out of the market due to zoning that prevents a lot more starter properties. Now the chickens are coming home to roost.
We've been going about this for years, but in my neck of the woods looks like the big house built in the 80's-2000's with a big lot are struggling to find a new demographic. From just keeping a more casual eye than I usually do for Eastern Fairfield County the in-town and small lots are going fairly quick and at a pretty decent premium. The backwoods are certainly taking a bit of a wash.
My friends and family (and myself) are right in the prime starter and upgrade home purchasing bracket. I'm in my earlyish 30's and my cohorts are 8-10years in both directions. Most that are buying are going for 2-3br on manageable sized lots. Even if they could easily afford a bigger house, bigger yard, elegant extras yadda yadda... all that just holds no particular appeal to those that I know (anecdotal I know but seems to be fleshed out nationally though). As well they are keeping their eye on rent appeal if there's a good job opportunity elsewhere.
Doesn't really help that a lot of young buyers were shut out of the market due to zoning that prevents a lot more starter properties. Now the chickens are coming home to roost.
This is the endless "Boomers, Millennials don't want to buy your house" headline. Birth rates among white collar professionals are way down. There's way less demand for large houses with lots of bedrooms. Millennials who can afford it are also well aware of the personal finance math of a DIY retirement where a big suburban house isn't the greatest way to build wealth.
You aren’t alone. The mid to high end market in CT is suffering, and has been for a few years. This, IMO, correlates directly with the stats that seven figure wealthy residents are leaving and are being replaced with 200k income residents.
As I said, it’s very easy for posters to write you off as “overpriced”. If you’re considered overpriced, the market is really taking a beating.
The phenomena is whole state. In New Haven county etc, 100k to 200k are leaving, being replaced with 5 figure residents in the past decade. sigh.
This is the endless "Boomers, Millennials don't want to buy your house" headline. Birth rates among white collar professionals are way down. There's way less demand for large houses with lots of bedrooms. Millennials who can afford it are also well aware of the personal finance math of a DIY retirement where a big suburban house isn't the greatest way to build wealth.
We got to admit, there are some truth in it. For home owners ovrealls, those in big cities Boston/NYC made it a lot better on equity and wealth than most CT residents.
As a millennial with a decent salary and plenty of other friends in the same boat (mid to late 30's, DINK's) you bet your a** we aren't dumb enough to buy a big house in CT really far from job centers with a giant property tax bill. We all know how to look up property records and see the bloodbath that anyone who bought in these wooded suburbs in Fairfield county are in, IE if they bought between 2000 and 2009. It's quite sad when you really dig into the weeds and see the gigantic drops in equity in places like Easton, Weston, Monroe, Newtown, Brookfield etc. It's everywhere. Anything 600+ is toast and there is no going back. The walkable suburban trend is here to stay and that's where buyers want to live and will fight fiercely for this lifestyle even if the schools are soso. As my wealth grows, I am very cognizant of the albatross a giant highly taxed property is to your financial future, especially if the thing is neutral or depreciates in value.
I'd also think that there are an awful lot of retiring boomers who don't want the huge property taxes and home ownership costs trying to downsize. An oversupply of larger homes in the fancy zip codes with the ugly train commute. This goes back to the whole "your house is overpriced" thing. If the house hasn't moved, it's overpriced for the local market regardless of original purchase price and improvements.
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