[cool_mommy]

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 has been on the market for about 1 month and I haven't had a showing. I've had decent turnouts for my open houses though. My house is priced right and marketed well.

I have to wonder if the economy has people worried (gas prices and such), 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!

[wanderintonc]

I'd have to guess that it is overpriced. The house across the street from me sold very quickly, but it was well priced-in fact, when dh and I looked it up when it went on the market, we immediately said 'that's a good price'.

The one next door was overpriced, just sold too after being on the market for a year. The owner finally reduced the asking price several times. I don't know how much below asking it sold for.

I'm in central ct too.

[Rich Lee]

Originally Posted by wanderintonc

I'd have to guess that it is overpriced.

BINGO! I, too, am in central Connecticut.

[rta06119]

I could tell you after reading the real estate section in the Hartford Courant last week that the houses in CT are selling the lowest in the country. No one wants to buy perhaps because the rate are high or even the taxes.

[skytrekker]

Originally Posted by rta06119

I could tell you after reading the real estate section in the Hartford Courant last week that the houses in CT are selling the lowest in the country. No one wants to buy perhaps because the rate are high or even the taxes.

Housing has slowed in Connecticut- but the market here is in far better shape then places like AZ, Florida, Nevada, Ohio and southern California. Where there is a huge glut of unsold homes due to massive speculation and overbuilding.

The real estate bust is only just beginning, and is likely to become worse. Housing prices in central CT are not far above the national median.
If your house is priced right, has curb appeal, it will sell but its not like it was a few years ago. Prices according to Money Magazine for the Hartford area in the nest year will remain the same, compared to some areas of the nation where they already have dropped 5-10% and will drop more.

[cool_mommy]

Originally Posted by wanderintonc

I'd have to guess that it is overpriced.
I'm in central ct too.

Yes, normally I would have to agree but I really don't believe that is the case. I have done several comparative market analysis reports and I look at the closings on a weekly basis. I have had realtor friends come through the home and they have told me that I am priced aggressively. We have dropped the price 40,000 since it was first put on the market 1 month ago. Right now, my home is priced at roughly $150.00 a square foot and the home is fairly new. Homes on the market in my area that are comparable, are listed anywhere from 165 to 194 per square foot. We have a large lot and are in a great new subdivision.

I have to wonder if there is something more to this? Perhaps, it will just take patience. This is why I would like to know how long people have had to wait to get a contract in this current market?

[trooper638]

Depending on where you are in the state prices are down anywhere from 5 - 17% since 2005. Prices have stablized and interest rates are stable. Over the past few months homes priced right are selling between 60-120 days. Overpriced or stressed homes are sitting on the market for a long time, meaning 6 months to a year. There are also areas in CT that are going through re-assessments or increasing mill rates that are hampering sales in their towns.
There are many factors that could be hampering your sale, even if you are "priced" in the neighborhood. How did you come up with your price?

[Rich Lee]

Originally Posted by cool_mommy

Yes, normally I would have to agree but I really don't believe that is the case. I have done several comparative market analysis reports and I look at the closings on a weekly basis. I have had realtor friends come through the home and they have told me that I am priced aggressively. We have dropped the price 40,000 since it was first put on the market 1 month ago. Right now, my home is priced at roughly $150.00 a square foot and the home is fairly new. Homes on the market in my area that are comparable, are listed anywhere from 165 to 194 per square foot. We have a large lot and are in a great new subdivision.

I have to wonder if there is something more to this? Perhaps, it will just take patience. This is why I would like to know how long people have had to wait to get a contract in this current market?

Hmmm...that price per square foot is low. There has to be something else. Do you happen to know the MLS # for you property? Also, this is going to sound tacky, but do you know the amount of the co-broke (the amount that the buyer agent will be compensated)?

[cool_mommy]

Trooper638 and Rich Lee, the MLS number is G459324. I'm offering a 3% co-broke plus a 3,000 bonus if we close by July 1st. I came up with the price from looking at comparable houses that have closed in my town in the last 2 months. Normally I would have gone back a few more months but the market has changed so much in the last few months.

One other factor that I don't think I mentioned is that we share a driveway with 2 other houses. We didn't think that a common driveway would make a huge impact if we were priced right. It certainly didn't affect our decision when we built the house.

[JayCT]

Originally Posted by rta06119

I could tell you after reading the real estate section in the Hartford Courant last week that the houses in CT are selling the lowest in the country. No one wants to buy perhaps because the rate are high or even the taxes.

This is definitely NOT true. I do not know what you read or think you read, but I read the real estate section religiously and did not see anything that even suggests this is true. Yes homes are selling slower, but we just came off one of the fastest selling periods in history. Of course the market appears to be slow when you compare it to this unusual selling period.

Good houses in my town are selling well. The house behind me was well priced and sold in less than a day. A couple of friends sold in the last month and neither had a problem. Within 30 days on the market the had offers. One was an up scale contemporary (and they are notoriously hard to sell) and the other a small starter cape. Both were in nice neighborhoods.

coolmommy - Your home is considered the high end for your town which is a little far out from major employment areas. Because of that, the market in your price range I am sure is slow. People figure, why pay that for this town when I could get a more convenient location in an upscale community for the price. I would just hang in there. Maybe reconsider the price. 30 days on the market is not a long time in a normal market (remember the past few years were not a normal market). Good luck, Jay