[Cambium]

Market still hot. 2-3 straight years now.


900sq ft 1BR condo in Norwalk asking for $283,000 and there are multiple bids over $290. Unbelievable.

[Cambium]

Originally Posted by Cambium

Market still hot. 2-3 straight years now.

900sq ft 1BR condo in Norwalk asking for $283,000 and there are multiple bids over $290. Unbelievable.

Edit... Just found out from my realtor friend another offer came in over 310,000 for it. Sick.

https://www.realtor.com/realestatean...1_M42981-71984

[CTartist]

Originally Posted by Cambium

Edit... Just found out from my realtor friend another offer came in over 310,000 for it. Sick.

https://www.realtor.com/realestatean...1_M42981-71984

It's in the Silvermine section of Norwalk. That amount makes sense.

[masssachoicetts]

Originally Posted by mels

Six of the 29 homes on the market today in Glastonbury are $1MM plus. I would not want to be in the position of having to buy right now. Hopefully things ease a little once the spring season gets rolling.

National inventory is 486k. Thats below this time last yesr when it was 600k, when prices increased 18-30% YOY.

Spring season will not alleviate this market. Its going to take a lot of supply to do that

[SteveM85]

Originally Posted by Cambium

Edit... Just found out from my realtor friend another offer came in over 310,000 for it. Sick.

https://www.realtor.com/realestatean...1_M42981-71984

Not surprising anymore and not Silvermine but it doesn't matter this is hapening all over CT. Any section or neighborhood. You hear rumblings in the distance when a new property goes live. People are coming in to CT as fast as their leaving it for TN and the interior Carolinas.

[JayCT]

Originally Posted by 17Christian76

Yes, I would expect it costing around $2 million all in. I would probably be the GC to keep costs down as well, but it is really an undertaking at this time.

To be honest, unless you have connections to the local construction industry, I have some but wouldn’t act as my own General Contractor. You may save a few cents but you will likely lose that in the added time it will take you to find and retain qualified tradespeople. It could add months, if not years to your construction schedule which in turn means added carrying costs that eat up savings fast. It’s not worth it for what is probably the most expensive purchase you will ever make. Good luck, Jay

[Cambium]

Here we go... let the leveling begin.... wont be this year or even next year IMO

• The 30-year fixed mortgage rate is now at the highest level since April 2020.
  
• Rates are closing in on a full percentage point gain from a year ago.
  
• "Some [lenders] will be at 3.625%, but many are already up to 3.75%," said Matthew Graham, COO of Mortgage News Daily

https://www.cnbc.com/2022/01/18/mort...omebuyers.html

[17Christian76]

Originally Posted by Cambium

Here we go... let the leveling begin.... wont be this year or even next year IMO

• The 30-year fixed mortgage rate is now at the highest level since April 2020.
• Rates are closing in on a full percentage point gain from a year ago.
• "Some [lenders] will be at 3.625%, but many are already up to 3.75%," said Matthew Graham, COO of Mortgage News Daily

https://www.cnbc.com/2022/01/18/mort...omebuyers.html

This appears to be the only hope buyers can have. We would have a very small mortgage if any at all for our home, so it doesn't affect us much. But such inflation is not advantageous for the country. However, neither is a market so hot that it locks buyers out. There must be an equilibrium.

[SteveM85]

Originally Posted by 17Christian76

This appears to be the only hope buyers can have. We would have a very small mortgage if any at all for our home, so it doesn't affect us much. But such inflation is not advantageous for the country. However, neither is a market so hot that it locks buyers out. There must be an equilibrium.

Mortgage rates in the 3%s were always considered very low. Now the 3's are going to slow down the maket?
What a world we live in

[Cambium]

Not thinking outside the box... 3's are super low, that's why we wont level off this year or even next year, its the trend, the pattern change of rising rates. That is the 1st step in getting buyers to hesitate. Rates have been low but because of out of control inflation interest rates will go up and up from here.


The million dollar question is, will we go over 7% with rates again? That will definitely put a stop and a down turn to the market.

I say 3-5% and we continue to have a hot market..

5-7% and we stabilize

7+ and we lose value and turn it into a buyers market (that's like years down the line)

But there were points in the past where rates were 7%+ and the market was hot so there's that.