[Cambium]

Mortgage rates tumble in the wake of bank failures...

Wow... just wow.

[synchem]

Good news, rates are going to crash--bad news house prices are going to double.

[SteveM85]

Originally Posted by synchem

Good news, rates are going to crash--bad news house prices are going to double.

Yes, If you're looking in Glastonbury and Milford now expect to go 100K over ask and pray.

[jdhall1]

I have a few buyers and I can't even find anytning dcent to show up for up to about $600k in the Danburyarea

[BPt111]

Originally Posted by jdhall1

I have a few buyers and I can't even find anytning dcent to show up for up to about $600k in the Danburyarea

It Black Friday Deals for NYC, Long Island, Westchester, Northern NJ residents

[JayCT]

So I just went onto Zillow and saw there were only 22 homes listed for sale in Glastonbury. That’s truly unbelievable and the lowest number by far that I’ve seen in the +30 years I’ve been following real estate here.

Of those, 10 are new construction over $800,000 and just 6 are under $500,000. Again, unbelievable.

I also just got an online valuation for my home and I was surprised to see it said that the value had dropped. It’s down like $60,000 from its high last year. I don’t see how they can say that since there are so few homes sold here comparable to mine. Makes no sense to me. I think it has to do with the last home that sold near me was a fixer upper that needed a lot of work. But that was 8 months ago and the market is so strong. Jay

https://www.zillow.com/glastonbury-ct/houses/

[SteveM85]

Originally Posted by JayCT

So I just went onto Zillow and saw there were only 22 homes listed for sale in Glastonbury. That’s truly unbelievable and the lowest number by far that I’ve seen in the +30 years I’ve been following real estate here.

Of those, 10 are new construction over $800,000 and just 6 are under $500,000. Again, unbelievable.

I also just got an online valuation for my home and I was surprised to see it said that the value had dropped. It’s down like $60,000 from its high last year. I don’t see how they can say that since there are so few homes sold here comparable to mine. Makes no sense to me. I think it has to do with the last home that sold near me was a fixer upper that needed a lot of work. But that was 8 months ago and the market is so strong. Jay

https://www.zillow.com/glastonbury-ct/houses/

Many decades from now your family will be planning your 110th birthday party bash in that house so I wouldn’t worry about the value.
Online estimates are out of whack now from lack of comps.
If you’re someone going on the market now with a turnkey your pricing high and getting over ask and over the latest Zillowstimates.

[Johnho771]

Originally Posted by JayCT

So I just went onto Zillow and saw there were only 22 homes listed for sale in Glastonbury. That’s truly unbelievable and the lowest number by far that I’ve seen in the +30 years I’ve been following real estate here.

Of those, 10 are new construction over $800,000 and just 6 are under $500,000. Again, unbelievable.

I also just got an online valuation for my home and I was surprised to see it said that the value had dropped. It’s down like $60,000 from its high last year. I don’t see how they can say that since there are so few homes sold here comparable to mine. Makes no sense to me. I think it has to do with the last home that sold near me was a fixer upper that needed a lot of work. But that was 8 months ago and the market is so strong. Jay

https://www.zillow.com/glastonbury-ct/houses/

Yes, I do not remember ever seeing inventory this low. Definitely still a seller's market. Went to realtor dot com, for my town. 84 listings, but after removing contingent, land sales, new builds, there are only 6 existing for sale, with 3 well over a million. Thought thinks would be starting to pick up by now with spring approaching, but apparently not.

[mels]

Things are still absurd out there. A friend of mine lives down the road from a house in Glastonbury that went under contract in one day that sold for $90k over asking. Granted, it was listed low but still. Sheesh. JayCT, I know you also watch Glastonbury, this was on Pheasant Xing in/near Balmoral.

Good luck, spring house hunters. Here's to hoping a lot of sellers come out of the woodwork during the typical spring busy season that should be firing up in April.

[Stylo]

Spring inventory is growing but still weak here. Not seeing a ton of places go for exorbitant amounts over asking. I think people are asking healthy amounts and generally getting them. Prices are pretty steady. No noticeable fall from peak.