[Vetgirl2014]

Originally Posted by Massimiliano

For someone who is interested in moving to CT at some point in the future . . . do you think I should jump into the market now before it gets even harder to find something, or wait a year or so and hope more becomes available? How many more New Yorkers are going to emigrate??

Solid question. So much is going to depend on a) what happens with coronavirus over the next 6-12 months and b) how NYC is able to recover from it. If rona drags on longer and more people continue to work from home, I imagine more and more people will move to the burbs. If NYC has trouble recovering and crime continues to increase and more and more shops close, more people will move to the burbs. If, however, a vaccine becomes widely available and is efficacious, and if NYC aggressively puts money back into itself to help restaurants and businesses recover, it may slow down the wave of people moving out.

[synchem]

Two of my colleagues just sold their homes in Orange a week apart end of last month. Both sold the first weekend with multiple offers and for 4-6% over asking.

[pramre]

Originally Posted by Massimiliano

For someone who is interested in moving to CT at some point in the future . . . do you think I should jump into the market now before it gets even harder to find something, or wait a year or so and hope more becomes available? How many more New Yorkers are going to emigrate??

How MTA/Metro north recovers is also a big unknown. If they get no aid and cut commuter line & subway service by 50%, suburban commute can become impractical. That might cause employers to open up suburban office parks and not solely rely on NYC. In that scenario, it is anyone’s guess how expensive CT suburbs might fare wrt home prices.

[JayCT]

Originally Posted by mels

I am one of those who bought during the pandemic. Some of us are lucky to work in industry that is relatively stable. My job is no more insecure than it was a year ago (and for that I am truly grateful). I was planning on moving even pre-pandemic, however many are moving now not necessarily to go from urban to suburban but because they now realize their homes don't work for them. When you aren't getting the kids out of the house by scheduling them at their various events the majority of days of the week, when parents aren't heading out to the office...suddenly your spatial needs are a lot different. It is very much a middle and upper class issue aka those who can afford it.

I know two people that are right now in the process of buying homes too. Both are young first time buyers taking advantage of super low interest rates.

One is a couple I that lives in Boston and is moving to the suburbs. They are fed up with high rents, overcrowding and now dealing with the pandemic. The other is a single guy buying a house near his job in a small town. He plans to rent out the extra bedrooms to coworkers.

I also know another young Boston couple very actively looking. They are very anxious to get out of the city too but are having trouble due to low inventory. I would never t be surprised if they find something in the next couple weeks. They have a very wide area they are looking at.

All of these have good steady jobs that aren’t impacted by the pandemic and likely won’t be. All but the single guy have some or all work from home options which is why they can move further out. It seems the pandemic just pushed all of them over the edge to make a move now. Jay

[JayCT]

Originally Posted by Massimiliano

For someone who is interested in moving to CT at some point in the future . . . do you think I should jump into the market now before it gets even harder to find something, or wait a year or so and hope more becomes available? How many more New Yorkers are going to emigrate??

No one knows what the future will bring. A year ago some suburbs were treading water with home sales. High end homes were struggling. Now we have a top Sellers Market. Who knew that was possible?

The best anyone can tell you is to buy when you are ready to buy. No one but you knows when that is. Since it’s a Sellers Market you should give yourself a long lead time to find a place you like. Good luck, Jay

[kidyankee764]

Originally Posted by Massimiliano

For someone who is interested in moving to CT at some point in the future . . . do you think I should jump into the market now before it gets even harder to find something, or wait a year or so and hope more becomes available? How many more New Yorkers are going to emigrate??

It’s difficult to tell. If you’re okay with waiting, I’d do that. I think COVID has many overpaying for their homes nationwide and I’m concerned when this bubble bursts, it won’t be pretty. Things will soften, as they always do. I advised my in-laws to hold off on buying in FL right now, too, since prices there are insane right now.

It’s great that CT home prices are way up, but do remember that not long ago, CT, and Fairfield County in particular, saw some of the most concerning drops. It actually went so low that when the market righted itself (and then some), there’s this appearance that it skyrocketed. One extreme to the other is not good, as evidenced in boom/bust areas like in CA, TX, Dakotas, etc. Technically, it did skyrocket, but there’s a bit of a history that must be considered. Anyway, that’s my take, and I know I’ll catch heat for it on this specific forum, but it is what it is.

[SteveM85]

Originally Posted by Massimiliano

For someone who is interested in moving to CT at some point in the future . . . do you think I should jump into the market now before it gets even harder to find something, or wait a year or so and hope more becomes available? How many more New Yorkers are going to emigrate??

Even if its for the long term, I'd wait it out. No question. When the foreclosures start percolating, you start paying attention, then when it all pops, you jump in.

Saluti

[Massimiliano]

Thanks for the responses, some good thoughts.
It is interesting that when I look on Zillow, many home values over the last 5-10 years appear to have been dropping or barely holding steady. What are some reasons for that drop, and wondering if that dynamic could return?

[mdovell]

The rates at this point can't get that much better. If you get under 3% that's good enough. I doubt we'd see under 2% let alone 2.5%

The fixer uppers might be a good thing now. that way you get it lower and can customize as the market changes. Extra bathroom or closet? private gym or office?

Pay attention to the really important things. building envelope and HVAC. Access to lines (water, sewer, telecommunication, natural gas) are others. zoning can also be big if you want a airbnb or a inlaw suite. Pay attention to easement rights and access points etc. Some like living off grid and I get that but buying a house with a well and a septic can be different vs public water and sewer.

[SteveM85]

Originally Posted by Massimiliano

Thanks for the responses, some good thoughts.
It is interesting that when I look on Zillow, many home values over the last 5-10 years appear to have been dropping or barely holding steady. What are some reasons for that drop, and wondering if that dynamic could return?

Probably, who knows. Right now CT's hot, hot, hot. People want to move in hand over fist. More want to move in than out. My neighborhood has a waiting list. Realtors are on notice, high alert, when something comes on the market there's a mob ready to pounce and I don't blame them. I can't get enough of this place either.

I don't know what part of CT your looking into, doesn't matter it's so amazing words don't do it justice, but the Stub is on fire. So many newcomers ready to party all night, pandemic or no pandemic. This past staurday night was a 30+ person bash up at a house in Fairfield. Indoors. No one cares. People are dying to get in, literally. The slightest chance of warmer weather brings hordes out to the bars and restaurants and no one's calling the cops for violations.
Stay on the sidelines and wait till it all comes crashing down. It will, nationwide.