[mels]

Originally Posted by notghinsaw

LOL. What's reasonably priced though? I bought a year ago at 6.5% and current market is +30% and + 1-1.5%. 3/2 1500 sq.ft. houses become luxury. Looks like it's time for 2/1.

"Reasonably priced" would mean priced for today's market conditions. Not the seller's aspirational price, but one based on comps.

[notghinsaw]

Originally Posted by mels

"Reasonably priced" would mean priced for today's market conditions. Not the seller's aspirational price, but one based on comps.

I don't see anything reasonably priced currently. Yet it goes pending in three days.

[SteveM85]

Originally Posted by CTartist

Are you in Fairfield County or another part of CT?

I noticed the townhouse condos in Trumbull cost almost as much as the capes of the same square footage.

Many downsizers, Boomers and GenXers don't want to deal with yardwork, shoveling snow, or fixing up musty old capes so they get condos. Condos are also easier to lock and leave for retirees who snowbird or take extended vacations.
Depending on locations like waterfront, some condos may sell higher and faster than single families in not as desirable locations.

[JayCT]

Originally Posted by notghinsaw

I don't see anything reasonably priced currently. Yet it goes pending in three days.

“Reasonably priced” is a relative term. What’s overpriced to you may be reasonably priced to someone else.

Home prices are a function of what people can and are willing to pay for a home. In a free market like ours there is little anyone can do about it. It’s just how it works.

[notghinsaw]

Originally Posted by JayCT

“Reasonably priced” is a relative term. What’s overpriced to you may be reasonably priced to someone else.

Home prices are a function of what people can and are willing to pay for a home. In a free market like ours there is little anyone can do about it. It’s just how it works.

I'm merely comparing housing prices with early 2023 which seem to be a good deal as well as mortgage rates.

[BPt111]

Originally Posted by SteveM85

Many downsizers, Boomers and GenXers don't want to deal with yardwork, shoveling snow, or fixing up musty old capes so they get condos. Condos are also easier to lock and leave for retirees who snowbird or take extended vacations.
Depending on locations like waterfront, some condos may sell higher and faster than single families in not as desirable locations.

Will Gen Z or Millennials afford buy home in CT ?

[SteveM85]

Originally Posted by BPt111

Will Gen Z or Millennials afford buy home in CT ?

No, not without parental or generational support. It is essentially over for them in CT, just call it a day, even if the market corrects some.

[Stylo]

Originally Posted by BPt111

Will Gen Z or Millennials afford buy home in CT ?

Millennials are all late twenties to early forties now. Many have homes.

No matter who you are, you’re getting less house now. Gen Z will have to settle for smaller houses, condos, less desirable towns.

[BobNJ1960]

Originally Posted by SteveM85

No, not without parental or generational support. It is essentially over for them in CT, just call it a day, even if the market corrects some.

until a correction hits, which many analysts anticipate. I just hope it is not severe, as the big swings in housing cost, not just in Ct but nationally, are not without consequences to the overall economy.

[SteveM85]

Originally Posted by BobNJ1960

until a correction hits, which many analysts anticipate. I just hope it is not severe, as the big swings in housing cost, not just in Ct but nationally, are not without consequences to the overall economy.

It may not be as severe. There is no Countrywide ninja loan scandal so it will take another Black Swan to do that.

Keyword for millennials is those that “have” houses. For those that don’t, unless you sold big lately or mom and dad still around, see ya later, nice knowin’ ya.

GenZers I know now are doing one of two things. Shacking up in Stamford with roommates or hitting the road. A son of these people I know just last week left with the girlfriend for Charleston, bought a townhouse, work remote, though I’m not sure it’s that much cheaper there. These people still want some glitz and glamour and MS and AL don’t have that. The daughter wants to leave too but stuck in a job at Spectrum, they’re in the office 5 days. Some corps are still stuck in 2019.