[SteveM85]

Originally Posted by simonusa3

I see more NY plates now

We all know about the NYers Simon. Unless your just tuning in, that MSN article has been making it's way around the web for a good year or more now.

Around here, the market is for the most part unchanged - it's non existent.

Number of pages of online listings per town are historically and mind numbingly low.

New Canaan - 3 pages
Stamford - 7 pages
Darien - a paltry 2 pages
Norwalk - 5 pages
Westport - 4 pages

and of course -
Fairfield - 4 pages

How is this even possible?

Note - I added Fairfield because I know it's the City Data darling. I had to include it.

[BPt111]

Originally Posted by SteveM85

We all know about the NYers Simon. Unless your just tuning in, that MSN article has been making it's way around the web for a good year or more now.

Around here, the market is for the most part unchanged - it's non existent.

Number of pages of online listings per town are historically and mind numbingly low.

New Canaan - 3 pages
Stamford - 7 pages
Darien - a paltry 2 pages
Norwalk - 5 pages
Westport - 4 pages

and of course -
Fairfield - 4 pages

How is this even possible?

Note - I added Fairfield because I know it's the City Data darling. I had to include it.

Escaping New York regime

[EmiSky]

According to Zillow/this video; from yr. ago, the largest metro area with highest price increase is Hartford, at 12.2%. -3:20 mark in the video shows stats. I realize home prices in Hartford are much cheaper than many other metro areas, but this shows interest in Hartford, and that it’s growing, not dying. Good for Hartford.

[Johnho771]

Originally Posted by EmiSky

According to Zillow/this video; from yr. ago, the largest metro area with highest price increase is Hartford, at 12.2%. -3:20 mark in the video shows stats. I realize home prices in Hartford are much cheaper than many other metro areas, but this shows interest in Hartford, and that it’s growing, not dying. Good for Hartford.

Pribably fueled by all the Puerto Ricans

[SteveM85]

Originally Posted by Johnho771

Pribably fueled by all the Puerto Ricans

Puerto Ricans are legal american citizens, and a small contigent. Is Hartford getting migrants bused in, are they driving RE growth?

[Johnho771]

Originally Posted by SteveM85

Puerto Ricans are legal american citizens, and a small contigent. Is Hartford getting migrants bused in, are they driving RE growth?

Havent heard much about migrants in Hartford, and highly doubt the are driving RE growth.

And unless an incredibly loud contingent, i would not call the PR contingent small in Hartford area. I frequently see the PR flag and Purtico Rican parades in the area. Unless maybe its different in other parts of CT, I don't see other states like NY throwing parades or displaying their flag in CT.

[Cambium]

I circled the times when interest rates were over 7%

I'm still wondering why the real estate market in CT hasn't crashed . Seems like when rates go over 7% there is a downturn in the market.

Dynamic times

[CTartist]

Originally Posted by Cambium

I circled the times when interest rates were over 7%

I'm still wondering why the real estate market in CT hasn't crashed . Seems like when rates go over 7% there is a downturn in the market.

Dynamic times

I am going to really show my age. When I was young in the 1980's interest rates where so high it was almost unbelievable. When I bought my first property, I could only afford a 1 bedroom condo. There were couples who had a child (some pregnant with the second) in that one bedroom condo and could not move until the rates went lower.

My mortgage was about 15% at that time. If you think things are hard now try being a young married couple with a mortgage around 15% or higher. And I paid for art school (Pratt in NYC) on own. No one "bailed" out my education costs either.

----------------------------------------------------------------------------------------------------------

Read the article below to see how high rates went.

Strait recalled one couple who were actually relieved when they locked in a 30-year fixed-rate mortgage at 19% in September 1981. The couple had told her they were hoping to close on their new home before rates moved any higher.

“They were so delighted to be closing at 19%,” said Strait, who now works at William Raveis Real Estate in Danbury, Connecticut. “They said, ‘We made it in just under the wire, next week it is going to 20%!’”
https://www.cnn.com/2022/09/29/homes...ity/index.html

[Stylo]

Originally Posted by Cambium

I circled the times when interest rates were over 7%

I'm still wondering why the real estate market in CT hasn't crashed . Seems like when rates go over 7% there is a downturn in the market.

Dynamic times

Because inventory has stayed very low. No one is selling.

[SteveM85]

In order for a market to crash, you need to have a market. In CT it doesn't exist at the moment, there literally is no market, there's nothing to crash. Rates could be 47% it wouldn't matter.
What few sellers there are, their buyers are Gen X and older, flush with cash or large downpayments and don't care about interest rates.
I'm closing on a place 3 weeks from today, rates are moot for me.
When people ragale you with stories of rates in the high teens back in the day, you have to remember homes cost next to nothing then. It's all relative.