May 1, 2020 -- 82% Sellers of 976 single family homes in my Carr New Haven County CT Residential Real Estate Price Reduction Report (c) are maintaining their price as lack of inventory may increase demand for homes priced from $200,000 to $700,000 which offer 1000 to 3200 sqft. The confidence in my market is greater than a national average reported below. When I review the last 45 days of MLS market activity, I see 89 sellers reducing their price since April 17, 2020. There 52 reductions between 04/16/2020 and 04/01/2020, 34 reductions between 03/31/2020 and 03/17/2020, 41 reductions from 03/17/2020 to 03/03/2020 and only 25 eduction from 03/02/2020 to 02/17/2020 a period when the general public not knowingly impacted by COVID19. To provide broader definition for this May 1, 2020 Carr New Haven County CT Residential Real Estate Price Reduction Report (c) there were also 831 Single Family Residential (SFR) houses and condominiums identified by REALTORS as pending sales and 643 closed transactions from 05/01 /2020 to 03/03/2020 making a total of 2449 comparable SFR components for this measurement.
The Months of Standing Inventory (MSI) indicates three months of inventory, a historical shortage, because there are 976 properties available for purchase in the sample with 321 properties closing per month since May 3, 2020 with a broader measure of 1857 ( 309.5 per month) closing between 05/01/2020 to 11/04/2019. Traditionally a real estate market is balance when a six month inventory exists
“Nearly 70% of Americans have secure employment and those interested in purchasing homes are looking at the enticing mortgage rates,” said NAR Chief Economist Lawrence Yun (nar.realtor; 4.30.2020). “One in five potential buyers has dropped out of the market due to job-loss concerns, hopes are the massive financial stimulus package can help replace a good portion of lost income until the economy steadily reopens. More home sellers are needed to relieve the acute inventory shortage.” The 04-27-20 NAR Flash-Survey of 95,688 REALTORS nationwide provided 2,508 responses. Agents responding said 51% of buyers are delaying their home buying “a couple of months.” 36% of responding agents said buyers are not expecting lower prices. 76% of their sellers were not lowering prices.
My Milford New Haven Metro Connecticut neighborhood has been undervalued nationally in the Greater New York Metro since 2014 when one considers our exceptional quality of life. The rising interest in compounding and virtual workspaces makes commuting on the Metro North railway in proximity to New York City a better value than ever. 2020 is virtually a unique time to buy or sell your home when you work with me, David Carr, Professional Standards Certified Specialist, licensed in Connecticut since 1996. I am here when the time is right for you. Follow me on Twitter @ctrealdavecarr. NOTE: The Carr Residential Real Estate Price Reduction Report (CRREPRR) (c) is an original presentation of verified facts presented to help consumers interpret possible trends in specific 2020 COVID19 Real Estae Markets ( defined by price, location, ammenity and time). The CRREPRR(c) is a unique lens of interpretation and data measurement that can be reproduced by any consumer using verifiable data. The CRREPRR(c) is not intended to be a predication since there are numerous factors that effect individual motivation to buy or sell real property at any time, and is not endorsed by my affiliated colleagues or brokerages as of May 1, 2020
May 1, 2020 -- As your fiduciary agent, I am prepared to complete all aspects of real estate transactions while complying with social distance directives. I can provide my qualified clients live video to support an online offer, then arrange a physical showing. I will complete all “paperwork” using secure, authenticated, state of the art electronic document platforms. I can allow my clients to “attend” the home inspection via live video feed, asking questions and clarifying concerns in a secure, real time environment. I can arrange full document presentation for mortgage approval and appraisal, then walk you through before you execute your final closing documents
2020 is virtually a unique time to buy or sell your home when you work with David Carr, Professional Standards Certified Specialist, licensed in Connecticut since 1996. I am here when the time is right for you. Copyright©05.01.20 All Rights Reserved. Follow me on Twitter @ctrealdavecarr.
April 30, 2020 -- As we work to keep our neighbors safe, the responsibility of Social Distancing continues to challenge the real estate industry for a variety of reasons. While requests for property showings have decreased in March, we have seen recovery in mid-April (according to ShowingTime). Overall, we have less inventory with anticipation of a May 2020 buying surge as 30-year interest rates remain around 3.5% for qualified borrowers.
This unprecedented Spring market has created new financial and logical challenges for this market adding opportunities for qualified participants in Connecticut. The FHFA House Price Index for my Milford New Haven Metro (Purchase Estimated Sales Price Data) Seasonally adjusted value went up 1.64 to 175.51 (a value comparable to 3Q2009) while the Non-Seasonal value corrected 1.23 to 174.39 (a value comparable to 3Q2010). Connecticut and my Milford New Haven Metro remains underappreciated despite our proximity, climate and high quality of life.
Since 1996 I am here to help you discern value and quality of life when the time is right for you. People move because it’s the right time more than anything else. People complete home purchases with higher interest rates in more challenging historical environments than today. Is there anything I can do to help you make a good decision? I am here to help. Copyright©04.30.20All Rights Reserved.
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