[notghinsaw]

The problem with Austin is it takes you 5 hours to get to michelin restaurant or Uncle Vanya show.

[Lintu]

I've noticed a bit of slowdown in Fairfield, but mostly that the houses that I thought were not in good enough condition or location for the price being asked have come down some. Still a ton of homes marked contingent quickly. Renovated houses under 1MM still feel to me like they're flying.

[Beeker2211]

Originally Posted by SteveM85

He/she was talking about bigger price cuts in markets where inventories are up like Austin, and correctly so.
Fairifeld has some modest cuts and most homes listed are pending. If you put Fairfield in a realty search engine there are only 4-5 pages worth of listings. In the old days towns and cities would have over 20-30 pages.
2019 prices will have to wait. It's a looong way down from here. Gonna need to take an express elevator down.

"He" btw haha.

I've been following "insider" RE agents here and nationally just to get a pulse of what's going on.

Most are in agreement that lowering rates will increase inventory, especially in areas like ours that inventory is insanely tight. But after that there are a number of takes of where housing in many areas will go. Broadly speaking many think that the lowering of rates will convince new buyers into the market to push their leverage back to the brink ala 2018 with rising wages will cause increasing sale prices faster than inventory slack will lower them. On the other side many think the compounding issues of stuck mortgage holders/pent up selling demand/the most desperate already out of the market or have recently purchased will keep the buying demand lower than cutting rates will lower sale prices generally. My personal take is that we have to see the raw numbers on how re-leveraged current mortgages are to gauge banks appetite for lending to homebuyers at plus 5.5x.

With Austin and the other Covid boom markets we are seeing in real time the high rate/ increasing inventory scenario. How it affects this area is the actual amount of the new comers that assumed WFH was here to stay and getting called back to 4+ days in the office. I actually think it's a lot less than what has been reported on in the press.

[jdhall1]

Just closed 2 rentals in Danbury. One was snapped one that first day, but only 4 showings in total-$3000/month modest raised ranch. The other only 1 had one offer to rent after 10 days on the market, but had someone that really wanted it after we took the offer-$3800/month.
My office recently sold a city center Danbury property $50k over list, standard move up brookfield colonial about $30k over list. I also recently closed a large Brookfield home after 4 months on the market, no price reductions but not too much interest despite size, pool and location, as it was well maintained but dated built by orginal owners in 2001.

[JayCT]

Holy cow! Reventure Consukting, the real estate consulting firm has rated Hartford the country’s No. 1 for real estate appreciation. They also named New Haven No. 7 in the country. Unbelievable.

Of course many parts of the country, especially those that really boomed, are now pulling back with some even crashing. Hopefully Connecticut will escape the worse of that. Will see.

https://youtu.be/Vgq1yX5Ss9Y?si=HG9RZvKrby6zm9qn

[Lintu]

Originally Posted by JayCT

Holy cow! Reventure Consukting, the real estate consulting firm has rated Hartford the country’s No. 1 for real estate appreciation. They also named New Haven No. 7 in the country. Unbelievable.

Of course many parts of the country, especially those that really boomed, are now pulling back with some even crashing. Hopefully Connecticut will escape the worse of that. Will see.

https://youtu.be/Vgq1yX5Ss9Y?si=HG9RZvKrby6zm9qn

We never really recovered the same way as most of the country after 2008. We took a huge loss on the house we bought in 2007 (sold in 2015) and then our current house, the one bought in 2015, was flat in value (according to places like Zillow) until everything happened in 2020. Hopefully, this is just a delayed recovery. That said, it's easy for me to say that when I have a house.

[JayCT]

Holy cow! This is unexpected. Zillow just named four Connecticut towns in the Top 10 website surfing communities in the country. At No. 4 is Wethersfield beating out West Hartford which is No. 5. At No. 7 is Middletown and Newington is No. 9. I would expect West Hartford and even Middletown but not Wethersfield and Newington. Milford and West Have were the top coastal towns in the state. I can understand them.

https://patch.com/connecticut/across...e-surfing-list

[Johnho771]

Originally Posted by JayCT

Holy cow! This is unexpected. Zillow just named four Connecticut towns in the Top 10 website surfing communities in the country. At No. 4 is Wethersfield beating out West Hartford which is No. 5. At No. 7 is Middletown and Newington is No. 9. I would expect West Hartford and even Middletown but not Wethersfield and Newington. Milford and West Have were the top coastal towns in the state. I can understand them.

https://patch.com/connecticut/across...e-surfing-list

CT purists would argue 6 out of the top 10 towns!

[Stylo]

Originally Posted by JayCT

Holy cow! This is unexpected. Zillow just named four Connecticut towns in the Top 10 website surfing communities in the country. At No. 4 is Wethersfield beating out West Hartford which is No. 5. At No. 7 is Middletown and Newington is No. 9. I would expect West Hartford and even Middletown but not Wethersfield and Newington. Milford and West Have were the top coastal towns in the state. I can understand them.

https://patch.com/connecticut/across...e-surfing-list

West Haven could be a bargain to invest in, if they can get momentum and a decent government in. There's no reason why it can't be a more successful town.

[East of the River]

Realtor.com rates Hartford Metro as the #1 realestate market in the country for 2023.

https://www.greenwichtime.com/busine...20in%20January.
Also apparently Southington was among the most searched zipcodes in the country this fall.

What I'm seeing locally is very slim pickings on the market and not a lot of prime realestate going up (lots of dated stuff) and even still price reductions are small or non existent. Also seeing a lot more new builds coming out with really big price tags.


On the NY connection all my new neighbors are from NY or Mass, Talking with coworkers it seems NY plates are very common at all the houses the see recently sold here. So for some reason central CT is even seeing in influx of NYers.