Fed Announces Rate Hike: What It Means for the Real Estate Market
The Federal Reserve announced a rate hike of just 25 bases points which was the lowest Fed hike since last March. This has been widely seen as an indicator the Fed is confident about their efforts to combat inflation. Rates went from just under 6 to about 6.50 on average and there are many experts predicting we will see 5.5% by the year's ends, if not sooner as a norm.
Sales of single-family homes
There are 26 available homes on the market in Glastonbury.
Per MLS in Glastonbury: 1 home is listed under 300k and 3 homes are listed in the 300-400k range. 3 homes are listed in the 400-500k range and 2 homes are listed in the 500-600k range. 1 home is listed in the 600-699k range and 2 homes are listed in the 700-800. 7 homes are listed in the 800's and 4 are in the 900's. These numbers clearly show the LACK of homes on the market which is why sellers will still see appreciation of properly prepared/priced homes.
Sales of condos
Currently, there are 3 condos on the market in Glastonbury. There are 7 condos under contract waiting to close. If you think you want to sell your condo and you are waiting - you should reach out as soon as possible to beat the competition. When single family home prices push upwards, and we have a decrease in the amount of entry point homes available on the market, buyers shift to condo buying, Your condo is likely worth more than you think!
***The warmer winter has buyers excited & out looking early for homes. Not quite ready? If you are thinking of selling in the next 4-6 months we should be talking now about a plan to best position your home. It is NOT too early***
If high rates last year made you pause your plans to put your home on the market, DM me so we can talk more about WHY now may be the right time for you.