Glastonbury Homeowners: Why Low Inventory Could Skyrocket Your Home’s Value!

Breaking down the real estate headlines and MLS stats so you, the local homeowner, can stay informed on what matters to our hyper-local Glastonbury market.

Glastonbury's single-family home update:
On the heels of last week’s piece I put out about the housing market: I wanted to follow up this week with: Why will inventory levels remain low.....

In January, Moody Analytics estimated the housing market is short 1.5 million to 2 million housing units nationally. Meanwhile, the gap for detached, single-family homes is 1.1 million to 1.2 million units.

The specific numbers of housing shorts in Connecticut are hard to pin down. However, studies by Pew Trust and the Connecticut Housing Finance Authority estimate both states are short by at least 100,000 homes.

Not enough housing for all the buyers looking for homes. Period. We have one of the largest demographics ripe and ready for homeownership with serious money from savings or gifted from baby boomer parents. Now, factor in the average length of homeownership in the U.S. has nearly doubled over the last 20 years. Sellers used to live in their homes for 7-10 years and now they are staying put upwards of 13 years on average. Couple that with most homeowner’s having rates in the 3, we may not see a lot of movement in the next few years.

Did you know:
Almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% take advantage. Knowing what programs are available is just one of the 118 things I as a buyer’s agent can help with. Buyer’s agents help make the dream of homeownership real. For everyone. Everyday, buyer’s agents help give more buyers a chance at creating generational wealth.

Glastonbury: Single family homes on the market.
100-200 = 0     200-300 = 0

300-400 = 1    400-500 = 6

500-600 = 5     600-700 = 5

700-800 = 2     800-900 = 2

900-1million + = 4

Glastonbury Homeowners:
Send me an email for a copy of my comprehensive seller’s guide. Looking for more tips and insights? Please reach out to me at [email protected]

Post a Comment