Spring Market Update: Homeowners and Buyers in Glastonbury

Passover, Easter weekend and now Spring break...does that mean buyers will take a break? Not likely! In fact, buyers are out there in droves searching for homes. Interest rates ticking down in the low 6 has helped bring back buyers into the home searching market again too. I have been holding meetings for all my buyers that had decided to take a break in Q4 of 2022, getting them back up to speed on the market conditions so they can make good decisions about buying their dream home.  

As for my seller clients, right now it is all about properly preparing their homes to hit the market. I work sometimes weeks if not months to get a house prepared for the market. When we have our homes go live for showings we are ready for the buyers.  Most all my seller clients are interested in capitalizing on their homes equity and understand that the advice I give, will help them see more on their net return. No one likes the idea of fixing up a house first, but when you see the equity increase, its hard to pass that up. The detail in the marketing and preparation is bar none once our listings hit the MLS.  

Next week I will be announcing a new home for sale in Glastonbury and will be holding a neighbor-only open house for the area. This would be a great time if you are curious about the local market conditions to come out and meet me. I would love for you to see what we do differently to stand out from the competition. Save the date: 4/22 at 11:00 - home's location to be announced on my Instagram/Facebook Sunday 4/16.

There are 21 available homes on the market in Glastonbury.

Per MLS in Glastonbury: No homes are listed under 300k and 1 home is listed in the 300-400k range.  No home listed in the 400k range!  1 house is listed in the 500-600k range. 2 homes are listed in the 600-699k range and NO homes are listed in the 700-800. 7 homes are listed in the 800's and 5 are in the 900's. 5 homes are priced over 1mil.  Per MLS in Q1 2022 we saw 50 homes closed.  In Q1 2023: we have had 55 homes close.  The last 2 years have seen the lowest inventory totals which has pushed our homes sale prices upward.  I do not see this changing in the foreseeable future.  Even with mortgage applications up; inventory levels are struggling.  Our inventory is simply just too low, with far too many people chasing too little available homes.   If you are sitting on a house you no longer live in, have rented out for a few years, this may be the right time to consider selling it.  

Currently, there are 3 condos on the market in Glastonbury.  16 condos closed so far this quarter at an average of 209 a sold sf and about 3% over-asking.  Buyers find condos a great alternative to the rise in prices of single-family homes - but watch those HOA fees, they are counted towards a buyer's overall debt-to-income ratio.