Staying Informed: Glastonbury's Home and Condo Market Update for Local Homeowners

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:

This week, there are 34 available homes on the market in Glastonbury. This is yet another good week of new listings! I am seeing buyers in certain price points still very active. However, there are some price points that while they have less buyer activity, still receiving amazing offers! This market has certainly not cooled by any stretch.

Per MLS in Glastonbury: we do not have a single listing under 300k although we now have 2 homes listed in the 300-400k range. 5 homes are listed in the 400-500k range and 5 homes are listed in the 500-600k range. 3 homes are listed in the 600-699k range and 1 home is listed in the 700-800. 9 homes are listed in the 900's. Lastly, 6 homes are listed over 1million.

Glastonbury's condo market update:

Currently, there are 6 condos on the market in Glastonbury. There are 7 condos under contract waiting to close. The average list price to sales price ratio is 6% over asking!

Rates - what the heck are they doing right now...??

We are seeing some local banks offering 6.5% with a down payment at least at 20% and a 740 or better credit score. Banks do not love quoting interest rates over the phone unless they know more about the buyer's unique situation. The rate varies from person to person and bank to bank. Shopping around for the best quote is a great idea. Using online banks without a local presence can be a hindrance in a multiple offer situation. Experienced Realtors know some of these online banks have no customer service and can cause delays. Everything a buyer puts forward in their offer is scrutinized when you are in a multiple offer situation. Having guidance from a local Realtor is one of the most important tools in your toolbox these days!

Pro-tip

Fully Underwritten Commitments.

Why you need one before you shop for a house. Buyers may be able to waive their mortgage contingency and get a leg up over buyers requiring that safety net in their offer. When you shop for a house, you can have confidence you will secure the loan and waiving that contingency can put you at an advantage. BUT, your escrow money may be at risk if you do not ultimately get approved, so you need to work closely with a trusted reputable bank if you decide to waive.

>>>>>>Do you have a specific question about the market? Feel free to email me at L[email protected] or send me a text at 860-818-3610<<<<<<