Connecticut Housing Market Tightens Up for First-time Buyers
Selling signs are common as the property market picks up and prices rise. (Joshua Rainey Photography via Shutterstock)
Sean Bradbury left San Diego for Connecticut in 2020 to buy his first home. Finally able to build equity by the age of 31, Bradbury says the Connecticut market is just too hot to enter right now.
Bradbury, who rents in Hartford, said his previous experience was shaped by New York buyers buying houses with cash offers and immediately outbid him. According to Bradbury, he has not yet seen anyone pay the asking price.
Aishwarya Kumar, a buyer who is struggling to find a home in 2021 as prices rise and inventory levels fall amid COVID-19 fears in major cities. (Contributed Photo)
Aishwarya Kumar also struggled to find a convenient place to buy in the greater Hartford area. As a 27-year-old employee at ESPN, Kumar deals with the intersection of sport, politics, identity and immigration.
Like many first-time buyers who come onto the market in a pandemic, she is looking for a home with enough space to work. She said she longs for an exclusive workspace and envisions a future where there is no need to go to the office every day.
“It is such a gamble,” said Kumar, describing why it is so difficult to get a home in the current market conditions.
Right now, multiple buyers are making offers on homes within hours or days of listing.
The median sales price of a single family home rose from $ 230,000 in February 2020 to $ 280,000 this year. Meanwhile, the state’s inventory of homes for sale decreased 52.1% over the same period.
the Greater Hartford Association of Brokers
Real estate experts say the status of the Connecticut market is based on the pandemic.
The price of real estate here continues to rise as first-time buyers enter an increasingly challenging market, according to real estate agents. As demand grows, buyers must adjust to a rapidly changing economy.
The state has become an escape for families and individuals fleeing city congestion amid the COVID-19 pandemic.
Liz Teare, a real estate agent at William Raveis in West Hartford, says she has never seen stocks this low in her 17 years selling homes in the Greater Hartford area. She says that low inventory levels encourage competition between buyers, whether they’re looking for their first few homes or more established buyers.
According to the Greater Hartford Association of Realtors, the median sales price of a single family home rose from $ 230,000 in February 2020 to $ 280,000 this year. Meanwhile, the state’s inventory of homes for sale decreased by 52% over the same period.
Diane McAdams, president of the Greater Hartford Association of Realtors, says ongoing residential property price hikes can drive out first-time buyers and force them to wait longer to save more money on their down payments. She said this will create competition between first-time buyers looking for homes in their price range and more established buyers willing to pay above the price of a property.