Fresh off the heels of a great year in real estate sales, many were unsure if 2021 would continue with the same momentum. Now that we’re a few months into the new year, industry experts are predicting the housing marketing in my key areas across the U.S. will continue rebounding post-pandemic and move the home sales market up the charts!
Here in Connecticut, where 2020 saw a rush of incoming buyers from the nearby NYC area buying up homes in the suburbs, there continues to be not only interest and purchase increases but also price improvements in some of the hottest markets including Fairfield County, Litchfield, the Shoreline and Farmington Valley. All of these areas are home to luxury properties and demand to live in these neighborhoods is increasing.
Owning to this increase as the low mortgage rates that while creeping up are still historically below rates of the last decade as well as more remote workers with flexible schedules buying up properties where they can live and stay for longer periods of time.
Another key driving factor is the millennial generation which has now aged into their homebuying years. While many are buying their first homes, the trends show they are buying “starter homes” that are much more extravagant than the “fixer-uppers” of the past. These first-time buyers are looking for incredible homes, ready to move in and with all the bells and whistles. Many in the multi-million dollar range.
Competition for buying these homes also remains fierce. Prior to 2021, houses we’re on the market for sale for about 21 days before selling. In the years past it was at least a month or more before they sold. Now they seem to be moving at this pace – or even quicker. This is all welcomed for the Connecticut housing market as it had been struggling to get back on track after the recession of 2008.
As a private lender, Sachem Lending is here to help you with your Real Estate Loan. When you find your next investment opportunity on a property but don’t have the cash to close on it, we can provide you with it. Give us a call or fill out an application today!