With lots of talk about market uncertainty, is now still a good time for you to buy/sell in the Greenwich CT Real Estate Market?
Greenwich CT Real Estate Market Report Q2 2022
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*All market data can be found at the bottom of this page
Whether you are a buyer or seller for Greenwich CT homes, real estate data is like looking in the rear view mirror at what happened three months ago. To make an informed decision, you need to know what is happening right now!
For buyers…
Travel is back in full swing and based on the traffic over the last few weeks, it seems we are making up for lost time. This means that buyers and agents are going to be distracted with other priorities and you will have a real opportunity to be a normal buyer, not needing to jump through hoops to buy a house. No more fifteen minute showings to make a multi-million dollar decision.
You'd rather watch than read? Below is the latest market report video for Greenwich.
You are going to see, or are probably already seeing, reductions in price that could be a real opportunity. Don't ignore these properties. Just because people aren't beating down their door doesn't mean that there isn't value there.
Remember, lots of people are going to sleep at the wheel and savvy buyers can take advantage of this for the months of July and August. When September comes, expect a surge of new and fresh inventory, but also a peak in buyer interest as we come back on line after summer vacation. This is typical and normal historically speaking. 
If you are concerned about rising interest rates I have some ideas for you, but let me address the sellers first.
For sellers…
You have just gone through the best real estate market trends we have ever seen. If you haven't sold, you were priced too high and it's time to drop your price. If you are planning to come to the market, don't expect the stampede that your neighbor got.
Be competitive with your price. There are plenty of buyers in the market, they just don’t want to deal with the madness of the market that we just went through. Be competitive and the buyers will come to you.
Buyers, don't be complacent. The sellers who take my advice will do well and you are going to find yourself in a competitive environment for these homes.
If you are concerned about rising rates, a reduction in buying power or worried that prices are going to fall you have several options to consider:
1.) Let me point out that mortgage rates are not necessarily tied to the Fed's actions. Demand for mortgages are also a huge factor. Case in point, we saw a slight decrease in rates after the feds last rate hike. So don't be overly panicked.
2.) If you think rates are going to come back down in the future, like many of our clients have, do a 5 or 10 year adjustable rate mortgage and refinance before the 5 or 10 year rate lock expires. Many of our clients choose to take this approach. There are pros and cons to this approach so you definitely need to discuss it with your mortgage broker. Our clients have had great experiences and can highly recommend Dean Curtis of Loan Depot: (914) 582-6460.
3.) If your compensation structure is built with substantial bonuses, an interest only loan can be utilized to pay down the principle when you receive your bonuses. This will keep your payments low and allow you to stretch your buying power. Again, there are pros and cons so discuss it with your mortgage broker.
4.) Focus on the total payment. As much as higher rates are increasing your payment or reducing your buying power, taxes could have a much bigger impact, especially if you are considering Westchester county compared to Connecticut. Our low property tax towns of Greenwich, Darien, New Canaan and Westport typically have taxes that are half of what you will find in Westchester county, New York, and they are even significantly better than the surrounding towns in Connecticut. On a three million dollar house, you could be talking about a reduction in payment of two to three thousand dollars a month! Plus, you save even more money with your closing costs in Connecticut because we don't have a mansion tax for buyers.
If you are worried about prices dropping, don’t buy IF you plan on selling in the next two years. This was never a good idea, especially with current and expected Greenwich CT real estate market trends.
Here's why I think prices are going to stay stable:
Rents are extraordinarily high, making purchasing often cheaper than renting, and everyone prefers to own a home rather than rent.
Over the next decade, a wave of millennials will enter the market, but their parents are still alive, meaning that they both will need a home. Temps are cool here in the summer and many of our wealthy residents will keep a place here, even if they retire elsewhere, so they can come back in the summer, and have a comfortable place when they visit family.
We have very little buildable land in the gold coast, meaning that we cannot build our way out of a supply side issue like much of the country can.
Take the age old advice and buy for the long hall because that is where all the wealth in real estate has been created.
If you are thinking of buying or selling a Greenwich CT home, call me directly and we can discuss your local market to determine the best option for you.
I look forward to hearing from you!
Best,
203.952.7752
Greenwich CT Real Estate Market
Each data point represents the past 3 months of data, so you can easily examine the macro level trends of the Greenwich CT Real Estate Market.
*All Data comes directly from the Realtor's database, the SmartMLS, and is updated on the first of each month.
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