You have a home that you might put on the market. You’ve heard that home prices are on the rise and the housing inventory is low and you think, maybe, that now is the right time to sell your home. You’ve never been more right.
Connecticut Housing Prices Continue to Climb
The real estate market has faced some of the most profound impact of the COVID lockdowns and following trends. While housing prices are going up everywhere, some areas are in much higher demand. Where there are more buyers than homes, bidding wars break out and the selling price can soar more than $250,000 above listing price for choice homes with favored features.
As New Yorkers and other densely urban residents flee to more spacious neighborhoods, Connecticut has become a prime target and there just aren’t enough houses on the market for growing market of local buyers. Many Connecticut homeowners are realizing that their homes are, right now, worth significantly more than the assumed market value just a few years ago. But conditions will only be perfect for so long.
What Can I Expect if I Sell My Westport, CT House?
Nestled into the Devil’s Den Nature Preserve, Westport, CT is a seaside oasis for homebuyers looking for a little open space. From the many urban centers a short drive away, competition for any Westport home that is listed on the market is immediate. In fact, at this moment competition is vicious for homes in this peaceful slice of Connecticut. There are bidding wars and homes still close in less than a day or within a week. Homes in Westport, CT have sold for over $250K over their listing price because buyers drove the price up on their own and against each other.
Should you choose to sell a home even remotely close to move-in ready, you can expect immediate and intense interest in the property. Well-kept homes will appeal to the growing luxury real estate market in Westport CT, while even shabby homes or seaside vacation condos you rarely visit will be in high demand with or without prior repairs. High-competition markets draw both investment buyers and escaping urbanites competing for the best locations and floorplans.
Seller’s Market, Buyer’s Interest Rate
The other half of the perfect storm for Connecticut home sellers is the interest rate. COVID knocked the national interest rate to the floor, bringing mortgage rates down to a historic low. This rate has hovered at rock bottom for some time but has finally started to recover.
Low-interest rates make it a good time for buyers to buy, even with home values going through the roof because it means less money spent on interest instead of equity when paying a mortgage. It will take time for the rising interest rate to ripple through all lenders, but this perfect combination of demand and low rates cannot last forever. It is unlikely to last another full year before we see across the board rising interest rates and reduced buyer incentives.
The Remote Work Migration
Another major factor playing a role in your Westport home value is the move of urbanites further away from their employers. Remote and hybrid work has introduced a world where the commute is no longer an issue. People can afford to live in comfortable, spacious housing further out from city centers because they don’t need to arrive bright and early at the office every day.
Connecticut and especially Westport have that cozy suburban and even rural appeal for buyers who’ve been living elbow to elbow and are buying a home with breathing room. If your home has strong internet signal, you might get more tech industry buyers than you would expect, and at competitive tech industry prices.
What are Westport Home Buyers Bidding For?
Can you get top dollar for your Westport, Connecticut home? What features are making buyers go wild enough to drive up the price? While beauty is in the eye of the beholder, a good house can be measured in a few ways. Seaside access, a gorgeous view, and a spacious floorplan are all markers of luxury real estate in Westport. The bedroom and bathroom count and gourmet qualities of your kitchen will play a role.
Of course, the real cause of bidding wars is a home that feels right. Homes that are uplifting, inspirational, or exude potential will inspire buyers to dive for their checkbooks and pre-approved mortgage documents and bid with a passion. The best way to inspire that kind of price-increasing passion is to stage your home to show off its unique features so buyers can appreciate it’s finer qualities with each live or virtual tour.
My House is Worth WHAT?!
There are many Connecticut homeowners who have no idea that housing prices are in the astronomical zone right now. In this moment, with mortgage prices still low and demand at an all-time high, may be the best moment in decades to sell your Westport, CT house. If you are considering downsizing, moving south, or selling an extra home owned by your family, now is your best chance to get more than top dollar. You could see a house fly off the market with bids tens to hundreds of thousands more than your asking price. Even homes selling at market value are seeing a drastic increase in what that market value is considered to be.
Are you ready to discover the high demand earning potential of your Connecticut home on the housing market? Just dip your toe in the listing process and you might be shocked just how much homes similar to yours in nearby neighborhoods have sold for in the last six months. Contact me today to explore your home’s potential to sell for top dollar and beyond with extreme competition among a growing pool of buyers.
Our team can provide you the expert local real estate services and personalized selling strategy you need to see the roof blown off your listing price this year.