Last Updated: July 13, 2022

A Window For Homebuyers?

Written By: Barbara L. Pearce
Widow with white trim and blue shutters

We have all watched rates climb, as the Fed tries to tamp down inflation. Right now, we have seen a slight decline. In Connecticut, rates are now between 5 and 5 and 1/2%. Although these levels have left some first-time homebuyers behind, the greater New Haven region has many health care and educational professionals, whose entering income puts them in a position to buy now. Some of those people have been looking for months, and have either given up, or slowed their searches. Multiple bids have been a deterrent to many, as supply lagged badly behind demand.

Different Type of Summer for Real Estate

The past few weeks have brought down the number of bids, and even some prices. The heat of summer in New England has traditionally been a slow time for real estate, which picks up again after Labor Day. This year may be different. Buyers who have been waiting out the craziness should think about using the longer days, summer Fridays, and vacation time to look now, while rates have paused and prices have abated. It's too general, also, to assume that homes still on the market are somehow tainted. The rapid acceleration in the spring pricing made many reach too far, and they may be reconsidering that sale price now.

A More Flexible Market

Sellers should also consider being more flexible in the dog days of summer. The fall market, while it might bring some new buyers, is usually sort--mid-September through the end of October. In addition, our particular market in Greater New Haven is so dominated by people working on a July- to -July year, that the regular rules don't always apply. The rule of Carpe Diem should prevail. If someone wants to offer on your property now, think twice before you wait for fall.

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