ENFIELD, Conn. (WTNH) – The housing market continues to heat up as competition among homebuyers is fiercer than ever. You’re facing sky-high prices and historically low inventories.
“They were all taken so quickly,” said Denise Swistak, who recently bought a home in Connecticut. “If you go to any house, there were 40 cars in the parking lot, they couldn’t get you in to see the house, so you were discouraged.”
There’s less choice and you pay more for what you get.
“In Enfield alone, we’ve previously listed about 100 properties,” said Bill Arzt, broker and owner of CT Hometown Realty LLC. “When we hit 80, we would all be worried that we wouldn’t have anything to sell to our customers.”
Doctor said they currently have 10 homes available in Enfield. In the five surrounding communities there are only 24 houses on the market.
“People just don’t want to sell,” says Arzt. “They know that when they sell something they have to pay top dollar to get something. It’s not easy at the moment.”
The median home price has risen across the state, but demand remains high in Connecticut, a trend we’ve been watching since the pandemic began.
“People wanted to leave; People were looking for backyards,” said Michael Barbaro, President of SmartMLS. “They wanted space and not an apartment.”
Experts News 8 spoke to said when you’re ready to list a real estate agent to ensure you’re getting the highest dollar. If you are in the market to buy, come prepared and know what you have to spend.
“Be sure to be patient and take your time,” Doctor said. “You won’t find your house right away. If you do that, you will most likely face other buyers as well.”
They said it was important not to get discouraged as there was hope more homes would come onto the market with the spring season. There is optimism that new stock will be better able to meet this demand.