As the first quarter of 2024 unfolds, the real estate market in Fairfield County reveals a blend of opportunity and expediency for both sellers and buyers.
Fairfield County: A Collective Snapshot
Reviewing the activity and performance across (9) luxury markets in Fairfield County, we've identified the following themes which continue to resonate:
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A Seller's Leverage: Sales to list ratios at 103.6% signifies that properties are exceeding market expectations, underscoring a potent seller's market.
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Accelerated Transactions: With homes spending fewer days on the market, sellers are witnessing quick sales.
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Ascending Value: An 8.4% year-over-year rise in median sales prices affirms the county's desirability and the promising investment potential of properties.
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Curated Inventory: 32.5% decrease in new listings indicates a market that is preserving value, ensuring quality over quantity.
Strategic Advice for Sellers: Unlocking Opportunities Beyond Low Mortgage Rates
In this ripe market landscape, sellers are positioned to capitalize.
One holdup for many of our clients has been a fear of trading out of their current mortgage rate into a higher one. In instances such as this, our advice has been simple: If the primary aspect tethering you to your property is the mortgage rate, it might be a moment to consider the broader picture.
Selling in a market that affords you a premium on your property's worth, coupled with the potential equity you've built, may outweigh the impact of securing a new mortgage at today’s rates. Further, as the Fed has signaled its intentions to lower interest rates this year, you can refinance as rates come down. This is a moment for strategic foresight. Don’t tie yourself to your interest rate if your home doesn’t resonate as the place you want to make memories with your family.
Let us help you evaluate the complete scenario, balancing the scale between the cherished low rate and the diverse benefits of selling:
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Equity Capitalization: Realize the potential gains from years of market appreciation.
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Life’s Progression: Align your property with your current and future lifestyle or family dynamics.
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Market Timing: Harness the seller's market to command a desirable price, making now an opportune time to list.
Navigational Tips for Buyers
Despite sellers having the upper hand, the current market offers possibilities for buyers. The slightly tightened inventory and swift sales cycle suggest that motivated buyers should act with decisive intent. If you’re thinking about waiting for interest rates to fall, we advise you to act with caution. First, the Federal Reserve is facing an extremely difficult fight against inflation. As inflation persists, economists note that the previously expected timeframe of June rate cuts has now been pushed back. What once seemed like a sure bet - a Q1 or Q2 rate cut - now is far from guaranteed. Second, even if Federal rate cuts do occur, these lower interest rates will only attract more competitors to the market. In either case, waiting to see what will happen with interest rates only puts you at a greater disadvantage. We suggest that if you’re ready to purchase now, embrace the present moment to your strategic advantage and engage with us to uncover hidden opportunities and negotiate favorable terms before the market tide rises.
Chart your Course with Confidence based on Expert Advice and Guidance
The trend of seller opportunities outweighing buyer advantages continues to resonate throughout luxury markets in Fairfield County. What has not changed, is ensuring that you’re being led by the right team of advisors. Regardless of where you stand, our team’s guidance remains indispensable.
For comprehensive market advice that resonates with the times, reach out to us!
