Over the past year, Connecticut has seen a surge in home sales. Now, low inventory has would-be buyers scrambling to snatch up properties almost as soon as they hit the market.
Why Housing Inventory Is Low in CT
People who are looking for homes with more space have been seeking properties in Connecticut in large numbers over the past year. Demand remains high in 2021, but the number of available properties has declined significantly since this time last year.
Low-interest rates are contributing to the high demand. The combination of high demand for homes and low inventory is expected to continue as long as rates remain low.
Buyers Are Struggling to Find Homes
This environment has created a challenge for prospective buyers and real estate agents. Many people who would like to buy a house are having a hard time finding one in their price range and making an offer before someone else beats them to it.
When properties are listed, selling agents are being contacted right away. In some cases, sellers are receiving offers within hours. Buyers who don’t see a listing as soon as it’s posted and act immediately may miss out on an opportunity.
The surge in demand has many houses selling for significantly above list price. In such a competitive market, it’s common for sellers to receive competing offers from multiple buyers.
Have a House Inspected Before You Buy or Sell
A home inspection is an important step in a real estate transaction. If you’re thinking about buying a house, you want to make sure that it doesn’t have any major defects, such as a leaky roof or a damaged foundation. A home inspector can note serious problems so you can decide whether to go ahead with a purchase, ask the owner to make repairs or lower the price, or look for a different property.
If you’re planning to list your home in the coming weeks or months, having it inspected before you put it on the market can help you avoid a snag later on. If there are any serious issues that you’rere not aware of, a home inspector can find them now so you can address them. That way, you won’t have to worry about having a potential deal fall through.
Accuracy Plus Home Inspections has been serving customers across Connecticut for more than 15 years. We can conduct a thorough inspection so you can make an informed decision on the purchase or sale of a property. Contact us today to schedule a home inspection.