The times are definitely changing and no matter which way you lean politically it seems we all want and need strong change. It is also during these times we need to allow ourselves space to break from the implosion of negative news so we can better decide how to move forward and in fact create change.
A weekend home tends to be the perfect haven for getting away from it all. For those who do not own, I also find renting a home or staying at a small Inn /hotel offer a similar respite. The key is to get out of one’s daily surroundings/habits and truly to give oneself permission to rest.
I am continually asked the question “How is the Litchfield County real estate market?” Whether I am at the Inn or the office, this is the question. The numbers constantly contradict themselves but below is my perspective on the market:
– Year to date through the end of September, unit sales in the key weekender towns are down over 20%, however some towns such as Cornwall, Kent, Lakeville/Salisbury are up.
– State of Connecticut sales as reported by The Warren Group show home sales fell 32.4 percent to 2,489 from 3,683 in August 2007, representing the slowest sales pace for the month of August since 1992. Year-to-date sales are off 26.4 percent, dropping to a total of 17,211 from 23,397 recorded during the first eight months of 2007.
– Median prices are down but only by single digits
– Inventories are relatively flat and as I have always said, it comes down to quality versus quantity. When you connect with a property you like do not think that another one will be around the corner, as most likely it will not.
– Should you or shouldn’t you buy? This is a personal question. If your financial world is stable, now is a good time to buy. Serious sellers know they should entertain offers. Interest rates are still low and yes, mortgages are available. If you are uncertain it is probably better to rent, as this is not a good time for quick turnarounds.
The only thing I can say we must all do is to take a break from the media, enjoy the bounty and beauty of autumn and when the time comes vote for what you believe in. As always, I hope this newsletter finds you well. If I can be of any assistance in helping you find a home or listing and selling your home please let me know. Sotheby’s International Realty has over 200 listings in the county as well as a stronghold in Fairfield County, Westchester County and Manhattan with an international network of buyers and sellers.
Sotheby’s International Realty
Phone 860 927-7724
Cell 917 626-3481