Norwalk, CT Real Estate Forecast and Advice 2/2011

I am pleased to present to you my real estate market predictions and buying and selling advice for Norwalk, CT. My experience spans over 26 years, and I have seen hot markets come and go, and bad markets come and go. I always find it funny how the media predicts that the real estate market is going up or down in the state, but you know as well as I do, that  each city has its own type of market, and within the city, there are areas that sell faster than others, and homes on particular streets that sell  slower than others. You really cannot generalize the market in a rational way. Deciphering the real estate market, is, and has to be, local and historical.

With that being said, I offer my opinions on the market for the coming months. Everyone's particular situation is different, and  if you need to buy or sell in Norwalk at a particular time, then you should do it. You should also call me to assist you! (OK, Shameless plug) You know people have been asking me for years, "what do you think is going to happen in the real estate market?" and I say, "Well, if I knew that, I probably wouldn't be selling real estate, because I would have some type of amazing talent that NO ONE has ever possessed" That being said, I AM very good at numbers, statistics, and forecasting, so after doing extensive research, calculations, and taking into account the current economic climate, I present to you the following:
 
What's Ahead in General: Current home sales averages at just over 40 per month and condos average about 19 per month,  and both figures are seasonally adjusted. Norwalk sales seem to peak in June for the year. Those numbers should remain about the same for 2011, but remain pretty much the same (around 40-45 per month) with the exception of July which should rise slightly for single family homes.  Condos, on the other hand, are lagging behind, and there are a lot on the market right now. I think condo sales will remain at or just below 2010 level with no real spike in sales until fall.

ADVICE FOR SELLERS: Is there a better time to sell your home in Norwalk? Yes, List it in the beginning of March.  Take advantage of the buyers that are already out and looking right now. . While Norwalk's market has improved from 2009 to 2010, the season's momentum is not as good as I would have hoped. Don't worry, there are still buyers out there, and Norwalk has a lot to offer, as you already know. If you want to sell your condo, put it on the market NOW!! Your best selling season is through the  end of the school year.  That doesn't mean that if you have a pressing need or desire to sell your home that you should or shouldn't wait, or if your timetable does not coincide with my predictions, so just do what you need to do.

ADVICE FOR BUYERS:If you are looking to buy in Norwalk CT, I would get going on it now, and give yourself some time, if you don't find something you like right away. It will come. You should be able to negotiate a little, so look at some of the houses that seem to be priced a little out of their range. I wouldn't be surprised if the sellers went with a lower offer. If you are looking to buy a condo in Norwalk, now is as good as of a time as any. The market is trending as status-quo.