Trumbull CT Real Estate Market Conditions, Forecast and Advice -10/2011

Trumbull, Connecticut  is an inland community town of 23 square miles and approximately 35,500 residents living in  12,300 households. Incorporated in 1797, just over 17 percent of the current housing stock was built prior to 1950. Approximately 89 percent of the homes are owner occupied.

I am pleased to present to you my real estate market predictions and buying and selling advice for Trumbull, 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 Trumbull at a particular time, then you should do it. You should also contact 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:
 
State of the Market: I was pretty concerned about Trumbull's real estate market in the first quarter of this year. Things finally started to move in the beginning of the second quarter, and have continued at a nice pace throughout the third quarter, and that cannot be said for neighboring towns.  Trumbull's market is better now than it has been for a long time. You can expect a seasonal lull in activity until the end of the year, with a  small spike in December sales.  No earth shattering changes, either in positive or negative way.

What's Ahead in General: Current home sales averages at around 20 per month and condos average about 3 sales  per month The last three months have been very good for sales in Trumbull, and that does include condos.  What started out very slow this year has definitely picked up.  Although we have about a years worth of inventory on the market right now, expect it to cntinue at this pace, with a slight lull towards the end of the year and January.  Pricing is nearly the same as it was one year ago. Do not expect any big price increases any time soon.

ADVICE FOR SELLERS: Is there a better time to sell your home in Trumbull ? Yes, LIST IT NOW!!!  Don't wait. Buyers are out already, no reason to delay, and Trumbull's market is pretty good right now.  There is less inventory than there was last quarter, which means less competition, and higher prices (hopefully) If you are thinking about selling, remember the interest rates are good, and more buyers qualify right now.
 
If you want to sell your condo, go ahead and put it on the market NOW!! You are not gaining anything by waiting until 2012. Prices aren't going to move that much, if at all, and  if the interest rates go up even 1/2 of 1 percent, a number of buyers will be knocked out of the running to purchase in your price range.

ADVICE FOR BUYERS: If you are looking to buy in Trumbull CT, I would start now- even though inventory is a little on the low side, you can still find your dream home, so don;t delay- the rates are VERY good, and be willing to be patient if you don;t see what you want right now. The hosue will come. And, I am sure some sellers would not want to hear this, but NEGOTIATE! You still have buying power, and since that doesn't come along too often, and I would take advantage of it. If you are looking to buy a condo, NEGOTIATE! Now is the time!

BEST BETS FOR BUYERS AND SELLERS: Three and four bedroom homes, and/or homes priced within the $300,000-$400,000 and $500,000-$600,000  range. Two bedroom condos, and/or condos priced between $300,000-$350,000.

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