Health & Fitness
Spring Real Estate Market – Why is it so active?
It isn't just the flowers that are blooming early. The local real estate market has warmed up considerably. Current activity indicates it may be a happy spring for many new homeowners!
"Sales have never been this active this early in the year, ever."
That is what one very successful local Realtor said to me last week. Ask any realtor who has been in this market for 5, 10, 15 years and I guarantee they will agree. So the statement begs the question, why is our local real estate market so active?
The weather, the stock market, mortgage rates, and prices.
Find out what's happening in West Hartfordwith free, real-time updates from Patch.
First, the weather. The unseasonably mild conditions have clearly had a positive impact. Humans are animals after all, and the weather dictates many of our activities. The early spring has encouraged homeowners to clean up properties inside and out. It has also contributed to significantly more people attending open houses.
Second, the stock market. The DOW closed yesterday just below 13,000, and the S&P finished at 1387.57. Positive numbers from Wall Street have always had a direct impact on Main Street. When the stock market appears to be on solid footing consumer confidence rises. When consumer confidence rises we all feel a little bit better about spending money.
Find out what's happening in West Hartfordwith free, real-time updates from Patch.
Third, mortgage rates remain incredibly low. As of April 12, the average for 15 and 30 year fixed rate mortgages was 3.11% and 3.88%. In normal times positive economic news is accompanied by rising mortgage rates. But these times are far from normal. Fears over layoffs at larger employers and backlogs of foreclosures, combined with slow to moderate job growth have contributed to the mortgage rates remaining low.
Lastly, many homes in West Hartford are going on the market priced right and in great condition. As a result they are selling, and selling quickly. A few have even seen multiple offers. Sellers that take the time to ensure their homes are in near perfect condition, and recognize and understand the current market value of their home, are rewarded with a quick and successful sale.
Timing is everything. If you are considering buying or selling, this spring just may be the time.
For more information on current market conditions visit Greater Hartford Association of Realtors at http://www.gharonline.com/News/MLSStats.aspx
Next weeks post will focus on how to price your home.
