Navigating this changing seller’s market in CT from both sides

We have now been in a seller’s market for over four years now but that doesn’t mean there aren’t nuances to think about as markets shift slightly.  Some parts of Fairfield County are seeing a softening seller’s market while other areas are still quite strong.  In my opinion, it has more to do with pricing and where your home sits in the average price point for that town.  If the house is in good condition AND right at the median price point for that neighborhood, you can typically expect a lot of interest.  Here are some things to think about from both the buy side and the sell side as work towards getting to that closing table.

BUYERS
1. Stick to the terms you set out in the purchase agreement.  Sellers don’t take it lightly when they find out your “cash” deal includes a mortgage or when you ask for a closet light to be fixed after an inspection for health and safety.
2. Make sure you (and your agent) do your due diligence.  Don’t forget all important things like checking for a buried oil tank or checking for radon just because you want the deal to work.
3. Be ready to give and take a bit when getting to contract.  Is the house worth losing over winterizing the sprinklers?
4. Have an accepted offer but not at contract yet?  Be mindful of how many visits you ask for if the home is occupied.  Also, wait for those contractor and interior designer visits for post contract.
5. Many homes are still experiencing multiple offers so keep in mind there may be another buyer waiting in the wings

SELLERS
1. Not all homes are experiencing multiple offers any more so make sure to keep that first offer engaged and take it seriously.  
2. Buyers move on so that “back up” offer might not be there if your first buyer doesn’t work out.  Keep in touch with all “back up” offers and interested parties, so you know your options.
3. Remember that in this market negotiating is happening so be ready for possible inspection requests and other seller concessions to get to the closing table.
4. Many times a bird in hand is better than what else is out there as you could have to start all over again.  Think hard about walking away from an accepted offer and weigh pros and cons with your agent.
5. We are no longer in a time of buyers being extremely forgiving with all inspection issues.  Be prepared to be asked for some type of credit post inspection especially if the buyer put in an offer overasking,  

Going into an accepted offer with realistic expectations and seeing things from both sides will make any road to contract go smoother and get you to closing with less stress.  

Have additional questions on how this market can impact your decisions?  Reach out to Anne Frewen and Lori Auerbach anytime.