Is it a buyer’s market here in Bristol? The state of the market for buyers in Connecticut and around the country has been a bit unprecedented lately. As professionals in the Bristol real estate market, we get asked about this a lot.
The answer isn’t as easy as a simple yes or no.
The state of the market for buyers in Bristol is an everchanging one!
The State of the Market for Buyers in Bristol, Connecticut:
It’s important to keep in mind; the market is entirely different depending on property type and location!
For example, single-family homes in great locations have been “flying off the shelves” here. They haven’t even been making it on the market a full month before being scooped up by another buyer. There are a lot of demands in the market for certain areas and certain types of properties.
Buyers are often looking for the same things – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that check these boxes have been a hot commodity lately. Sellers with a desirable property are in control of the market.
What about condos, townhouses and others?
Properties that are a little off the beaten path or may have some funky features or maybe a high monthly condo association fee might be lasting on the market a little longer. However, properties are still flying off the shelves. Buyers are willing to put the elbow grease in and deal with other factors, as opposed to not buying at all.
These have also been in high demand lately! The housing market here in Connecticut has really been booming!
With such high demands lately, it has been inspiring an on the fence seller to indeed sell their home, which is giving more opportunity for buyers!
Financing is Still an Issue! With interest rates rising, finding a qualified buyer, ready to buy your home immediately can still be an issue. Banks are getting strict, and although there are programs to help first time home buyers, you still need to qualify! It is not uncommon for a buyer to get approved, just to get the loan pulled right before closing because of the everchanging rules and interest rates we’ve been seeing lately.
Overall- the market has remained very polarized lately! It is safe to say without a doubt, that the housing market in Connecticut has been seeing lots of action! With the state of the market for buyers in such shape; what does that mean for you as a seller?
It means you have options!
With buyers quickly taking on single-family homes, condos, investment properties, funky properties and those with issues: there is a buyer for everyone!
However, if what you’re looking for is a reputable, local buyer to make you a cash offer on your home and close on your timeline; then we’re probably the buyers for you!
We are actively buying properties in the Bristol area and would like to make an all-cash offer on your home if that’s something you’ve been looking for!
We buy properties like yours from people who need to sell fast!