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Is Relief for Homebuyers On the Horizon?

Posted on in Real Estate Law

Stamford, CT real estate lawyerJust a few months ago, many pundits in the real estate industry forecasted that the real estate market showed no signs of slowing down. While the past few years have been extremely beneficial for sellers, it has been particularly difficult for homebuyers. In many cases, a home would be under contract within days of it going on the market, often after an intense bidding war and a final sale price far exceeding the original asking price.

But new reports seem to indicate that homebuyers may finally be seeing a slight light at the end of the tunnel. Results recently released by the Census Bureau’s Housing Vacancies and Homeownership survey reveal that the number of vacant homes is increasing, especially here in Connecticut.

Vacant Houses

When a house on the market has been sitting vacant for a few months, that is a good sign for a potential homebuyer that the seller may be open to negotiation. The current real estate boom that started around the time of the COVID pandemic has left little opportunity for any type of bargaining with sellers. The national homeowner vacancy rate was at .08 percent for the first half of the year. This is the lowest that rate has been in the 66 years the Census Bureau began collecting this information.

The good news for Connecticut homebuyers is that the state’s vacancy rate is currently at 3.2 percent. This higher rate is a good indicator that the market is beginning to shift in their favor, even if it is just slightly. Another indicator is that the number of homes sold in the first nine months of this year is down by more than 16 percent compared to the same period last year. Sellers are also beginning to reduce their asking prices as those bidding wars have begun to taper off.  

Contact a Fairfield County Real Estate Attorney

If you are in the market to purchase a home, there are many aspects to this type of transaction that can be complex. One simple error can result in a loss of thousands of dollars – or even more. This is why it is important to have a seasoned Stamford, CT real estate lawyer guiding you through the entire process, from purchase and sales agreements, all the way to the closing. Call Law Offices of Daniel P. Weiner at 203-348-5846 to schedule a free consultation and find out how our law firm can help you with this process.

Source:

https://www.masslive.com/realestate-news/2022/11/connecticut-has-the-largest-share-of-vacant-homes-in-2022.html