Exploring the Impact of Interest Rates on Housing Supply and Sales in Lower Fairfield County
YTD 2023 Housing Data
June 29, 2023
Stephanie's Year to Date Real Estate Report: Unveiling Top Trends and Insights for Property Buyers and Sellers
The year-to-date change in New Canaan, Greenwich, Darien, Stamford and Fairfield shows an interesting combination that has been brewing since interest rates went up. We continue to have a shortage of housing supply across all towns in Lower Fairfield County, hence there are fewer closed sales. In turn, the median sale price is up in all markets as multiple bids are still a thing.
As I speak with homeowners who are on the fence on selling, it seems they struggle with the idea of buying at today’s rates, knowing all well, they have a much lower rate than the rates being offered in today’s market. Unfortunately, things do not look better in the upcoming months as it was announced this week that all Federal Open Market Committee members think it’s appropriate to raise interest rates further by the end of the year. Interest rate hikes do not only affect buyers but homeowners as well unless the homeowner chooses to rent after they sell.
My advice to buyers: Consider buying now, rates are very likely going up by the end of the year causing your purchasing power to go down.
My advice to sellers: There will likely be less buyers on the market later this year if interest rates go up, your best chance of getting top dollar is now. If you can not find anything to buy, think about renting.
Stephanie Betancourt is a real estate licensee affiliated with William Raveis Real Estate. William Raveis Real Estate is real estate broker and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
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