'The Buyers Are Online, Biding Their Time'
An update on the Connecticut housing market. "Wallingford: The cost of a home remains high in Connecticut, but the housing market is slowing down a bit. Houses are sitting unsold longer."
"It's buyers like Gary Helbling who realtors say contribute to a soft real estate market. He's biding his time. 'We've been doing a search for quite some time,' says Gary. 'Now we're finding a lot more homes out on the marketplace that's meeting what we want to really look at.'"
"Ruth Ratner has been trying to sell this financial analyst a home for almost two years. She says buyers are cautious and do their homework. 'The buyers are online, it doesn't even matter what age group. And they will find what they want to find.' Ratner says that's one reason for sale signs sit in front of homes a lot longer these days."
"A million dollar home in Branford was on the market for a year before it recently went under contract, and a four bedroom Colonial in Wallingford is priced at $599,000. That's much less than the original asking price of $800,000 a year ago."
"'The last couple of years you would see the prices just going up, up, up and up. And now it's just not there. It's softer. It's stable,' says Ratner. 'The prices are a little more reactive to knowing the buyers aren't going to be buying right away,' she said."
"And that works for buyers like Helbling, who's engaged to be married. 'We're looking for homes that are starting to come down in price a bit. Which we're starting to find a little bit now, but the menu that's out there is absolutely amazing.'"