The New Haven Register had a story about a young couple that spent a year and did 20 open houses. Finally, they found the house they were looking for. The message? Never give up. If anything spells out the perils of low inventory, this story does. The answer is the same for everyone. You have to keep going if you are going to accomplish anything in this real estate market.
Then there is a contrasting story. A friend of mine in the office, we will call her Alice, who is a top producer, was complaining about the current state of the market in Connecticut. It wasn’t just that there is still low inventory. Her tone of voice was one of frustration. She was used to getting results for her efforts. But not this time, not in this market.
Still, there was a story to be told about some ex friend making irrational decisions about selling and finding another place to live. They could be in their 70s but they think like they older clients. My other friend, Brian, while listening sympathetically, pointed out there a number of older clients who have lots of equity in their home are in their 40s. Well, Alice made clear to her clients that they didn’t need to do so many financial and logistical manipulations. In fact, especially for their age, they could be putting themselves in a more difficult position.
This one situation is, in many ways, a metaphor for the current state of the real estate market in Connecticut. There are not many houses for sale. When someone finds something, it is like a rare discovery and they are willing to do whatever it takes to get that property.
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