Dear Phoebe,
“When is the best time to list my house? What is my house worth? Is the market really that hot? Should I renovate my kitchen? Do I need an inspector? What color should I paint my bathroom?”
The market is on our minds, filling our in-boxes or entertaining us with skits like the one on SNL featuring the hilarious Dan Levy https://tinyurl.com/fadcp2ba. From how to renovate your kitchen to what your house is worth, the topic of real estate is one filtered into nearly every conversation these days.
Find out what's happening in Madisonfor free with the latest updates from Patch.
With so many industries hard hit in 2020, one of the few that experienced growth throughout Connecticut was the real estate market. It’s a long time coming, and a welcome change for an industry that has been flatlined for the last decade.
Turns out there’s only so much Netflix you can watch before you start redecorating or considering a move all together. Add to it the popularity of HGTV and home renovation shows, it’s no wonder we are all discussing renovations or resales.
Find out what's happening in Madisonfor free with the latest updates from Patch.
Excitingly, in 2020 the Connecticut Real Estate Market enjoyed impressive gains across the board with Fairfield County, Litchfield County, Farmington Valley and The Shoreline (New Haven, Middlesex and New London counties) seeing a median increase in sales price by 15%, a 21% increase in year-to-date closed sales, a 52% increase in closed volume and a 34% decrease in current inventory.
You don’t need a PhD in statistics to understand we are in a seller’s market for the first time in a very long time here in Connecticut. Which begs the question…should I stay, or should I go? Buy? Sell? Renovate?
Here’s the answer…Yes.
This week’s Dear Phoebe question comes from Kelly Becker of Madison, Connecticut.
“Dear Phoebe, I'm considering a move. When is the right time to list my house? What should I do?”
Good question, Kelly!
Let me ask you this question first.
Do you have a house to buy? While we’ve never seen a stronger market, inventory is significantly down. If fact, it’s borderline cut-throat out there with multiple bids, over asking offers and cars lining up around the corner to get inside! If you have that challenge solved then, YES. Sell your house.
If you want to command top dollar for your home, now is your moment my friend! But bear in mind a few tiny details. Even in a Seller’s market you want to be sure your house is sale ready. Work with your agent to determine the best course of action.
That may include decluttering, painting, landscaping, staging and other projects that will help you command top dollar. If your house checks all the boxes: Colonial, neighborhood, 4+ bedrooms, 2.5+ bathrooms, a pool and in great condition, head to U-Haul and buy your packing supplies. If not, just know it may take a little more time. Your agent can guide you a little more closely on your house, the right time to sell and what you may want to consider doing!
Bonus tip: If you need to find a house, consider renting or have your agent note that the Seller needs to find suitable housing on the MLS which may buy you a little time.
Have a question for me? I'd love to hear from you.
Follow me on Instagram @phoebeschreiner for all things Real Estate, New England, Design and Living on The Shoreline.
From My Nest to Yours,