How Is The Ridgefield, CT Real Estate Market?

January 17th, 2008 categories: Buying Your House, Market Data & Statistics, Ridgefield, Selling Your House, Talking Real Estate

The Good News about The Ridgefield Market

As Realtors in Ridgefield CT, it is difficult to navigate between the harsh reality of where our market is today and the expectations of buyers and sellers in the market. Much like the stock market, influences outside the market effect the activity within the market as a whole. While sellers were very lucky up until 2005 to have a market that had steady price growth for 10+ years continuously, sadly the market has shifted. There is good news about the Ridgefield real estate market: the excellent quality of life here in Ridgefield, the Ridgefield School system, and our proximity to New York City has kept our property values, relative to the rest of the Country, from dropping dramatically and interest in Ridgefield is steady.

The Reality…

Expectations for double-digit growth in the market to have continued indefinitely was unrealistic. In 2005 the market began its corrective path. Prices of homes held relatively steady in 2005 and the first 3 quarters of 2006, while many areas of the Country saw significant decline in values. In the end of 2006 and through 2007 we have seen the trend in a slowing market continue. Homes are staying on the market significantly longer and prices have come down 2-16% depending on location, condition and the perceived value of the seller at the time of listing (original pricing).

With the availability of market information flooding the Internet, buyers now have real-time statistics available to them without having to consult a Realtor. By the time they speak with an experienced real estate specialist, they have their own ideas on how to interpret these stats and ideas on how the market is reacting to National economic and political conditions and the messages the media put out regarding each. Right or wrong these perceptions drive the market, and the for the moment the market is, for the most part, being driven by the few buyers that are in the marketplace.

If you are a seller who bought a house more than 5 or so years ago, there is a good chance that you will make a nice profit on it if you choose to be on the market today. The better the location of that property, the more appreciation you will demand. A great house, in a great location, priced realistically in todays market will still sell relatively quickly (1-3 months). Location is paramount. A house with potential on a great lot, priced accordingly, will also command a better price and stay a shorter time on the market (1-6 months). Followed by the great house in a challenged location (4-12 months) and finally the house with issues on in a challenging location (6 months +).

A Win-Win Deal is Still Possible!

In the current market, pricing is key. Even the most challenged home will sell if the price is right. It is important, when the market shifts, to also shift your perception as a seller or a buyer. In a town like Ridgefield, CT, sellers should expect to get less than they may have 1-2 years ago for their home, and buyers should not expect sellers to take any offer given. Somewhere between the two mindsets, there is a fair deal that can make everyone reasonably satisfied.