Real Estate

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Dead Cat Bounce

A dead cat bounce is a temporary recovery from a prolonged decline or bear market that’s followed by a continuation of the downtrend. In…
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Year End Market Report

The article discusses the real estate market in New Canaan, highlighting the impact of the recent revaluation. The median sales price in New Canaan is $1.80 million, a 6.5% annual increase, with single-family homes at $1.975 million and condos down by 7.3%. The price per foot is $488, up 4.9%, indicating larger house sizes in New Canaan compared to nearby areas. Inventory levels are significantly down by 46.3%, a trend seen across Fairfield County. The article predicts that inventory levels will remain tight in 2024 due to high demand and lagging price appreciation. Median days on the market in New Canaan is 26, down 13.3%, with a high percentage of cash offers. Homes generally sell at 100% of the last list price. The article concludes with notes from a meeting, discussing strategies and the importance of personal relationships in real estate over advertising.
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COLUMN | Real Estate by John Engel: Thoughts on New Canaan’s Revaluation

Connecticut towns, including New Canaan and Wilton, are undergoing a mandatory property revaluation to update the "Grand List" of taxable properties. New Canaan's assessor, Sebastian Calderella, notes a 30% surge in house and condo markets. The 2018 revaluation may not predict current sale prices accurately, with less than a third of houses selling at expected values. Zillow's predictions also vary in accuracy. With potential tax hikes on the horizon, this revaluation could lead to significant market shifts, prompting many homeowners to consider selling.
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How Is the Market in 2023?

We are in a seller’s market driven by a lack of inventory. Despite the explosion of building permits we are not seeing an increase in house construction. A rise in cash transactions, predominantly from diverse buyer profiles, showcases the evolving nature of market participants.
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Timing the Market

The article discusses the impact of rising interest rates on New Canaan's real estate affordability, advising against waiting for rate drops due to potential heightened competition. It highlights the job market's role in supporting the housing market, particularly in New York City's finance sector. The article also presents projections of 2023 price appreciation between 5% and 10%, along with a "Rent vs. Buy Analysis" showcasing the potential gains of buying over renting.
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