Yes! The Greenwich Real Estate Agents always say that the spring market for real estate starts right after the Super Bowl in February. Most sellers start to seriously prepare their homes for sale after the New Year when they get the holiday decorations put away and the children back in school. Many think we are crazy because April is when Spring officially starts with the pretty spring bulbs blooming and the trees beginning to flower. More important in Greenwich, Spring is when the Wall Street bonus' are paid out. In most years we usually see the majority of the deals put together and contracts signed in February through June, and the peak of the closings are usually in June through August. Then the market tapers through the Fall season.
Unlike the national real estate markets, we have an unusual situation here with our record low inventory levels (now hovering around 200 single-family homes vs. our more traditional 500+ homes in end-of-year inventory). The combination of our continuing high demand and low inventories has driven our local selling prices to record high prices. It's a nice problem for our sellers but puts a lot of pressure on our first-time home buyers as they are seeing prices rise while mortgage rates remain higher than we had in 2020 and 2021.
Many potential sellers are afraid that if they list their home (because they will need the equity from that home to be able to close on any home they would hope to buy) and if their home sells but they are unable to find a home that they can afford, that they could end up homeless. It is tricky to match up the closing dates. You must be well prepared. Most of all, the home you are selling needs to be ready to sell with fix-up projects complete, junk that will not be moved to the new home should be removed, and other things tidied up or put in storage. You and your home must be prepared to market and sell your home.
If they don't have enough money to own two homes, some lenders recommend they refinance their current home to take cash out for the 10% deposit on the new purchase and the balance to be paid at the closing. It is not too late to get this done.
OG + Riverside Neighbors
