CT Cash Hartford County CT Home Prices Skyrocket in July 2020, Highest Since 2008
Real estate prices rise in Hartford County during coronavirus
It’s a strange time for the Hartford County, Connecticut real estate market. Here at CT Cash Homes we recommend keeping your eyes on the market as there
might be a big financial payoff in doing so. Especially if you are having a hard time making mortgage payments,keeping up with the maintenance on your home, or tired of dealing with a rental property.
For the last 12 years, the average home value has been around $225,000 in Hartford County, but this year is no ordinary year. The coronavirus has brought about changes no one could have predicted. In July of this year, our county had the highest recorded average home price since 2008.
Why property prices are so high in Hartford County, Connecticut
If you own property in Hartford County, and you’ve been thinking of selling, you probably don’t want to wait. Now is your time to sell. Your home is most likely worth more now than it has been in the last 12 years.
CT Cash Homes has been seeing that people are moving out of New York City at an astonishing rate. Fearful of the COVID-19 pandemic, NYC residents are fleeing their homes in the city, and finding refuge in the safe, and more affordable Hartford County, CT.
For the last several months all over Connecticut, especially Hartford County, property prices and demand for move in ready homes has been rising, and rising, and rising. The simple supply and demand principle is beautifully at work for those who wish to take advantage of it.
Residents who are moving out of New York City, are doing it now, not later. NYC already has over 13,000 vacant apartments.
If you want to be one of the lucky few to recognize, and act while the market is at this peak, do it now. The July 2020 average home price in Hartford County, CT reached a whopping $270,000. Last time you saw these numbers, a nationwide crash was right around the corner. Should you decide to wait, you risk the inevitable market dip.
CT Cash Homes recommends that for those who are ready to take advantage of this rare marketact immediately, COVID won’t last forever, and neither will this NYC migration.
How hot is the real estate market exactly?
From just one year ago in July 2019 to date, the Hartford County real estate market has seen some huge changes. Take a look at these July 2020 numbers.
Number of new listings, up 9% (usually indicating a buyers market)
This Connecticut market is still burning hot…
Months of inventory are down from 4 to 3
New home list prices are up 9%
Average home list price/sq ft is up 13%
Median home sale price is up 8.2%
Number of closings is up 10%
Total sales volume is up 17%
See for yourself. These graphs are pulled right off the Connecticut MLS:
Total Closed Volume:
Average Close Price:
There are 3 things you need to do to sell your house in this market.
First, you will have to get your house ready for sale to optimize getting such a high sales price.
Most Buyers in this market want move in ready homes. You will need to make necessary repairs that a Buyer would require. That may include updating your electrical and heating systems or replacing the roof and kitchen appliances. You will also need to get your house cleaned and organized so that it is ready for listing pictures and then be shown to potential buyers.
Second, you will need to either hire a real estate broker or try selling your house yourself.
A typical listing broker will walk away with around 3% of your sale price. On a $270,000 house, that’s $8,100!!Keeping your equity where it belongs – in your pocket!!
If you try For Sale by Owner then you are responsible for all the paperwork, negations, and legal compliance and then still might pay that same $8,100 commission but this time to a Buyer’s agent.
Third, you will have to get your finances in order.
The process of selling your home to closing could take 3-4 months. You will need enough cash flow in that time to continue making payments on your mortgage, insurance, and utilities.
Call CT Cash Homes!
We here at CT Cash Homes are different than any other buyers. After you contact us and give us the property information, we will make you a fair, all-cash offer within 48-hours, and that is not even the best part. We never tell you when to close. YOU get to choose. If you are looking to close quickly, we can wrap up the deal and get you the cash in as little as 7 days. To get started, you just need to give us a bit of information about your house and the situation that you are in. To contact us, simply fill out the form on this page, or give us a call at (860) 249-0950 for a faster response. It is our goal to make your life easier by getting you out from under the property that is causing you problems and stressing you out. We can do this by paying a fair and honest price for your house quickly.