The inventory of houses suck

Submitted by KindaEgotistical t3_10ko116 in Connecticut

I’m sure I’m not the only person in Connecticut to complain about CT and where we’re going.

But ever since Covid houses have jumped in price like crazy and there is nothing available it feels finding a decent house under $300,000 is close to Impossible.

Im in new london county and there’s like what 8 houses available for sale under 300k and this is not including Norwich. It’s just irritating at this point.

People are selling a house they bought last year for $100k more idc what was possibly done to the house usually the bare minimum.

I don’t know this all feels hopeless can’t get a decent looking house, we have enough for 20% probably won’t put all of it though with how these houses look. We could get a condo but rather have a 3 bedroom house. We could rent but what’s the point? Again I could rent but I want to start a family I want to have a house it just sucks.

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esgarf t1_j5syaku wrote

I have nothing to share but commiseration.

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KindaEgotistical OP t1_j5syfa5 wrote

Although it’s all you can share, It’s appreciated!

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CatsNSquirrels t1_j5titjy wrote

I can share the same commiseration, except our budget is a bit higher and we still have nothing to look at.

We just signed a new lease at an apartment after paying blackmail-level fees to get out of a really bad one; they wouldn’t allow a short-term lease (nobody does) so we had to sign a 1-year lease. Getting out of that apartment if we HAPPENED to find a house would also be blackmail-level, so we just have to stop looking for now.

I feel pretty stuck.

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fishythepete t1_j5tk604 wrote

As a former landlord, and somebody who’s been in that situation, here’s an unethical life pro tip - don’t tell them you’re leaving to buy a new house. Tell them you (and partner if applicable) just lost your job(s), and your hyper specific industry niche as a gerbil pigmentation specialist means you’ll be looking for at least a year. You’d move back into your parents house to save money but you can’t afford to pay the termination fee and the job market is better where the apartment is so you’re going to just stay in the apartment and hope things work out.

Your landlord / property manager is now picturing a 3-12 month late payment / non payment / eviction cycle that will lose them money and be a lot of extra work, and will be very amenable to you just turning over the keys on any day that works for you.

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nikedude t1_j5touzg wrote

This would work for mom and pop landlords. Most big companies dgaf in my experience

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TreeEleben t1_j5ty6t7 wrote

Yeah, apartments owned by banks and investment companies don't negotiate. You pay or they take you to court, and they can afford a team of good lawyers, the Tennants likely can't afford a lawyer at all.

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CatsNSquirrels t1_j5uoib1 wrote

My thoughts exactly. They’ve also already asked you for your job title, pay stubs, background check, etc. so you can’t make stuff up. It’s not as easy to lie as this person makes it out to be - especially when dealing with a corporation.

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TheOtherMark t1_j5twkcz wrote

> your hyper specific industry niche as a gerbil pigmentation specialist

r/HouseHuntersCouples

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pocketsquare22 t1_j5xvjpi wrote

Only problem is that the gerbil pigmentation specialist market is so hot right now

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issuesintherapy t1_j5ufchz wrote

Commiseration from here as well. My partner and I have been wanting to buy a house and it's been a very discouraging process.

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EmperorAnthony t1_j5t3yvg wrote

Not many people want to live in the cities like Meriden, New Britain, Hartford, New Haven, and even Manchester and Norwich where home prices are cheaper but everyone wants to live in a nice town. If buyers are being priced out of nice areas, unfortunately the only option is the less desirable areas until things cool off..

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sepia5 t1_j5t9yfl wrote

I wish someone would tell the rival buyers who keep going $100k over asking that no one wants to live in New Haven. 🙄

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HeadyRoosevelt t1_j5u27yz wrote

We had to go 50k above asking in Westville in early fall for our home and I’m surprised it wasn’t worse.

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bluethread32 t1_j5v455x wrote

Same. A bit less over, but waived the inspection! And agreed to a rent back.

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teknic111 t1_j5tz16l wrote

Imagine paying a premium to live in New Haven. lol

−9

sepia5 t1_j5u0eby wrote

Imagine wanting to live in the homogeneous burbs with no character.

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sadswirlofme t1_j5tb9q7 wrote

People don't want to live in New Haven? (Not from the area, genuinely asking why this would be the case)

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hamhead t1_j5u4903 wrote

He's just straight up wrong. The level of housing shortage in New Haven is insane.

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johnsonutah t1_j5vo40z wrote

City can’t get out of its own way

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hamhead t1_j5vo6vh wrote

I don’t know what that means (in context)?

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johnsonutah t1_j5waudu wrote

New Haven is very bureaucratic (ex: tearing down church st south took forever, and redeveloping around Union Station hasn’t even commenced)

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HeadyRoosevelt t1_j670f4f wrote

So much potential around Union Station. City has the opportunity to essentially create a cash cow neighborhood from scratch and that lot still just remains vacant.

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DaddyWarBucks26 t1_j5u0ihs wrote

Just moved to Fairfield county in 2022 and I can say that New Haven is a very interesting place.

A couple unique things I noticed living close by:

There are seemingly biker gangs out constantly in New Haven (4 wheeler and motor trikes). Always loud and obnoxious. No city in the USA I've seen has had this many trike riders around. Truly a phenomenon.

New Haven during summer does not feel like a safe place to be at night. And I'm 30 M. (When Yale police are out everywhere it's different.)

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CroMag84 t1_j5umoi9 wrote

New Haven is amazing. I lived there for 5 years, and before that most of my life in Fairfield county.

There’s tons of stuff to do in New Haven pretty much anything you want. Ffd county for me was pretty much all the same boring bars, with miserable people trying to live above their tax bracket.

I lived in westville, east shore, and fair haven. Only complaint I ever had was traffic in westville.

I guess most things look scary from the outside, especially when you think the world is unsafe constantly. But New Haven is amazing to me.

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beaveristired t1_j5u5zdq wrote

The atv / dirt bike thing is a problem in many east coast cities. Not just New Haven.

Eta: also, it’s safe lol. You clearly haven’t spent much time really exploring the city. But that’s cool, stay in the Yale bubble :)

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DaddyWarBucks26 t1_j5upoux wrote

I didn't go to Yale LOL. And exploring the city is exactly what made me make the comment. Safe but menacing if you don't have street smarts. Just being real for people who actually want to know. Not bs.

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beaveristired t1_j5usw9n wrote

Menacing? That right there discredits you completely.

Lol I’ve lived here 15 years. Never had a problem. I can’t even remember a time I felt remotely scared here.

You’re fear mongering. You’re not spreading anything but misinformation. Go back to whatever bubble you live in.

Those who want to know what’s New Haven is like should ignore trolls like this guy. Ask someone who legit lives here.

Eta: truly embarrassing, the trolls here acting like New Haven is Chicago in the 80s. Coming up with cherry picked stats, typical. Yes, crime exists. No, it’s not dangerous. Get a grip.

No need to respond to misinformation, I just report it, block, and move on. This sub has an anti-urban bias that isn’t surprising, but it sure is embarrassing for the clowns and their fear mongering, which mostly stems from racism, let’s be honest.

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Zreaz t1_j5wcgbh wrote

New Haven is statistically one of the most dangerous cities in CT. It’s great that you haven’t had any issues but you’re just objectively wrong that it’s a “safe” city to live (compared to other CT cities). It’s weird you’re even trying to say otherwise when crime statistics are something that’s super easy to verify.

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HeadyRoosevelt t1_j5wt8tb wrote

In 2023? Pass those receipts.

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Zreaz t1_j5x3x79 wrote

Well...we're 25 days into 2023 so we're not going to have much data for that. We'll look at 2022. Again, this has to be one of the easiest statistics to verify so it's kinda weird to even question it.

Easy to read list:

http://www.usa.com/rank/connecticut-state--crime-index--city-rank.htm

Data straight from CT government - look at New Haven lit up like a fucking Christmas tree:

https://ct.beyond2020.com/ct_tops/report/violent-crime-and-drugs/connecticut/2022#close

Wikipedia for fun:

https://en.wikipedia.org/wiki/Crime_in_Connecticut

And if you REALLY wanna get spicy, take a journey through the FBIs UCR for CT:

https://cde.ucr.cjis.gov/LATEST/webapp/#/pages/explorer/crime/crime-trend

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HeadyRoosevelt t1_j5x5kt0 wrote

I’ll own my mistake: I initially read that as one of the most dangerous cities in the country. Definitely makes sense that it’s one of the most dangerous cities in a state with otherwise low crime compared to the nation.

Appreciate the info. Thanks.

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Zreaz t1_j5xaim1 wrote

I also thought you were the other guy and definitely coulda been less snarky. But yea, exactly. The most dangerous city in CT is still a pretty safe place to be. Just "menacing" seems like a fairly accurate term to me if you're used to the rest of CT lol.

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DaddyWarBucks26 t1_j5ysd3i wrote

Thank you I literally looked it up and was thinking I was accurate but happy to have someone validate lol

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rewirez5940 t1_j5yrmd3 wrote

That last link shows a big trend downwards for the last ten years.

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Zreaz t1_j5zgrc7 wrote

Yea, CT as a whole has been trending downward pretty decently for the last ten years. It also wasn't hit nearly as hard by the Covid crime spike that a lot of rest of the country saw.

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Adorable-Hedgehog-31 t1_j5v96dh wrote

Yeah ok buddy. Everyone knows New Haven is a crime-wracked city and many neighborhoods are simply unsafe to be in.

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galvinb1 t1_j5vg8bq wrote

Dirt bike gangs are all over the country. Definitely not just a New Haven thing.

https://youtu.be/ZoAnhEhbeLg

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DaddyWarBucks26 t1_j5ysl64 wrote

Yea I believe it. Just was new to me. Never seen anything like that in the Midwest.

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HeadyRoosevelt t1_j670oct wrote

I’ve lived in DC, New Haven, and Seattle and honestly New Haven has the least problem with ATV/dirt bike groups than the other two cities.

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MaoWasaLoser t1_j5yre6u wrote

Downtown, Westville and East Rock are all perfectly safe at night. I lived in New Haven for 15 years and never had a problem.

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NewGuyHelloHi t1_j5wx6s3 wrote

There are like 1000 new luxury rental apartments being built in New Haven right now and New Haven definitely isn’t cheap

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hamhead t1_j5twpr7 wrote

>New Haven,

Um, what? I think you don't know New Haven's housing market.

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[deleted] t1_j5t5qyq wrote

[deleted]

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Devonai t1_j5tao6k wrote

Growing up, I idolized city life. One of my aunts lived in Manhattan, and my other aunt lived in Back Bay, Boston. I thought it was so cool and glamorous and figured I'd end up in either city someday. As a kid, I wasn't thinking about the fact that they both had two roommates and lived in buildings so old, the elevators still had accordion gates.

Then as a young adult I actually looked at rent prices for anything resembling a "cool" neighborhood in either city. That was a wake-up call. Anyway, I scratched my itch by doing my senior year of college in Boston, then working downtown for two years after that. Now I'd rather live on 40 acres somewhere in Hartford, Tolland, or Litchfield counties.

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EmperorAnthony t1_j5t9m20 wrote

Yes I realize that. Those that always complain about housing need to be reminded that there will almost never be a picture perfect house with that white picket fence. Sacrifices need to be made if you want to find a house and that includes an area you might not have considered in the first place.

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HeadyRoosevelt t1_j5u236r wrote

This is incorrect at least regarding New Haven. That market is insane rn and has been for a while. East Rock, Wooster, and Westville neighborhoods of New Haven are super nice. Edgewood and Dwight are revitalizing quickly too.

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beaveristired t1_j5u6bp1 wrote

Beaver Hills - barely any inventory, houses go very quickly, my house is worth twice what I paid 10 years ago. Great neighborhood, large houses, beautiful architecture, close to downtown, hidden gem.

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HeadyRoosevelt t1_j5uvi0s wrote

I forgot beaver hills! Yes, when we were touring houses it was such a gem of a neighborhood.

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crymeajoanrivers t1_j5tnj0s wrote

I live in one of those towns you mentioned and my home is still worth 90k more than when we purchased in 2018. Freaking wild.

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laceyourbootsup t1_j5wbvt3 wrote

New Britain mill rate is 49.5. Better off in Berlin for $350,000 than New Britain for $250,000

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eresho t1_j5wq5cj wrote

> not many people want to live in cities like Meriden, New Britain, Hartford

Tell me you’re white without telling me you’re white

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Striking-Trainer8148 t1_j5ryjh2 wrote

As a recent homebuyer who just moved here, I apologize for the following harsh truth.

Average home price in the us is $500,000 right now. (Source: https://www.statista.com/statistics/240991/average-sales-prices-of-new-homes-sold-in-the-us/)

We are one of the more expensive states. (#13 including DC ahead of us according to here: https://worldpopulationreview.com/state-rankings/median-home-price-by-state)

300k is well below average for this area.

You’re better off putting your down payment into a 6% CD and waiting 2-3 years for rates to drop. The current rates either need to change or prices need to drop. This is not a good time to buy in, because you’ll have to refinance in a few years to get out from your terrible rate. Refinancing will force you to pay closing costs again. So essentially you can take the 30k you’d have to pay towards your refinance and pay rent for a little bit instead, and probably come out ahead.

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phunky_1 t1_j5tcpuj wrote

The cost to refinance is nowhere near 30k. I think I paid like 5k to refinance around a 330k loan, and they can just roll the closing costs in to the loan of you don't have the cash.

How much money will they piss away on rent in 2-3 years?

The refinance would pay for itself vs a few months of renting.

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silasmoeckel t1_j5s6xr9 wrote

Problem is rents have factored that in, try renting a house even something small is 3k a month.

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Striking-Trainer8148 t1_j5s70lz wrote

Don’t rent a house.

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silasmoeckel t1_j5s98oh wrote

Don't compare apples to oranges. Would say most people looking to buy a house need a house. Cramming a typical family of 4 into an apartment is not always practical.

Your still looking at 2k or more for a tiny 3br apartment and thats going to be in a neighborhood you would not want to send your kids to school in.

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Striking-Trainer8148 t1_j5sa4lh wrote

Wow sounds like OP can’t afford to start a family i guess. 🤷🏻‍♂️

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silasmoeckel t1_j5seh7s wrote

Not like anywhere else is particularly better.

Suck it up and pay the PMI on a FHA if they can afford the monthly.

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phunky_1 t1_j5td7um wrote

Don't get a FHA.

They changed the rules so you can never get rid of PMI now.

You can get a conventional loan for only 5-6% down and PMI goes away once you get 20% equity.

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Morendhil t1_j5tw4yo wrote

Torrington Savings Bank will do a conventional for 10% down with no PMI if you have good enough credit.

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secretmuffinsauce t1_j5tin1v wrote

Bold of you to assume any seller will work with FHA financing

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silasmoeckel t1_j5ttzrk wrote

Thats never seemed to be a problem sellers dont want to give back deposits.

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secretmuffinsauce t1_j5vxeb5 wrote

What? Has nothing to do with deposit. Sellers take conventional and cash offers allllllllll day over FHA and VA. sellers don’t want to fix anything and FHA appraisals more often than not require repairs or adjustments.

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silasmoeckel t1_j5x04sh wrote

Cash only is cash only and even then some types of loans considered good as cash.

Nothing stopping you from getting conventional approval and switching to a FHA. They want to back out post deposit thats up to them but they have lost time/opportunity at that point. After all you can get approved for some very bad coventialy loans and horrid DTI, does not mean it makes sense to buy a home with them.

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1234nameuser t1_j5tdt6n wrote

Even if rents are up 1000/mo above normal (they're not) that's still just 12k/yr. Everyone expects New England to fall around 10% in 2 years time.

Even with a $300k home that means it's better to rent at excessive prices for 3yrs in order to buy once prices / interest rates have aligned.

Date the rate, marry the house. Inventory is what matters most though to ensure a good purchase and there's simply not enough around to bother.

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BubbaKushFFXIV t1_j5tfy56 wrote

Where are you getting an apartment for $1000/mo?

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1234nameuser t1_j5tgm36 wrote

rent + $1000

Reference to that even if rents are escalated right now, they're still no worse than buying a house at current inventory levels.

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silasmoeckel t1_j5tl0pv wrote

Sure, they want to start a family the realy means they need to figure out where they are living for the next 5 years at least to get a good preschool lined up.

Paying a premium on the house price is not a huge issue it's step one to starting a family and putting down roots. All that matters is that you can pay your monthly today stop thinking of it as an investment. Figure it's the 13 years of your kids schooling.

The uncertainty of apartments so you hopefully save a bit in a few years on the house price is not worth putting off starting a family.

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Warpedme t1_j5tgiuh wrote

Lol at a rent for only $1000 a month. I can't even find a tiny one bedroom for under $2000 that isn't a complete shithole.

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johnsonutah t1_j5tblo6 wrote

Carve out Fairfield County from the CT’s average and see what it is - guarantee it’s a lot lower. Every house south of Monroe is close to a million or more. Central CT is a lot more affordable

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1234nameuser t1_j5te1df wrote

"low ball, reject counteroffer, walk away"

this should be everyone's playbook for the next 12 months, prices would quickly fall

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ellemenopeaqu t1_j5tg52u wrote

Too bad people need places to live?

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Delicious_Score_551 t1_j5tprjt wrote

I think this method can work out if you already own a home/condo and are looking to upsize.

For people with an immediate need .. I agree with you - probably not so much.

It is a viable strategy though, especially in a tough market where people are reluctant to buy/sell .. as in .. now. I'll also note that your Realtor is NOT going to advise you to do this as .. they make money if you buy at a high price.

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The--Marf t1_j5vxhho wrote

Refinancing doesn't always cost out of pocket money. No cost refinances have been around for ages.

A simple cost benefit analysis will determine if you're better off keeping your rate or refinancing. Math isn't that hard.

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MTGBruhs t1_j5uj63h wrote

I feel it should be illegal for a corporation to own and rent out a single family home

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Prize-Hedgehog t1_j5rzozy wrote

Yeah, a house down the road from me, it’s a total piece of shit. Sold in a week. 2 Bed, 1 bath, 850 sq ft built on a 1/2 acre and never updated since 1950. Sold for $192,000. That house was barely valued at $100k 4 years ago.

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timmahfast t1_j5s4m2d wrote

Buy a condo and build some equity. Then move up to a house in a few years with the help of that equity. Not ideal, but you'll get there eventually.

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teknic111 t1_j5tzsh6 wrote

Still a gamble. If home prices do drop, like everyone here is saying they will, then there will be no equity in that condo. It may even have an underwater mortgage.

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timmahfast t1_j5uay5l wrote

If they take that gamble they have a home they can afford, even if prices drop. If they don't take the gamble and house prices continue to creep higher they will be stuck renting and it will take them far longer to buy a house. And if home prices drop more than 20 percent we're all probably in big trouble no matter what we own.

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daveashaw t1_j5tl476 wrote

We need to build more housing units, especially at the lower end of the price spectrum. The market isn't going to fix it--it is much more profitable to build high-end houses. There is going to have to be some kind of intervention at the state government level to get more housing units built--apartments, condos, 1500 sq. ft single family homes.

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kmr220 t1_j5sk07r wrote

I feel you. It’s so frustrating and depressing. And our current neighborhood/situation isn’t helping. We started looking last year m, but stopped because it just felt pointless and we just started again because we’ve just had it with our current living situation for the past 7 years. And already it’s taking a toll on us. We just want a place to start our family and a yard for our dog where he’s not getting attacked by unleashed dogs.

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stjmichel t1_j5tb2gf wrote

I totally feel you and it’s a national problem. However, might I recommend eastern CT? Depending on the type of town you’re looking for, I’ve always found eastern CT to be underrated. Willington is a nice, bigger town with a good amount to do. Anywhere near Storrs. Even further east towards RI, you’d be close to providence.

Edit: clarifying that eastern CT is generally far cheaper than the rest of CT. Forgot to state that explicitly haha

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KindaEgotistical OP t1_j5tbis9 wrote

Location really isn’t a bother for me I’d possibly move out of CT given the chance. My wife though would rather stay somewhere in new london county 90% set on Waterford, 10% on Groton or Montville / 😅 so kinda stuck here lol but getting a house under 300k in Waterford without problems seems like a lottery ticket winning

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passthetoastash t1_j5wfzh4 wrote

Pawcatuck might be a little further east than you're thinking but I love it here! Prices have been crazy over the last couple years but I still see the occasional outdated fixer upper with loads of potential.

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stjmichel t1_j5tcbys wrote

My spouse and I AND my mom were also set on a different location originally (Farmington Valley) but after a little while seeing what we could get in the valley for the same price as somewhere out East, we sucked it up and just did it. We were pleasantly surprised!!

But also, if she wanted to be closer to the shore, towns like Salem might better fit the bill.

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KindaEgotistical OP t1_j5tcpiz wrote

Aha right now it’s my spouse and her mom that are for the most part set on Waterford. it’s tough but if we can find a decent house in a good location sell it in like 5-10 years we can use the equity we built and or money we’d make selling to get a house in new london county or wherever else. That’s my thought process right now

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STODracula t1_j5tefbg wrote

I'd be careful about that "money we make" assumption. I bought at the 2006 peak. Took 15 years for the price to get back above that peak.

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KindaEgotistical OP t1_j5temxp wrote

I’ll actually keep that in mind that is good to know that, that could be a possibility

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1234nameuser t1_j5td0rg wrote

People, do NOT buy a house right now. Is anyone listening to the Fed? They've literally guaranteed they will keep rates high until asset prices continue to fall.

This is the lowest point of the season for inventory in New England. Couple that with the lowest recorded volume of both homes being sold / homes being listed = no go. There is no trust in the recent price / sqft at this low of inventory, it's smoke and mirrors.

Other states are already seeing drops up to 15% in 8mo times from the mid-2022 peaks. That's simply unheard of historically. As other states cheapen more people can spread out frm the New England area and inventory will increase. Sit on your lease and wait for inventory.

"Date the rate, marry the house" means your entry price is what matters for long term asset growth.

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Delicious_Score_551 t1_j5tq5zv wrote

This is also a good reason TO buy now. If you do decide to try a purchase .. bargain hard, be ready to walk. Use the crap market as a weapon.

Use all of the arguments that ^ you've used above to tell the seller: "I know how bad the market is. You make me a deal or I'm walking. As one of the few people willing to risk it in this market. Prices are expected to fall 15% - and I'm willing to take all the risk at a X% discount on your price or I walk. I'll come back when your home falls 20% in value .. and buy it from you then for less than I just offered today. Your call."

Sometimes doing the opposite of what everyone else is doing can be used to your advantage.

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TheOtherMark t1_j5ty49l wrote

Those are valid negotiation strategies, and they can protect you from walking into bad deals. But in the meantime, the other buyers are offering above asking price, waiving inspections, or they're corporate landlords/flippers making all-cash offers.

The sellers will still go after the easy money. So playing hardball and walking is fine, but you're still basically waiting for an irrational market to calm TF down.

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b_writes t1_j5yu7x3 wrote

100%. Even though the market sucks, there’s still a fucking ton of other people that are also interested in buying and they don’t care.

We bought earlier in the year but I’ll always remember a house we looked at in a “less than desirable” town that backed a lot owned by the town and was being remedied for contaminated soil (which of course was not listed anywhere in the listing). The lot sloped into this house’s backyard and we were concerned that the house’s soil was contaminated too, so asked the realtor if the owners were willing to do a soil test to ensure the backyard was safe (as it also had a well). The realtor laughed and said that they already had multiple offers waiving any inspections so a soil test was the last thing on their mind. A few days later, the house sells and a family with four young kids is posted by the realtor congratulating them on their purchase.

So yeah, unfortunately, even asking for basic safety net things is still out the window in this market.

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KindaEgotistical OP t1_j5tdrzq wrote

This is to be fair the only time I’ve heard of a good reason to not buy.

But for the most part if I don’t buy now, when I buy when everyone says it’s a good time to buy I’ll have to bid against 4 different people again. At least in this market people are taking at offer price or less or simply dropping their asking price.

But because of how terrible inventory is and the pricing I might wait at this point. If prices fall great but houses tend to appreciate if only by a little lol I’d feel more confident if a bunch of good neighborhoods sold their house 2/3rds less than comps in the area I’d love that so that it can just reset prices all around.

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Yenttirb_I_am t1_j5tesa0 wrote

I suspect you’ll have more inventory popping up in the spring. You’re near a military family area, too, which helps. People will put their houses up for sale in spring and summer and move before next school year starts up.

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KindaEgotistical OP t1_j5tf0ra wrote

This gives me some hope of course maybe I should just be patient about it. Last year I originally didn’t expect things to be better till 3rd quarter this year haha but it’s just annoying just waiting when you don’t know what will come

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secretmuffinsauce t1_j5tj97f wrote

Just wondering what makes you think people will want to move? Most people refuse to sell because there is nothing to buy.

1

nikedude t1_j5tpkdv wrote

People die. Jobs change. People get sick of the climate or move closer to help out family. Life happens

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CatsNSquirrels t1_j5tp9za wrote

And also because many people have sub-3% interest rates. Nobody is going to sell until rates come down, because it makes zero sense to lose a cheap loan just to trade spaces (and there are very few homes to even choose from). The only people who will be selling are those who have to.

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Yenttirb_I_am t1_j5u6rpw wrote

There are lots of reasons people end up HAVING to move- I specifically stated it’s a big military area and unfortunately when you get a new station, you can’t say no “due to lack of housing.”

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1234nameuser t1_j5tfg8s wrote

Inventory is really all that matters. The pandemic was easily the largest demand pull our economy has seen in history (unsustainable low rates) so we know recent prices are entirely unsustainable on demand alone.......which has now cratered to all time record lows, naturally.

With money literally raining down from the sky (PPP loans being the scam of the century) everything escalated quickly and it's literally guaranteed there will be a long painful hangover. Let's all enjoy the ride.

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KindaEgotistical OP t1_j5sxqzo wrote

I fell asleep after posting this but happy I got a lot of comments. Thank you everyone for your comments, although I dislike how expensive things are this at least gives me a frame of mind of at least what I possibly can or can’t do because of it. Again I appreciate it!

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gromit266 t1_j5sih2l wrote

Be patient and have more than you need in funds. I waited until 2009 after watching the nuttiness. Dropped the 20% + after slumming for some years. It will pay off. Realestate is cyclical, regardless of what some agents might tell you as they drive off in their tesla.
The 80s were insane, then the 90s came along. Early 2000, same shit, then '08. Here we are again.

Western MA is just as bad, if not worse.

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kayakyakr t1_j5tkc4k wrote

Biggest difference between now an '09 is that inventory is at an all-time low. We didn't build houses for a decade and now he we are in the post-covid run-up and inventory is shit. Prices are up on mediocre demand because there's virtually no supply. Prices were way up a year ago.

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fox_hunts t1_j5skc6j wrote

300k is most people’s range.

It’s the equivalent of what 200k was years back. It’s a very competitive price range so inventory doesn’t last long. Pretty much everyone buying their first house or downsizing is in that price range.

Look into condos if you’re not willing to compromise on stuff or buy a house that needs work.

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dirtsequence t1_j5udy3g wrote

My house literally needs all new windows and front porch and siding and they appraised it at 300k somehow.

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1Enthusiast t1_j5t24v2 wrote

Nobody knows what will happen, but my feeling is that right now does not seem like a great time to buy unless you find your dream house. I would gamble that next year the market might be softer but who knows 🤷🏼‍♂️

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IndicationOver t1_j5ukn4x wrote

Pretty much, then I see articles out there that say do not wait.

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the_ENEMY_ t1_j5umv95 wrote

Try somewhere else or roll the dice and wait. People call it a bubble but it doesn't necessarily mean prices will drop.

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MBAlliance2011 t1_j5v1n50 wrote

Is this your first time house shopping? The only people listing their homes in Connecticut in January (or really anytime after September 1st) are people getting divorced, foreclosed on, moving for a job etc.

This is for lots of reasons:

  • most properties don't look their best in the fall and winter
  • people don't want to move during the school year if they can avoid it
  • no one wants to move around the holidays.

You will see a significant increase in inventory around April 1st.

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KindaEgotistical OP t1_j5vki5a wrote

Ehhh it’s been on and off these past 2 years / the reason I’m kind of adamant about now is because there is less competition

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kayakyakr t1_j5tpr0x wrote

Patience. Used to be that the winter months were when you would find the bargains. Fewer people move in the winter, so houses that get listed now until March are people desperate to move. Unfortunately, there's such a lack of supply, that there are enough people looking for houses to make the market still be a seller's market.

More houses will come on the market in the Spring and Summer, and you should have more options and more chances to win a bid.

You'll also get cheaper housing further from the coast. Maybe you wind up in Voluntown? Good school. We need more young people here, especially if you bring more balance to the demographic.

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KindaEgotistical OP t1_j5trp02 wrote

Aha I guess this is what we will have to do just be more patient about it. Who knows maybe we will. Hoping that spring and summer brings more to us!

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mistercartmenes t1_j5totcx wrote

This is happening pretty much everywhere. I currently live outside Atlanta and they are asking ridiculous prices for average houses. What was a 200k or 300k is now 400k and 500k. Anything below that is either a shithole or the inside hasn’t been updated since the 70’s. And it makes even worse here because of the “lower cost of living” the wages are on the lower end so normal people can’t afford these average houses.

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megapeptobismol t1_j5tqeen wrote

I have friends looking to relocate within CT and they can’t find anything. Slim pickings and if they like a property they get outbid.

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KindaEgotistical OP t1_j5tqzs2 wrote

Aha it’s so annoying because literally if there is an actual good house it will be gone within the week. Others well will be sitting

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megapeptobismol t1_j5tvm74 wrote

I hope and wish towns and cities with homes for sale that dont sale realize “uhmm why dont people want to live in my town or city”. There seems to be a wanting to live in the surburbs and rural areas of CT instead of the cities and larger towns.

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jeangrey99 t1_j5trpco wrote

I read recently that stock is down across the board in CT. We currently own but are looking for a larger place in the next year, but the limited stock and frankly the interest rates are allowing us some time. Best of luck in your search. House hunting can be fun but it is also busy and tiring.

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TreeEleben t1_j5tyl5n wrote

Big corporations are buying up single family homes as fast as they can. Won't be long until all housing is corporate owned and we will pay exorbitant rent that goes up every year for our entire lives while owning absolutely nothing.

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mkt853 t1_j5u0des wrote

Take this one step further: you will be provided a roof over your head, health care, and even staples like food in exchange for your labor. That's where this is headed. I feel like we tried this once before though and it didn't end well.

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KindaEgotistical OP t1_j5tz0i1 wrote

Lol as soon as you comment I switched to tiktok and this is the first thing I get on my home page

corporations buying houses

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IndicationOver t1_j5uld9b wrote

That does not pertain to CT from what I understand unless you want to prove me different.

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KindaEgotistical OP t1_j5umcbj wrote

I can agree based on where I am / other areas where this is happening a lot in I feel terrible for

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SatiricCrabRave t1_j5u8eov wrote

Sadly enough (or a bright side, depending on your disposition), CT is way more affordable than it used to be compared to other areas. Used to be one of the most expensive housing markets around before the great recession, and while it is absurd right now, other markets are heating up way faster. Actually shocked by how prices are rising in the Pacific Northwest, Cali, Texas, even the midwest. Like… I could live in New England for these prices lol

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gregra193 t1_j5v48nv wrote

Check north of Hartford. Windsor Locks (low taxes), up to Enfield, over to Ellington area. There are options under $300k.

Have you begun working with an agent? Do you have pre-approvals in hand? 20% down isn’t always necessary, be sure to save some cash for repairs.

Keep in mind most homes in this area will sell for 1-5% over asking price.

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KindaEgotistical OP t1_j5vjurt wrote

We don’t know where we will go I work remote but wife does not and family is down here as well sooooo the travel will cause us most likely to not go to those areas. But we do have everything else and depending on the house most likely we’ll probably do less than 20% holding money for repairs that could cost us at least 30K

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Enginerdad t1_j5tm84s wrote

If at all possible, push off a home purchase for a year or two. The market can't stay at a high indefinitely.

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BLKMALE-NYC t1_j5tnif6 wrote

The people looking to sell, are facing the housing premium you are, they are just passing the cost along. Unfortunately, you may have to rent for a year until things stabilize on pricing and interest rates. Good luck in your search!

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pepperjones926 t1_j5ttb3y wrote

This is a terrible time of year to be house hunting. I would plan to wait until spring/summer. Lots of people wait to list their homes until their kids finish the school year. I'd hold off at least that long.

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rogerpadacter t1_j5ut8rq wrote

Right now nobody selling because almost everyone either bought at or refinanced into a 3% mortgage rate. With rates now effectively double that, everyone going to hold onto their house for dear life to avoid having to adjust to the higher rate.

Be patient - it will all come back to earth as the higher rates take their toll and the economy cools

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Specialist-Ad-5160 t1_j5ygbdl wrote

This! As a developer, investor of a couple houses and growing up in this game. You sir win the internet prize today. This is exactly what the market is right now. OP has to either wait it out or be ready to pull the trigger on a house with good bones before a guy like me comes around. :)

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Shtoinkity_shtoink t1_j5v5txw wrote

My wife and I bought a duplex, built in 1940s, has a small side yard for my dog and a driveway. $210k

Depends what you’re looking for but houses are out there.

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MattinglyDineen t1_j5wgeou wrote

>Im in new london county and there’s like what 8 houses available for sale under 300k

There are 77 houses and some of them look pretty nice.

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KindaEgotistical OP t1_j5whi8t wrote

My bad this was late at night I mean more so new london, waterford, Groton, Montville area I think when I was looking last night

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RunningTrisarahtop t1_j5wjthg wrote

This makes me hopeful that when we list our house in a month it’ll move fast

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Impossible_Watch7154 t1_j5y1bd7 wrote

Actually housing in Connecticut is priced below the national average.

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jules13131382 t1_j5zm9rm wrote

I completely agree with you, it sucks. I was told to wait till spring.

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KindaEgotistical OP t1_j60bgo8 wrote

Basically the consensus I keep hearing but if I wait till spring I’m gonna be outbid 😅 at this point I feel like just getting a condo

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OliveBudd t1_j60mubs wrote

We TOTALLY lucked out, we snuck in on New Years Eve and bought a great house. We paid full ask but it appraised for higher than we are buying it. Moving from Delaware to Oxford. The catch was the homeowner is moving to a 55 and over community and needed a 60-90 day close, but she couldn’t tell us which until she bought a new house. Worked for us since my boyfriend will be moving in March but I won’t be up until May. She called yesterday and only needs to do a 24 hour lease back after we close at the end of February. Our realtor is a miracle worker and godsend, message me if you want his information.

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theskyissooblue t1_j67a7oh wrote

Why aren’t developers building more homes? Oh wait they have been trying for decades but not in my neighborhood!

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Impossible_Watch7154 t1_j6crmqj wrote

Yes the inventory of homes is low- not much has been built in the state over the last 15 years.

Nonetheless home prices are a bargain compared to areas of the country threatened by climate change.

I have doubt the state is realizing more people will move here because of climate change- forcing prices higher in years to come. Connecticut is a climate haven. State government here has lagged in realizing this concept.

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KindaEgotistical OP t1_j6ij2yy wrote

Well I hope for my sake unless wages raise (I doubt) that Connecticut does not realize or they realize and build hundreds of homes to offset how much prices will rise compared to demand

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Impossible_Watch7154 t1_j6ik3dx wrote

Some states like Vermont and Maine realize the 'concept' of being a 'climate haven'-

All of New England is now seen as a 'climate haven'- no state has a large inventory of housing- so CT is not an outlier.

The climate crisis itself - elected officials- and the states populace seem mostly uniformed to the dire threats facing us. Its simply going to become much hotter (the coming El Nino will blow our socks off)

Something of interest: https://e360.yale.edu/features/as-climate-fears-mount-some-in-u.s.-are-deciding-to-relocate

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KindaEgotistical OP t1_j6ipel5 wrote

Thank you for sharing this with me I definitely noticed climate wise we’ve been pretty good compared to other places also surprisingly this year in my area I have yet to see snow which I’ve always seen snow so it’s surprising

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red_purple_red t1_j5trgn8 wrote

Plenty of cheap housing in the Midwest

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Cologio t1_j5yi1kn wrote

Try to wait another year or two. I see a lot of people going into foreclosure soon. Since the COVID relief is done. They need to start paying again. And the people who have bought houses in the last year at the top of market might have issues when the market drops. Plus if inflation keeps going up people might have to sell to downsize or whatever. If u can wait I would wait. Although apartment rent is at ath too. Idk

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Adorable-Hedgehog-31 t1_j5rvbdt wrote

To be fair, you can’t find a house under 300k anywhere in the country except for like rural Oklahoma or the ghetto. Under 300k is really cheap. CT home prices are still relatively low too.

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IndicationOver t1_j5sm5bn wrote

Why the downvotes under 300k is cheap for CT.

Avg cost for a house in CT is like 326K If I am not mistaken.

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johnsonutah t1_j5tbop3 wrote

Does that $326k average include Fairfield County though?

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Adorable-Hedgehog-31 t1_j5ti63r wrote

Is Fairfield County not in Connecticut?

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johnsonutah t1_j5u038t wrote

OP of this post is not looking in Fairfield County - and it makes sense to segment the state up anyways when talking about housing given that Fairfield County skews the state’s overall data

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Mofiremofire t1_j5tf89p wrote

I bought a 5 bedroom 3 bathroom house on 2 acres with 300k in CT… in spring 2020 right before lockdown began.

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CatsNSquirrels t1_j5tkaog wrote

That house is not worth what you paid for it pre-pandemic. This is 2023 and the market changed dramatically.

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Mofiremofire t1_j5tok4a wrote

When we refinanced to 2% in December 2021 it appraised at $525k, it would probably sell for close to $600k now.

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