Market Conditions in 06831>Question Details

anon, Home Buyer in Greenwich, CT

want to buy in greenwich but worried about market conditions.

Asked by anon, Greenwich, CT Mon Jun 25, 2012

what do you see happening? Bad or good move?

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Answers

10
Dear Katie,

I know many of the Greenwich bloggers but I prefer doing independent research and using current models to determine market conditions. The University of Connecticut tracks the real estate market throughout the state. The latest Greenwich stats are up across the board: http://www.business.uconn.edu/cms/p1175

In this morning's news I noted the prediction by several large mortgage companies for an uptick in sales and demand in 2013.
http://www.inman.com/news/2012/10/25/mortgage-giants-predict…

My advice about the purchase of a home in Greenwich is the following:
Prices have seemed to stabilize and in some cases are increasing.
Forecasts seem to indicate an increased demand in 2013.
Greenwich prices will increase with a stronger market.
There have been higher priced sales this year versus last ( so much for the Wall Street folks sitting on the sidelines).
Buy now with the knowledge you may be able to get a much better price today (have your agent give you real comps and sage advice).
A year from now (like many stock offerings) you'll hear " I should have bought at a lower price when I had a chance".

Best,
Jay Cooke
Coldwell Banker Previews
0 votes Thank Flag Link Mon Oct 29, 2012
These agents responses seem overly optimistic. For a more balanced perspective, try reading Chris Fountain's blog--I'm in the market for Greenwich real estate and have been following him for about a year. He's a Greenwich based agent who doesn't sugar coat.
0 votes Thank Flag Link Sun Oct 28, 2012
For "what it's worth" Greenwich market is forging ahead and I see a bright future ahead for you, so please don't delay, why don't you call me today!
0 votes Thank Flag Link Tue Aug 21, 2012
Hello Anon--I would say "Good move." I can't think of a better place to invest in than Greenwich. And now is the time to buy--prices are still very attractive and rates are fabulous. If you haven't already started your search--you should. I would be happy to help you if you are not already using a realtor. Feel free to get in touch.
Regards, Mary Ann Laurita, Prudential CT Realty
0 votes Thank Flag Link Wed Aug 15, 2012
Exciting Adventure awaits in one of Connecticut's and the nation's most coveted towns--You will not only buy a property in Greenwich, you will be buying the community...beaches, schools, Greenwich Avenue, the Beaches along Long Island Sound, Audubon Society for nature walks, Bruce Musuem for romping and exploring, on and on....plus the proximity to NYC is fab by auto or train and the library is awesome ! Consider now buying a blue chip stock at a bargain value with a property purchase here...buying in Greenwich now at low prices and low rates is an opportunity that attracts buyers, locally, nationally, & internationally!
0 votes Thank Flag Link Tue Jun 26, 2012
Thank you all for your fast and informative responses.
0 votes Thank Flag Link Mon Jun 25, 2012
Hello Anon,
Low interest rates and low prices are currently spurring buyers to purchase homes in the area. Yes, it's true that some properties in Greenwich are receiving multiple offers if the homes are priced fairly.
Greenwich is an affluent town that is highly sought-after due to it's proximity to NYC, great school system, and it has lower taxes than most of the surrounding communities.
If you are considering purchasing there; now is a great time as demand is going up and prices will follow accordingly.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Mon Jun 25, 2012
Hello Anonymous,

Statistics say there will be another slight drop yet property values are expected to rise over the next few years.

It all depends on what your planning to do. If plans are to be in the home for 4-7 years then you would walk away on the plus side. If you are in it for the short haul say 2 years or so then your profit would be less then the long term yet you would still be on the positive end. If you plan to refi after a few years then depending upon how much equity you hope to have, you will still be on the positive side.

Overall the Greenwich market has been pretty strong and steady. In my opinion no matter which way you go you will not end up on the negative side.

Best of luck,

Cedric McNeil
0 votes Thank Flag Link Mon Jun 25, 2012
It really depends on what you want to buy and where you want to buy it. In some parts of the town, bidding wars are back! At certain price points, the Greenwich market is very. very strong.

Please give me a "heads up" so we can discuss your thoughts and best options.
Regards,
Jay Cooke
203-253-2920
0 votes Thank Flag Link Mon Jun 25, 2012
If you foresee more recession, would you be better off renting or owning?
Particularly, if the rent and mortgage was about equal?
This is pretty much what it comes down to.

Good luck and may God bless
0 votes Thank Flag Link Mon Jun 25, 2012
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