WEST HARTFORD, Conn. (WFSB) – When interest rates were low, homes sold more. With higher prices, some sellers have come down, but not as many as you might think.
“We’re still seeing asking prices, we still have a lot of buyers,” said Dawn Gagliardi of Caldwell Banker Realty.
A few months ago, people looking for a home were out of luck if they didn’t offer fast and high, but Down said inventory is limited and demand is high.
Asked how interest rates have changed the market, Downe said a year or two ago, they were 2 percent to 2.5 percent, so he encouraged buyers to take a look. Now we are at 4.5%-5.5% and sometimes up to 6.5% so it is causing buyers to take a second look.
“The more people get used to it, the more we like to say things are fixed, even if they don’t like it as much because they’re broke,” said Betty Feigenbaum of First World Mortgage.
Mortgage brokers say rates are currently hovering around 5.5% and those rates look like they’re here to stay.
There’s great news for first-time home buyers. A new state program will give you up to $50,000 if you’ve lived in the state for 3 years and lived in your new home for at least ten years.
It also doesn’t necessarily have to be a first home. If you sold your home three years ago and want to buy it again, you may be eligible.
It is important where you look. In West Hartford areas, at one time sellers were asking up to 20% or more and now it’s about 5%.
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