I looked at the number of homes on the market in New Canaan today. As of right now there are 191 homes for sale which is about even with where we were last year (193) as of January 16, 2008. However, the number of homes on the market tends to increase as sellers begin to get more motivated to sell as spring approaches. As of last spring, the number of available homes in New Canaan reached over 300. So my advice to sellers is to get started now before your competition increases. While there is only a small number of contracts pending at this time and no reported sales so far this year, I am getting a sense of increased interest in the real estate market. I was out with clients this weekend showing houses in the $1.1 million price range and I witnessed something I have not seen in a very long time. When I drove up to the house I was planning to show, there were several different parties of buyers with their brokers waiting to get in, and this was on a snowy saturday. My phone has been ringing with more questions from current buyer clients but also from many new potential buyers who are spending much more time on the internet reviewing the listings. I had 3 separate appointments with buyers who do not need to sell homes, however, they are still moving cautiously. At my open house on Sunday, I had a visitor who also is renting in New Canaan and looking seriously to buy now because she told me prices were low and so were interest rates. My sense is that there is pent up desire to make moves this year as many potential buyers have put buying on hold for a while. It certainly is true that while everyone wants to make a prudent investment, you can not live in the stock market but you do want to live in a value priced home.
