CBC recently released an article that said housing competition is so fierce that the spring market has already started. I completely disagree with that.
I believe that competition is so fierce because we have way more buyers right now than sellers. For this reason, I believe the competition will become more normal and a little less intense as we get deeper into the spring.
People tend to get their homes ready for the market during this time of the year, especially in Connecticut with the winter weather. Sellers want their home to look great and get top dollar. They can accomplish both of those things later in the spring.
Many of the sales in our state are a result of sellers wanting to move up to a bigger home. If they’re moving up to a bigger home, they’ll need a bigger down payment to keep up with the competition for their new home.
I think this increased competition is going to put borrowers with a smaller down payment at a complete disadvantage. Low down payment buyers are easily outbid and out-negotiated. Their financing simply doesn’t look as concrete as someone who puts 20% down.
If you need to buy with a small down payment, we can help you in a few different ways. We can get you qualified quickly, and we can get your offer underwritten and credit-qualified, which will make you a stronger buyer in the eyes of sellers.
If you have any questions for me, feel free to reach out via phone or email today. I look forward to speaking with you soon.