Tuesday, July 23, 2013

Time to List?

Our commercial agents are finding themselves busy, and happily with people who have decided to list properties that they may have been sitting on since the Great Recession started.  Unlike prior business cycles, we didn't go into this most recent decline with a lot of unused space.  That means that supply of desirable product is short, and is going to get shorter.  Without new construction to compete, people holding other space may and should consider listing it now.

Mortgage rates have gone up 15% in residential products, and it is very likely that commercial rates will quickly follow.  Banks can't wait to raise interest rates, which are too low for their comfort now.  Any advantage to be gained by waiting to see more property or by watching national trends will easily be wiped out by higher financing costs.

Connecticut has lagged in job recovery, and has just now gained back half of the jobs lost during the recession.  The rest of the country is largely fully recovered, and prices are rising, rapidly in some places.  Can we be far behind?  If you didn't buy when rates were lowest, and you didn't buy when economic conditions were at their worst, you have only yourself to blame, if you don't look at the writing on the wall and buy as quickly as possible!

No comments:

Post a Comment