For all of the complaints of businesspeople about Connecticut, it remains a place in which people want to invest. There are many reasons for this. One is that most investors tend to invest close to home, maybe because it's easier to take care of details when the property is close by, and maybe because they know more about values in their own vicinity.
Another reason is that there are specific opportunities in our region. For example, New Haven has a robust rental housing market, with thousands of students, and a population that includes 62% renters. Despite all the building, conversion, and development of rental housing over the past decade, inventory keeps disappearing. Much the same is true of warehouse space, based upon our proximity to Boston and NYC.
Prices remain low in our area, especially, again, compared with our neighboring states. Although prices for residential property rose 7% in January, over the January before, there are still bargains to be had.
We have a strong vacation home market. Waterside and wooded locations appeal to buyers, because they can be enjoyed, but they can also be rented to others. Fears about travel will only increase the desirability of locations near major metropolitan areas.
There's a lot of money in Connecticut, and it all needs to find places to go. Real estate is an attractive opportunity, and one that most people understand and appreciate.
All of this goes to suggest that, if you have property to sell, you should consider selling it now. If you are looking to buy, you should do that before the inventory dries up. Based upon the above list, that might not take too long.
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