Quote:
Originally Posted by GoRedSox!
In Fairfield County, Connecticut, the lack of inventory has caused an imbalance of supply and demand. Despite any interest rate concerns, available houses here are selling very quickly and the prices are at an historical high. Few folks are putting their homes on the market because the vast majority of people have a fixed mortgage less than 4%, and not many want to enter a highly competitive buying market where the next mortgage is over 7%.
There are some YouTube videos that are put up by realtors on the MLS that include the number of cash purchases vs. conventional mortgages for Villages resales. The number of cash purchases is over 60% of resales in all the videos I've seen.
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That's Fairfield Connecticut... One of the wealthiest towns in America...
Luckily, I'm just outside of DC, in Montgomery County, MD. Also one of the highest per capita income areas in the country. My neighbor across the street, two doors down put her house up for sale a few months ago on a Sunday. She had an over asking price contract on Tuesday...
We're the luck ones. There are -plenty- of areas where to people selling are not as lucky...