Realtors: Market is hot for buyers and sellers in Fairfield County
As more New Yorkers move to the suburbs, realtors say conditions are great for those looking to buy or sell a home in Fairfield County.
Melissa Rwambuya, the president of the New Canaan Board of Realtors, says while a lot of sellers are getting more than their asking price, historic mortgage rate lows mean buyers can expect their money to go a lot farther.
Rwambuya says when interest rates are low, it's best to strike while the iron is hot.
"We did just have the Fed come out and say they expect that for the next three years mortgage rates will stay low, however with inflation, we could see mortgage rates tick up,” she says. “I feel like we're really in a sweet spot right now as far as maximizing your buying power."
Economists with the National Board of Realtors project 5-6% increases in home prices next year.