Trying to buy a home in CT's hot market? These tips could help you stand out
If you're trying to buy a new house in Connecticut, it's nearly impossible - but there are ways to stand out that don't always involve money.
Mike Tromba, with Fix and Fashion Properties, sold a beautiful Norwalk home in just four days for well over asking price.
"It's the influx of New Yorkers coming over. They're crossing the border; trying to get out of the city," he says.
Some buyers are even offering all cash - but if you don't have that kind of money on hand, there are still ways to improve your chances.
Tromba says to guarantee your offer amount - if your lender assesses says the house is worth less, offer to make up the difference.
He says to also include a personal note with your offer, and finally, you should be willing to compromise on the home inspection.
"It means you're not going to nit-pick. If some little things come up, we're not going to come back and go back and forth," says Tromba.
A silver lining is that current interest rates are historically low.
Mortgage broker Robert Graybill, of Fairway Independent Mortgage, says picking a well-known lender can improve your chances too.
"Who you're working with matters. What lender you're working with, what pre-approval you're getting, matters," he says.
Tromba thinks the market being as hot as it is right now won't last forever.
"It is what it is. The market's going to come down, but then you're going to see an influx of the people who are holding out to buy, come in and buy now. Jump back into the market," he says.
Fairfield County home prices have jumped 23% just in the last year.
If you already own a home, now is a great time to re-finance your mortgage.
Interest rates are dropping again. They're now around 3%.