If you are trying to buy or sell a home in Connecticut right now, you might be having a hard time, and you are not the only one. The Multi-Indicator Market Index (MiMi), put out by Freddie Mac, illustrates the disturbing downturn in the Connecticut Real Estate Market.
The MiMi can be found at http://www.freddiemac.com/mimi/state.html. You will need to scroll the “Filter on State” down to Connecticut. The results will show a graph of the MiMi from 2001 to 2014.
From the MiMi graph, we can see that the Connecticut real estate market consistently outperformed the national average. In the dips of 2002-2004 and 2010 especially, when the national average was hit hard, the performance of the Connecticut real estate market was relatively impressive.
So what happened in 2012? The real estate market began to improve in Connecticut and Nationally, but why is the national average strongly outperforming Connecticut? Why are we so slow to recover?
Perhaps part of the answer is the employment rate. Connecticut has an employment rate of 83.8 points, while the national average is 99.1 points. Perhaps the answer is that Connecticut home owners are current on their mortgage 7.3 points less compared to the national average.
Whatever the reason, there is hope. While the Connecticut real estate market may not be improving quickly, the MiMi data shows a consistent improvement since 2013, just one that’s not as good as everywhere else. The increased Federal guidelines for real estate transactions, while they do have their downside, should further help to improve the overall health of the Connecticut real estate market.
What do we do to help? At The Law Office of Eugene Glouzgal, LLC, we offer our real estate expertise to assist buyers and sellers in this ever-changing real estate market. We especially enjoy helping our clients with “highly distressed” properties because it improves the overall Connecticut real estate landscape. Some clients are looking to sell highly distressed properties to pay off liens and get rid of headaches. Other clients are looking to buy highly distressed properties at friendly prices, invest their time and money, and get a greater return. That is how we need to repair this real estate market: one property at a time.