Although residential sales activity in real estate has been reduced in January by the weather, there has been no sign of increased inventory in the Fairfield market. The rental market also stays tight, and the hope is that the spring weather and the first time home buyer’s credit expiring April 30th (that’s when the purchase agreement must be signed by, the closing must be by June 30th) will liven things up in the next month or two. Little houses continue to be at a premium, as do ranch homes.  There have been some inquiries on lots and even some commercial showings, but not enough to signal a revival in either area.

With rates still low, the first-time buyer’s tax credit of up to $8,000 extended, and improvement costs decreasing and energy-saving incentives – there has never been a better time to buy a house, especially a first house. That’s the good news. But in Fairfield, houses are scarce, especially smaller houses. It is not coincidence that houses around $80,000 are especially hard to find, because that’s the threshold for the maximum tax credit. What a deal!

It’s a good time to sell your house! so long as it’s at $200,000 or below. And if you have a condo, a neat smaller house (especially a ranch), or a more modern duplex, you’re especially in luck. The market here has a chronic shortage of inventory – only a third of the usual number of houses. The up to $8,000 first time homebuyers’ tax credit has helped, but the Fairfield market is holding its own in any case.

The market above $200k is very thin, which is normal. The rental market is as tight as it has ever been; good luck finding an apartment. Of course price is still key, but certainly I know plenty of potential buyers out there.  So if you are thinking of selling, give me a call at CENTURY21 Hayes-Heartland 919-4663. You may be surprised what you can get!