Old Greenwich, Connecticut is one of the premier communities on the East Coast with the emphasis on the community. Homeowners, mostly successful young families have been paying a premium to live here for decades and getting their money’s worth. It has great parks and multiple price points putting in demand year after year.
Sales are up in every part of town, except for two. Inventory is also down in every neighborhood, except for two other neighborhoods. The result is that the dynamics are very different from section to section in Greenwich.
Real estate sales in Greenwich continue very busy, however, they did drop substantially from September. Contracts continue to be high, so November sales could be greater than October given the large number of contracts outstanding.
Eight common strategies that don’t work when trying to buy a house.
Greenwich had an amazing third quarter for home sales and October looks to be another record month, however, each neighborhood is a little different. Buyers and sellers should look to see how each neighborhood is doing, before moving forward.
Sales were up 150% in September and set a record for any month since the recession and also were the best September for any year. Market activity is as high as it has been all year with contracts up 150% over last year. Contracts may have peaked albeit in August rather than in May like in normal year. Home prices in Greenwich have risen, but not as much as you might expect with this level of demand.
Making a good house even better takes a lot of thought, planning and time. Here’s a look at the way that one homeowner with great views of Long Island Sound made their Riverside, CT house even better.
Sales are up 28% and contracts are up 133% as buyers from NYC and buyers looking to upgrade within Greenwich are driving the market. At the same time inventory is down making for a tight market. In spite of the demand, not every neighborhood in Greenwich is doing better as discussed here.
There are lots of articles about how to be the winning bidder in a tight market. This article is about how a seller can get the best deal when there are multiple buyers.
Being the winning bidder when there are multiple bidders takes preparation, team building and execution. If you do this better than the other bidders you can get the house even when you may not be the highest bidder.