Is The Real Estate Spring Market Back?
February is commonly known in the real estate world as the beginning of the Spring Market.
Even though February has felt somewhat “springlike” in Connecticut this year, most years we are shoveling inches and inches of snow and bundling up to keep our faces from freezing off.
The pandemic disrupted many aspects of our lives and it certainly kicked the real estate market into high gear.
From the Spring of 2020 through the Fall of 2022, there did not seem to be any cycles for real estate. It was just nonstop action.
Our real estate department saw incredible growth and our real estate paralegal, Carolyn Meeker, was often working 60 hours per week to keep up with the volume.
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Post Covid Real Estate Market
The activity slowed a bit when interest rates increased and the holiday season rolled around, which is traditionally a time that sellers take their homes off the market and take a break while everyone is focused on the holidays.
Today, inventory is still very low, so real estate professionals and buyers are anxiously awaiting the pop of the Spring market. Will it happen? Well, the good news for Connecticut is that realtor.com recently ranked the Hartford metro area number 1 for growth in the real estate markets.
For the next month, we will highlight different aspects of the real estate transaction with weekly articles that will explain the importance and role of the involved real estate professionals, the pertinent terms of a real estate contract, what the seller’s obligations and rights are, capital gains taxes, and more.
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If you or someone you know is in the market to buy or sell real property in Connecticut, be sure to subscribe to our newsletter so you don’t miss an article.
If you have signed a listing agreement or purchase and sale contract and need legal representation for your closing, please contact us at (860) 669-1222 or [email protected].
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Disclaimer: The information provided in this article does not, and is not intended to, constitute legal advice and is for general informational purposes only.
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Joan Reed Wilson Esq. – Managing Partner
Practices in the areas of estate planning, elder law, Medicaid planning, conservatorships, probate and trust administration, and real estate. Admitted to practice in the States of Connecticut and California, she is the President of the CT Chapter of the National Academy of Elder Law Attorneys (NAELA), an active member of the Elder Law Section of the Connecticut Bar Association, accredited with the PLAN of CT for Pooled Trusts, with the Veteran’s Administration to assist clients with obtaining Aid & Attendance benefits for long-term care needs and with the Agency on Aging’s CareLink Network.
