The Warren Group released their July real estate report last week for Connecticut.  The Warren Group is a market research firm that publishes the Commercial Record and I subscribe to the online version of the Commercial Record so I can review the real estate statistics and follow trends.  Although I can produce my own reports through the Connecticut Multiple Listing Service, the Warren Group produces it for me monthly in a tidy package and includes sales that are not included in the MLS.  In order to know where the market is going, it is helpful to know where the market has been. I think too often real estate agents don’t pay attention to the statistics and this results in overpriced listings. If you bought a house since 2006 and an agent tells you it is worth more today, don’t believe it unless you have made significant improvements (more than paint and carpeting).

So what did the Warren Group have to say about real estate in New London County through July of this year?  I’ll summarize it for you.  “It really is a lousy time to sell a house.”

I’m sure that statement won’t make me particularly popular but I’ve been called a “straight shooter” once or twice in my 32 years in the real estate business.  I’ve told at least 2 homeowners this week NOT to put their homes on the market because “It really is a lousy time to sell a house”*.

*Exceptions to my advice:

1.  If you are buying another home in the area or in an area where the market is also declining. 

2.  If your company is relocating you and picking up the tab.

3.  If you are willing to price your home slightly under market value and your home is in exceptional condition.