Tolland Real Estate Market Updateby
A quick update on the Tolland Real Estate Market!
Although, ever so slight, Tolland is on a positive track with 3 years of sales increases after a number of years of declines. Tolland home prices have also been increasing and the good news is that it looks like this upward trend will continue for the next 5 years.
Average home prices increased in 2015 to $279,000 but are still not back to 2006 peak levels. Depending on the location, price point and condition of the home, values in Tolland are down anywhere from 10% to 20% since the peak in 2006. Current data show 6.4 months of inventory but the “Days on Market” trend is at it's lowest level in years.
The steady rates of sale, increase in prices and reduced Days on Market are good indicators that the Tolland real estate market is starting to stabilize. Based upon the trend (see chart below) the results look very promising!!!
The market correction has created a much different buyer. Buyers are demanding and getting more concessions on pricing and terms. It still remains a buyer’s market but homes are selling if they meet 2 criteria:
- A home needs to be market priced. This seems obvious but pricing homes remains an art/science and it is difficult to determine just where the right price is in this market if you don’t do you homework.
- The home must be in good condition. This means it must be clean, uncluttered, neutral, functional and somewhat updated. Again, this sounds obvious, but many homes are not positioned for sale.
If a home does not meet these 2 simple criteria, the seller will be “penalized” both on selling price and time on the market. If it meets the criteria, the home will sell and sell relatively quickly at a “premium” price.
As a seller you need to make sure you have done all you can to prepare your home for sale and maximize it's value. Be careful to not overspend on large improvements thinking you will recover all of those costs in the sale price.
As a buyer you need to be sure that you have your financing in place, understand all the new lending regulations and are well versed in the nuances of the marketplace.
Whether you are a buyer or a seller, you should seek the help of a local Realtor who knows the market to help guide you through the process!
I've included some additional data/charts below on Tolland Real Estate I think you will find interesting:
Tolland Real Estate Statistics
Tolland Average Sold and Number of Sales
Tolland Average Days on Market
Tolland Price History with a forecast to 2020
With Tolland coming in a #34 as Time’s Top 50 2015 Best Places to Live how could you not be positive on Tolland’s Real Estate's future? :)
Hopefully, this information has been helpful to you and given you some insight into the Tolland Real Estate Market. Please contact me if you, or someone you know, have any real estate needs or questions.