Over the past several years, the residential real estate market in Connecticut and across the country has experienced significant ups and downs. At present, most of Connecticut is considered a true seller’s market, as there is low inventory and high demand.
It is important for buyers to understand that when the market has shifted in favor of sellers, challenges beyond finding a property to purchase come into play. Selling high tends to mean selling fast and when real estate transactions are completed quickly, there tends to be a greater risk that either or both sides will make missteps.
Additionally, when the market favors sellers, buyers not only end up paying more for a property than they would in a buyer’s market, numerous contract terms that could affect the nature of the purchase itself could potentially get slipped into a purchase contract and pose a heightened risk of liability.
Steps buyers can take to protect their interests
When navigating the urgency of a seller’s market, you may be tempted to keep your concerns to a minimum. That approach may help you to secure a property faster but it could also lead to significant costs and concerns down the road. Thinking through the cost-benefit analysis of insisting that a seller address your concerns versus managing them yourself will be important as you seek to make informed decisions.
Additionally, it can be very beneficial to get legal guidance before signing any paperwork related to the purchase of real estate. In a seller’s market, a real estate professional’s experience and frame of reference may not be extensive enough to ensure that certain protections that favor buyers are in place throughout the purchase process.