Local Real Estate Market 'Night and Day From Last Year'

Written by Regional Editor Gary Jeanfaivre.

We've all heard it many times by now: it's the best time to buy a home!

Interest rates are at an all-time low (they're now on the rise) and, in some cases, prices are too.

One would certainly expect a Realtor to say that, and that's exactly what Brookfield resident Michele Milton said when I dropped into the Coldwell Banker office on Main Street in Ridgefield last week.

"It's night and day from last year," the Realtor of 13 years says.

Whereas last year seemed to bring out the "bottom feeders" — investors and others looking to make a buck by scoring a property at a super cheap price — this year Milton is seeing many more people looking for a house to make their home.

Much of the activity in Brookfield and surrounding towns is coming from first-time homebuyers who she says are looking in the $400,000 to $500,000 range. There's also quite a bit of activity for homes priced above $1 million, she says.
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Take a look at real estate sales in Brookfield for the first half of 2013 in this interactive, coded map.
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Meanwhile, shrinking inventory is also serving to drive up values, Milton says.

Open houses are being well attended, too. And while they generally aren't what is going to sell a house, Milton says, "We're getting activity through them."

Some houses are also seeing multiple offers and moving quickly — another sign Milton points to as evidence that the real estate market is "definitely rebounding."

Still, she notes, "If it's not priced right, it's going to sit a little longer."

Looking ahead to the last month of summer before school starts, Milton says, "We'll certainly see some activity in August."

If you're in the market for a home, check out our list of houses for sale in Brookfield and our list of open houses this weekend.

And if you're a local Realtor or resident who would like to share your take on the market, feel free to drop some thoughts in the comments below, or expand a little more and share them as a blog post on Brookfield Patch.