Connecticut's housing price issues have become a worsening problem of the state. Real estate agents and home owners who are selling residential properties have been complaining that they can't get any profit from the properties they are selling. They have dropped their price rates which came to the extent that it seems like they're almost giving away houses.
This is what happened to Corey and Sarah Cusick. The couple, who used to live in West Hartford, had listed their house for sale for $384,000 last April 2015. The house was sold in November but the price was much lower than their asking price, $317,000.
Sarach Cusick said, "We felt like we were giving the house away."
Connecticut is now entering its fifth year of housing recovery, but circumstances like the Cusicks, who are forced to drop the asking price for their home, are part of the reason that the state's overall home sale prices are still slipping.
Experts say, if the house sellers will continue this habit of lowering their house pricing just for the sake of a "false hope" that they could sell their properties, the pricing of these properties will continue to slip.
But they also explained that they can't blame both the buyers and the sellers. Buyers care more about the geographic and the demographic locations of the house.
Connecticut is suffering from house pricing due to the economic standing of the state as well. Experts state that the ongoing imbalance between the home purchases and the high taxes of the state resulted to this issue. It is all boiling down to the ability of the state to give more jobs to the people to solve this problem.
This plan was experimented on last year when there was a boom of the housing sales without compromising the price range. This is not the case for this year. The median sale price of a single-family house dropped to 2.6 percent.
Donald L. Klepper-Smith, an economist at DataCore Partners Inc in New Haven, said "This is an indication that we have an economy that is improving inch by inch and not yard by yard." This year, the economists are seeing no changes with the prices. They will remain flat or slightly up but no significant increase to occur.
For now, what the real estate agents could do is too strive to provide affordable houses to their clients without compromising the financing needed for these properties. It's also up to them on how they could negotiate with the buyers amid Connecticut house pricing issues.
