A recent article in the New York Times reported an increase in real estate activity.
"MORE than 200 people showed up for an open house at a town house in Cobble Hill, Brooklyn, last month, and the crowd, filled with stroller-pushing parents and young children, was so lively that an ice cream truck pulled up to join the happening." NYTimes
Traditionally we look to the New York market for signs of a turn around here in Fairfield County and Newtown. As activity picks up in Manhattan we can accpect to see a slow movement up through westchester, into lower Fairfield County and then into our neck of the woods. Truth be told I have spoken to several realtors here in town who are experincing increased traffic at open houses, more activity from buyers looking to purchase in the near future and sellers with a more realistic outlook of the market.
So what does all of this mean for us now and in the future? First, the market appears to be stabilizing with year over year depreciation hovering around 2-3% and home sales moving at a brisker pace than we have seen in 5 years. From my personal business I believe this trend though slowly, will will continue to in the right direction,
The benefits of a stabilizing real estate market reach beyond the monetary values of our homes and into the greater local economy. As our home prices stabilize our mental and financial health begins to improve. The small business economy here town will also improve. Restaurants will serve more patrons, retail stores will realize more sales, and service providers will be busier. So as we continue through Q-2 of 2012 I think we can be cautiously optimistic heading into the spring.
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