NORWICH – Is this the year to by your dream home, or should you wait until the market shifts a bit? If you're ready to buy, you might put your mind at ease by simply buying a home when the timing is right for you, experts say.
For the past couple of years, buyers’ demand has exceeded the supply of homes, resulting in price increases at an aggressively hot rate. Wells Fargo economists do not expect housing supply to grow by much in 2023. Sellers have low interest rates on their home mortgages now and aren't looking to put their houses on the market with higher interest rates for a new mortgage.
In Norwich and surrounding areas, some homebuyers are searching homes from the pre-turn-of-the century era or homes that may be showing signs of age. There are considerations to buy from a seller or at auction, all the while knowing a remodel may be in their future.
Other buyers are looking to build from the ground up, creating their one and only personal showcase. They also want a little elbow room, possibly out of town but close enough to be right around the corner from their favorite establishments.
Zillow.com provides listings in and around the area. Real estate findings include city and country homes, acreage and farms. In town lots are typically hard to find.
The Canasawacta Country Club at 261 County Road 44 in Norwich has a few lots for sale that offer spacious and private surroundings.
Country Club Owner Tim Carson said, “We have three one acre lots for sale. You choose your own builder, plan your perfect house. One lot backs up to the 14th tee and the other two back up to the 13th green. You could build your garage to have an extra space for your golf cart. I mean, who wouldn’t want to live on a golf course?
“Years ago, when major companies like Proctor and Gamble moved from Norwich, our additional parking areas weren’t needed like before. We hated to see prime property sit around, so it was about 20 years ago, we sold the first three acre piece.
“The buyer had ideas of putting office buildings there, but as you know, things can change. So, it still sits empty,” Carson said.
He added, “There aren’t many new homes or lots for sale in the area. There are some people looking for a new house. They don’t want an older home or to remodel. So, this would be perfect for them.”
Building material prices have lowered immensely since COVID. Home improvement stores are back to normal, with fully stocked shelves. Statistics show that homebuyers and owners whom took a step back from purchasing or finishing a remodel a year ago, are now considering their options again.
Carson said that he’s a firm believer that the facelift coming to Norwich will bring positive changes to the area. Remodeling an old building into apartments, a new hotel and highway 12 street repair will add a fresh look and create new jobs in Norwich. Possibly this will bring in interested buyers for new homes.
“You know, I’ve lived here all my life. I’m not in any hurry to sell but there have been conversations with locals regarding downsizing. They don’t need such a large home anymore and are considering purchasing a summer home. Things like that,” he said.
Research shows that sellers may wait a few months to list as no one knows what mortgage rates will do. In just the first two weeks of February, mortgage rates were on the rise. No one can count on a consistent downward trajectory for rates this year and buyers may wait for mortgage rates to turn for the better before putting offers in.
The City of Norwich and surrounding area has many homes for sale. Contact your local realtor to learn more about buying a home.