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STAMFORD, Conn. The Stamford real estate market is moving up, but mostly because it has nowhere else to go, several Realtors in the city say.
If youre on the fence asking if you should buy, then you should, Thaddea Sheridan, an agent with William Pitt Sothebys International, said of the Stamford market.
If you wait until a year from now, you are going to be kicking yourself, said Tammy Felenstein, an agent with Halstead Property and president of the Board of Realtors. She added that interest rates and prices are low, making it a good time for prospective buyers.
Were actually seeing a big pickup, said Melodye Colucci, an agent with William Raveis.
From October to December 2011, the median sales price for homes in Stamford declined about 25 percent from the previous quarter and about 16 percent from the prior year, a Trulia.com report said. The report added that sales in Stamford have dropped more than 31 percent over the past five years. The average listing price in the city went up just more than 2 percent for the week ending Jan. 4, the Trulia report said.
Although agents say it is the right time to buy, that has not translated in to sales, with more and more people opting to rent. This has resulted in a rise in rental rates, which makes buying more affordable, real estate agents say. But many people still feel uncertain about the economy and dont want the long-term commitment of a mortgage, they said.
If this is the bottom and it starts an uptick, then people will buy. If there are unknowns, then people will rent, Jim Caterbone, an agent with Coldwell Banker, said in describing why the rental marking is doing well.
Another reason the Realtors like their perspectives for 2012 is because of the additional businesses coming to the city, such as the NBC Sports Group, Starwood Hotels and Chelsea Piers, bringing people, jobs and other business with them.
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