The Power of Consumer Confidence
For 2011, the Ridgefield Real Estate market can best be described as divergent. The sever winter weather resulted in a delayed start of the 2011 selling season. Once home sales finally gained some momentum in late spring and into summer, a damaging hurricane followed shortly thereafter by a record snowstorm in late October diminished any hope for a last quarter increase in sales. these extraordinary events clearly impacted consumer confidence levels and were compounded by the European debt crisis and our own political and economic concerns.
The Value Factor.
Value remains the catalyst in all real estate transactions, spanning over all price segments. Buyers have become more educated with the abundance of information available to them. Motivated sellers realize pricing is critical and in turn, have been able to take advantage of current values when they choose to up-size or down-size. While it’s still too early to predict how the local market will perform in 2012, I am cautiously optimistic. The holiday shopping season showed strong spending and many financial analysts predict the worst is behind us. With long term fundamentals remaining intact, 2012 should show signs of improvement.