House values rising in U.S., but dropping in CT - WFSB 3 Connecticut

House values rising in U.S., but dropping in CT

Posted: Updated:

A new report says that Connecticut is bucketing the trend nationally for home values and single women are buying more houses in state.   

Caitlin O'Neil is part of a growing trend nationally.

“Renting is not something that I'm interested in any longer because it doesn't really have much of a purpose,” O'Neil said. “I'd rather own a home and put money into a home in.”

Real estate experts said more single women are expected purchase homes in 2016.

“I recently had three purchases over the holiday two of those buyers were single women,” Harry Finer with William Raveis Real estate said.

Real estate experts said part of the reason is because owning a home is becoming more affordable.

“With no money down, you can get into a house or a condo and you may have a lower monthly mortgage payment that's lower than the rental charges,” Finer said.

The trend is also changing how homes are being marketed to make sure they appeal to women.

“[They] appreciate a nice master suite and they like to splurge on the kitchen and the master bathroom,” Dan Caron with Draghi & Caron Construction said.

The change also comes at a time when the value of homes in Connecticut are dropping in price.  

“This year was very surprising,” Finer said. “We were expecting home prices to rebound this year and for some reason they didn't.”

Nationally home values inched up from last September to October by two tenths of a percent. But in Connecticut, home values dropped by sixth tenths of a percent. Bridgeport, Norwich and Hartford were the worst markets in the state, all down during the past year.

But there is a reason to be optimistic, according to real estate experts.

“In the last three weeks, we have seen the market increase probably three to four fold,” Finer said.

O'Neil said her advice is to “be willing to be flexible in what town you're going into.”

Copyright 2016 WFSB (Meredith Corporation). All rights reserved.