HARTFORD, CT (WFSB) - The pandemic has hurt some part of the state’s economy, but not the housing market.
Connecticut is seeing one of the best sellers’ markets because more people are moving to Connecticut.
The problem is that there aren’t enough homes on the market and when they are for sale, they go quickly and usually sell way above the asking price.
It’s not just the housing marketing. More businesses are also moving to Connecticut.
“Once I started realizing how much opportunity was here,” said Barry Alexander, CEO of Aquiline Drones.
Barry Alexander started in aviation and then he founded his own company, Aquiline Drones. In downtown Hartford, they make drones and sell them all over the world.
“Connecticut has seen its hay day, but we are seeing today is a new day,” Alexander said.
“In the midst of COVID, we have seen a record number of businesses starting,” said Gwendowlyn Thames, DECD Deputy Commissioner.
More than 16,000 people have moved to Connecticut over the past year and there’s been a 9 percent increase in new businesses.
“Who would have thought that last year was one of our biggest years in terms of sharing up businesses and one of our great years in real estate,” said Governor Ned Lamont.
“If people are thinking of selling their house, this is the time,” said Carl Lantz, Caldwell Banker Reality.
Realtor Carl Lantz says there aren’t enough homes for sale. Those that have multiple offers and sell for thousands over the asking price.
Rosemary Aeillo and her family moved back to Connecticut and they can’t find a home. The last house sold quickly for $50,0000 more than listed.
“one home we bid on just last month has 26 offers,” Aiello said.
Some advice is that if you’re looking for a home, don’t wait to make an offer and be prepared to spend more. With interest rates so low, the housing situation may be this way for a while.