HARTFORD, Conn. (WTNH) — More than 500 relators gathered at the Connecticut Convention Center on Monday to discuss the current real estate market in the state.
During the conference, relators said Connecticut is among the states with the fewest houses for sale in the United States.
Much of the influx of homebuyers in Connecticut came during the pandemic when the housing market was booming, but now the housing stock is low and prices are high, as many people compete for the same property.
“For the first time in a long time we had tens of thousands of young families, not guys like me, young families coming into the state of Connecticut,” Gov. Ned Lamont said.
Realtors said there are currently about 3,100 single-family and condominium listings in the entire state compared to the 22,000, prior to the pandemic.
“If you’re a buyer, don’t get discouraged,” said David Aurigemma, an agent for Regency Real Estate.
Realtors say things will change but it may take time. These realtors say it could be with the help of national and local lawmakers. There were about 500 realtors from Connecticut at the conference waiting to hear what the governor had to say on the topic.
“What do you believe can be done to incentivize sellers thereby increasing the housing inventory? First of all, you need more housing inventory. Let’s start with that,” Lamont said.
Connecticut Realtors President David Galitto said raising the cap on exemptions to the capital gains tax could help because people who have a lot of equity in their homes don’t want to sell and pay big taxes on their profits.
“It would be a great boon to the market if those exemptions could be raised a little bit,” Gallitto said.
More people may also sell if they know they can find another home they can afford to buy.