Area realtors expressed little concern about last week’s historic decline in global capital markets and largely agree it’s too soon to know what the impact will be.
“In times of economic uncertainty — whether driven by market volatility or global trade tensions — real estate remains one of the most reliable investments,” observed Elyse Harney Morris of Elyse Harney Real Estate. “Unlike the stock market, which can react instantly to news and speculation, real estate is grounded in tangible value, especially in regions like Litchfield County. We continue to see strong interest in existing homes, and the current market has not shown signs of slowing due to increased building costs. If anything, those higher costs have made move-in ready homes even more attractive. I believe we’ll continue to see people investing in properties here as a way to diversify their assets, secure a foothold outside the city and enjoy the lifestyle this beautiful area offers. In a shifting economic landscape, real estate up here isn’t just a safe harbor – it’s a smart move.”
One real estate broker largely confirmed Harney’s viewpoint.“It’s too early to tell. We remain in a high demand market … Properties priced properly are going under contract in fourteen days or less, in some cases, within the first two days of listing with multiple offers and closing above list price.”
Andrew Gates, a real estate agent with Houlihan & Lawrence in Millbrook commented, “No one can tell if the tariffs will have any direct effect on our local market, which as everyone knows is driven by demand from second home owners, largely based in New York City. However, if the stock market continues to correct to the downside, that is likely to put a chill on demand. Having said that, it’s always possible that if things feel unstable for any particular reason, people may seek a safe and secure refugee upstate. On the supply side, I’m renovating my fifth house … and have yet to see upward price pressure on building materials, but very tight availability of labor in the construction space remains an ongoing issue”.
More pessimistic brokers are concerned that buyers will walk away from already signed contracts or simply stop looking at the same time that potential sellers will wait and see what happens on Wall Street. John Harney of William Pitt Sotheby’s observed succinctly, “When there is uncertainty buyers stay on the sideline.” All agree that the direction of the local real estate market changes slowly and don’t anticipate an immediate change in our high demand real estate market.
Dave Jones, owner and chief mechanic at Lakeville Auto. Laurie Fendrich
