I’ve got a whole bunch of deals “in the pipeline” (accepted offers, signed contracts, etc.) and yet… every day I log into the Greenwich MLS to see what’s selling and ya know what I see? Rentals! Page after page of rentals. That’s not good; reminds me of the bad old days of 2009, when people were so uncertain of the future that they were afraid to buy. Could that be what’s happening now? How else to explain this rental surge?
Masking the problem somewhat is the shortage of sales inventory in some parts of town. Sellers are not immune, they no doubt feel the same sense of economic uncertainty that buyers appear to be feeling, so they may be holding back on listing their houses, at least for the nonce.
And thus, into this situation of semi-starved inventory, a central Greenwich, Riverside, or Old Greenwich property comes on the market at a smart price and bang! it’s sold, often in a bidding war. That sort of thing builds confidence. Maybe this “malaise” we’re suffering from will be self-correcting.
Here’s a link to the listing pictured above, very cute place, nice little cul-de-sac, close to town (magic words). I was among many who showed it, but someone else got the accepted offer, dash it!