NewHavenBIZ

n e w h a v e n b i z . c o m | M a r c h 2 0 2 3 | n e w h a v e n B I Z 9 Washington Trust Wealth Management® is a registered trademark of The Washington Trust Company, which has licensed its use to its parent, affiliates, and subsidiaries, including Washington Trust Advisors, Inc. Investment products are offered through Washington Trust Wealth Management. Non-deposit investment products are: not deposits; not FDIC insured; not insured by any federal government agency; not guaranteed by the Bank; may go down in value. Long-term planning for you. For them. For everyone to come. 800.582.1076 power has been diminished (due to higher interest rates). ey have reset their expectations, as have sellers. ere are still multiple offers on properties, and sellers still have quite a few offers to select from. But we are not seeing $20,000, $30,000, $40,000, $50,000 over the asking price, as we were nine months ago. CT Realtors regularly acts as an advocate to lawmakers. How would you characterize the association's relationship with the legislature? Connecticut Realtors is the largest trade association in the state, with over 20,000 members. It is important to us to have and foster a good relationship with our legislators in Hartford. Oentimes, there is legislation that will directly impact homeowners and what is required in homes, as well as impact us practitioners and the way we do business. Over the past five to six years, we have garnered a great relationship with our legislators. Fostering that relationship is important for me on my watch. Given our relationship and our numbers, when legislation comes up, whether it be introduced by a particular representative or senator or coming out of the state Department of Consumer Protection, we are now called to the table and asked for our opinion. (Lawmakers) know that it is better to get the information, knowledge and wisdom from the Realtors with boots on the ground before that legislation is completely craed and voted on. What is your legislative agenda? e only thing is inventory and what we can do to help spur new construction in the state of Connecticut. And to help first time homebuyers get into their properties. About a month or so ago, CT Realtors, in concert with the Home Builders (& Remodelers Association of Central Connecticut), made a presentation to committees at the Legislative Office Building. It covered the state of real estate in Connecticut, what is impacting it and what isn't. If they didn't know already, (lawmakers) now know the difficulties we are seeing. Is there anything the legislature can do to help with the housing shortage? e best way they can impact that currently is in connection with new construction. Maybe relax regulations or requirements for homebuilders to build homes. Maybe look into low interest loans to allow homebuilders to put up a house or renovate a house. Do it in such a way that it allows a buyer to purchase that home. e problem that we've been dealing with is, a lot of the pricing for all of the products have skyrocketed. I just had a roof done. A piece of plywood was $68 and it used to be $20. Gone are the $350,000 houses with three bedrooms and 1.5 baths. If a homebuilder can construct a property in that price range, that would help. What can Realtors do to boost inventory? It's our job as Realtors to speak with our clients on the sale and buy side as to their expectations and what we can do for them. Someone may want to sell a home, but they are concerned they don't have a place to go. ere are ways you can cra contracts that will allow a seller to accept an offer, but contingent upon the seller finding suitable housing. For buyers, there are programs like a 2-1 Buydown Mortgage (which allows buyers to pay lower rates during the first two years of their mortgage). It makes it more affordable for them to get into a particular home, then later, they can refinance at a lower interest rate. What would you like your legacy to be? As a president my legacy is preparing people for their roles in leadership. I am humbled that I've been put into this position as president. What can I do? More so than anything, it is tapping someone on the shoulder and saying, 'Hey listen, you can do this, I can tell that you are a leader. I need you to get involved.' If there is anything I do as a president, it will be helping people realize (the leader) within themselves. And to do it with diversity, equity and inclusion. I believe that our association should be a reflection of the many diverse people we work with on a daily basis. n C o n n e c t i c u t s i n g l e - f a m i l y h o m e s a l e s , p r i c e s Year Sold properties Avg. selling price 2018 36,533 $405,000 2019 36,837 $397,000 2020 44,467 $494,000 2021 44,027 $569,000 2022 35,177 $585,000 Source: Berkshire Hathaway

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