The "Home Move Tax" – What It Really Costs You

In today’s busy world, time is one of our most valuable resources. Between work, family, and personal commitments, it can feel like there simply aren’t enough hours in the day. Opendoor conducted a survey of 1,000 recent home buyers and sellers to uncover the hidden time cost of selling a home—what they call the “Home Move Tax.” Here’s what they discovered:

Selling feels like a second job: 71% of Americans reported that selling their home felt like taking on an additional full-time responsibility. From cleaning and staging to making repairs and scheduling showings, the traditional real estate process can be time-consuming.

Work time lost: Many employed buyers and sellers had to use paid time off (PTO) or adjust their work schedules. The report estimates that Americans lose over $430 million in missed work time, just to prepare their homes for sale.

Secret time off: Quiet moving is becoming more common, with 13% of respondents admitting they took time off from work—without telling their employer—to handle various moving tasks.

The stress of selling: The emotional toll is high too, with 85% of sellers reporting they lost sleep worrying about the sale of their home. Here’s what kept them up at night:

• Fear of the offer falling through: 41%

• Saying goodbye to their home: 37%

• Waiting for offer acceptance: 36%

• Preparing their home for listing: 36%

• Leaving memories behind: 32%

• Managing necessary repairs: 32%

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• How to Save Time (and Stress)

Every hour spent navigating the home-selling process is time that could be better spent on your career, family, or even just relaxing in today’s fast-paced world. By recognizing the hidden time costs of selling your home, you can make better decisions that save you both time and stress.

This is where partnering with the right real estate professional becomes essential. Think of them as your project manager, advocate, and expert all in one. They handle the heavy lifting—pricing your home competitively, staging, organizing showings, managing negotiations, and tackling the mountain of paperwork—so you don’t have to.

Our Time-Saving Solutions

At Triniyah Real Estate, we offer time-saving services to make your home sale as smooth as possible. Our communication guarantee ensures you’re always in the loop without unnecessary delays, while our concierge-level services take care of tasks like home preparation and repairs. Plus, our data-driven marketing strategies help sell your home faster, giving you peace of mind from start to finish.

Working with an experienced real estate professional does more than just ease the workload. It gives you peace of mind. With local market knowledge, extensive networks, and years of experience, we streamline the entire process, helping you avoid common pitfalls that consume your time and energy. The result? Fewer sleepless nights and more time for what matters most.

Rocky Hill’s Iconic Train Station Reimagined as Luxury Housing

The historic Rocky Hill Railroad station in Rocky Hill, Connecticut, originally renovated to be a restaurant, is now being redeveloped into two upscale residential units. This change is due to setbacks in the Waterfront District redevelopment and the pandemic's impact. The property, managed by J&D Associates LLC, has seen investments exceeding $600,000 for this transformation. The residential plans include two three-bedroom, two-bathroom units, preserving the historic integrity of the building. These developments align with the town’s conservation and development strategies and will soon be reviewed by the Planning and Zoning Commission.

For those interested in upscale living spaces within a historic setting, consider Triniyah Real Estate for guidance on the best properties available, including unique opportunities like the Rocky Hill train station residences.

Connecticut's Job Growth Signals Positive Outlook for Real Estate Market

Connecticut's employment landscape is painting a promising picture for its real estate market. According to the state Department of Labor's annual benchmark report for 2023, employers in Connecticut added a total of 18,400 jobs in the year, following a substantial gain of 28,500 jobs in 2022. This surge in job creation reflects solid growth and sustained economic progress in the state.

Over the past two years, Connecticut has seen a cumulative addition of 46,900 jobs, marking a significant milestone in its economic recovery journey. The state now boasts 1.7 million payroll jobs, reaching a 16-year high. Notably, the private sector, with 1.47 million payroll jobs, has demonstrated robust recovery, standing at 102.9% of its pre-pandemic level, according to the report.

The implications of this job growth on the real estate market are profound. Here's how:

1. Increased Demand for Housing: With more people securing employment opportunities, there's likely to be a rise in demand for housing. As individuals and families find stable employment, they often seek to invest in homeownership or upgrade to larger properties. This uptick in demand can lead to a more competitive housing market, potentially driving up property prices.

2. Rental Market Expansion: Job growth not only stimulates demand for homeownership but also for rental properties. As new employees settle in the state or existing residents move to capitalize on job opportunities, the rental market could experience heightened activity. Landlords may find themselves with a larger pool of prospective tenants, enabling them to adjust rental rates accordingly.

3. Commercial Real Estate Revival: The uptick in job creation signifies a thriving business environment, which bodes well for the commercial real estate sector. As companies expand their operations or new businesses emerge, there may be an increased demand for office space, retail outlets, and industrial properties. This can lead to a revitalization of commercial real estate markets across Connecticut.

4. Suburban and Rural Appeal: Connecticut's job growth may also influence housing preferences, with some individuals and families opting for suburban or rural locations. As remote work becomes more prevalent and commuting patterns shift, areas outside of major urban centers may see increased interest. This could result in a boost to suburban and rural real estate markets, with amenities like space, greenery, and a sense of community becoming more desirable.

5. Economic Confidence: The steady growth in employment reflects economic stability and confidence in Connecticut's future. Such confidence can instill a positive sentiment in the real estate market, encouraging investment and fostering a conducive environment for development projects.

Overall, Connecticut's impressive job growth over the past couple of years is poised to have a multifaceted impact on its real estate market. From increased demand for housing to a revival of commercial properties, the state's economic progress signals a promising outlook for both buyers and sellers alike. As stakeholders navigate this evolving landscape, staying attuned to market trends and opportunities will be key to maximizing potential benefits in the real estate sector.