Image courtesy of CT Realtors
Steven Miller
Realtor/Broker, Coldwell Banker and 2025 President, CT Realtors
Age: 63
Industry experience: 45 years
Steven Miller has recently begun his term as the 2025 president of CT Realtors.
Miller has been licensed in real estate since 1980. He’s been on the CT Realtors Board of Directors in various roles for more than 10 years and was also a member of National Association of Realtors Board of Directors in 2024 and is again this year.
Miller was also president of his local association in 2014 and honored as the Realtor of the Year for the New Haven Middlesex Association of Realtors in 2015.
Q: What is the value that Realtors bring to the market, especially in this climate of high interest rates, lots of competition and low levels of inventory for sale?
A: Well, that is true, it’s a very competitive business. It’s always been my MO and this is my 45th year in the real estate business and I don’t want to sound like a cliche, but I don’t do this for money. I provide a very good service and I represent people who are buying and selling the biggest asset they may ever have. I take that very seriously and protecting them through that process. The money tends to follow when you do the proper service, and I think when you’re talking about the worth of a realtor in general, it is protecting people through the biggest investment they will most likely ever make.
Q: It seems like in 2025, interest rate cuts aren’t going to be as frequent as some might have hoped. Given that, how will that play out in the Connecticut market this upcoming year?
A: Well, when you talking about mortgage rates, it certainly affects the market. Thirty-five percent of all properties in America do not have mortgages and their owned free and clear so there’s also more cash in the market than, very frankly, I have ever seen. So not everybody is affected by mortgage rates, and when you’re talking about cash buyers, that’s at an all-time high. And what’s interesting is, I read an article 20-plus years ago and it did say that over the next 20 to 25 years is going to be a huge shift of wealth in this country. It went on to say why that is. It’s because the Baby Boomers who traditionally saved every thing they ever had. I say that in jest, obviously, are going to start aging out and passing away and leaving money to children and grandchildren and in some cases, great-grandchildren. So that money is kind of flowing into another generation and some people are buying homes with that.
Q: What stands out about the current market conditions? Has there been any significant changes throughout your long career?
A: Well, let’s start with mortgage rates. Mortgage rates today are in the 7 percent range. That’s historically average. When I got into this business in 1980 my first transaction representing a seller, the buyer comes in with a 17.5 percent mortgage with five points. So think about what a 17 percent mortgage would do with a $400,000 house. Looking at historic average interest rates, people are still in some cases, struggling with that, but I think historically, it’s right on target. And I think 3 percent interest rates aren’t coming back. I believe, and this may not be everybody’s opinion, but they were artificially low.
Q: For potential seller clients with those ultra-low mortgage rates, how can Realtors instruct people in the market to kind of get out of that headspace and reframe it into kind of the historical landscape of what rates have been?
A: Well, I can only speak for myself, and I address that right up front with the fact that these are historic average interest rates. Of course it does affect some affordability for some folks, and of course, it’s always based on credit too. So somebody with better credit may get a better rate than somebody without and that’s on the mortgage side. I don’t play in that arena. But to answer your question, I think the values of property are equally difficult because they’ve gone up so high so fast.
Q: How do you think Realtors will address the growing cost and also the competition in the market? How will Realtors kind of address these issues and will there be any kind of softening of home price increases or competition or do you think this is just going to be another year where it’s going to remain the same, if not increase?
A: Existing home sales are projected to rise in 2025 upwards of 9 percent and upwards of 13 percent in 2026 and that comes right out of the National Association of Realtors statistics. Median home price is going to be up and mortgage rates are supposed to come down, but the jury is still out on that. If we could see 6 percent mortgages, I think we’d be in really good shape.
Miller’s Five Favorite Family Activities
- Go to local fairs
- Search for unique finds at flea markets
- Attend a variety of music concerts
- See shows at the theater
- Check out classic car shows
