IT’S FEBRUARY! 🏈🏡

Word has it that the spring real estate market begins right after the Super Bowl! So let’s get to it… 💨

Here’s a summary of what happened in January in our local Fairfield and Westport single-family housing markets compared to a year ago in January 2024.

Check out the What Sold Reports to see all the homes that sold last month! Stay informed of new listings, price changes, local market insights, and mortgage rates.

January 2025
Market Changes in Favor of Buyers & Sellers

Was it still a seller’s market in January?

The New Year began with just two months of supply in Fairfield, and slightly more than that in Westport. Market time was even more brisk than the prior January, averaging just 36 days to contract in Fairfield and 19 in Westport. Sale prices hovered very close to 100% of asking. These factors showed a continued sellers’ market. Unit sales were down in both towns compared to January 2024, which may have helped some buyers.

Action Items.

Be ready to enact your plans because new listings are coming to the market each day, and this trend typically increases as spring approaches. For now, sellers can continue to enjoy minimal competition.

When’s the best time to sell? -When you are emotionally ready, your house is market-ready, and the time is right for you. Reach out to your agent proactively with your questions and desired outcomes so you’ll have a plan and timeline to get you where you want to go.

As a seller, collaborate with your agent for the best marketing strategy and negotiations to maximize demand for your listing in the current market. If you’re concerned about where to go, consider this story. Here’s an overview of what you can expect.

As a buyer in this market, you want to be patient- and ready! Reach out to your agent proactively to go over the process, current forms, and a plan that meets your needs. Your agent will help you navigate the market for a successful sale and/or purchase. The demand at any given moment for a particular property determines whether there’s flexibility for you on price, timing, and terms. Competition continues among buyers and there is often a short window before sellers receive and accept offers.

If you are buying now, be ready to make an informed decision in order to secure your new home. This means you are ready to submit a competitive offer and your proof of funds or mortgage pre-approval are in your agent’s hands. Keep in mind if you are in a multiple-bid situation with financing, you may be competing with cash offers. Talk to your agent about how you can make your offer more attractive in other ways. If you need to sell your house before buying, discuss your options with your agent. Here’s a guide for what you can expect.

Will this New Year bring your new home and lifestyle? Let’s talk! 🌟

• Review last month’s market report here.
• Keep track of your home’s value estimate in our ever-changing environment.

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