Fairfield and Westport CT Real Estate Guide

Local insights on buying, selling, and living in Fairfield County

Author Archives: Luxury Coastal CT Real Estate Specialist Linda Raymond at William Raveis Southport


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Fairfield and Westport Real Estate Market: October 2023

October numbers are in!

Greetings, Fairfield and Westport homeowners. I know many of you would like to make a move but are trying to figure out the best timing for your goals.

The charts below summarize what happened in September 2023 compared to August and to September 2022. You can also view the What Sold Reports to see all the single-family homes that sold in September 2023 in Fairfield and Westport Connecticut.

If you don’t like charts, skip to the summary below! 🤩

FAIRFIELD SINGLE-FAMILY – SEPTEMBER 2023


WESTPORT SINGLE-FAMILY – SEPTEMBER 2023

William Raveis Local Housing Data

Low inventory and strong buyer demand continue to maintain some upward pressure on prices.

Yes, mortgage rate increases have sidelined some buyers, but not enough to offset the low inventory. Here are five key points to understand about the market in September this year vs last year.

  1. INVENTORY WAS DOWN 21% in Fairfield and 1% in Westport.
  2. UNIT SALES WERE DOWN 37.9% in Fairfield and 55.3% in Westport.
  3. MARKET TIME averaged 48 days in Fairfield and 58 days in Westport.
  4. MEDIAN SALE PRICE was down slightly (1.1%) in Fairfield and UP 17.4% in Westport.
  5. SALE PRICES AVERAGED 102.3% in Fairfield and 96.6% of asking in Fairfield and Westport respectively, (so pretty close to asking).
  6. SOLD OVER ASKING: 74.3% in Fairfield and 18.8% in Westport.

When you are buying in this market, there is still a good amount of competition and a relatively short window of time before sellers are accepting offers. So it is important that you are ready to make an informed decision and have everything you need to submit a competitive offer. This means that you have your mortgage pre-approval or proof of funds in your agent’s hands, because an offer is not complete without this critical piece!

When you are selling, the market’s response to your listing depends on how compelling your asking price is for the property you are presenting and the demand for your property at the time you list it for sale. In September, homes sold close to the asking price on average and went under contract in 48-58 days. Your agent will guide you on the strategy to maximize the demand for your listing in the current market.

Bottom line: There is a very nice window right now to sell your home. We are after the back-to-school rush and before the holiday craziness, after the summer heat and before the wintery mix. Buyer demand remains higher than the supply, and the inventory is still low.

People buy and sell in every market, so embrace your dream lifestyle and go for it, if now is right for you! The expert guidance of your agent will help you navigate this market to secure your new home. Reach out to me anytime with your questions about the market and to discuss your plans.

If you’re not ready to think about your move yet, please refer your friends to me using the form below. Referrals are a win-win!

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William Raveis Local Housing Data


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Taking Action 💪 to Prevent Local Crime: Residents Launch 1st Neighborhood Watch 👀 Meeting in Fairfield CT

Local crime, especially auto-theft have been on the rise, and there is something we can do about it. After attending a recent meeting with the Greater Fairfield Board of Realtors, I learned that having a Neighborhood Watch program or process in place is a key strategy to proactively prevent crime where you live.

How to Launch a Neighborhood Watch Where you Live

If you may want to start a Neighborhood Watch Program 👀 in your neighborhood, here is what I did to implement our first meeting.

First I introduced the idea and proposed the date.

Happy, Saturday, I hope this email finds you all in great spirits! I recently attended a meeting with our local Fairfield police officers, and they shared some compelling insights on neighborhood safety. One of their top recommendations is to establish a Neighborhood Watch program here on Charles Street. I believe it’s an idea worth exploring, and I’d like to hear your thoughts on it.

Here’s a brief overview of what’s been discussed:

The Idea 💡: Starting a Neighborhood Watch Program

The Purpose: To enhance the safety and security of our cherished Charles Street community, especially considering with car theft on the rise and our proximity to the train and highway.

What We Can Expect: Officer Ed Nook will join us for a kickoff meeting. This program can range from simple communication channels to regular meetings and various safety initiatives.

Benefits: According to the National Neighborhood Watch website, the advantages include stronger partnerships with law enforcement 👮🏽, reduced crime rates, a more secure community, enhanced unity 👫👬 among neighbors, and improved communication.

Next Steps: I propose we meet on Wednesday, October 4th at 6 pm. Can anyone volunteer their home as the meeting location? We will make it a cozy gathering with some pizza 🍕 and wine🍷. 😊

But first, I’d like to gather your initial feedback. Please reply to this email with:

1. Your thoughts: Do you think this is a good idea? (Y/N)

2. Availability: Can someone from your household attend the meeting on October 4th at 6 pm?

3. Safety and Communication Concerns: Are there any specific safety or communication issues that concern you?

4. Meeting Location: Any thoughts on where 🏡 we should hold our initial meeting?

Let’s work together to make our street safer, more aware, and even more neighborly. I’m excited to hear your thoughts and get this discussion started. Looking forward to your replies!

Warm regards,
Linda

If you would like to reach out to me with questions, send a note below.

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🏡✨ Embrace the Magic of 6 Crockett Street, Rowayton CT! ✨🏡

Image courtesy of Venera Alexandrova. View video clip!

They say good things come to those who wait, and this treasure awaits you in Rowayton! 😍

🌸🌼 Picture this: A stunning, romantic antique Victorian home, nestled on the enchanting 6 Crockett Street. Currently, it’s taking a brief hiatus to have its windows restored to their original glory, but trust us when we say, the wait will be worth it! 🪟🔨

🍃🌷 While spring’s vibrant flowers have bid their adieu, the anticipation for their glorious return is palpable. Just imagine sipping your morning coffee on the charming front porch or blue stone patio, surrounded by blossoming blooms and the promise of a new season! 🌞🌱

✨ What to expect:
🏡 Timeless Victorian charm and history
🪟 Restored original glass windows for authentic charm, light, and energy efficiency
🌳 Lush and colorful garden spaces
🏞️ Prime downtown Rowayton location

📆 The unveiling is just around the corner, approximately a week and a half away. Mark your calendars, set your reminders, and get ready to fall 🍂 in love! 💖

🏡🤩 Stay tuned for more updates, sneak peeks, and a chance to make this dreamy Victorian your forever home. Your slice of Rowayton heaven is just within reach!

Keep an eye on this space for more exciting news about 6 Crockett Street! 🏡✨

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#CrockettStreetCharm #RowaytonLiving #HomeSweetHome #VictorianElegance #ComingSoon #DreamHome


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Emotional Testimonial Tuesday: Witness the Heartfelt Thank You Card that Made Linda Raymond Realtor’s Day

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Testimonial Tuesday! Nothing means more to me than making my clients happy 🤗! This card and thoughtful gift came from clients who I secured a rental 🏡 for after meeting with them only twice! 😍

Get ready Fairfield sellers, these lovely clients will be buyers next year!

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#testimonial
#testimonialtuesday
#lindaraymondrealtor
#yourcastlemymission


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Restoring the Magic: A Glimpse into the Antique Victorian Home at 6 Crockett Street, Rowayton, CT

See the sneak peek 60-second video!

Welcome to a sneak peek behind the scenes of a truly remarkable restoration project in the heart of Downtown Rowayton, Connecticut. At 6 Crockett Street, a majestic antique Victorian home is undergoing a meticulous restoration process, breathing new life into its authentic antique windows and preserving the charm of a bygone era.

Behind the Restoration

Restoring a historic home is no small feat; it’s an art that requires passion, dedication, and the skilled hands of experts. At 6 Crockett Street, the team at R. J. Aley Building Contractors, based in Westport, is weaving their magic to bring this antique gem back to life. One of their best practices is to gently steam the windows to preserve the original glass and remove the old paint instead of chipping and sanding. This prevents lead dust and particles from getting into the air and onto the ground. Their commitment to preserving the home’s historic character while incorporating modern amenities is truly commendable.

The Windows That Tell a Story

One of the most captivating features of this Victorian beauty is its stunning antique windows. Each pane of glass, every piece of intricate woodwork, tells a story of a time when craftsmanship was revered. The restoration process involves a delicate touch, a keen eye for detail, and a deep appreciation for the heritage of this home. Witnessing the transformation of these windows is like stepping back in time.

Why 6 Crockett Street Is Special

  • A Prime Location: Situated in Downtown Rowayton, 6 Crockett Street offers the perfect blend of convenience and tranquility. You’re just steps away from local shops, cafes, and the scenic waterfront.
  • Historical Significance: This antique Victorian home is a piece of living history. It’s a testament to the architectural beauty of a bygone era.
  • Modern Comforts: While preserving its historical charm, the restoration project also ensures that this home is equipped with all the modern amenities you’d expect, making it a comfortable and stylish place to call home.

How to See It for Yourself

If you’re captivated by the idea of owning a piece of history and experiencing the beauty of this antique Victorian home firsthand, we invite you to get in touch. You can DM us here or call us at 203-912-4440 to schedule a showing. This is a unique opportunity to own a piece of Rowayton’s history.

To Sum it Up

The restoration of 6 Crockett Street in Rowayton, CT, is a testament to the love and dedication that goes into preserving our architectural heritage. We thank R. J. Aley Building Contractors for their exceptional work in bringing this antique Victorian home back to life. Don’t miss the chance to make this historic beauty your own – contact us today to arrange a viewing!

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MUSIC FOR A CURE Is Back: October 19, 2023!


We are thrilled to announce the return of “Music for a Cure” for its second year, a William Raveis Charitable Fund event dedicated to raising vital funds for cancer research. This year, we are proud to dedicate our efforts to the memory of Meghan Raveis with an evening of live music featuring the incredible band, Clear Blue Soul.

Event Details:

– Date: October 19th

– Time: 6-10pm

– Venue: FTC-The Fairfield Theater Company

To purchase your tickets or become a sponsor please visit our website at
www.music4acure.com

If you are unable to attend but would like to contribute to this worthy cause, you can make a donation on our website as well.  Last year we raised over $35,000, with 100% of the proceeds going to cancer research. So, if you know anyone who would like to be a sponsor or attend our event, please forward this information.  And please share the flyer on your social media page…this is a group effort that we can all be proud of!!!

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Fairfield and Westport Real Estate Market: September 2023

Hello Fairfield and Westport!

Here’s your September market report. If you are like many I know, you would like to make a move but are trying to figure out the best timing for your goals.

The charts below summarize what happened in August 2023 compared 2022. You can also view the What Sold Reports to see all the single-family homes that sold in August 2023 in Fairfield and Westport Connecticut. Additional metrics including the sale-to-list price ratio and number of cash sales are included from the MLS below.

FAIRFIELD SINGLE-FAMILY – AUGUST 2023


WESTPORT SINGLE-FAMILY – AUGUST 2023

William Raveis Local Housing Data

Low inventory and strong buyer demand continue to maintain upward pressure on prices.

Yes, mortgage rate increases have sidelined some buyers, but not enough to offset the low inventory. Here are six key points to understand about the market in August this year compared to last year.

  1. INVENTORY WAS DOWN 19.2% in Fairfield and 5.3% in Westport.
  2. UNIT SALES WERE DOWN 11% in Fairfield and 20.4% in Westport.
  3. MARKET TIME WAS DOWN to an average of 42 days in Fairfield and 39 days in Westport.
  4. SALE PRICES AVERAGED 104% – 105% of asking in both towns.
  5. ACCEPTED OFFERS VS ACTIVE LISTINGS WERE SIMILAR TO 2019 LEVELS with 13% of active listings having accepted offers in Fairfield and 8% in Westport at the end of August, (Compared to 11% in Fairfield and 6% in Westport in August 2019).
  6. CASH DEALS DECREASED in August to 28.8% of sales in Fairfield and 26.8% in Westport. This is lower than in the previous month of July when 35.1% and 38.5% of the sales were cash in Fairfield and Westport respectively. These could be purchases that were committed to before the most recent mortgage rate increases.

When you are buying in this market, it is important that you are prepared to make an informed decision and to submit a competitive offer. This means that you have your mortgage pre-approval or proof of funds in hand, because an offer is not complete without this critical piece! The good news is that new listings are coming to the market each day, so you can look forward to having new options.

If you are selling a home for which you put down a solid down payment or paid cash for, you can look forward to enjoying a high sale price and maximum equity!

On average, homes sold 104-105% above the asking price in August, yet some homes also had price reductions. The market response to your listing depends on how compelling your asking price is for the property you are presenting and the demand for your property at the time you list it for sale. Your agent will guide you on the strategy to maximize the demand for your listing in the current market.

Bottom line: Now is a still a great time to sell! Buyer demand remains higher than the supply and inventory is still low. As a buyer in this market, you can anticipate increased equity from price appreciation that is expected to continue. New listings continue to come to the market each day offering new choices. Rates may also come down in the next year or so enabling you to refinance.

Embrace your dream lifestyle with the expert guidance of your agent to secure your new home. Reach out to me anytime with your questions about the market and to discuss your plans.

If you’re not ready to think about your move yet, please refer your friends to me using the form below. Referrals are a win-win!

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Thank you for your response. ✨

William Raveis Local Housing Data


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Keeping Fairfield Safe: Realtors Get the Inside Scoop from The Police on Crime Trends and Safety Tips!

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Fairfield Police came to speak to Realtors today during the Greater Fairfield Board of Realtors meeting hosted by the wonderful Audubon Society, and the @raveisfairfieldsouthport office had a strong presence! Officers, Tony Granada and Ed Nook shared crime trends, gave safety recommendations, and answered questions. They also emphasized how the police are here to help the community.

The TOP CRIME TRENDS in town were “opportunity crimes” like theft of cars left unlocked with keys in them 😳 and identity theft, as well as people stealing checks from mailboxes, “washing them” adding to the amount, and making the check out to themselves. 

We also learned that the police are not permitted to chase stolen vehicles! 

So the top🔝tips are:

1) LOCK 🔐 YOUR CAR 🚘 AND TAKE YOUR KEYS 🔑!
2) Avoid mailing a check, but if you have to, take it directly to the post office.
3) Be sure to report 📣any signs of a crime asap to the police department. If you can’t get through, call 9-1-1. There are officers at the ready and on patrol around town, and they can get to a scene quickly if given the alert ‼️ 
4) Neighborhood Watch 👀 is recommended. DM me to learn more.

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#crimetrends
#autotheft
#mailtheft
#checkforgery
#neighborhoodwatch
#raveissouthport
#williamraveis
#lindaraymondrealtor


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Decoding Home 🏡 Valuation: 4 Ways Your Agent’s Analysis Differs from Quick Online Estimates

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It can’t hurt to check out a quick online home estimate to see what your house is worth, right?

Yes, and no.

Quick estimates from websites such as Zillow can be helpful as well as very misleading😳. As long as you understand that the number you get is a broad estimate based on an algorithm with limited capabilities you’re all good 🤩!

So what are four ways your agent’s analysis differs from a quick online estimate from Zillow?

  1. Market Timing – The recommended list price from your agent is based on the most recent sale activity near your home as well as the current potential competition (active listings). Sites like Zillow may or may not use the most current market data. They pull from tax records, which may have errors, might not be up to date, and don’t account for market conditions.
  2. Home Improvements – Your agent tours your home with you and takes detailed notes about all the assets you have and improvements you have made. Has Zillow come for a visit lately..? 🧐
  3. Location, Location, Location – Your agent knows if your home is on a quiet street with incredible views, and close to all the local amenities, as well as if there are location challenges we need to strategically account for. The online algorithms do not have a way to assess value based on the characteristics of each home’s location.
  4. Presentation – Your agent knows that when your home shows well, this usually results in a faster sale and more money in your pocket. Furthermore, your agent will help guide you on ways to boost your home’s presentation so you can secure top dollar. The online algorithms don’t have eyes into anyone’s living room.

So if you’re curious about an instant home estimate, check Zillow and the William Raveis Home Estimate Tool for comparison. When you’re ready to know where you stand so you can make informed decisions, give your agent a call. If you knew your home’s true value, what would you do next?

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  1. #HomeValuation
  2. #RealEstateAnalysis
  3. #AgentVsOnlineEstimates
  4. #MarketTiming
  5. #HomeImprovements
  6. #LocationMatters
  7. #PropertyPresentation
  8. #RealEstateTips
  9. #ZillowEstimates
  10. #RealEstateInsights
  11. #PropertyValue
  12. #AgentExpertise
  13. #InformedDecisions
  14. #HomeSelling
  15. #WilliamRaveisRealEstate
  16. #LindaRaymondRealtor
  17. #RealEstateAdvice
  18. #PropertyMarket
  19. #ComparingEstimates
  20. #HomeWorth


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Navigating the Current Real Estate Landscape: Waiting for Interest Rates to Return to 2.85%

In the dynamic world of real estate, interest rates hold a significant sway over homebuyers’ decisions. Likewise, rates have an impact on homeowners’ ability to sell. As memories of the desirable 2.85% interest rate linger, the current market fluctuations have left potential homeowners pondering their next move. Of course, the unspoken value proposition in all of this is the impact that ‘home’ has on your lifestyle and quality of life. Each person needs to weigh how much they value their lifestyle relative to what they are willing to invest in a new home. In this discussion, we’ll delve into some strategic approaches that can help you navigate this uncertainty while awaiting the (unlikely) return of the coveted 2.85% interest rate.

1. Exploring Adjustable Rate Mortgages (ARMs) for Lower Rates: Consider opting for an Adjustable Rate Mortgage (ARM) in a higher interest rate climate. ARMs often begin with a lower rate than fixed-rate mortgages, potentially offering more affordable initial payments. As interest rates are expected to fluctuate, ARMs can be a prudent choice if you anticipate rates to decrease in the future. It’s crucial to understand the terms and associated risks of ARMs before making a decision.

2. Seizing Opportunity: Buying Now and Refinancing for Lower Rates: Rather than endlessly waiting for the ideal 2.85% rate, consider purchasing a home now and exploring refinancing opportunities later. By securing a home at current rates, you can build equity and enjoy the benefits of homeownership. Keep a vigilant eye on market trends to identify the optimal time for refinancing to secure a more favorable rate.

3. Negotiating Seller Concessions for Reduced Costs: Leverage negotiation skills when making an offer on a home by requesting a seller concession. This concession can be used to buy down the interest rate or cover closing costs. Keep in mind, that sellers typically have more leverage than buyers in the current market, but if a home has been lingering on the market longer than the average market time, the homeowner might be willing to work with you for a win-win agreement. This approach provides a means to mitigate the impact of higher interest rates, enhancing short-term affordability and financial flexibility.

4. Diversifying Investment Strategies: Exploring Real Estate Investment: For those hesitant about primary homeownership due to interest rates, diversifying into real estate investment can be an attractive alternative. Options like rental properties and real estate investment trusts (REITs) allow you to benefit from market dynamics while potentially bolstering your investment portfolio. Thorough research is essential to navigate each avenue’s nuances and risks.

5. Seeking Expert Guidance: Partnering with Financial Professionals: To effectively navigate the intricate interplay of interest rates and real estate, consult financial advisors, mortgage experts, and real estate professionals. Their insights and tailored advice can help you make informed decisions aligned with your financial goals and market projections.

Conclusion: In the pursuit of the elusive 2.85% interest rate, remember that the real estate market’s complexity extends beyond rates alone. By exploring ARM options, capitalizing on current opportunities and planning for future refinancing, negotiating for seller concessions, and diversifying investment strategies, you can confidently navigate today’s real estate landscape. Stay informed, seek professional counsel, and make choices tailored to your financial situation and aspirations.

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