Get an in-home energy performance assessment for $50 and reduce energy loss, improve energy efficiency, and save 💰💰💰! Visit EnergizeCT.com or your electricity provider for more information or to request an assessment today. 👍🏻
They will arrange to have a team come and assess where you have air leaks in your home and help you to correct them on the spot.
First they will add a seal to your front door with a fan that will draw air from your home. This will get your baseline measurement of air leaks and help them pinpoint where they are.
Then they will make corrections throughout your home by caulking cracks in window sills, adding weather stripping around doors, inserting insulation behind outlets and light switches, and adding insulation to key spots like the pipes from your water heater. They will offer supplemental fixes that may be beyond the scope of the $50, but many of them, they are able to do on the spot if you opt for them,
Lastly, they will reassess the effectiveness of the fixes and provide you with an “after score” as well as a maximum efficiency score and what you can do to get there.
I know many of you are thinking of making a move but may be hesitating due to uncertainty. Here’s what’s happening in Fairfield and Westport, Connecticut. Reach out to me for values in additional towns.
Below is a comparison chart for Fairfield and Westport showing changes that favor buyers and sellers when comparing February 2022 vs February 2023 market stats. (March numbers will be out soon.)
FEBUARY 2023 MARKET HIGHLIGHTS
New Listings & Sales Volume: DOWN In Both Towns
New listings were down 27% in Fairfield and 49% in Westport which limited the sales volume. Unit sales were down 53% in Fairfield and 42% in Westport. Average days on the market also increased in both towns.
Price Per Square Foot: UP in Both Towns
Although the Fairfield median and average sale price metrics were down this February, the average sale price per square foot was up! When you look at what sold this February, you can see that more smaller homes sold (average square foot =1,741) and only one sale was above $1M compared to last year. In February 2022 the average size home that sold had 2,215 square feet, and there were seven sales between $1M and $3M. So it appears to be more about the mix of homes that sold that resulted in the appearance of prices decreasing in Fairfield.
In Westport, prices were up any way you look at it!
Tight Inventory and Strong Buyer Demand Continued
We have seen some opportunity for buyers to have a little more time, choice, and negotiating ability depending on the demand for the particular property. However, this leverage was spotty and remained only on a a case by case basis.
Due to the tight inventory, many homes still sold very quickly and with multiple offers.
So when you are buying, you want to to be prepared with a mortgage pre-approval or proof of funds so you can make an offer quickly when you see a home you want!
On a national note, the experts predicted that prices would remain relatively stable by the end of 2023 followed by continued appreciation beginning in 2024. So buyers in the current market may enjoy equity increases in the very near future!
Reach out to me anytime with your questions about the market and to talk about your plans. Not sure about your move yet? Please refer your friends to me using the form below.
Pack your suitcase and step into your home away from home in the heart of Fairfield’s vibrant beach neighborhood. Walk to the beach or tennis. Bike, scooter or drive downtown, and enjoy the chic eateries and shops or hop on the train to NYC or New Haven. You’ll be cool and comfortable with central air, the newly-renovated kitchen, sunny views of the tidal marsh, spacious bedrooms for all, and two full baths with a tub and shower. Penfield Beach offers a snack bar, bathrooms with hot showers, lifeguards, and a playground, so you can go and spend the entire day!
As a home seller, you’re in great shape with limited competition and extremely low inventory. But what about when you’re ready to buy in this seller’s market? People are successfully making their moves, and you can too!
So if you want to go for it, work with your agent to have everything in place to move quickly with a complete and professional offer that represents your most competitive proposition with terms that also work for you.
You Need 5 Components for Your Complete Offer:
1. Cover letter 2. Binder or contract 3. Proof of funds or pre-approval letter. 4. Signed property disclosures 5. MLS listing
Now that you have all the key components in place, think about the terms that are critical for you and the ones where you have more flexibility. These areas may be able important to the seller and can tip the scale in your favor. Can you offer cash, or a purchase that’s not contingent on a mortgage? Do you have flexibility with timing? Can you offer the seller a rent-back to help timing work if the closing needed to occur sooner? Are you comfortable enough with the property condition and price to allow your satisfactory inspection to be for informational purposes only? Are you open to offering to purchase some of the furnishings? These are the types of variables that can make both your move and the seller’s a bit easier and can often lead to a win-win deal!
Reach out to me below if you’re ready to get ready!! 👍🏻🏡 😃
Meet all your needs here and enjoy fun in the sun in this adorable cottage nestled on the Pine Creek waterway with views of the Long Island Sound from every room! Featuring great natural light, vaulted ceilings in all bedrooms, and a private balcony in the primary bedroom, this home and its chic beach decor will make your heart soar.
Jump right into the lifestyle- stroll down to the beach, gaze out at the creek and surrounding nature, fire up the gas grill on your private garden patio, play in the private yard, or relax and enjoy the water views and sea breezes from indoors. Invite your guests with ample space for them to park.
When you’re ready to venture out, the options are endless downtown just five minutes away with numerous cafes and boutiques, an entire Sportsplex, the Fairfield Theater Company, Community Theater, and the train to NYC! A ten minute ride also adds all the Westport restaurants and shops.
You deserve the best lifestyle this year, so get started and do it here!Reach out on the form below for more information or to request a tour.
But do you have roaming eyes for a better match? Maybe you feel like you’ve been spending time, money, and patience in a living situation that is not ideal. Making a big change may have its short-term challenges, but imagine the rewards of your future long -term pleasure. Those who have made it happen will tell you it’s well worth it, and this is as true for your old romance as it is for your home!
Your home is your place of comfort, peace, privacy, love, safety, work, growth, solace, rest, exercise, play, pride, and celebration. Your home is your castle! What is more important than that?
Fall in love with your home. Commit to it. The barriers to getting there will get resolved.
Changing homes is a monumental decision. It’s completely understandable that you may get sidelined by obstacles and hesitate for months, or even years, while settling for a subpar existence. But, if you agree that your long-term quality of life is “priceless”, it makes sense to reach this goal sooner rather than later.
“Marry the house! Date the rate!”
The new mantra speaks to the point that the home of your dreams is your commitment to your future, while interest rates are temporary like many other challenges people face when making a move.
There are financing options that help to offset rates in the short term. One is the “2-1 buy down” in which a seller can pay to reduce the buyer’s interest rate. It lowers the rate by 2% in the first year and 1% in the second year. After that, the buyer can refinance. If there is competition for the listing, and the seller is not likely to agree to a concession, another way to do it is to add the cost of the buy-down to your offer price so you can still get the lower rate.
Maybe you retired a while ago and have been dreaming for ages about downsizing, going to a more convenient in-town location, or moving out of state. But you’ve stayed put due to years of accumulated stuff and differed maintenance plus a huge emotional hill to climb before selling.
Ask vour realtor about a “refresh” service to do the heavy lifting for you. All the repairs, upgrades, decluttering, painting, and staging are managed and completed without you having to deal with it and with zero cash out of your pocket until closing!
You can focus on compiling and purging your sentimental items, reminiscing, and imagining your new future. Lean on your agent to guide you through the process and timing so that it is comfortable for you. You can sell your house for the most money and best terms and finally be on your way to the lifestyle you desire and deserve.
Perhaps you have an old summer home that was great when the kids were young, but it doesn’t see much action anymore, and it’s not even nearby. You don’t know how to go about getting it sold, and you’re worried about the capital gains tax you will owe.
Your agent can find you an excellent out-of-state agent and tell you about a 1031 Exchange to avoid the tax by putting the proceeds from your sale into a new investment property nearby.
Then you can rent it out for some passive income.
If you’re ready to love your lifestyle again, reach out to a real estate agent with strong online ratings, reviews, and presence for an initial conversation.
Your Realtor® is your marketing expert, professional guide, coach, problem solver, market specialist, technology expert, (many times, therapist!), and matchmaker!
When you’re ready to commit, your agent will help guide you to the perfect match, the new castle of your dreams!
Who knew your long-time insurance company has no loyalty? 🙄 I suppose it’s no surprise.
I knew homeowners in the Fairfield Beach area to have trouble obtaining flood insurance sometimes if the home was in a high flood-risk spot or had a history of significant flood claims.
But I had never come across anyone who was told they could not get plain ol’ homeowner’s insurance!
We had accepted an excellent offer for one of my listings in the Fairfield Beach area and the transaction was moving along very smoothly until the buyer tried to put her homeowner’s policy in place before the closing.
She used Chubb for her prior residence for the past 20 years. So she called them for a new policy for her new home. What they said was… no.
Fearful that the home I thought I just sold for my client was, for some reason, uninsurable, I called my go-to insurance and flood regulations guru, Robert Reade of William Raveis Insurance.
He explained that some of the carriers were hit hard from storms Sandy and Irene and were pulling way back on their coverage areas. Apparently Chubb fell into this category.
But Robert calmly explained that he had about 22 other carriers that would write a policy with no problem at all.
Phew!
So we enjoyed another happy ending with my seller moving onto her next chapter and the buyer moving into her lovely new home with the perfect insurance policy to go with it!
Here’s the full 2-minute video of how it went down.
It’s February, but March is Just Around the Corner!
The January numbers are in, so where do things appear to be going at the moment? I know many of you are thinking of making a move but may be hesitating due to uncertainty (see 3rd video below). I will keep you abreast of home values in Fairfield and Westport Connecticut each month here on the blog. Reach out to me for values in additional towns.
Since we are starting a New Year, I pulled the report showing 12 months ending in January compared to the same timeframe the previous year. Below is a comparison chart for Fairfield and Westport showing changes that favor buyers and sellers.
Home values were up.
The median and average sale prices were up as well as the average sale price per square foot in both towns compared to the 12 months ending in January 2021.
Inventory and new listings were down, putting upward pressure on prices. Homes sold on average for 102% of the list price, compared to 100% in the previous year.
In favor of buyers, unit sales and contracts were down. We have seen some opportunity for buyers to have a little more time, choice, and negotiating ability depending on the demand for the particular property. This leverage is very much on a case by case basis.
Due to the tight inventory, many homes are still selling very quickly with multiple offers. So buyers should be prepared with a mortgage pre-approval or proof of funds so they can make an offer quickly if they see a home that they like.
Below are my market comments for the last week in January and second and third weeks in February. (Click each image for the 60-second videos on Instagram). We saw an increase in new listings, but the accepted offers far exceeded this count! 🤷♀️ So we need new listings! 🏡 🏠 🏡
On a national note, the experts anticipate prices to remain relatively stable followed by continued appreciation beginning in 2024. So buyers in the current market may enjoy equity increases in the very near future!
Reach out to me anytime with your questions about the market and to talk about your plans. Not sure about your move yet? Please refer your friends to me using the form below.
Yes, definitely reach for the hot chocolate! But first make sure you are proactive about protecting your pipes, especially those that are most vulnerable to freezing. Think about your exterior pipes, pool plumbing and any uninsulated pipes.
Our regional insurance expert, Robert Reade of William Raveis Insurance just sent out the important bulletin below that I wanted to share it with you, especially if this is the first winter you are in a new home or have a new pool.
Good Afternoon, With the temps dropping here in CT this weekend to -35 degrees with the wind chill in some areas I thought it would be good to send a reminder on how to prevent frozen pipes.
Homeowners everywhere in the Northeast need to consider the risks of frozen pipes in their homes. Water damage and freezing claims were the second-most frequent type of claims filed in the United States between 2016 and 2020.
Water damage and freezing claims were the second-most frequent type of claims filed in the United States between 2016 and 2020.
Homeowners who file these claims lose an average of $11,650. About one in 62 insured homes make a claim related to water damage or freezing each year.
Though these are troubling statistics, you can avoid frozen pipes and water damage claims by learning how pipes freeze, taking preventative action, and investing in some tools.
You can avoid frozen pipes and water damage claims by learning how pipes freeze, taking preventative action, and investing in some tools.
No matter where you live, these four types of pipes tend to be the most vulnerable to freezing:
Uninsulated pipes
Pipes on the exterior of the home
Pipes located in attics, garages, basements, crawl spaces, or other uninsulated areas
Copper or galvanized steel pipes
There are other areas in homes that are susceptible to freezing, as well. The connectors and hoses on washing machines, dishwashers, and water heaters are vulnerable to freezing as they can become brittle and break. Sinks and showers also pose potential hazards.
Outside, spigots, sprinkler systems, and swimming pool lines might not be as well insulated as indoor plumbing and could be the first points to collapse during a hard freeze.
How to prepare your pipes for colder weather:
Drain, remove, and store outdoor hoses to keep them from becoming fragile or tripping hazards after a snowfall or freeze. Also, drain water from outdoor lines, such as those connected to swimming pools and sprinklers.
Open outdoor hose spigots but close the inside valves that supply them with water.
This process causes the water to drain and—in the event of a freeze—expand without bursting a pipe.
If you go on an extended vacation, turn off the water to the home and open all the faucets to drain any water remaining in the pipes.
Insulate water supply lines and pipes in the garage, basement, attic, and other unheated areas with foam, heating cables, or pipe sleeves. Do the same for pipes under kitchen and bathroom sinks.
Make sure your home is enclosed and insulated.
Find and seal any cracks, drafts, and holes in the home’s exterior. Even small openings can welcome cold air inside, which impacts pipes and heating bills.
Enclose crawlspaces and insulate the attic. The added layer of insulation keeps warm air in and cold weather out.
Close the garage door to keep heat inside, especially if it closets water supply lines, the water heater, or a washing machine.
Keep the thermostat at a consistent setting—no lower than 60º Fahrenheit—during the day, night, and when you’re on vacation.
You might see a higher utility bill, but it’s cheaper than water damage costs.
Open the cabinet doors when temperatures fall below 32º Fahrenheit.
Opening cabinets allows warm air to circulate around kitchen and bathroom plumbing.
Let hot and cold water trickle through your pipes during frigid nights to help prevent them from freezing.
Find a local plumber. In the worst-case scenario, you should have the number of a trusted plumbing professional on hand.
There are products out there to help prevent frozen pipes and protect pipes against bursting. The Resideo Wi-Fi Leak & Freeze Detector can be purchased on Amazon for only $80. It can sense your homes moisture, temperature and humidity changes. It’s an early warning system when weather changes and pipes are in danger of freezing. There are many other products out there that can help aid in preventing substantial damage from burst pipes, such as pipe heating cables for vulnerable pipes, insulated pipe tape, outdoor faucet/spigot covers, just to name a few.
If the pipes freeze, it’s tempting to head to the nearest hotel for some running water, but don’t be hasty. Follow these steps to keep a freeze from becoming a disaster:
Shut off the main water valve.
Call a plumber if the frozen pipe is in an area you can’t reach—like underground or in an interior wall.
Use warm air to help thaw the pipes if you can access the frozen pipe. You can use a hair dryer, heat tape, or a quality space heater, but don’t leave it unattended—they can catch on fire.
Slowly turn the water back on, watching for leaks. You may need someone to assist you with this step.
Repeat steps three and four if the water doesn’t resume flowing immediately.
If a pipe bursts before you can thaw it, immediately shut off your water to prevent a flood. Mop up any mess you can reach and contact a plumber. Once the plumber assesses the damage, get started on an insurance claim.
Be safe and stay warm! Let me know if you have any questions, 860-690-5052.
Fairfield and Westport CT Real Estate Guide 