If you are in the process of buying or selling real estate, remember that the new law in support of adequate smoke and carbon dioxide detectors went into effect January 1st this year.
Sellers will be required to provide an affidavit confirming that the required working detectors have been installed or pay the buyer $250 at closing. Here is a brochure explaining the regulation as well as the exact language of the new law.
Although the attorneys handle the affidavit during the closing process, it is best for the parties to be proactive. If you are the seller, put the required detectors in place when you put your house on the market. If you are the buyer, make sure your inspector looks for the detectors and includes his findings and recommendations in his report. If there are missing detectors, ask that they be installed during your inspection contingency period so that there is no misunderstanding about it as the closing approaches and the attorneys raise the issue.
This way all the necessary detection devices will be in place, and there will be no delay in having a completed affidavit in time for your closing!
-Linda
Contact me any time with your real estate questions and for help with your plans. 203-912-4440, Linda.Raymond@raveis.com
Come visit us and see this gorgeous home in the bustling Fairfield Beach area during our Open House tomorrow, Sunday October 5 from 1:00 to 3:00 PM!
Check all weekend O P E N H O U S E S here!
Request a showing or complimentary home valuation below.
Ever wish there was one place to go and find out about all the open houses for the upcoming weekend? Look no further!
Just click the image to go to raveis.com for the best open house search tool around, and find out what’s open in every town in all these states:
Connecticut Massachusetts Rhode Island Vermont New Hampshire New York
You can also set filters for your choice of neighborhood, property type and price range to get to the results you are looking for quickly. So check out the open house search tool, send it to your family and friends, and let me know how you like it in the feedback form below! Feel free to use the same form for questions or to request a private showing.
Remember, I’m here to help you with your next move, near or far. Whether your move is out of town, out of state or overseas, I can work with you directly or place you with another excellent agent almost anywhere in the world.
Here’s a previously featured open house:
286 Old Stratfield Road in Fairfield, CT listed for $369,900.
Cool Cape with private fenced yard, two driveways and many updates
Word on the Street: Fairfield, Westport & Weston 2013 vs. 2014
Just checking in with a quick report on the real estate markets in July before joining the masses and taking a little vacation-
We would expect the housing market to be seasonally slower in the months of July and August as people are in full summer mode and focused on enjoying the warm weather. However, this July appeared to be slower than last July in Westport and Fairfield. Weston was singing a different tune though-
In Fairfield, unit sales were down almost 43% from 122 to 70 last month. The median (midpoint) sale price was also down 9% to $577,500. The average time on market was up 9% to 97 days. All this is good news for the buyers out there though since it affords them more bargaining power. One measure that favored sellers was a 5% increase in the price per square foot from $290 to $305 of homes that sold.
Sales were also slower in Westport with a 6% reduction and 44 July closings. The median sale price was $1,225,000, down almost 2% from last year. Market time increased 37% to 101 days. Yet the price per square foot increased 11% to $436.
Sellers take note: Weston rallied last month with numbers in your favor! Unit sales were 24% higher this July with 31 compared to 25 last year. The median sale price was up 6% to $820,000. Giving some leverage to buyers was market time up 40% to an average of 137 days and price per square foot down 3% to $257.
So that’s the quick scoop for now. Check out the charts with more numbers and print this report following the link below. I assume there will not be much change in pace next month, but I’m anticipating a rally in September and October when everyone works on making their moves before the holidays and cold weather take over.
What is a castle? In its most basic form, it’s a place that gives us security and privacy.
Home Sweet Home. It’s the place we cherish, where we feel safe and sound, sometimes happy, other times sad; where we celebrate, gather together, share, work, create, cook, decorate; where we can love and be loved; where we live, grow, rest, dream, and at times sort through the chaos that life often throws at us! After all, there’s no place like home !
Home is a most important place and a most significant asset. This is why I love to join my clients in the chapter of their lives when it’s time for their next castle. It is a critical business transaction and a complex process, but most important, it’s an emotional, exciting and monumental time! I am honored to share this time with my clients, buffer the anxiety, guide the course and share the joy!
Featured property for sale in Fairfield, CT: $379,000. Click image for more info!
Let’s see how the towns did in June this year as we were having fun in the sun…
It helps to look at the rate that homes are selling, known as the “absorption rate”. It’s calculated by dividing the sales per month by the number of homes on the market at the end of that month. The higher the percentage, the faster homes are selling and the stronger the market.
At the end of June in Fairfield, there were 90 sales with 622 homes on the market. So 90/622 is an absorption rate of 14%. Last June, there were 79 sales with 556 homes for sale equating to the same absorption rate of 14% indicating little change in the pace of the market in Fairfield.
In Westport however, 39 homes sold with 405 on the market and an absorption rate of 39/405 = 10%. Last June there were 49 sales and 346 active listings, or a rate of (49/346) 14%, showing a weaker market so far this summer.
In Weston 19 homes sold in June with 191 for sale, and a ratio of 19/191, or 10%. Last June, Weston saw 29 sales and 183 homes for sale, an absorption rate of 29/183 =16%. So the Weston market has slowed as well.
An absorption rate below 15% is considered to be a good market for buyers with greater months of supply and slower sales, whereas a rate above 20% is typically a faster-selling market favoring sellers.
The second half of 2014 is expected to be stronger than the first half according to researchers at Redfin brokerage as reported by RealtorMag. Click here for the article and to find out why, and let’s get ready for the pace to pick up as we enjoy the breezes of the remaining summer!
Featured home for sale in Fairfield, CT $1,395,000. Click image for more info!
For more answers…or more questions, feel free to submit a request below.
Ever wonder about the market chain of events prior to your new neighbors moving in? Well here’s a quick view of the current flow in Westport and Fairfield.
Twenty-six Westport home owners just put their houses on the market within the past 14 days. Three hundred and thirty three (333) homes are for sale in total. Of these homes, 28 have been on the market for awhile but have a brand new price. Eighty-five (85) properties have an accepted offer or are under contract for sale and will result in new neighbors very soon!
In Fairfield, there are 51 new listings and 501 total homes for sale. Sixty-eight (68) listings have been on for awhile but have new prices. There will be 157 new neighbors in town soon, based on the total accepted offers and homes under contract.
Cool Cape with central AC, private fenced yard, two driveways and many updates
As this week of perfect beach weather continues, it seems like a great time for an update on shoreline housing in Fairfield and Westport.
Direct beachfront property! Click for more pics.
Today, there are 80 single-family homes for sale in Westport in the coastal neighborhoods of Compo Beach, Saugatuck Shores and Hillspoint. Twenty-seven of these properties are on direct waterfront. Asking prices range from $525,000 to $12,985,000. One listing has an accepted offer.
In Fairfield, there are 121 active listings in the Beach area and Sasco. Thirty-three of the homes are directly on the water or beachfront. Asking prices run the gamut from $260,000 to $62,000,000! Sixteen of these listings have accepted offers.
For additional housing information or to request a showing, please inquire below.
Spring came slowly and went fast this year! So let’s take a look at our local Fairfield, Westport and Weston markets compared to last year, January through May. If we compare the inventory, numberof sales, prices and the ratio of selling to asking price for single family homes, we can see some consistency across the three towns.
Rare beachfront property with summer cottage. $1,395,000
The inventory (number of homes on the market) was up across all three towns with an increase of 13%, 11% and 4% in Fairfield, Westport and Weston respectively since last year.
The median sale price was also higher at of the end of May compared to last year in all three towns. The median sale price is the price where half the homes sold for more and half sold for less. It gives an idea of the mix of price points without being skewed by an extreme high or low sale as would result with an average. The median sale price in Fairfield was $549,500 at the end of May, up 4% from $529,500 last May. The median price was also 4% higher this year in Westport moving to $1,335,705 from $1,285,000. In Weston it was up 11% this May at $791,500 from $712,250.
Unit sales varied among the towns. Fairfield sales increased almost 7% from 216 to 230 this spring. However, Westport sales volume fell 20% relative to the end of May last year, from 162 to 130. Weston sales were also down 8% from 48 last year to 44 this year, but the town was showing a strong come-back during the month of May with a 33% increase year over year from 12 to 16.
Fairfield: Inventory Up 13%, Sales Up 6.5%, Sale/List Ratio at 95%
Westport: Inventory Up 11%, Sales Down 19.8%, Sale/List Ratio at 97%
Weston: Inventory Up 4%, Sales Down 8%, Sale/List Ratio at 97%
The sale-to-list ratio indicates how close to the asking price a property sold for. The average at the end of May was between 95% and 97% in the three towns. There was little change in Fairfield for this metric, as it shifted from 96% last year to 95% this year. The ratio had been lower last year in Westport and Weston, at 92% and 94% respectively, but they both increased to 97% this spring.
In summary, seller confidence seems to have been strong given the higher inventory levels. More homes in higher price points entered the market and sold this year as indicated by the higher median sale price. Sales volume was down in two out of three towns and up somewhat in Fairfield, raising questions about the momentum of the spring market. These unit sales numbers could have been a residual effect of the harsh winter causing a delayed spring market. In the sales that closed, the high ratio of sale- to-asking price indicated that buyers and sellers were of a similar mindset on value. Overall, this market snapshot positions us with a nice window of opportunity to make a move this summer- before the masses escape to Vacationland!
Cool Cape with central AC, private fenced yard, two driveways & many updates. List Price: $379,000 Open Houses: Thursday July 29 10 AM-1 PM & Sunday August 10 1 PM-3 PM
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Fairfield and Westport CT Real Estate Guide 