Ever heard this before- “The housing market is crashing and prices will soon be free-falling”?
You’re waiting to make your move because the media is sending constant mixed messages…but don’t get discouraged because here are 5 ways to define our NEW NORMAL and what to do about it!
Slides
1. Low supply- housing inventory remains extremely low and is not likely to catch up soon. We have been hovering at about 2-3 months of supply for almost a year now, when we had 7-9 months of inventory before the pandemic.
2. High demand- There is pent-up demand from buyers who still want to find their new home and seller longing to make a change. (You know who you are!)
3. Values are up- Most economists forecast stable home prices in 2023 followed by continued moderate appreciation starting in 2024. Low supply + high demand = upward pressure on prices.
4. Rates went up, but already moderated- Rates reached the 6-7% level after we all embraced the anomaly of extremely low rates during the past two years. Experts project rates to moderate downward to the 5% range by the end of 2023.
5. Environment is stable- Of note: – Foreclosure levels are low. – Unemployment levels are low. – Homeowner equity levels are strong compared to 2008. – Lending regulations have been stringent
So now is a good time to reset expectations. We are in a new normal, it’s a good a year as any to move on with your plans! 🏡 🏃♀️
Happy Holidays! Our family tradition of doing a craft after dinner (and maybe a few drinks) was born in 2006 when my family and my husband’s family celebrated the holidays together for the first time.
My mother, @niki_ketchman is a professional artist and made the suggestion that we all make our own ornaments together. She brought a big box of miscellaneous items and materials from her studio and poured them out on the table for everyone to browse. What came naturally to her caused everyone else complete anxiety at first! We all just stared at the pile drawing a complete blank and glancing side to side to see if anyone else knew what to do. Then gradually we each picked up a button, a piece of fabric, a glittery thread, a shiny piece of metal, a section of wire, etc. and the creative process began to evolve. To everyone’s amazement, we each created something special that we never expected.
It turned out that the ornament pictured above that Mark’s mom created that night was the one and only ornament she made before she lost her battle with pancreatic cancer.
Ever since then, Mark has carried on the idea and made it a tradition. So we have painted ornaments, wine glasses, dinner plates, and this year, aprons! We have had a blast doing it, (now that we’ve gained some confidence). The best thing about it is that we incorporate the items from previous years into each year’s decor and festivities, and it enriches the ambience while bringing back the fun memories of holidays past!
What is your favorite holiday tradition and how did it start?
Below is November’s Local Housing Data for Westport, CT. Click the image to open the interactive report.
With the report open, use the menu in the upper left to search different towns and pull up more reports…like the Market Forecast tool! This is a screenshot of the expanded menu view:
Reach out to me anytime with questions about the market and your plans.
You may not be aware of this, but real estate agents make referrals for their clients all the time, and you should too! You will help your friends and your REALTOR® when you do!
Did you know?
Sixty-five percentof home sellers choose an agent they know or one who is referred by someone they know and trust (National Association of Realtors). This means that any friend of yours who is thinking about moving may be looking for a recommendation from you!
When I’m guiding you through your move, I don’t stop at the town line. I get you where you want to go.
Maybe you want to sell your Fairfield condo, move back west, and get a vacation condo in Saint Martin.
Perhaps you want to move from downtown Westport to a waterfront home an hour up the coast.
Or maybe you want to move out of Connecticut to New York or Florida.
When I help you make your big move, I work with you to get the top dollar and optimal terms for the sale of your Fairfield-Westport area home, and if your desired destination is beyond my direct service area, I refer you to an expert in the place you want to buy in. I oversee the process and ensure you are happy with your other agent. I coordinate timing and work together with the other parties to make the process as seamless and stress-free for you as possible.
Let me get you to your happy place.
I have helped many of my clients sell their homes and move locally or out of the area. With William Raveis, we have 140 offices with 4,400 agents in eight states (Connecticut, New York, Massachusetts, Rhode Island, Vermont, Maine, New Hampshire, and Florida). We are also proud to partner with the invitation-only Leading Real Estate Companies of the World global network spanning 55 countries with 4,000 offices and 128,000 overseas sales associates. Your luxury listing is represented with over 200 selected luxury affiliates through our membership with Luxury Portfolio International, the global gold standard in luxury real estate. Tap into my extensive network of elite local, regional, and global brokerages to help you move around the corner or around the world.
Referrals? Yes, Please!
Most of my business comes from referrals from clients and repeat clients. If you want to help a friend make a successful and low stress move, refer them to me. As always, I promise to take excellent care of them. They will be grateful to you, and so will I.
Referrals are a win-win, so share the love! ❤️ ….Did I mention that referrals are a win-win?
During a recent meeting of the Greater Fairfield Board of Realtors, a panel of town officials from several departments presented updates and information for discussion among the group. I was struck by the new Conservation Director’s announcement that the volume of inland wetland violations has skyrocketed recently with all the new homeowners moving into town and being unaware about the presence and importance of wetlands. He asked if we could help him get the word out to people.
So (on an unseasonably hot day in November!) I met with Fairfield’s new Conservation Director, Tim Bishop over coffee to talk about how I can help homeowners in town learn how to protect our precious wetlands. Tim is an expert environmentalist with almost two decades of experience. He is an excellent resource for our town and truly wants to collaborate with homeowners to help them get their home improvements done while protecting our fragile natural resource, the inland wetland areas.
When meeting with Tim, I learned that most people are not aware of the importance of protecting wetlands. I learned that protecting our inland wetlands is critical to controlling flooding and stormwater run-off, maintaining our water quality, and preserving natural ecosystems that need still (vs. flowing) water to breed and live. Healthy wetland areas hold onto water which allows a natural cleaning process to occur and provides the environment necessary for wildlife survival, while controlling flooding.
People don’t realize that their actions could be permanently destroying this critical natural resource, and they don’t realize that what they do in their yard impacts other people. So I assembled the information below to address the key issues and also put it in a handout for people to use and share.
HOW DO I KNOW IF MY PROPERTY IS REGULATED?
Call the Conservation Department. Ask your REALTOR® to check your deed.
Your property may have a water course, wetland soils, a buffer zone from adjacent wetlands, or a conservation easement to preserve another fragile natural resource.
Your property may have wetlands and be regulated even if it appears to be dry. Regulated activities include any “digging” (even 1 inch down) and “dumping” (depositing any material in wetland areas)
WHAT SHOULD I DO IF ACTIVITY ON MY PROPERTY IS REGULATED?
Call the Conservation Department to learn what impact your future plan would have on the environment and how it can be done safely. They will tell you if your project needs a “staff level permit”, a “commission level permit”, or no permit at all.
Be sure to come in for a Concept Review before submitting a permit application online! After your Concept Review, you can submit your online permit application.
WHAT’S IN IT FOR ME?! Water Quality: Healthy wetlands hold onto water & enable a natural cleansing process for clean water. Flood Control: Healthy wetlands control flooding & prevent storm run-off.
Ecosystems: Healthy wetlands hold onto water that is critical to wildlife’s ability to breed & survive. Prevent Permanent Loss: Once a natural wetland area is damaged or destroyed, it can never be restored to its original natural integrity. Prevent Violations: Conservation violations are costly to the department, to you, and to the environment.
Resource to Help You: The Conservation Department is led by expert director, Tim Bishop who is here to help you plan your project and protect our inland wetlands.
Just Give Them a Call!
CALL BEFORE YOU START. Learn whether your property is regulated, what you can do, and where you can do it.
Tim Bishop, NEW Conservation Director 203-256-3071
FAQS:
Q. I’ve heard horror stories about getting Conservation involved in any projects. Why should I jump through hoops and pay the town extra money?!
A. Good news! There is a NEW director of conservation and new staff, all of whom are experts at protecting the inland wetland environments. They want to collaborate with Fairfield residents to ensure we can all enjoy the benefits of preserving healthy wetlands. They are very reasonable and are streamlining pricing, guidelines, and the way they work with homeowners. They truly want to connect with you to help you get your project done in a way that is safe for the environment and protects it for generations to come.
Q. Why would activity on my property be regulated by the Conservation department?
A. There are three possible conditions: 1) There are watercourses or wetland soils on your property. 2) There are wetlands or wetland soils on a nearby property with a protective buffer zone extending onto your property. 3) There is a conservation easement on your property deed (I.e. to protect a meadow). If any of these conditions exist, activity on your property is regulated by Conservation. This does not mean you will always need a permit or that you can’t implement your plans. It means that the experts in the department need to work with you on a plan that is safe for the environment.
Q. Why does conservation regulate my land?
A. The department only regulates activity that has an impact on the environment in regulated areas. It does not regulate your land. What you do in your yard impacts other people and the environment.
Q. What activities are regulated?
A. Any activity that involves digging (even an inch down) and dumping (depositing material in a wetland area) that disturbs wetlands. Some examples are: Installing pools, fences, patios, generators, sprinklers, koi ponds, dumping branches, brush, animal waste, etc.
Q. Can I plant stuff?
A. Check with conservation first if you have a regulated property to learn which species are native vs invasive. A permit will be needed for anything requiring trucks or heavy equipment, but manually planting native species might not even need a
Q. How long will it take to get a permit?
A. There are two types of permits, the CWC (Certificate of Wetland Conformance), and IWP (Inland Wetland Permit). CWC is a “staff level” permit which takes 1 to 1.5 months. It includes a 15-day waiting period for the public to weigh in on the applicant’s posting in the newspaper regarding their proposed activity. The template for the post is provided by conservation.
IWP is a ”commission level” permit which takes 3 to 4 months. The inland wetland commission is a self-managed group that adheres to regulations from the state. They meet monthly. Some projects may need discussion in more than one meeting.
Q. How much will it cost me to get conservation involved?
A. The new director, Tim Bishop is in the process of revamping the fees to make them much more cost effective. There will be a simple menu of activities, each with a very reasonable associated fee.
Q. How can I stay informed about inland wetland information?
A. Tim posts new information each month on the department homepage at Fairfieldct.org/conservation. But you can always call and ask your questions directly. Tim says, “Just give us a call!” Of course you can also stop in during office hours and visit the wetlands map.
If you are thinking of buying and/or selling a property and have questions, you can reach out to me below.
If you love great food and a cool, elegant vibe, you will want to try out Il Pellicano!
We enjoyed a fabulous dinner there Saturday night The Funghi (with papperdelle, brandy cream, wild mushroom, and truffle oil) was to die for and we loved the trendy vibe. Host, Colton and server, Fallon were the best!
Great food, service, and scenery!
The scenery outside the windows is just as pleasing as the interior, with the full downtown green and gazebo in view, all the passers-by, and during the holiday season, all the festive downtown lighting.
If you are looking for a place to go this New Year’s Eve, they are offering a five-course meal and three seatings!
You will need a reservation.
Whenever you do decide to go, be sure to call ahead, because they are generally booked up well in advance.
If you would like the scoop on this and other area restaurants, (my take anyway), reach out below.
Did you ever think that grain-free, lectin-free/gluten-free, and nearly sugar-free (don’t tell your guests!) cookies could taste like cinnamon donuts?
Well these Snickerdoodles do just that! To put icing on the cake, so to speak, this recipe is super easy too. The most time consuming part is simply putting the cookie dough on the baking sheet.
Full disclosure: To give them a festive look for the holidays, I did roll them in gold sugar sprinkles along with the cinnamon. The photo also shows some green sprinkles, but I recommend using only the gold ones, if any. Another note, is that you can also substitute the butter for clarified butter, known as ghee, and some coconut oil. Ghee has had the lactose removed, and some brands are from grass-fed cows.
As the year comes to a close and the holidays approach, it feels more important than ever to give back and support those less fortunate.
This November began with attending Rooms with a View in Southport in which professional and up and coming designers create stunning mini-rooms for visitors to view. Many of the furnishings are available for purchase by area merchants. Ticket proceeds help to fund 18 local and regional charities for a wide array of community needs.
Near and Far Aid raises funds to support strong communities and help prevent poverty and homelessness in Fairfield County. The largest fundraising event is the upcoming Spring Gala at Mitchells in Westport on April 28, 2023. The kick-off meeting for volunteers began in November with a festive start hosted at The Post at 1799 Post Road in Westport.
If you would like to find out how to get involved with one of these organizations or you would like to talk about your moving plans in the coming year, reach out below!
What’s going on in our local Connecticut housing markets as 2022 comes to a close? What’s UP, what’s DOWN? Join me in following this weekly update of what happens in Fairfield and Westport, and you will know first hand!
FAIRFIELD Single-Family
Nov 28 – Dec 4
Dec 5 – 11
Dec 12 – 18
Dec 19 – 25
Dec 26 – Jan 2
NEW
6
REDUCED
2
ACCEPTED OFFERS
3
SOLD
17
AVG % OF ASK
99%
YTD MEDIAN SALE PRICE
$820,000
WESTPORT Single-Family
Nov 28 – Dec 4
Dec 5 – 11
Dec 12 – 18
Dec 19 – 25
Dec 26 – Jan 2
NEW
5
REDUCED
6
ACCEPTED OFFERS
2
SOLD
7
AVG % OF ASK
98%
YTD MEDIAN SALE PRICE
$2,011,000
Source: SmartMLS
DID YOU KNOW that people move all year long and in every market?
Last year in November and December of 2021, 195 people successfully bought or sold a single-family home in Fairfield and Westport, and in 2019 there were 159 single-family sales during these two months. So you shouldn’t feel like you have to wait around for spring if you want to be in your ideal home now.
The best time to sell is when the timing matches your life goals. You can absolutely do it any time of year and in any market!
If you’re feeling concerned about the market conditions but wish you could move on to the home that truly matches your needs and lifestyle, reach out to me now, and let’s have a conversation.
Click image to view the digital magazine market update for what happened in November.
Here are your William Raveis local housing data charts for Westport. Visit the menu icon in the upper left of the page to search another town and check out more insights including the forecasting tool!
You deserve the home 🏡 that matches your lifestyle and needs.
Fairfield and Westport CT Real Estate Guide 