It has been a long road to find the right home in this very challenging market, but we prevailed.
We are closed!
Coming all the way from Texas to the east coast, Robin secured a rental in the Fairfield Beach area for herself, her two children, and her little chihuahua, about a year ago. They were just beginning to feel at home in the new community, when the pandemic hit.
Hunkering down at home as we all were, Robin prepared to renew her lease. However, upon seeing the spiking sale prices, the landlord changed his mind about renting, and told her they were selling the house as soon as possible, giving her only two months to vacate.
In a panic, Robin convinced them to give her a few more months and sent out a text to our neighborhood chat group asking if anyone knew of an available rental.
I reached out and offered to help. After talking with her, and learning what her ideal home would look like and how much she was planning to spend on rent, I suggested that she get pre-approved for a mortgage and put her hard earned money toward a purchase that would build equity for her. As the leader of a large software development group, she had no trouble securing a loan.
So the quest began! Loving the Fairfield beach area, and looking for charm, character, a light and bright feel with room the family and guests, we searched! At first there was almost nothing to look at, but then some homes began to trickle onto the market. Then we found a lovely home and put in an offer. We were faced with ~10 other buyers and were out-bid. We tried again. And again. And again! But the bidding wars were driving the prices out of range.
Unfortunately, the search was taking more time than she had. Her time was up at the current rental, but luckily she found a homeowner nearby that let her rent for three more months. So Robin packed up her entire three-bedroom home and two kids, moved a few blocks away, and unpacked again.
It seemed there was nothing that matched the wish-list for the right price… until we ventured over to the popular beachy neighborhood of Woodmont in Milford. Under construction was a beautiful, bright new home with four bedrooms and finished space on three floors. It even had treetop water views and two balconies! After much negotiation, we secured the home and closed last week.
After so much time being unsettled by a cross-country move, a pandemic, and two limited rentals, Robin had to pack up her family, furniture, and belongings, and move it all one more time. But this time, she can relax, decompress, and enjoy. Finally, a sweet new place by the shore to call home!
Please reach out to me anytime if you have real estate questions or would like to have a conversation about your plans.
What has sold in these two hot spots? Where are the accepted offers by mid-May? Check out the lists below!
FAIRFIELD DOWNTOWN – Within a one-mile radius of the train.
There have been five sales and 11 more accepted offers in Fairfield’s downtown and beach areas during the first half of the month, from May first through the 15th.
SOLD:
NEWLY ACCEPTED OFFERS:
WESTPORT Greens Farms
SOLD:
There were three more sales but no additional accepted offers in Westport’s Greens Farms neighborhood during the first half of May.
NEWLY ACCEPTED OFFERS:
Please reach out to me if you are thinking of making a move, and let’s have a conversation! 203.912.4440
What has sold in these two hot spots? Which listings have accepted offers as of the first two weeks in April? Check out the lists below!
FAIRFIELD DOWNTOWN – Within a one-mile radius of the train.
There have been five more sales and 10 more accepted offers in Fairfield’s downtown and beach areas during the first two weeks of April.
SOLD:
NEWLY ACCEPTED OFFERS:
WESTPORT Greens Farms
SOLD:
There has been just one (yes, just one) more sale and three more accepted offers in Westport’s Greens Farms neighborhood during the first two weeks of April.
NEWLY ACCEPTED OFFERS:
Reach out to me if you are thinking of making a move, and let’s have a conversation! 203.912.4440
I wanted to share a quick update with you about a yummy dinner we had last Sunday. We enjoyed excellent food and customer service with our take-out dinner from Gruel Britannia! The Shepard’s Pie and Meatloaf were both fabulous. The dishes came with generous portions and either grilled vegetables or a large salad, and delicious flavor! The people working there are very friendly and super organized. We can’t wait to try more of the intriguing options on their menu. Maybe I’ll see you there!
The current housing market is facing unprecedented low inventory at a time when demand for home purchasing is high and interest rates are also historically low. The result is frequent multiple offers in many markets, especially in Connecticut. Here’s what you should know!
What are my options as a seller?
WAIT: You can hold off on responding to the offers while you wait for others.
ACCEPT, COUNTER, OR REJECT: You can also make one the following choices. Accept one offer and thereby reject all others. Counter one offer and reject all others. Counter one offer and put aside all others. Reject all offers.
REQUEST HIGHEST & BEST: You can ask for the highest and best offer. You would do this by instructing your listing agent to inform one or more buyers of the multiple offer situation and give them the opportunity to submit their highest and best offer by a specific date and time at which point you will reconsider all the offers.
The goal of requesting highest and best offers is to create a sense of urgency and encourage the highest and best offer from the buyers. However, the risk of doing this is that one or all of the buyers may walk away when faced with this situation because they do not want to be involved in a bidding war. Because the decision to notify buyers of multiple offers and to request the highest and best can have positive or negative results for you as the seller, it is your decision whether to do so, and you should understand the benefits and risks.
A key consideration to keep in mind is that any delay you allow in responding to offers, leaves the door open for your buyers to choose another home that hits the market or to simply change their mind and withdraw their offer. The competitive nature of this market is particularly stressful and emotional for buyers. So it is very important for you and your agent to be sensitive to and respectful of the people on the other end of the offers you receive and to have frequent, honest, and clear communication with the buyer agents during the process.
How do I evaluate the offers?
You should understand whether the buyers are aware of other offers so that you know if their offer has taken this competition into account. Your agent should explain the terms of each offer with you and how they impact your best interests. It will help you if they summarize the key elements of each offer including, price, downpayment, payment method, strength of the pre-approval or proof of funds, timing, inspection terms, contingencies, and flexibility. This will help you to compare them in terms of what is most important to you.
What can I expect as a buyer?
First, you may or may not be informed that there are multiple offers. Your agent can ask if it is not immediately mentioned, but it is up to the seller to decide whether to disclose this. It is also possible that your offer may not be confidential. Many sellers keep the offers confidential, but you should be aware that the seller is not obligated to do so, and it is their choice whether to or not.
How can I make my offer more competitive?
You have a number of variables to work with even though the price certainly carries a lot of the weight. Your agent can ask the seller’s agent what is important to the the seller, and this may provide some direction. Depending on your situation, you may be able to incorporate a number of options that can make your offer more attractive to the seller.
PAYMENT PERKS: If you are financing, try to put as much money down as you comfortably can as this will be perceived as a stronger offer. Make sure you have an ultra-strong pre-approval like the Certified Pre-Approval from William Raveis that verifies your financial documentation and runs your application through the first round of underwriting. This also allows you to close more quickly. If you can pay in cash, this is a plus because it saves time and eliminates the steps involved in the mortgage process. Consider offering more than the standard one-percent earnest money deposit or putting more than ten percent down at contract signing.
INSPECTION WAIVER: If you are a contractor or planning to do extensive renovations, you may feel comfortable waiving the inspection contingency or doing an inspection for ‘informational purposes only”, but if you do this, be sure to check for an in-ground oil tank! If you are a contractor bidding on an estate property, you might offer to empty the house for the sellers. If you are not prepared to spend money and time on unexpected issues, this approach is not recommended.
APPRAISAL GUARANTEE: You could offer to guarantee the appraisal, meaning that you are willing to put more money down toward your loan in the event the property appraises under the agreed-upon sale price.
ESCALATION CLAUSE: This is a statement in which you agree to offer a certain amount above the highest bid. There are some concerns with this approach, and some sellers are not accepting it, but you can call me, and I can fill you in on the details.
CREDIT: Another approach for tipping the scale in your favor might be to offer the seller a ‘bonus’, a credit toward their closing costs, a credit towards their taxes or toward anything else that may be of high value to the particular seller involved.
LETTER: Many people like the idea of the “love letter” in which you write a compelling letter to the seller telling about yourself and why you love the home. This has been discouraged lately though, because it can easily violate discrimination laws. If you do choose to write a note to the seller, be sure that you are careful not to identify yourself in terms of any protected classes under the Federal Fair Housing Act such as family status, sex, gender identity, disability, race, color, religion, or national origin. It is also recommended to run your letter past your attorney to be on the safe side.
If your offer needs to be contingent on selling your house first, this is a difficult market for that contingency to be competitive in, but I have a number of potential solutions for you. My goal is to find the right solutions to ensure a successful sale and the best possible outcome for my buyers and sellers in this and all other markets!
Give me a call to learn more or discuss your plans, and let me see how I can help. In the meantime, feel free to set up your own search and browse the markets you’re interested in, visit my website, or send a a note below.
I want to thank my wonderful clients for trusting in me to guide them through the exciting time of making one of their most important moves to buy and sell a home! Thank you to William Raveis Real Estate for giving me all the resources and training needed to provide my clients with top notch service!
Happy Valentine’s Day 2021, everyone! After receiving lovely pink roses and a new pink sweater from my dear husband, I am off to try and make the day special for my home buyers as well.
I have found the perfect homes after whirlwind searches in Fairfield and New Canaan for four different buyers and am working on offers. My clients are coming from New Jersey, Massachusetts, Connecticut, and New York and are ready to put the current low interest rates to work for them. Today I’m off for a second look at a lovely top choice in New Canaan for my New York buyer.
Here I am in downtown New Canaan to make sure this could be the special Valentine gift for my client this weekend.
Even when we are finding that special home, we are facing multiple-offers on all fronts, and I’m utilizing every possible strategy in the toolbox, so wish us luck!
Sellers, this is the time to enjoy top dollar in record time for your property in Fairfield County. If you’re ready and willing to capitalize on this market, please give me a call, 203.912.4440!
Buyers are waiting. Home sale prices are up. Interest rates are outrageously low. Is there a price at which you would consider selling your house? If there is a price that motivates you, are there other barriers?
It sure appears to be the perfect storm for owners to want to sell their homes, right? Sure, except for two major roadblocks- As a potential home seller, where do you move with the limited choice in the market? And if you could work through these details, do you really feel ready?
If you are one of these homeowners, here are three things you can do to manage the logistical challenge.
You can list your home with a published contingency to find suitable housing. This relieves the pressure of not having your destination pre-determined by letting potential buyers know up-front that you reserve the right to take the time to find a new home. It also gives you an ‘out’ if you cannot find a suitable solution. You can reach out to me and also select a real estate attorney to learn more.
Alternatively you can put your home on the market and negotiate a long closing period, such as a few months, when you receive an offer- or multiple offers. Many buyers are flexible with timing, especially if they are buying a second home. This will give you time to look around.
A temporary housing plan is another key option. Are you aware that you may even be able to sell your home and rent it back from the buyers for a period of time! This can be an excellent solution for bridging the gap until you find your new home. Even if this is not doable, there are other options. If it is feasible to stay with family, go to a second home or vacation home, or get a short term rental, and put things in storage for a while, this is a great way to take the timing pressure off. It may not be convenient, but it may still be worth it in order to capitalize on the opportunities of this market and move to the home that truly satisfies your current needs and desires.
Get creative!At William Raveis, we are here to get creative with solutions to our clients’ challenges. We understand the complexities of the current market and in bridging the gap between buying and selling. So we have an entire array of services that can enable you to become a cash buyer before you sell, fix up any issues with your house without paying until it’s sold, and bridge the financial gap as well. Call me today to discuss your ideal outcome, and let’s discuss how to get you there!
All that being said, what if the above solutions are all well and good, but you still feel hesitant? It is even more important than strategizing the logistics to be sure your heart is really in it. You must be sure you are ready to sell before going on the market. Here’s the journey one home seller went through to get ready to ultimately make her dream come true.
Keep in mind that even though the inventory of homes for sale is low, the market time is also short, so the choices of homes to purchase is constantly refreshing and there are always new homes to choose from if you want to make a move.
Imagine if all you homeowners who would love to sell but have been sitting on the sidelines decide to go for it using some of the safeguards and creative solutions above? The market would be rich with choice for everyone searching (yourselves included!), and many more home buyers and sellers would be on the move toward making their dreams a reality!
You can browse around and set up some searches for yourself here if you would like to get a feel for the markets as you think about your plans. Call me today to discuss your options, 203-912-4440. We will have a brief consultation to understand your goals, the market, and how I might be able to help.
Fairfield and Westport CT Real Estate Guide 