Understanding the Risks and Returns of Homeownership
Are you worried about declining home values or a housing crash? In today’s fluctuating real estate market, many potential homebuyers and homeowners are concerned about the possibility of declining home values or a housing crash. However, understanding the risks and returns of homeownership can help you make an informed and confident decision.
Risk vs. Return:
Real estate is often considered a reliable long-term investment. Historical data supports this view, with home values generally increasing over time. According to the chart below from Keeping Current Matters with data from Freddie Mac, national home values have increased by an average of 4.86 percent per year since 1980. The only significant decline occurred during the 2007 housing crisis.
While fluctuations in home prices are influenced by factors such as supply and demand, interest rates, employment, and local conditions, the overall trend has been upward.
Bottom Line
Real estate values have consistently risen over time, making it a solid investment choice. If you’re looking for a sound investment and a new home, reach out to your real estate agent to help you prepare for your big move!
Contact Linda Raymond
For personalized advice and guidance in navigating the real estate market, contact Linda Raymond, your trusted Fairfield, CT Realtor. Linda is dedicated to helping you find the perfect home and making your real estate journey as smooth as possible.
We’ve captured so many milestones and moments on our smartphones, but we finally decided it was time for our first official family photo shoot!
My parents have been together since they were 16 and are now 81! 💗 They’ve created a legacy of grateful family members to have fun with, so we thought this would be the perfect time to do a family photo session together. 💫
After much debate via text messaging, we chose South Pine Creek Beach in Fairfield, CT, as the location. The photographer scheduled the shoot for 7 pm to take advantage of the beautiful light.
The kids decided we should wear jeans with light-colored tops (as you can see, some of us followed the dress code, and some didn’t) 🤣!
Here are some tips I learned from the process:
Shade is Key: Choose a location with some shade to avoid harsh shadows on faces.
Variety in Backgrounds: Locations with diverse backgrounds add more variety to your photos. We used the water, sunset, driftwood, and a rock wall lined with flowers.
Optimal Lighting: Late afternoon offers softer, more flattering light.
Bug Spray Reminder: If you start just before dusk, don’t forget the bug spray!
Footwear: If you plan to be barefoot on the beach, bring flip flops for comfort from pebbles and easy on-off use.
Weather Considerations: ⛈️Be aware of weather variables. We had to move our shoot from Saturday to Sunday due to rain, coinciding with the rescheduled Fairfield fireworks. Verify road closures, traffic, beach crowding, and parking limitations. Luckily, South Pine Creek Beach was far enough to avoid those concerns.
Capture the Process: The photo shoot itself is a fun and memorable experience, so capture some “behind the scenes” moments.
I’ll share some of the professional photos once we receive them, but here are a few behind-the-scenes snapshots in the meantime!
Have you done a family photo shoot? What milestone were you capturing? What photo shoot tips can you share? What lifestyle changes are approaching that may warrant a professional photo session? Let us know in the comments!
Here’s a quick look at what happened last month in our local Fairfield and Westport markets. If you’re curious which homes sold, take a look at the What Sold Reports.
Here’s what happened in June 2024.
Prices: Up about 10 percent from last June, homes sold above list price on average.
Single-family home sale prices averaged 105 percent of asking in Fairfield and 103 percent in Westport.
The median sale price in Fairfield was $947,883, UP 10.2% compared to June 2023 and up from May as is seasonally expected. The median sale price per square foot was UP .8% from a year ago to $389, but was lower than last month. In Westport, the median sale price was $2,325,000, UP 10.7% from a year ago and also up from last month. The median sale price per square foot was $522, which was UP slightly (1.5%) from last June.
Pace: Short market time on average, some homes sitting, fewer sales, 3-4 months of supply.
Days on market averaged a brisk 19 in Fairfield and 29 in Westport pointing to a significant amount of cash deals. Of note though, is that the days on market ranged from one to 184! In Fairfield, 24% of the homes were purchased with cash, and 47% of the Westport sales were cash deals.
Unit sales in Fairfield totaled 65, down 8.5% from June 2023, and 30 in Westport, down 38.8% compared to last June. Inventory in Fairfield was the same as in June 2023 with 150 single-family homes for sale and down 6.8% in Westport with 96 homes for sale.
The months of supply metric was UP 22% in Fairfield and 6.6% in Westport compared to June 2023, with levels of 3.33 and 3.78 months respectively. Within the previous seven days of this post, there were 41 New and Coming Soon MLS listings in Fairfield and Westport combined.
What does it mean?
Continued low inventory and short market time favored sellers. There were still multiple-offer situations, but these were on a case-by-case basis. Some homes sold for full price or more than asking, and some sold for less.
Bottom line.
If now is a good time for you to pursue a new lifestyle, the current market always offers opportunities. In some cases, there is more balance than before, but we are still in a seller’s market due to low inventory. When buying, patience and interest rates, now in the 6s, can work in your favor! Your agent’s expert guidance will help you navigate this market for a successful sale or purchase. Reach out to me anytime with your questions about the market and to discuss your plans.
When you are selling, your agent will guide you on the marketing strategy and negotiations to maximize the demand for your listing in the current market. If you’re concerned about where you can go, consider this. Here’s an overview of what you can expect.
If you plan to buy in this market,there may or may not be some flexibility with timing and price. It is on a house-by-house basis. There is still a predominance of solid competition and a short window before sellers receive and accept offers. It all depends on how much competition exists for a particular home at the point in time when you want to pursue it. You will need to be ready to make an informed decision if you really want to get your new home. This means you have everything ready to submit a competitive offer, especially your mortgage pre-approval or proof of funds in your agent’s hands! Keep in mind that if you will be financing and enter a multiple-bid situation, 24 to 47 percent of the competing buyers may be offering cash, so you will have to compensate with other attractive terms. Here’s a guide for what you can expect.
What are your thoughts about the market and interest rates? Would you love to be in a new home this summer? 🍉 What new lifestyle objectives you are focused on? Share your thoughts in the blog comments or send me a note below.
Join the Excitement at the Press Play Studio & Events Community Showcase THIS SUNDAY June 30!
Over the past two years, Paul Herman has watched the Press Play community flourish, welcoming an average of 60+ enthusiastic movers every week. His adult and kids programs have grown tremendously, and it’s time to share our passion for dance with an even larger audience.
Paul is thrilled to invite you and your family to our very first Press Play Studio & Events Community Showcase SUNDAY, JUNE 30 This exciting event will take place at the Scandinavian Club in Fairfield, CT.
The showcase provides a platform for our students to shine, featuring performances from our classes at Press Play Studio & Events and other members of the CT community. Don’t miss out on this amazing opportunity to support local talent and celebrate our vibrant community.
Join us for a day of incredible dance performances and stay for the official after-party! Come down this Sunday and be part of this unforgettable experience!
SUNDAY, JUNE 30th.
Doors Open at 10:00 AM
Show starts at 10:30
After Party at 11:30
Location: Scandinavian Club, Fairfield, CT
We can’t wait to see you there!
P.S. You might see a certain realtor dancing in the mix!
Questions? Feel free to call me at 203-912-4440 or send an email below.
Hello, Fairfield and Westport homeowners! If you’re thinking about selling your house, you’ve picked a dynamic time. The current market is buzzing with potential buyers eager to plant roots in our charming towns. However, even in a seller’s market, there are pitfalls that can turn your smooth sailing into a rocky road. To help you navigate, here are ten mistakes you absolutely must avoid when selling your house in Fairfield and Westport, CT if you want to sell your house for the most money and the terms that you want.
1. Overpricing Your Home 🎢
Your home is your castle, filled with priceless memories and your custom design preferences. But remember, buyers are savvy. Overpricing is a deterrent, especially in the current market with buyer fatigue from bidding wars, high prices, and increased interest rates. This can result in your listing languishing on the market, a reduced buyer pool for your house, lowball offers, and your house ultimately selling for less. Your agent will conduct a competitive market analysis so that you will have the data you need to set a realistic price that generates the highest demand for your listing and attracts serious buyers.
2. Neglecting Curb Appeal 🌷
Remember, presentation and condition are among the top three factors impacting how much you get for your house. First impressions matter. If your lawn looks like a jungle and your paint is peeling, potential buyers might drive by without a second glance. Invest in landscaping, power wash the exterior, and add a fresh coat of paint to make your home irresistible.
3. Ignoring Necessary Repairs 🔧
Got a leaky faucet or a creaky door? Fix them before listing your home. Small issues can add up in buyers’ minds, making them wonder what bigger problems might be lurking. A well-maintained home signals that it’s been lovingly cared for.
4. Not Staging Your Home 💫
An empty house can feel cold and uninviting, while a cluttered one can overwhelm, and extreme decor can distract. Staging is a key marketing strategy because it ensures buyers experience a positive emotional response and helps them see themselves living in your space. A professional stager can work with your furnishings, supplement with accessories, or provide everything you need if your house is vacant.
5. Creating Barriers to Getting Buyers Into Your House 📉
Being unavailable for showings is one. If you restrict showing times, you limit the pool of potential buyers. Make your home available for as many showings as possible, and be ready for last-minute appointments. If your house is very difficult to show, it will send the message to buyers and their agents that you are not serious about selling. Flexibility is key.
Not having a yard sign can reduce showings since it provides a visible source of advertising for your listing, especially for buyers browsing in your neighborhood. It is best to have a visible yard sign with a rider that includes your agent’s direct phone number so they can vet interested buyers and arrange to get them in for a showing.
Excluding compensation for buyers’ representation will also likely reduce your pool of eligible and interested buyers. The new buyer agreements enable buyers to opt-out of considering properties that do not include buyer broker compensation. Buyers already have to come up with a down-payment, loan fees and closing costs, so an additional up-front cost will price many buyers out of your pool. Remember, the buyer is ultimately paying for their broker’s services when they pay for your house. If you don’t include buyer broker compensation with your listing, you may also end up attracting unrepresented buyers with no professional guidance and a limited understanding of the home buying process. This translates to lost time, many potential pitfalls, and possibly even a deal that falls apart. To keep these issues at bay, your agent will require more compensation from you to manage the process involving the unequipped buyer and keep the sale on track for you.
6. Attempting For Sale By Owner ⁉️
Your home is one of your largest, if not your largest asset. Are you experienced in and available for handling pre-marketing research and preparation, legal forms and regulations, local zoning requirements, marketing strategy, SEO-optimization, negotiating showings, offers, inspections, walkthroughs, closing timing, and managing multiple agendas… all while doing your other full-time job and keeping your emotions about selling in check? Do you have access to the MLS and countless other technology platforms, digital subscriptions, and APPs, a network of agents, lenders, attorneys, contractors, and town connections? If not, why would you put your most significant investment at risk like this?
7. Failing to Market Effectively 📣
This is in your agent’s court! You want to reach the widest audience and attract the most potential buyers. Your agent should be able to show you a comprehensive custom marketing strategy and plan for your listing. Partner with a realtor who understands the power of a robust marketing strategy.
8. Doing an “In-House” Listing 📉
As mentioned in #7 above, if your goal is to secure the most money and the best terms for yourself, you achieve this by exposing the largest potential buyer pool to your listing, not the smallest.
9. Overlooking Local Market Trends 📊
Fairfield and Westport have their own unique market dynamics. Work with a local realtor who understands the intricacies of our area. They can provide invaluable insights into timing your sale and pricing your home appropriately.
10. Letting Your Emotions Get in Your Way 🎭
Selling your home is a business transaction. Try to detach emotionally and be prepared for negotiations. Understand that buyers might want to make changes that you wouldn’t dream of, and that’s okay. It’s completely understandable to feel mixed emotions. You can share your thoughts with your Realtor, and they will help put your mind at ease. A good agent understands the powerful emotions involved with selling and buying your home and has your back with emotional support while guiding you through the entire process.
Selling your home in Fairfield and Westport, CT, can be a rewarding experience when done right. Avoid these common mistakes, and you’ll be well on your way to a successful sale. There is a lot to consider when selling your home, so it’s important to contact your agent as far in advance as possible.
Have questions or ready to get started? Contact us today for expert guidance and personalized service.
If you live in or near the Fairfield Beach area, your neighbor sold their home and you’ll meet your new neighbors from Trumbull very soon!
Here is the story…
Bob and Maria will be joining the Fairfield Beach Neighborhood at 91 Smith Street this July! Downsizing from their longtime home in Trumbull, they are excited about a new lifestyle and welcoming place for their family.
Their son, Scott, his wife, and three grandchildren, ages 5, 3, and 2 months live in the University area. Their oldest granddaughter’s birthday is on Closing Day, and they can’t wait to celebrate in the pool! 🎉 🌊
Hobbies? Bob loves golf, and Maria is a pro at Italian cooking. They love to travel, especially to Italy 🇮🇹.
You won’t miss your current cherished neighbors though… Don’t worry, you will love, Bob and Maria, plus Alison and Tom are staying nearby!
How did they win the bidding war for this gorgeous home? Bob and Maria trusted me to manage the entire process from the search through negotiations, inspections, and contracts. Together we aligned the timing, price, terms, and vibe. A match was made! 💖
I Surveyed Six Listings During A Broker Tour to See Where the Sellers Were Going
As a realtor in Fairfield, CT, I constantly seek to understand the dynamics of our local real estate market. Recently, I participated in a broker tour and found something truly fascinating. Out of the six houses I visited on tour, I asked the agents where their sellers were headed next. The responses were quite diverse and offered a peek into the sellers’ mindsets.
Seller Plans Were Varied With A Surprising Theme…
One was an estate sale.
Two sellers had already bought their next home.
One was simply moving up the street.
One was moving out of state.
The remaining three had no idea where they were going next!!
50% of the sellers had no definitive plan for their next move!
Yes, you read that right—50% of the sellers had no definitive plan for their next move. They chose to trust the process, navigating the real estate market with an open mind and flexibility. This approach, while unconventional, can open up exciting possibilities for both sellers and buyers.
Why Trust the Process?
Competitive Buyer: In the current sellers’ market, it is common for properties to receive multiple offers, especially in desirable markets and for homes that appeal to a lot of buyers. This creates a challenge even without the contingency to sell your house first, but with this added contingency, the only way to make your offer more competitive is to significantly outperform the others on price and other terms. If your house is under contract with no or few contingencies to close, you are in a much stronger position to obtain your next home than if you have not even committed to the selling process.
Flexibility: If you are a seller who can be open to “going with the flow”, you can explore a broader range of options without the pressure of immediate relocation.
Market Dynamics: When more sellers adopt this mindset, it can lead to increased inventory and more choices for everyone in the marketplace.
Contingencies for Peace of Mind: You can protect yourself as a seller by adding contingencies that your sale is subject to finding suitable housing. This ensures you are not left without a home.
Imagine the Possibilities
If more sellers embraced this flexible approach, the real estate market could become more dynamic and fluid. It encourages a more open and trusting environment where transactions can happen more organically.
As we navigate this ever-evolving market, let’s remember that sometimes, trusting the process can lead to unexpected and wonderful opportunities.
Feel free to reach out if you’re considering selling your home or looking for your next dream house in Fairfield, CT. I’m here to guide you every step of the way!
Here’s a quick look at what happened last month in our local Fairfield and Westport markets. If you’re curious which homes sold, take a look at the What Sold Reports.
Here’s what happened in May 2024.
Prices fluctuated.
Single-family home sale prices averaged 105 percent of asking in Fairfield and 103 percent in Westport, up from about 100% last month.
The median sale price in Fairfield was $846,619, DOWN 13.2% compared to May 2023 but up from last month. The median sale price per square foot was UP 14.1% to $433 and also up from last month. In Westport, the median sale price was $1,975,775, DOWN 24% from a year ago and down from last month. The median sale price per square foot was $498, which was DOWN 10.1% from last May. The fluctuation could be due to the mix of homes that sold, such as more lower-priced homes.
Pace: Short market time, flat sales, new listings => 3-4 months of supply.
Days on market averaged a brisk 25 in Fairfield and 23 days in Westport pointing to a significant amount of cash deals. In Fairfield, 40 percent of the homes were purchased with cash, and 34.6 percent of the Westport sales were cash deals in May. Though some listings sat for much longer than average, the overall market time was much shorter than last May.
Unit sales in Fairfield were 45, the same as in May 2023, and 26 in Westport which was down 3.7% compared to last May. Inventory was up in Fairfield with 156 single-family homes for sale and down in Westport with 100 homes for sale.
The months of supply metric was way UP (30.4%) in Fairfield and slightly UP (4.4%) in Westport compared to May 2023, at 3.45 and 3.7 months respectively. There were 50 New and Coming Soon MLS listings in Fairfield and Westport combined at the time this was written.
What does it mean?
Continued low inventory and short market time favored sellers. There were still multiple-offer situations, but these were on a case-by-case basis. Some homes sold for full price or more than asking, and some sold for less.
Bottom line.
If now is a good time for you to pursue a new lifestyle, the current market always offers opportunities. In some cases, there is more balance than before, but we are still in a seller’s market due to low inventory. When buying, patience and more ‘user-friendly’ interest rates, now in the 6s, can work in you favor! Your agent’s expert guidance will help you navigate this market for a successful sale or purchase. Reach out to me anytime with your questions about the market and to discuss your plans.
When you are selling, your agent will guide you on the marketing strategy and negotiations to maximize the demand for your listing in the current market. Here’s an overview of what you can expect.
If you plan to buy in this market,there may or may not be some flexibility with timing and price. It is on a house-by-house basis. There is still a predominance of solid competition and a short window before sellers accept offers. It all depends on how much competition exists for a particular home at the point in time when you want to pursue it. You will need to be ready to make an informed decision if you really want to get your house. This means you have everything you need to submit a competitive offer. This also 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! Keep in mind that if you will be financing and enter a multiple-bid situation, 35-40 percent of the other bidders may be offering cash, so you will have to compensate with other attractive terms to make your offer more competitive. Here’s a guide for what you can expect.
What are your thoughts about the market and interest rates? Would you love to be in a new home this summer? ☀️ Share your thoughts in the comments or send me a note below.
Soon, you won’t need to call the police department for crime statistics. You will be able to access real-time data directly on their website, making our community safer and more informed.
Special thanks to Sergeant Michael Stahl from Fairfield’s Administrative Services Bureau for sharing this update during our insightful sales meeting. He shared crime statistics with us in addition to breaking down all the departments and services at the police department.
I didn’t realize how comprehensive and diverse the services are that the Fairfield Police provide for us. From the Marine Unit and Dive Team to Crisis Intervention, Special Victims, and Quality of Life, they cover all the bases. Most recently they have added a social worker who was a prior officer to assist the police as well as people in need.
I started the first Neighborhood Watch group in my neighborhood, and you may want to do the same to help stay informed and have a communication process to be proactive in preventing crime and helping one another in the event it’s needed. Feel free to reach out to me with any questions about starting a group.
Exciting Home Win in Fairfield University Area! 🏡✨ Thrilled for my happy client!
After a competitive bidding war and successful negotiations, she has secured a charming mini-estate in the Fairfield University area for $725,000. The seller agreed to address high radon levels, asbestos-wrapped ductwork, termites, and an internally venting dryer.
Now, my client has a home full of potential and unique features, including antique wrought iron gates with her initials, a beautiful and spacious property, a secret loop-driveway, a massive four-car garage with a hidden terrace, a charming covered front porch, a huge slate patio, and a family room with vaulted ceilings and sliders to the backyard.
The buyer can’t wait to start bringing the home to its full potential. The seller is also excited while preparing for her nearby move during her temporary rent-back. Congratulations to all involved! 🏠 🎉 Here’s a success story from the seller’s side.
the Press Play community flourish, 
welcoming an average of 60+ enthusiastic movers every week. His adult and kids programs have grown tremendously, and it’s time to share our passion for dance with an even larger audience.
SUNDAY, JUNE 30th.
Doors Open at 10:00 AM
Location: Scandinavian Club, Fairfield, CT
Fairfield and Westport CT Real Estate Guide 