The 2021 housing market is still hot and median sale prices are still up! 📈⬆️⭐️
Did you know you can easily compare real-time sales and inventory trends on our Local Housing Data link which you can keep right on your phone? Or for comprehensive local data reports, sign up for our Local Market Insights newsletter on raveis.com.
Take advantage of all of our curated tools to help you make your move and contact me today, 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!
How’s the single-family housing market in Fairfield and Westport Connecticut as of February? Take a look at the bullets and graphs below to see how things have changed dramatically this February compared to last February, 2020.
If you would like access to our William RaveisLocal Housing Data tool and run your own graphs like the ones below, just send me a note for the link! Here are the specifics.
In WESTPORT
Single-Family HomesSales are UP 68% from 25 to 42 homes sold. The Median Sale Price is UP 44% from $1,115,000 to $1,600,000. Inventory is DOWN 48% from 308 to 159 homes for sale. Months of Supply is DOWN 71% from 10 months to less than 3! Market Time is DOWN 55% from 155 to 70 days.
In FAIRFIELD
Single-Family HomesSales are UP 39% from 36 to 50 homes sold. The Median Sale Price is UP 33% from $525,000 to $697,500. Inventory is DOWN 60% from 474 to 191 homes for sale. Months of Supply is DOWN 73% from 8 months to 2! Market Time is DOWN 32% from 113 to 77 days.
The trend of extremely low inventory, increasing median sale price, and short market time continues through February. The pace of Fairfield’s market appears to be limited even more than Westport’s by the severe decline in inventory. The strong buyer demand in the face of this limited choice is causing multiple offer situations at nearly every turn.
Opportunities exist for both buyers and sellers, but the market can unquestionably benefit from more sellers entering the market! Vaccines are here, spring is coming, buyers are waiting….
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.
Your home has been just perfect with plenty of space for you and all your needs…until now.
But since the pandemic you may be finding that you, and possibly your family members, have very different needs. This challenging time has certainly given you opportunity to test and evaluate how well your home is serving your changing demands. If you have transitioned to working from home, and may even be alongside your students doing the same, your need for extra space may have become increasingly obvious.
Now you may be wishing you had extra rooms for his and her offices, a homework space, and room for a home gym. If you’re coming from the Manhattan or Brooklyn areas, you are likely craving not just interior rooms, but outdoor space, beauty, privacy and peacefulness. The vicinity to downtown centers and train stations may not be as important as it once was now that the need for frequent commuting is likely a thing of the past.
On the flip side, perhaps your family has college students who have been off to school or will soon be graduating and leaving extra un-wanted space. This would be a prime time to make a move to a better-fitting home. Selling your too-much-space house would also free up your larger home for the many of you who in dire need of more space.
Whether you are feeling too close for comfort or a need to scale back, the current housing market with ultra-low inventory and high demand is beyond prime for sellers, and the current low interest rates also offer a huge opportunity to make a purchase. Feel free to set up your own search here if you would like to peek at market activity near you. Reach out to me anytime if would like to know your options for making a move and want to know what your home is worth in the current market.
So how did our single-family housing markets in Fairfield and Westport Connecticut do this January compared to January 2020? As you’d probably expect, it’s been a chilly market for buyers! In a nutshell, sales and prices were UP, market time and inventory were DOWN. If you would like me to send you the link to the William RaveisLocal Housing Data tool so you can run graphs like the ones below, just send me a note! Here are the specifics from William Raveis.
In FAIRFIELD
Single-Family Homes Sales Increased 77% from 35 to 62. The Median Sale Price Increased 1.4% from $639,000 to $648,000. Market Time Decreased 43% from 114 to 65 days. Inventory Decreased 53% from 425 to 207 homes for sale.
In WESTPORT
Single-Family Homes Sales Increased 50% from 22 to 33. The Median Sale Price Increased 31% from $1,187,500 to $1,555,000. Market Time Decreased 44% from 156 to 87 days. Inventory Decreased 51% from 296 to 146 homes for sale.
Of particular note is that the number of homes for sale began to decline in June 2020 in both towns at the same time that sales were rising. Unit sales spiked in July through September in Fairfield and July and August in Westport. This trend is self-limiting by the lack of homes on the market. Inventory is now at an all time low, and new listings have been dripping into the market very slowly. There is not nearly enough choice to satisfy the current buyer demand and the added buying incentive of low interest rates. The series of snow storms during the past few weeks has also contributed to discouraging would-be sellers.
However, as of the third week of February, the pace of new listings entering the market appears to be picking up. With vaccine distribution on the rise and a much anticipated spring around the corner, things may be heating up very soon!
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!
You only need one powerhouse to get the best real estate company and services, and you just found it with William Raveis Real Estate, Mortgage, & Insurance. As your agent for this company, I want to share the top three reasons why we are the best real estate company for you, which are the same reasons why I chose to work with this company over all the others 16 years ago!
Private Family-Owned Company – Because William Raveis is owned by Bill, Chris, and Ryan Raveis, it is an agile family-based company that is one hundred percent focused on its customers with no stockholder distractions or obligations. The company’s mission is to serve its agents as their customers to ensure we are poised to be the best at serving you!
Leader in Real Estate Innovation – Our company leads the industry with forward strategic and competitive thinking, cutting-edge technology, and cultivating, training, and by empowering the best agents. Our family of companies also provides our clients with premier mortgage, insurance, and closing services for a seamless transactactifon.
Well-Connected, Next Door & Overseas – Our 4,000 regional agents have you covered here and abroad. Our luxury listings are represented by over 565 premier brokerages across 70 countries. This same network also enables me to connect you to your next purchase overseas.
These three high-level value propositions are key to why we are the best, but there is ample detail beneath, including new tools for us to leverage on a regular basis. And now, the best just got better with our new Raveis Essential and Raveis Premium service packages listed below.
I am grateful for the extensive resources William Raveis continuously provides for me to utilize on your behalf. When it rains, it pours with the ever-new and cutting edge resources I have at my disposal. I even received a new umbrella 🙂 !
In all seriousness, my goal is to understand your real estate plans and priorities and to curate a custom solution for reaching your goals. If you would like a deeper understanding of how I can meet your real estate needs, I would love to have a conversation with you. Please feel free to visit my website and company page, give me a call at 203.912.4440, or send me a note below.
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 