Fairfield and Westport CT Real Estate Guide

Local insights on buying, selling, and living in Fairfield County

Spring Tulips!

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Spring Tulips!

I just sent this beautiful post card to three of my clients who are having home buying or selling anniversaries this spring. One was a two-month anniversary, one a two-year, and the third was a seven-year anniversary!! Isn’t Spring great?


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Happy Seller Heads South!

Not a big fan of freezing winters, Joe had a dream that he thought was simple:  sell his condo on Madison Avenue in Bridgeport and move to Florida where life is sunny and warm year-round.

Joe after his closing!

Joe after his closing!

It sounded reasonable enough until he put his condo on the market and didn’t get the quick sale he was hoping for.  After trying to sell with four different agents over the course of three years with one deal falling through at the last minute, Joe was feeling quite discouraged and wondered if his plan would ever come to fruition.

Finally, the following summer, he summoned his spirits again and had his son come up from Florida to help him de-clutter.  Then he called me to come and see his place, and I gave him a list of staging tips that he put into play.  We went on the market and received a good amount of activity but were plagued by low-ball offers by investors and a distressed unit that posted for sale at a rock bottom price by a bank.

As the holidays approached, Joe agreed to withdraw from the market long enough to re-do his kitchen.  I referred a great contractor to him that was skilled and well priced.  Joe shopped around for some good deals on appliances, and viola!
2011-09-30 01.52.54      Joe's Condo AFTER

 

 

 

 

 

With a refreshed look, new kitchen and the New Year, Joe closed on his condo within three months and was off to his dream home in Florida with the weather to match!  Here’s what Joe had to say about it, “I will always be happy to give you the highest recommendation for your excellent customer service and professionalism. I definitely couldn’t have sold my condo without you.  The recommendation to upgrade my kitchen was a big factor.  There were so many condos on the market in Bridgeport, I thought I would never get out of there. But you sold my condo in such a short time frame.  You are a Realtor who cares and gives the best possible customer service one could expect, especially if the seller listens to you and takes your suggestions.  I couldn’t be happier now that I am in Florida.”

Take a look at the video to see Joe’s kitchen transition in action.

Feel free to comment below or request help preparing your home for the market.

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Thank you for your response. ✨


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New Family Joins Fairfield’s Beach Area

The Fairfield Beach Area will soon be welcoming a very excited young family!
Relocating here from North Carolina, the wife is working in Wilton and the husband is the new branch manager for a bank on Black Rock Turnpike.  Only Ken was present for the closing yesterday while Jenn was off to Belgium on business, but they will be together again shortly with their two little ones and nearby relatives.

97 Cummings Ken at Closing

This happy family can’t wait to enjoy their gorgeous new home on Cummings Avenue and to meet their new neighbors this spring!  97 Cummings Ken at House


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Another Dream Comes True!

Tina had an exciting day today, because she closed on her long awaited condo in the Foxwood community in Milford, Connecticut.  Today was smooth sailing, but it was quite a journey to get here.

We had been looking for the perfect unit since last year.  It had to be on the first floor with plenty of space, two entrances, two bedrooms, a den, space to install full-size washer and dryer (vs.  smaller stacking ones)  and in good condition.  We thought we found it the first day when we looked at a nice For Sale By Owner.  But we got all the way to contract signing before finding out that this section of the complex did not allow hard wood floors to be installed- a deal-breaker for Tina.

So, we looked at several others that fell short of the requirements and then waited and waited for the right unit it come to the market.  Units came and went without anything fitting the bill.  I created custom postcards and mailed them to all the owners in qualifying units…  Nothing.

Mailer for Tina

Mailer for Tina

Then finally one day a few months ago, the ‘perfect’ unit hit the market, so we went for it.  We got it- the listing agent wrote in an email to me.   But after she told me our offer was accepted, a client of hers came in with a cash offer.  Ours was higher but still declined.  We didn’t get it!

So we waited, and I sent another mailing.

Finally, the absolute perfect unit came to the market.  It was like the one she lost, but a nice end unit with a park bench right out front.  This one was meant to be.

Tina was so excited she planned to have the entire unit renovated before she even closed on it.  She arranged to open up several walls, install hardwood and tile floors, redo the kitchen and change from her previous beach style to ‘country’!

The road was long, but the closing was short and and the reward was the perfect new home.  I think the rest will be history!

Here’s a note from Tina a few months later, “Hi Lin’,  I really love living here….I couldn’t be in a nicer spot.   Thank you for finding this home for me….I will always send you more clients when I can.”

Tina and her new Foxwood Condo

Tina and her new Foxwood Condo!


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Housing Market Update Post-Storm 2013, Westport, Fairfield, Weston CT

Housing Market Update Post-Storm 2013, Westport, Fairfield, Weston Connecticut

Hurricane-blizzard Nemo, the second ‘biblical’ weather event to hit us within a short time frame, has caused another lull in the local housing markets.   But has it really dampened this year’s market compared to last year?   Are we still a buyer’s market, or are the scales tipping in favor of sellers?  Read on to find out!  I’ve looked at the data and prepared this ‘housing market update post-storm 2013, Westport, Fairfield & Weston Connecticut’ to answer these questions for you.

In Favor of Sellers
There are  a number of indicators that mean good news for sellers- low inventory, lots of offers,  low interest rates and a strong average sale-to-list price ratio.

113 Charles St, Fairfield CT

113 Charles St, Fairfield CT
$525,000 MLS# 99009704

Low inventory- The number of homes for sale dropped significantly from last January to this January.  There were 14% fewer homes on the market this year in Weston compared to last year and 26% fewer in Fairfield.   This equates to 165 fewer homes for sale this January among the three towns. The shortage of homes for sale was not matched by a shortage of buyers however, so this meant more buyers for each listing.

TABLE FOR BLOG jpgLots of offers- As a result, the number of accepted offers (binders) surged this January.   The percentage of active listings with binders was 5-10% in Westport, Weston and Fairfield last year at this time.  But binders jumped to 12-13% this year in all three towns!  Contracts were also way up, almost doubling in Westport with 22 last January and 43 this year.

Low interest rates-  Although the lending environment was quite challenging with stricter regulations, the interest rates remained extremely low and encouraged buyers to shop and make offers.  When homes were priced in line with recent comparable sales, appraisals matched the sale price and transactions were successful.  Low rates also enabled a larger pool of buyers to afford the homes for sale.

Strong sale/list price ratio- For sellers pricing their property in accordance with the current market, sale prices remained close to asking.  Sale prices averaged 95% of list with some homes going for full price or more while many of these sellers enjoyed multiple offers and fast sales.  Five homes in Fairfield sold at or above the asking price in January.

111 Mill Hill Rd,    List: $325,000  Sale: $333,500

133 Arbor Dr,        List: $349,900  Sale: $365,130

2698 Easton Tpk,   List: $369,900  Sale: $370,000

29 Flora Blvd,        List: $559,000   Sale: $562,000

30 Carroll St,          List: $1,030,000 Sale: $1,030,000

In Favor of Buyers

Lowest interest rates ever- Buyers continued to capitalize on low prices and the absolute lowest interest rates in history .   Those prepared to act quickly and step up to the plate on price experienced a successful purchase and the joy of a new home.   Others remained out there looking and awaiting the home of their dreams to hit the market.

Mortgage Trend since 2009

And that’s the scoop on the housing market update post-storm 2013, Westport Fairfield & Weston Connecticut.

So if you are looking to buy, keep looking!  More homes are being listed for sale each day.  Contact me using the form below to help you find that perfect home or start browsing homes now by clicking the Search Like an Agent! tab at the top of this blog.  For a  mortgage pre-approval with a top-notch lender, submit a request in the form below to reach Mark Hawkins at William Raveis Mortgage.   Raveis Mortgage is currently averaging an unbeatable 33 days commitment time from submission, and Mark will be happy to assist you.

And if you are thinking of selling your house, now is prime time to get it on the market while your competition is low, shoppers are poised to buy and interest rates are offering you the largest pool of buyers for your price.  Give me a call or send me a request using the form below for a complementary pricing analysis for your home and any other market questions you may have.

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Thank you for your response. ✨

Linda Raymond, Realtor Licensed in Connecticut
William Raveis Real Estate Mortgage & Insurance
203-912-4440
Linda.Raymond@raveis.com


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Beach Area Housing Market Still Hot & the Buyers Are Out!

One might think that in the wake of the storm and with the approach of the holidays, the Fairfield beach area real estate market might be sluggish.

Not if the open house activity at a new beach area listing last Sunday was any indication!  A colonial farm house on Charles Street (see photo) had 17 buyer groups and one agent come for a look!  The home is on the market for $525,000 and located about a half a mile from town and a mile from the beach.

House Beach Grass Optimized 800x600

Another sign of market strength in the beach area is the reduced months of inventory.  This October there were just 10 months worth of homes for sale compared to last October when there were 23 months worth.  Months of inventory is calculated based on the number of active listings and the average rate of sales during the prior recent months.  Fewer months of inventory suggests that properties are selling and the market is healthier.

Last but not least, the median (midpoint) sale price of single family homes in the beach area has been rising since the low of $605,000 in 2010.  It reached $750,000 this year in October, approaching the 2007 level (see attached chart).  This shows that homes have been selling across a good range of price points, and it may even suggest that home values could be improving!

Fairfield Beach Area SF Median Sale Price Nov2012

So there you have some positive real estate news to be grateful for this Thanksgiving! Feel free to contact me any time to talk about your real estate questions and moving plans, 203-912-4440, linda.raymond@raveis.com. – Linda

Originally Posted on Fairfield Patch November 20, 2012 at 11:05 pm


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Craving that Pre-Storm Beauty Again… Plus Some FAQs on Our Local Housing Markets

I’m sure I’m not alone in missing the feeling of safety and normalcy we knew before Sandy hit.  The loss of that state of calm is captured in the stark difference between the two photos.  The first picture was taken about two weeks ago on the bridge from Sasco Hill Road to Harbor Road and the second at the stop sign between Reef Road and Oldfield on Halloween.

View from Sasco Bridge Oct 2012

Photo Oct 31, 3 56 38 PM
But as they say, the show must go on.  So here are some responses to frequently asked questions about our towns’ housing markets, and I must say, the outlook appears rather sunny!

Are sales up or down?
Sales were up ten percent in Fairfield through September this year and down slightly, (-3%) in Westport compared to 2011.  There were  44 more homes sold in Fairfield, and Westport sales were off by just eight.

Are sale prices up or down?
In Fairfield, there was virtually no change (less than one percent) in the midpoint (median) sale price, and the average sale price was down slightly, at four percent less than last year.

In Westport, the average sale price was up six percent, and the median jumped 32% to $1,225,000 from $1,086,000 last year.

What are the hottest price points?
Forty percent (111) of homes sold in Westport this year closed between $1,000,000 and $2,000,000.  The next highest selling category was $500,000 to $1,000,000 with 99 homes sold, accounting for 38% of the sales this year. Fifteen homes sold for $3,000,000 or more.  The lowest sale price in Westport this year to date was $390,000 and the highest was $5,250,000.

In Fairfield, 185 homes sold between $250,000 and $500,000 contributing to 40% of the sales.  The close second-place category was $500,000 to $1,000,000 with 180 sales and 38% of the total.  The lowest sale price was $90,000 and the highest was $5,750,000.

Have buyers and sellers been in close agreement on price?
The average sale to list price ratio has been at 96% since last year in Fairfield.  The ratio in Westport was 95% at the end of September, down slightly from 96% last year.  This means that there has been fairly close agreement among buyers with the sellers’ final asking price.   In some cases, the sellers needed to adjust their prices before attracting an offer, but in many cases sellers were able to price accurately with the market and obtain one or several strong offers.  Many sellers received full price offers.

What’s the upcoming forcast?
From the listings already under contract and with accepted offers, we can expect to see at least 58 sales in Westport and 127 in Fairfield in the next few months.  This is very positive compared to last year at this time when there were only 44 anticipated sales in Westport and 87 in Fairfield.  These numbers suggest a 32% increase in anticipated sales in Westport and 46% increase in Fairfield since last year!

As always, please continue to contact me with your questions about the local housing market and your personal plans for moving forward!

Originally Posted on November 6, 2012 at 3:47 pm


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Westport & Fairfield CT Housing Market Conditions- Plus Some Beachfront Competition

Welcome to my new blog!  Please come and visit for posts about real estate and happenings from around town and beyond.

I’ll share  updates on Westport and Fairfield Connecticut housing market conditions , snippets about my services and briefs about a day in the life of an area resident!

First off- please enjoy the pic’ of a swimmer’s demise at the teeth of a Land Shark!  This was one of the sand sculptures in last weekend’s beachfront competition at Penfield Beach titled, “Beach Bum”.    It appears that the Land Shark was the happy winner in this competition.

A look at the local Westport and Fairfield Connecticut housing markets shows some factors in favor of buyers and others in favor of sellers.  The amount of supply is one element of importance.  There has been reduced inventory of single family homes for sale in both towns this year so far.  The number of homes for sale was down to six months worth of supply in Fairfield and nine months in Westport at the end of July. This is good for sellers, because there’s less competition but not so great for buyers, because there is less to choose from.

Market time is another factor to be considered, and the days on market have been increasing lately in both towns.  In Westport, the median market time was 142 in July compared to 117 last year. 

In Fairfield, median days were up to 113 from 99 the year prior.  
The longer a home sits on the market, the less leverage the seller has, giving a stronger position to the buyer.

One parameter in the mix that works in favor of both buyers and sellers is the low interest rate environment.   Now, the sellers’ properties are affordable to a larger buyer pool, and the buying power is improved for everyone who wants to get into the purchasing game.   All in favor of healthy Westport and Fairfield Connecticut housing market conditions raise your hand!


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Serene Summer Sail and an Update on the Housing Market!

While doing my morning jog and swim at the beach this week, I saw some folks about to drift off from Jennings Beach in a small sail boat.  The scene was so peaceful and serene, I had to take a snapshot with my phone.  Enjoy the moment in the attached photo.  Sailboat at Jennings

And now on to a more dynamic topic such as our local housing markets-

What’s the Word for Sellers?
If you were thinking of selling your home now but decided to wait for a better time, you might want to think again.   Right now your competition is reduced, affordability is increased by interest rates that are even lower than before, the average sale price is steady or up depending on the town, and the sale to list ratio is strong.

At the end of July, the number of single family Homes on the Market in Westport was down to 335 from 348 in July 2011.  In Fairfield, the reduced inventory was significant with just 421 active listings versus 504 last July.  Between the two towns, there were nearly 150 fewer homes on the market to compete with as of July than there were last year at this time!

Sales were up four percent after the second quarter compared to last year in Fairfield, though  down sixteen percent in Westport.  The Average Sale Price was up sixteen percent in Westport and held steady in Fairfield.  Looking ahead a month or so, 66 sales can be expected in Westport  and 149 in Fairfield based on the tally of existing binders  and  contracts.  The percentage of active Listings with Accepted Offers can be a helpful indicator of the market condition when comparing one year to another.  In Westport, six percent of active listings had a binder at the end of July compared to seven percent last year, suggesting a fairly consistent market.   Accepted offers in Fairfield amounted to fourteen percent of the active listings, which was way up from eight percent last year.

The Sale to  List Ratio tells how close the sale price was to the asking.  The average ratio in both towns was 95% after the second quarter, and was fairly consistent with last year.  This means that sellers have been pricing their homes appropriately with the current market, and buyers have been stepping up to the plate with their offers.

And the Scoop for Buyers?
The market information above suggests a stablizing market.  Prices have been coming down since 2007, and interest rates are down to the 3% range.  With such lows, there’s really only one direction for things to go from here.  This presents a rare window of opportunity.  Need I say more?

Featured Listing!
479 South Benson Road- Charming Main House & Attached Guest Cottage
If you know of someone looking for two homes in one near the beach, marina, Sand Castles Playground, town and train, this may be the perfect opportunity for you.  Come visit during the OPEN HOUSE on September 23, 1-4pm and check out the home photo and listing information following the link below.

479 South Benson Front
http://www.realtor.com/realestateandhomes-detail/479-S-Benson-Rd_Fairfield_CT_06824_M43008-99091

As always, please continue to contact me with your questions about the local housing market and your personal plans for moving forward!

Send a note or request to join my quarterly Word on the Street e-newsletter distribution providing the latest updates on Fairfield and Westport real estate: Linda.Raymond@Raveis.com
Visit my Facebook Page: https://www.facebook.com/LindaRaymondRealEstate

Originally Posted on August 3, 2012 at 3:31 pm


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DARE to Resist! Plus an Update on Our Housing Market

Along with many other Roger Sherman Elementary School parents yesterday, I attended the 5th Grade graduation ceremony for the multi-week D.A.R.E program taught by Fairfield Police Officer George Buckmir.  The Drug Abuse Resistance Education program teaches the kids the facts about the dangers of cigarettes, alcohol, drugs and bullying.  More importantly, the program gives our kids the confidence and tools to stand up to peer pressure, resist bullies and even to discount our country’s misleading advertising.  The children each had to write an essay about what they learned, and four were chosen to read theirs during the ceremony.

This is a critical program offered to our kids at a critical age!  Take a look at some of the photos.

DARE 5 DARE 1 DARE 2 DARE 3 DARE 4

 

|DARE 6

It isn’t all bad out on the streets though, as good folks are continuing to buy and sell homes!

Although single family sales in Fairfield have not reached last year’s 212 total as of this date, there have been 145 homes sold so far this year with many more on the horizon.  Right now, there are 16% more homes with accepted offers than at the end of May last year and 24% more homes under contract.  This translates to 67 houses under binder and 125 under contract meaning that we can expect about 192 more sales in the coming month or so.

The average sale price this year to date is $637,000 compared to $727,000 at this time last year.  The change appears to be due in part to a large buyer pool seeking properties priced under $500,000.  The current inventory is very close to what it had been last May, with just under 500 single family houses on the market.

If you are thinking of selling, especially if you have a house to sell for less than $500,000, we need you in this market!  Call or email me, for assistance or more information, 203-912-4440, Linda.Raymond@Raveis.com, William Raveis Real Estate, Southport, CT

Originally Posted on May 22, 2012 at 5:24 pm