Fairfield and Westport CT Real Estate Guide

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

Tag Archives: closing


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Home Buying Lessons Learned: Power Couple’s First Time!

Home Buyers Race to Buy House

Wait! Remember Your Pre-Approval!

Ronald and Sara were a happy young couple ready to jump into home buying and get their first home together. When they called me, they knew what they wanted, a four-bedroom home with nice property and a pool in the million dollar range. There was a house, in particular, they had seen online that they were very excited to see right away. They thought this could be it, and they would be buying their first home.

I was excited for them too! I asked if they had spoken to a mortgage professional yet. They had not, so I gave them a few reputable contacts to reach out to and told them they should have a mortgage pre-approval before they started looking. They asked why, and I told them that the pre-approval serves three critical purposes, one, it confirms that they are eligible for a loan, two, it lets them know what their spending limit is and what the associated monthly payments will be, and three, it positions them as strong and qualified buyers when presenting an offer for the home they want to buy.

So they forged ahead, chose a lender, and sought their pre-approval. But they were soon shocked and disappointed to learn that they would not be eligible for a mortgage for at least another year.

Ronald and Sara were a power couple with great jobs and ample income. Sara had a Ph.D. and was the director of a graduate school. Ronald was an emergency room physician.

But, what they didn’t realize was that all the student loans they were paying off gave them a ratio of debt to income that was too high to get a mortgage. So we found a nice home for them to rent for a year. In the meantime, they worked hard with the credit expert company, North Shore Advisory to ensure they were on the fast track for managing their debt and raising their credit scores within the one-year timeline they had set as a goal.

Couple gets engaged

“I do!”

Fairfield University Home

This is the one!

Honeymoon in Africa

Honeymoon in Africa

 

 

 

 

 

 

 

Fast forward a year later, and they sailed through the pre-approval process to obtain a Certified Pre-Approval from William Raveis Mortgage, got engaged, and found and closed on a gorgeous new home in the university area of Fairfield, Connecticut!

Ronald and Sara also managed to jet-set off to Africa for a pre-honeymoon celebration on safari before returning to their new home to plan their wedding!  Clearly they were perfectly situated to live happily ever after, but what were the lessons learned along the way?

Always get a pre-approval before you start shopping for a home so that you know where you stand, avoid unexpected setbacks, and can position yourself as a competitive buyer.   Besides, an offer to purchase a property is not complete or acceptable without a pre-approval letter from your lender or proof of cash.

Be sure your pre-approval is of the utmost quality, as they are not all created equal. Recent changes to national lending regulations add extra time sensitivity and make this more important than ever. There are a number of new technology enhancements available that can make the whole mortgage process faster, easier, and more transparent for consumers.

Mortgage Technology Enhancements

New Tech Enhancements Simplify Mortgage Process

William Raveis Mortgage is the only mortgage banker to provide a Certified Pre-Approval.  This means that when they present a Certified Pre-Approval to a buyer, they have completed a full review of credit, income, and assets, reviewed supporting documentation and double-checked it all via an automated underwriting system to ensure that when the big day comes, the buyers get their loan and the sale goes through.

Playing with Credit Cards

Play with Your Credit Cards AFTER You Close!

Last, but not least, it’s important to be aware of all the factors that can impact your credit score because, the lower your score, the more you will pay for your mortgage, (as well as insurance and other things). In fact, it’s a good idea to check your credit well in advance of applying for a loan so that you have time to work on it if need be.  Visit North Shore Advisory, Inc. for an expert resource about credit tips and strategy.  Once you have your good credit and Certified Pre-Approval in place, make sure you don’t do anything that can change your credit score before you close!  Even a tiny negative change to your credit can bump up your interest rate and suddenly put your dream home out of reach.  So check with your lender or Realtor about things you should or should not do during your home purchase process.

Then you are ready to make your dream home come true! Welcome Home!

For questions about the process of buying or selling a home, or if you’re thinking about a move this season, send me a note below!

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Moving is So Bittersweet

You might say the phenomenon is like a rollercoaster ride when a house changes hands. It goes from someone’s beloved home to being the commodity of ‘a house’ and then back to a dear home again when the new owners move in.

And during this process, the lives of those connected to the transfer undergo such a monumental, emotional and bittersweet transition.

Cathy & Sal

Cathy & Sal

Cathy and Sal passionately enjoyed two decades of raising a family on Charles Street in the Fairfield Beach area. They always celebrated holidays to the hilt. Their elaborate lawn displays each Halloween included their camouflaged kids as spirited spooks who actively taunted trick-or-treaters before handing out candy. And their Christmas displays included every conceivable festive (inflatable and not!) item they had in their attic during the off season! Top these 20 Halloweens and 20 Christmases with a beautiful wedding ceremony for their eldest daughter this past summer, and you have just a few exceptional memories in your chest.

But now that the last of two girls and a boy have grown up and found a place of their own, it was time to move on. They didn’t expect it all to happen so quickly, but they priced their house to sell , staged it to look great and had it under contract for above their asking price in just 23 days!

Cathy and Sal found another fantastic home near the shore in New York and will be much closer to their family. This was an exciting change and the start of a new chapter, yet I know Cathy was fighting back the tears as she waved goodbye to her old house and smiled for the picture before making the full transition to her new home.

Today Charles Street welcomes a new family with two little boys, and like Cathy and Sal, they’re ready for lots of new good times to be had!

For questions and about your own transition, just send me a note below, and I’m happy to help. -Linda

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Annie and Andrew’s Story

 

Annie & Andrew

A seasoned recruiter for a financial firm on Merritt 7 in Norwalk Connecticut, Annie knew a good candidate when she saw one.   The perfect asset for the current position was one she had already recruited once before, and that would be her husband!  Given their relationship, Annie’s boss had to step in and seal the deal, but Andrew was on board in no time.

The next step was to move from their home in Avon to a town closer to Norwalk that was affordable and had good schools.  Annie’s boss lived in Fairfield and was a strong advocate.  She convinced Annie and Andrew that this town would fit the bill.

So Annie and Andrew’s agent in Avon called me to help them find a new home in Fairfield.  We spoke on the phone, and I set up their online search.   Immediately Annie saw something she liked and came to see it the next day.  Andrew couldn’t get free until the weekend, and by then the house was gone.  Three more times, the timing was too late or multiple bids got in the way, and three more homes were lost. Homes in their price range in the Fairfield university area were in extremely high demand and flying off the shelf!

New Home in Fairfield

Although Andrew liked the homes he had seen, he was still having a little trouble understanding the value for the prices in Fairfield compared to Avon.  Annie and I gushed about the treasured amenities in Fairfield such as the gorgeous beaches, convenient train stations, chic eateries, vicinity to Manhattan and the fantastic vibrant community. I wish I had this video tour of Fairfield at the time! Still, Andrew just shrugged his shoulders and went with the flow, primarily motivated by a quick commute.  

Finally, a lovely pricier home had a price reduction.  We immediately went to see it and this time lucked out.  Annie and Andrew landed a beautiful expanded Cape on a pretty university area street.  They lost no time starting to make memories with their little son George, their new neighbors and all the block parties scheduled for the year.

A short time later, Annie sent me a note that said, “Hi Linda, we love the house, and we have fallen in love with Fairfield.  We have only been in the house a little over a month, but it truly feels like home, and I would say George agrees!  We cannot thank you enough for all of your help. You were terrific to work with, patient and helped us every step of the way. Relocating to a new area is overwhelming, and you really made us feel at ease throughout the whole process.  Thanks again for everything.  We hope to see you around town!”

So we welcome Annie and Andrew to Fairfield and the university area along with some of our other recent new neighbors, Ping and Danian and Rich and Chris.  Annie and Andrew’s story is all about taking that leap toward the next chapter of exciting new beginnings- A new love. A new job. A new town. A new home.  Follow your dreams, and the rest is history in the making!

For questions about your next move, contact me any time!

If you're thinking of moving in the next 12 months, call now for your free consultation -> 203-912-4440

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How Could the “Wrong Direction” Seem So Right?

That’s what my relocation client asked me as we went to visit five drop-dead gorgeous homes in Fairfield Connecticut.

Ping and her family were moving from South Carolina to pricey Fairfield County.  Although the home sizes were not quite as grand here as what they were used to, I could sense a growing excitement about Fairfield as I shared some impressive numbers including our 11 elementary, three middle and two high schools, five beaches and three train stations.

The Chelsea Restaurant, Fairfield CT

The Chelsea Restaurant, Fairfield CT

A few added highlights like our huge Fourth of July celebration at Penfield Beach, the superb beet salad at The Chelsea and the crazy dog beach at Lake Mohegan didn’t hurt either.   The visual tour was the icing on the cake!

Ping and her husband Danian both worked for the same company in South Carolina.  She took a new job nearby, and he was able to stay with his company and transfer here. Their son and daughter would be going to elementary school.

New home in Fairfield CT

New home in Fairfield CT

The location of the home they chose in the university area was perfect.  Their kids could walk to school.  And when Danian’s parents came to visit, they could walk there with them. They were situated on a wonderful cul-de-sac and already had an elaborate play set in the back yard.  The house was stunning inside and out.  It was beautifully finished on four levels and came complete with a beautiful in-law suite.  And if all that wasn’t enough, the garage was fully equipped with cabinetry and a high-end custom flooring that looked like you could eat off it!

How can something so wrong seem so right?   Welcome to Fairfield!

Congratulations

Congratulations!

Feel free to comment on this post and reach out to me with your questions and real estate needs. – Linda

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Open House Pros and Cons for Sellers- What Will You Decide?

Many home sellers expect their Realtor to host an open house as part of the marketing activities, but some labor over the decision and others outright forbid it.    Open House

Starting with the Cons, here are some points to consider that may help sellers decide.

These are the most common Cons I hear,

– I’ll have to spend a day cleaning and straightening up!

– Don’t want the Looky-Loos, Nosey Neighbors and Strangers traipsing through my house.

– No one’s going to buy it during an open house.

– Don’t want anything broken, messed up or stolen.

… and some Pros for sellers to consider

1. An open house is typically scheduled well in advance allowing you plenty of notice before having to tidy up, unlike last-minute showing requests that inevitably occur after all your party guests just went home or your kids just dumped their belongings all over the floor.

2. Likewise, sellers with pets will have ample time to arrange for a ‘furry’ field trip as the case may be, instead of having to scramble to pull pets out of the house when the call from a buyer’s agent comes in.

3. Yes, the open house is a chance for your neighbors to come in and see.  This enables them the opportunity to spread the word to friends, family, and potential buyers, or even to consider trading up or down themselves.  Many agents send direct invitations to the neighbors to come to the open house.  Most people move very close to home, within about a 10-mile radius, so you never know!

4. Although it does happen, most homes do not sell to someone at the open house. However, this is an additional form of marketing that gets the word out about your listing. The greater the exposure you have, the better the chance for your house to sell for the best market value.

5. The multi-hour time block reserved for an open house gives you the perfect excuse to go out and do something fun for the day.  If you are careful to store away or remove valuables, fragile items, and prescription drugs, you are most likely to have a smooth open house event, and you can enjoy a worry-free day.

6. An open house gives potential buyers a chance to experience the chemistry they may have with the home after being attracted to it from photos online.

7. An open house enables a pool of buyers that don’t have an agent yet to come and consider it as their new home.

8. One of the most important benefits of an open house is that it’s an event that gives your Realtor a perfect reason to do a big round of promotion for your listing.  The promotion may include everything from email announcements to buyers and agents that link back to your online listing.  It can include a plug on all the social media outlets.  It may warrant a postcard mailing and door hanger invites to the neighbors.  The big day at your listing gets posted on numerous real estate and brokerage websites, which in turn boosts your listing exposure in online search results. The local paper promotes open house events.  And let’s not forget the yard signs pointing out your fabulous listing to everyone in town.

9. Last but not least, the open house enables a “show time” opportunity for your property that is not always practical for everyday appointments.  Your agent can ensure that the lights are all on, the window treatments are open, music is playing, flowers are on the table and the scented candles or simmering apple cider are working their magic.  This creates an excellent first impression for all that attend.  And these visitors could be the ones to direct the final buyer your way!

So when you become a seller, what will you decide?

Drop me a line!

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William Raveis Real Estate, Mortgage & Insurance
2525 Post Road, Southport, CT  06890


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Fabulous Beachfront Condo – Now Live on MLS!

10 Pine Creek Avenue 401W, Fairfield CT

10 Pine Creek Avenue 401W, Fairfield CT

Live the sweet life in your new carefree ranch style beachfront condo at Kensie Point! Decks and penthouse-like water views from all rooms, elevator entry, private furnished beachfront garden, set on town-managed Pine Creek Beach. Near‪#‎town‬ and ‪#‎train‬, an hour from ‪#‎NYC‬. Two bedrooms, two full baths, 1900 square feet updated and move-in ready. Now live on MLS, check out the listing right here!  ‪#‎coastalconnecticut‬ ‪#‎ilovefairfieldct‬ ‪#‎beaches‬ ‪#‎condos‬‪#‎ranches‬ ‪#‎multiplelistingservice‬ ‪#‎fairfieldctbeaches‬ #‎fairfield‬ #‎investment‬ ‪#‎commuters‬ #retirementhomesct

LoPumpkin Houseoking at unit sales and the average sale price for single family homes in Westport, Weston and Fairfield, there appeared to be a similar trend across the three markets as of the end of September.    Unit sales were down, but the average sale price was up.

In Westport, there were 26 sales in September which was down from 39 from last year and 50 in the previous month.  Year to date sales were 291, down 19.6% from 362 last year at this time.  However the average sale price in September was $1,510,448 which was up 5.7% from last September.  So far this year, the average sale price was $1,566,866 which was 1.9% higher than last year.

There were 54 sales in Fairfield in September which was well below the 77 units in August but just 1.8% below the 55 sales in September 2013.  Year-to-date sales were down 7.6% with 523 vs. 566 last year.  Prices followed a very similar trend to Westport with the year over year value up 5.9% for the month of September and just a slight increase of 1.6% for the year to date average sale price of $723,563.

Weston had the most significant reduction in unit sales of the three towns in the month of September but showed a better tally for the year to date.  With seven sales in September compared to 16 the previous year and 21 in August, the good news was that for the year to date, sales were down just 11.6% (122 vs. 138).   The average price for sales in September was down slightly from August and down 12.8% from last September but followed the trend of the other two towns for the year to date average price, with a small increase over 2013 of 1.8%, resulting in $882,423.

Fall Image 2

Let’s wait and see if the activity catches up to last year.  Tell all your friends that are thinking about moving to go ahead and do it!  In the meantime, click to see a table of all the Housing Market Numbers each month from 2013 to 2014 through September.

If you would like specific market numbers on a neighborhood near you, just send a request below, and I’ll be happy to provide you with the information.

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Family Comes Back to the Fairfield University Area

Photo Oct 22, 11 07 42 AM

Chris grew up at her parents’ house on Wormwood Road near Fairfield University,  but she later moved to Monroe with her husband Rich.  There they enjoyed more space and land as they raised their two children, both grown up now.

After a couple of decades, they began to tire of the 20-minute minimum drive to get anywhere and the even longer commuting time to both their jobs.  Chris has been a biolology professor at Fairfield U, and Rich was working in information technology  at Bayer Healthcare, also quite far away. So they decided it was time to move back to Fairfield. Chris could be close to her mom who was still in her home in the university area, their commutes would be significantly shorter and they could make very good use of all the cool eateries downtown!

I met Rich and Chris at an open house in 2012, and have been showing them homes on and off since then.  They have always liked the New England colonial with classic charm.   They had made offers on a few homes along the way but found themselves outbid each time.

Finally, one day I happened to be online in the multiple listing service when a new listing popped on, and I knew it was perfect!   I immediately took them to see the charming colonial on Wakeman Road.  They made an offer that was negotiated and accepted, and as of this week they have a new home!  They plan to rent out their house in Monroe for awhile before selling it and will be moving into their new university area colonial right away!

Photo Oct 22, 3 21 17 PM   Photo Oct 22, 3 21 53 PM
If I can help you with your next move or any real estate questions, please let me know by filling in the form below!

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Family Finds New Home in Old Hill

The journey was long for Eric, Roberta and their young son and a new puppy.  Of course, it would be a big lifestyle change from an apartment in Manhattan to a house in the suburbs. First of all, when you could routinely have any nationality of cuisine delivered to your doorstep within 20 minutes, anything less seemed quite inconvenient.  Add to this the perspective of coming from a classic doorman building on the Upper West Side near parks and subways with magnificent pre-war details and 11-foot ceilings, and you were starting with high expectations… as you should!  There was no pressure to move, but it was time for a new experience, a home to spread out in with a yard, an active town, and excellent public schools.

Roberta was drawn to the open space and pastoral scenery in upper Westchester County, New York.  Eric wanted a town with direct train service to Grand Central to make the commute to his Park Avenue office as painless as possible.  The family began their search in Westchester, but after evaluating the homes, amenities and property taxes there decided that Fairfield County Connecticut would be a better fit.

So they set their focus on Westport and rented a summer house there to get to know the town.   Their wish list included a neighborhood with a country feeling and a location on a quiet street, but not too far from the train.  The home needed to be something special- an older house with charm and good bones, or maybe a new construction with timeless style.  There needed to be at least an acre of property with bucolic surroundings.  The ceilings had to be high, and the flow had to be practical as well as aesthetically pleasing.  The architecture had to be true to its form and consistent throughout. High-quality details such as wide plank wood floors and large windows for ample natural light and pretty views were key. A front porch was a plus, and so was a pool.  Last but not least,  the chemistry had to be there.

So we looked.   And we looked.   Over time, we found that the Greens Farms and Old Hill neighborhoods had the location and feeling that Eric and Roberta were looking for.  We saw many, many homes that had many great features. But finding the perfect blend was not easy- as a typical suburban home would not do.   See what Eric, as well as other clients, thought about the process.

Eric & Roberta in Westport

Finally, after two an a half years, the winning home was found!  It was gorgeous.  It was custom built and designed by talented architect, John Fifield.  It had the special combination of flow, uniqueness, proportions,  elegance and setting.   It had a romantic wrap around porch and a pool.   It had the chemistry!

And that’s how the story begins.   A family’s quest leads to their new castle in Old Hill.

…a few months later, all is well!

Photo Jan 07, 11 41 26 PM


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Home Buyers & Sellers Unite!

When Mike called me to take a look at his house after seeing my name on a For Sale sign nearby, I was happy to oblige. After touring the house, I returned a few evenings later to meet with him and his wife Kagin to discuss their plans for moving to Florida and how we could work together to make this happen.   Within two weeks, Mike and Kagin were ready to put their house up for sale!

1000 Burroughs (69)

Hitting the market in pristine condition with fabulous photos and a price based on comparable sales- we had instant interest, and a lot of it!   Within the first week we had multiple offers including one at full price.    Mike and Kagin went with the offer with the best terms for them.

It’s a win-win for everyone when they can work together in a positive and productive way.   I truly enjoyed working with my clients to unite them in this successful sale!

Mike & Kagin 11-22-13       
If you would like a complimentary market valuation for your home or have a question or comment about this post, please use the form below.

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