Fairfield and Westport CT Real Estate Guide

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

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Navigating the Current Real Estate Landscape: Waiting for Interest Rates to Return to 2.85%

In the dynamic world of real estate, interest rates hold a significant sway over homebuyers’ decisions. Likewise, rates have an impact on homeowners’ ability to sell. As memories of the desirable 2.85% interest rate linger, the current market fluctuations have left potential homeowners pondering their next move. Of course, the unspoken value proposition in all of this is the impact that ‘home’ has on your lifestyle and quality of life. Each person needs to weigh how much they value their lifestyle relative to what they are willing to invest in a new home. In this discussion, we’ll delve into some strategic approaches that can help you navigate this uncertainty while awaiting the (unlikely) return of the coveted 2.85% interest rate.

1. Exploring Adjustable Rate Mortgages (ARMs) for Lower Rates: Consider opting for an Adjustable Rate Mortgage (ARM) in a higher interest rate climate. ARMs often begin with a lower rate than fixed-rate mortgages, potentially offering more affordable initial payments. As interest rates are expected to fluctuate, ARMs can be a prudent choice if you anticipate rates to decrease in the future. It’s crucial to understand the terms and associated risks of ARMs before making a decision.

2. Seizing Opportunity: Buying Now and Refinancing for Lower Rates: Rather than endlessly waiting for the ideal 2.85% rate, consider purchasing a home now and exploring refinancing opportunities later. By securing a home at current rates, you can build equity and enjoy the benefits of homeownership. Keep a vigilant eye on market trends to identify the optimal time for refinancing to secure a more favorable rate.

3. Negotiating Seller Concessions for Reduced Costs: Leverage negotiation skills when making an offer on a home by requesting a seller concession. This concession can be used to buy down the interest rate or cover closing costs. Keep in mind, that sellers typically have more leverage than buyers in the current market, but if a home has been lingering on the market longer than the average market time, the homeowner might be willing to work with you for a win-win agreement. This approach provides a means to mitigate the impact of higher interest rates, enhancing short-term affordability and financial flexibility.

4. Diversifying Investment Strategies: Exploring Real Estate Investment: For those hesitant about primary homeownership due to interest rates, diversifying into real estate investment can be an attractive alternative. Options like rental properties and real estate investment trusts (REITs) allow you to benefit from market dynamics while potentially bolstering your investment portfolio. Thorough research is essential to navigate each avenue’s nuances and risks.

5. Seeking Expert Guidance: Partnering with Financial Professionals: To effectively navigate the intricate interplay of interest rates and real estate, consult financial advisors, mortgage experts, and real estate professionals. Their insights and tailored advice can help you make informed decisions aligned with your financial goals and market projections.

Conclusion: In the pursuit of the elusive 2.85% interest rate, remember that the real estate market’s complexity extends beyond rates alone. By exploring ARM options, capitalizing on current opportunities and planning for future refinancing, negotiating for seller concessions, and diversifying investment strategies, you can confidently navigate today’s real estate landscape. Stay informed, seek professional counsel, and make choices tailored to your financial situation and aspirations.

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🏡☀️ July 2023 Fairfield/Westport CT Housing Prices & Your Moving Plans After Summer Vacation

Prices went down a little bit in July… Because the rates are high, and all the buyers left the market, right? 🤨

-Ah…No. Prices were up again in July and we still have an imbalance ⚖️ of supply 

and demand. 

Why are Prices Still Going Up when buyers are sidelined due to interest rates?!

I want to read a quote to you from Lawrence Yun, who’s the Chief Economist 

for NAR. This puts it in perspective He says, “We need 50% more listings to reach pre-pandemic 

2019 housing inventory levels. And we need 100% growth in listings to reach an adequate 

supply.” 

So as a result, the average sale price was 104 to 105% of the listing price in Fairfield 

and Westport in July. And the accepted offers compared to the total available listings were 

also way higher than pre-pandemic levels. It has gone down a little bit from the past two years, 

but compared to 2019, accepted offers accounted for 27% of the active listings in Fairfield, 

which was DOUBLE what it was in 2019 (13%), and 15% of the available listings had accepted 

offers in Westport, which was TRIPLE what it was in 2019 (5%). So there is still extreme demand relative to the supply. 

What’s the Good News?

🏡 The GOOD NEWS is that rising prices mean that, on the sale side, you 

enjoy a high sale price. On the buy side, when you get into your new home, you can enjoy equity 

from the continued appreciation ↗️ in prices. 

🏡 New listings 🎉 are also coming on the market each day. We have 46 new listings on the market in Fairfield and Westport as we speak. 

🏡 And the market time ⏰ is a little bit longer. Instead of just a few weeks before something flies off the shelf with an accepted offer, now listings are staying on the market for an average of one to two months before going to contract, so you have a little bit more time to make decisions 😅. 

🏡 And who knows, MAYBE RATES WILL COME DOWN at the end of this year or next year 🙏! 

So, send me a note now, and when you come back from your summer vacation, think about making your move! You can also see all the July stats here.

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Hot Properties and Market Trends: Fairfield & Westport Real Estate Update – July 2023

Hello Fairfield and Westport!

If you are like many people I know, you would like to make a move but are trying to figure out the best timing for your goals. We are still in a seller’s market, and here’s the latest market update.

The charts below show a summary of what happened in June compared to June 2022. And my What Sold Reports list all the single-family homes that sold in June 2023 in Fairfield and Westport Connecticut.

FAIRFIELD SINGLE-FAMILY – JUNE 2023


WESTPORT SINGLE-FAMILY – JUNE 2023

Low inventory and strong buyer demand continue to push prices of many homes higher and also limit the overall market pace in Fairfield and Westport. Here are four key points to understand about the market in June this year compared to June 2022.

  1. UNIT SALES WERE DOWN in both towns (20% in Fairfield, 30% in Westport).
  2. THE SELLING PRICE AVERAGED 103% – 105% of asking in both towns.
  3. MARKET TIME DECREASED to a range of 22 – 32 days to contract!
  4. CASH DEALS comprised 31% and 39% of the sales in June in Fairfield and Westport respectively.

If you are buying a home, there’s a 30-40% chance you may be competing with cash offers, so you will want to do everything you can to present a competitive offer.

When you are buying in this market, you need to be prepared with a mortgage pre-approval or proof of funds in hand so you can make an offer quickly when you see a home you want! The good news is that new listings are coming to the market each day.

If you are selling a home that you paid cash for, you can look forward to a high selling price and maximum equity!

There are multiple offers on some properties, while others receive just one, and some will even have a price reduction if the initial price was too ambitious. Homes on average, are selling above the asking price based on June numbers though. Some are selling for full price, some above, and some are selling below. It depends on the demand for the individual property.

Bottom line: Now is a still a great time to sell! Buyer demand remains high. Inventory is still low. But new listings are still coming to the market each day, so committing to the process will ultimately land you your new home!

Reach out to me anytime with your questions about the market and to discuss your plans. Not ready to think about your move yet? Please refer your friends to me using the form below. Referrals are a win-win!

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William Raveis Local Housing Data


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Local Real Estate Report – Fairfield & Westport Connecticut June 2023

Hello Fairfield and Westport!

I know many of you are thinking of making a move but may be trying to figure out the best timing. We are still in a seller’s market, and here’s the latest market update.

The charts below show a summary of what happened in May compared to May 2022. And my What Sold Reports show all the single-family homes that sold in May 2023 in Fairfield and Westport Connecticut.

FAIRFIELD SINGLE-FAMILY – MAY 2023


WESTPORT SINGLE-FAMILY – MAY 2023

Low inventory and strong buyer demand continue to push prices of many homes higher and also limit the overall market pace in Fairfield and Westport. Here are four key points to understand about the market in May this year compared to May 2022.

  1. UNIT SALES WERE DOWN in both towns.
  2. THE MEDIAN SALE PRICE WAS UP in both towns.
  3. MARKET TIME INCREASED from last May and averaged 41 days to contract in Fairfield and 83 days in Westport. However, the May Median days on market in both towns was less than in April!
  4. 30-40% of all sales in May were CASH deals.

The amount of cash offers nearly doubled since before the pandemic. Thirty-three percent of all sales in Fairfield from January through May were cash deals, versus 18% during the same months in 2019. In Westport, forty percent of the sales YTD through May were cash, up from twenty-two percent in 2019.

If you are buying, there’s a 30-40% chance you may be competing with cash offers, so you will want to do everything you can to present a competitive offer.

When you are buying in this market, you want to be prepared with a mortgage pre-approval or proof of funds in hand so you can make an offer quickly when you see a home you want! The good news is that you have a little more time to make a decision than you did last year, and new homes are coming to the market each day.

If you will be selling a home that you paid cash for, you will enjoy full equity and a high selling price!

There are multiple offers on some properties, while others receive just one. Homes on average, are selling close to the asking price. This means some are selling for full price, some above, and others below. It depends on the demand for the individual property.

Bottom line: Now is a still a great time to sell! The inventory is still low and buyer demand remains high.

Reach out to me anytime with your questions about the market and to talk about your plans. Not ready to think about your move yet? Please refer your friends to me using the form below. Referrals are a win-win!

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William Raveis Local Housing Data


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Near and Far Aid Designer House Tour 2023: Join Us!

Join me and Near and Far Aid for the highly anticipated Designer House Tour on June 2nd! Be part of this impactful fundraising charity event that promises an unforgettable experience. Together we can all help to target poverty and support healthy thriving communities!

After the wonderful afternoon, mix and mingle with the designers, architects, and sponsors.

Click the image on the right for a quick preview! =>

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Reach out below if you have questions!



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Southport CT Home Buyer Success Story – Love Where You Live!

The day we met, she had flown from California to her second home on Long Island and taken the ferry across to visit open houses along the coast all the way from Westchester to Fairfield!

My open house in the Fairfield Beach area may have been town number five in her trek starting in New York, then Greenwich, Westport, and Norwalk.

… someone along the way told her she needed to take a look at Fairfield because it’s a great town.

From talking with her, I could tell she valued the charm and character of the cute cape. She also mentioned that she had never been to this town before, but someone along the way told her she needed to take a look at Fairfield because it’s a great town.

She was immediately drawn to the bustling yet easy vibe. The other major attraction was that the downtown, train, and water were all located in the beach-center area of town. How fabulous to be able to walk to all the cafe’s, shops, train, and beach!

After her day of researching homes and towns, she headed back to Long Island and then to LA where her primary home was. But she made arrangements to return and look at some other homes in the Fairfield Beach Area and Southport. She saw some new construction that was open, airy, spacious, and attractive, and also an incredibly adorable little vintage Victorian home in Southport. It was in Southport Village, a charming and picturesque historic district in Fairfield with its own train station, many old churches, and a beautiful harbor. All of these assets are also within walking distance in the Village.

The romantic charm of Southport Village, with the church bells and train sounds evoked such a nostalgic and comforting feeling, she was hooked.

She adored the antique home in the historic village, but it was small, so she revisited the new homes again and a few others. But the romantic charm of Southport Village, with the church bells and train sounds evoked such a nostalgic and comforting feeling, she was hooked. The renovated antique home fit right in, with its charm, history, character, and quality updates. This was the one!

So she listed her house for sale in California, got it sold, and made a successful offer. She researched storage facilities near Fairfield, got a mover, went on a few business trips, had a friend go to the inspection for her, made plans to drive her car from California to New York with her son, and then head to Connecticut. She wired funds for the house from her bank while en-route cross-country and arranged to stay at a nearby friend’s house for a night so she would be ready for the walkthrough and closing the next day. She got it done and couldn’t be happier!

When you fall in love with a home, anything’s possible!

If this little lady can come east to go house hunting a few times in Connecticut, sell her house in California, drive cross country, nail a purchase in a seller’s market, find the best storage in the area for her extra stuff, stay overnight at a friend’s house, and be ready to move-on-in on closing day…you can too!

Congratulations to my client who is thrilled to be one of the newest residents of Southport Village. 💕

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Local Real Estate Report – Fairfield & Westport Connecticut May 2023

Hello May,🌷and hello home 🏡 sellers in Fairfield, Westport, and surrounding towns!

I know many of you are thinking of making a move but may be trying to figure out the best timing. We are still in a seller’s market, and here’s what you need to know.

The charts below show a summary of what happened in the month of April this year compared to 2022 and 2021. And my What Sold Reports show what single-family homes sold in April 2023 in Fairfield and Westport Connecticut.

Low inventory and strong buyer demand continue to push prices of many homes higher and also limit the overall markets in Fairfield and Westport. Here are four key points to understand about the market this April:

  • New Listings – are DOWN from the previous two years at this time but have been increasing since January.
  • The Median Sale Price – is UP from the past two years and from last month.
  • Pending Sales – are DOWN in April compared to April 2022 and 2021.
  • Months of Supply is UP.

There are multiple offers on some properties, while others receive just one. Some homes are selling on average, close to the asking price. This means some are selling for full price, and some above and others below. The time on market from list to contract is between 50 and 60 days in Fairfield and Westport, respectively, which is up from about 30 to 45 days last April. So buyers are enjoying a little more time and leverage in some cases. It depends on the level of activity on the individual property.

Bottom line: Now is a great time to sell! The inventory is low but has been increasing since January, so listing your house now gets you in front of buyers before peak competition. As a buyer, you have a little more time to make a decision than you did last year, and new homes are coming to the market each day.

FAIRFIELD

Fairfield April New Listings: DOWN 19.3%

Fairfield April Median Sale Price: Up 8.6%

Fairfield April Pending Sales: DOWN 27.8%

Fairfield April Months of Supply: UP 4.5%

WESTPORT

Westport April New Listings: DOWN 1.9%

Westport April Median Sale Price: UP 20%

Westport April Pending Sales: DOWN 40%


Westport April Months of Supply: UP 52.2%


So when you are buying, you want to be prepared with a mortgage pre-approval or proof of funds so you can make an offer quickly when you see a home you want!

Reach out to me anytime with your questions about the market and to talk about your plans. Not sure about your move yet? Please refer your friends to me using the form below.

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Data Source: SMARTMLS


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Behind the Scenes: Featured Home Tours

Each week there are specific days for each town when Realtors® can tour new listings on the market. Doing this enables us to help you best value your house when you’re ready to sell as well as guide your offer when you purchase.

I wanted to share three featured tours with you, because they are so special and completely different from one another! One is the bright condominium complex that is being constructed in the beach and downtown area. Another is a romantic antique in Greenfield Hill with property that dreams are made of, and the third is a grand and spectacularly renovated home near the Brooklawn Country Club!

Here’s a behind the scenes peek at The Reef at Fairfield Beach. The complex is within walking distance to the train, town, and beach and is comprised of nine townhouse-style units, each with elevator or elevator potential. One unit is under contract at the time of this post. (Click image for tour and tab through the clips.)

The next tour takes you back in time to an antique home in Greenfield Hill with this description in the listing introduction, “ENCHANTED GARDENS – With a magical setting created by renowned botanist and floral designer, Peter Stephens, this beautiful and enchanting 2.9 acre property is enveloped in secluded, private terraces, bubbling fountains, remarkable flower and vegetable gardens, whimsical secret vignettes and meandering pathways, garden sheds, barns (flowers, recreation, storage, poultry, ponies), twin paddocks, and meadows and river beyond.” Relax and enjoy the short video montage!

Last, but not least is a vintage home owned and decorated by an artist in the Brooklawn area of Fairfield. Brooklawn Park is a 69-lot subdivision that gets its name from the private sprawling Brooklawn Country Club founded in 1895. It was a prestigious development built in the early 1900s to serve the elite industrial businessmen at the time. The homes are palatial in size and each has its unique character.

If you would like more information or a tour of these properties, reach out to me using the form below!

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Local Real Estate Report – Fairfield & Westport Connecticut April 2023

Hello Spring 🌸! Where are prices going?

I know many of you are thinking of making a move but may be hesitating due to uncertainty. Of course, no one has a crystal ball for the future, but the charts below and the What Sold Reports show what happened with single-family homes March 2023 in Fairfield and Westport Connecticut.

One thing we know is that the low inventory environment will not be changing anytime soon. Also of note in the following Fairfield and Westport graphs is that the months of supply peaked in June last year. So, if this year follows suit, June will be the time of highest competition for sellers and the most choice for buyers. Feel free to reach out to me for values in additional towns.

FAIRFIELD PRICES & INVENTORY

The median (midpoint) sale price was down 3.1% in March compared to March 2022 (first graph), however it has been increasing since January. This is likely the result of more smaller homes selling. The average price per square foot actually increased 12.9% (second graph)! Smaller homes tend to sell for more per square foot, and prices may be heading upward as well. Lastly, the inventory has remained incredibly low with only 1.8 months of supply (third graph). This low level is the same as last year at this time. A balanced market has 5-6 months of supply!

Fairfield Median Sale Price – March 2023 DOWN 3%

Fairfield Median Price Per Square Foot UP 14.2%

Fairfield Months of Supply 2.5 UP from 2.1 in March 2022

WESTPORT PRICES & INVENTORY

The median sale price was also down in Westport, by 18.5% from last March (first graph). But the sale price per square foot was up 4.9% suggesting price increases (second graph). The months of supply did improve by 3.8% since last month but still remains low at 2.7 months (third graph).

Westport Median Sale Price – March 2023 DOWN 18.5%

Westport Median Price Per Square Foot – March 2023 UP 4.9%

Westport Months of Supply – March 2023 UP 3.8%

Tight Inventory and Strong Buyer Demand Continued

We saw some opportunity for buyers to have a little more time, choice, and negotiating ability depending on the demand for the particular property. However, this leverage was only on a a case by case basis.

Due to the tight inventory, many homes still sold very quickly and with multiple offers.

So when you are buying, you want to be prepared with a mortgage pre-approval or proof of funds so you can make an offer quickly when you see a home you want!

Check out the Instagram Reel

Reach out to me anytime with your questions about the market and to talk about your plans. Not sure about your move yet? Please refer your friends to me using the form below.

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Data Source: SMARTMLS


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More Options in the Fairfield Connecticut Real Estate Market This Week!


Something OLD and something NEW were added to the Fairfield Connecticut market this week providing more of a range of options to buyers. I saw the Victorian home 🏡 on tour, and previewed the new construction near the beach 🌊 to share via WhatsApp with my client in LA.

Reach out if you would like to learn more about the local real estate markets and may be thinking about a move.

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