We had a great dinner and fun night at the new Gabagool Wine Bar in downtown Fairfield!
I had the salmon piccata and Mark had chicken parmesan, both of which were very good. We had the blueberry lemon cheesecake for dessert which was also delicious.
You will love the new bar and a fun Sopranos theme. The new chairs are also cushy and comfy. The owner, Antonio is the best, so come by with your appetite and leave with your mug shot!
We went back for Super Bowl Sunday and had the antipasto and spicy pizza. Both were delish! Thank you, Antonio!!!
The restaurant is located at 70 Reef Road, Fairfield Connecticut 06824
I know many of you are thinking of making a move but may be hesitating due to uncertainty. Here’s what’s happening in Fairfield and Westport, Connecticut. Reach out to me for values in additional towns.
Below is a comparison chart for Fairfield and Westport showing changes that favor buyers and sellers when comparing February 2022 vs February 2023 market stats. (March numbers will be out soon.)
FEBUARY 2023 MARKET HIGHLIGHTS
New Listings & Sales Volume: DOWN In Both Towns
New listings were down 27% in Fairfield and 49% in Westport which limited the sales volume. Unit sales were down 53% in Fairfield and 42% in Westport. Average days on the market also increased in both towns.
Price Per Square Foot: UP in Both Towns
Although the Fairfield median and average sale price metrics were down this February, the average sale price per square foot was up! When you look at what sold this February, you can see that more smaller homes sold (average square foot =1,741) and only one sale was above $1M compared to last year. In February 2022 the average size home that sold had 2,215 square feet, and there were seven sales between $1M and $3M. So it appears to be more about the mix of homes that sold that resulted in the appearance of prices decreasing in Fairfield.
In Westport, prices were up any way you look at it!
Tight Inventory and Strong Buyer Demand Continued
We have seen 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 spotty and remained 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 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!
On a national note, the experts predicted that prices would remain relatively stable by the end of 2023 followed by continued appreciation beginning in 2024. So buyers in the current market may enjoy equity increases in the very near future!
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.
Pack your suitcase and step into your home away from home in the heart of Fairfield’s vibrant beach neighborhood. Walk to the beach or tennis. Bike, scooter or drive downtown, and enjoy the chic eateries and shops or hop on the train to NYC or New Haven. You’ll be cool and comfortable with central air, the newly-renovated kitchen, sunny views of the tidal marsh, spacious bedrooms for all, and two full baths with a tub and shower. Penfield Beach offers a snack bar, bathrooms with hot showers, lifeguards, and a playground, so you can go and spend the entire day!
As a home seller, you’re in great shape with limited competition and extremely low inventory. But what about when you’re ready to buy in this seller’s market? People are successfully making their moves, and you can too!
So if you want to go for it, work with your agent to have everything in place to move quickly with a complete and professional offer that represents your most competitive proposition with terms that also work for you.
You Need 5 Components for Your Complete Offer:
1. Cover letter 2. Binder or contract 3. Proof of funds or pre-approval letter. 4. Signed property disclosures 5. MLS listing
Now that you have all the key components in place, think about the terms that are critical for you and the ones where you have more flexibility. These areas may be able important to the seller and can tip the scale in your favor. Can you offer cash, or a purchase that’s not contingent on a mortgage? Do you have flexibility with timing? Can you offer the seller a rent-back to help timing work if the closing needed to occur sooner? Are you comfortable enough with the property condition and price to allow your satisfactory inspection to be for informational purposes only? Are you open to offering to purchase some of the furnishings? These are the types of variables that can make both your move and the seller’s a bit easier and can often lead to a win-win deal!
Reach out to me below if you’re ready to get ready!! 👍🏻🏡 😃
Who knew your long-time insurance company has no loyalty? 🙄 I suppose it’s no surprise.
I knew homeowners in the Fairfield Beach area to have trouble obtaining flood insurance sometimes if the home was in a high flood-risk spot or had a history of significant flood claims.
But I had never come across anyone who was told they could not get plain ol’ homeowner’s insurance!
We had accepted an excellent offer for one of my listings in the Fairfield Beach area and the transaction was moving along very smoothly until the buyer tried to put her homeowner’s policy in place before the closing.
She used Chubb for her prior residence for the past 20 years. So she called them for a new policy for her new home. What they said was… no.
Fearful that the home I thought I just sold for my client was, for some reason, uninsurable, I called my go-to insurance and flood regulations guru, Robert Reade of William Raveis Insurance.
He explained that some of the carriers were hit hard from storms Sandy and Irene and were pulling way back on their coverage areas. Apparently Chubb fell into this category.
But Robert calmly explained that he had about 22 other carriers that would write a policy with no problem at all.
Phew!
So we enjoyed another happy ending with my seller moving onto her next chapter and the buyer moving into her lovely new home with the perfect insurance policy to go with it!
Here’s the full 2-minute video of how it went down.
It’s February, but March is Just Around the Corner!
The January numbers are in, so where do things appear to be going at the moment? I know many of you are thinking of making a move but may be hesitating due to uncertainty (see 3rd video below). I will keep you abreast of home values in Fairfield and Westport Connecticut each month here on the blog. Reach out to me for values in additional towns.
Since we are starting a New Year, I pulled the report showing 12 months ending in January compared to the same timeframe the previous year. Below is a comparison chart for Fairfield and Westport showing changes that favor buyers and sellers.
Home values were up.
The median and average sale prices were up as well as the average sale price per square foot in both towns compared to the 12 months ending in January 2021.
Inventory and new listings were down, putting upward pressure on prices. Homes sold on average for 102% of the list price, compared to 100% in the previous year.
In favor of buyers, unit sales and contracts were down. We have seen some opportunity for buyers to have a little more time, choice, and negotiating ability depending on the demand for the particular property. This leverage is very much on a case by case basis.
Due to the tight inventory, many homes are still selling very quickly with multiple offers. So buyers should be prepared with a mortgage pre-approval or proof of funds so they can make an offer quickly if they see a home that they like.
Below are my market comments for the last week in January and second and third weeks in February. (Click each image for the 60-second videos on Instagram). We saw an increase in new listings, but the accepted offers far exceeded this count! 🤷♀️ So we need new listings! 🏡 🏠 🏡
On a national note, the experts anticipate prices to remain relatively stable followed by continued appreciation beginning in 2024. So buyers in the current market may enjoy equity increases in the very near future!
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.
Yes, definitely reach for the hot chocolate! But first make sure you are proactive about protecting your pipes, especially those that are most vulnerable to freezing. Think about your exterior pipes, pool plumbing and any uninsulated pipes.
Our regional insurance expert, Robert Reade of William Raveis Insurance just sent out the important bulletin below that I wanted to share it with you, especially if this is the first winter you are in a new home or have a new pool.
Good Afternoon, With the temps dropping here in CT this weekend to -35 degrees with the wind chill in some areas I thought it would be good to send a reminder on how to prevent frozen pipes.
Homeowners everywhere in the Northeast need to consider the risks of frozen pipes in their homes. Water damage and freezing claims were the second-most frequent type of claims filed in the United States between 2016 and 2020.
Water damage and freezing claims were the second-most frequent type of claims filed in the United States between 2016 and 2020.
Homeowners who file these claims lose an average of $11,650. About one in 62 insured homes make a claim related to water damage or freezing each year.
Though these are troubling statistics, you can avoid frozen pipes and water damage claims by learning how pipes freeze, taking preventative action, and investing in some tools.
You can avoid frozen pipes and water damage claims by learning how pipes freeze, taking preventative action, and investing in some tools.
No matter where you live, these four types of pipes tend to be the most vulnerable to freezing:
Uninsulated pipes
Pipes on the exterior of the home
Pipes located in attics, garages, basements, crawl spaces, or other uninsulated areas
Copper or galvanized steel pipes
There are other areas in homes that are susceptible to freezing, as well. The connectors and hoses on washing machines, dishwashers, and water heaters are vulnerable to freezing as they can become brittle and break. Sinks and showers also pose potential hazards.
Outside, spigots, sprinkler systems, and swimming pool lines might not be as well insulated as indoor plumbing and could be the first points to collapse during a hard freeze.
How to prepare your pipes for colder weather:
Drain, remove, and store outdoor hoses to keep them from becoming fragile or tripping hazards after a snowfall or freeze. Also, drain water from outdoor lines, such as those connected to swimming pools and sprinklers.
Open outdoor hose spigots but close the inside valves that supply them with water.
This process causes the water to drain and—in the event of a freeze—expand without bursting a pipe.
If you go on an extended vacation, turn off the water to the home and open all the faucets to drain any water remaining in the pipes.
Insulate water supply lines and pipes in the garage, basement, attic, and other unheated areas with foam, heating cables, or pipe sleeves. Do the same for pipes under kitchen and bathroom sinks.
Make sure your home is enclosed and insulated.
Find and seal any cracks, drafts, and holes in the home’s exterior. Even small openings can welcome cold air inside, which impacts pipes and heating bills.
Enclose crawlspaces and insulate the attic. The added layer of insulation keeps warm air in and cold weather out.
Close the garage door to keep heat inside, especially if it closets water supply lines, the water heater, or a washing machine.
Keep the thermostat at a consistent setting—no lower than 60º Fahrenheit—during the day, night, and when you’re on vacation.
You might see a higher utility bill, but it’s cheaper than water damage costs.
Open the cabinet doors when temperatures fall below 32º Fahrenheit.
Opening cabinets allows warm air to circulate around kitchen and bathroom plumbing.
Let hot and cold water trickle through your pipes during frigid nights to help prevent them from freezing.
Find a local plumber. In the worst-case scenario, you should have the number of a trusted plumbing professional on hand.
There are products out there to help prevent frozen pipes and protect pipes against bursting. The Resideo Wi-Fi Leak & Freeze Detector can be purchased on Amazon for only $80. It can sense your homes moisture, temperature and humidity changes. It’s an early warning system when weather changes and pipes are in danger of freezing. There are many other products out there that can help aid in preventing substantial damage from burst pipes, such as pipe heating cables for vulnerable pipes, insulated pipe tape, outdoor faucet/spigot covers, just to name a few.
If the pipes freeze, it’s tempting to head to the nearest hotel for some running water, but don’t be hasty. Follow these steps to keep a freeze from becoming a disaster:
Shut off the main water valve.
Call a plumber if the frozen pipe is in an area you can’t reach—like underground or in an interior wall.
Use warm air to help thaw the pipes if you can access the frozen pipe. You can use a hair dryer, heat tape, or a quality space heater, but don’t leave it unattended—they can catch on fire.
Slowly turn the water back on, watching for leaks. You may need someone to assist you with this step.
Repeat steps three and four if the water doesn’t resume flowing immediately.
If a pipe bursts before you can thaw it, immediately shut off your water to prevent a flood. Mop up any mess you can reach and contact a plumber. Once the plumber assesses the damage, get started on an insurance claim.
Be safe and stay warm! Let me know if you have any questions, 860-690-5052.
Did you know there 35 points of negotiation in a Fairfield real estate sale? These terms can go your way…or not.
As a home buyer, you likely feel it’s a challenge to find a home in this market. As home seller, you may find it daunting to prepare your home for the market and you want to ensure your home is priced, presented, and marketed strategically so that you get the highest return and the best terms. Your trusted agent will help you accomplish both monumental endeavors.
Yet the process from contract to close can be the most challenging and vulnerable phase of your transaction.
Your agent must navigate and negotiate all the details and variables, both the anticipated and the unexpected, when working toward your successful sale.
There are 35 points of negotiation!
Price
Proof of funds, pre-approval
Timeline
Possession
Occupancy
Deposit money
Appraisal
Financing
Contingencies
Deadlines
Inspections
Repairs, remediation, or credits
Closing agency
Closing costs
Title search results
Survey
Permits
Property lines
Fences, trees, sheds
Easements, wetlands
Elevation certificate, elevation
Personal property
Insurance, property, flood
Home warranty
Other warranties- roof, mechanicals, builder
Water systems
Septic or sewer systems
Utilities
Prorations- oil, water, taxes
System or service leases- solar, water heaters, pest treatment
Assessments
Associations
Property disclosures
Walk-through
Closing!
There are many things that can go your way or not in your Fairfield real estate sale! You don’t want to pay the price without getting the value. With more 80 online testimonials and over $73M in sales, rest assured I will work tirelessly for your successful move just as I have done for all my other clients. Reach out to me today, and let’s discuss your plans.
Finally, the home you love just came on the market and you want to buy it.
But your existing house won’t be closing in time for you to make a competitive offer. In this market of tight inventory you need to be able to act quickly and come in with a complete and solid offer for the new home that you want to buy.
Did you know you can secure your mortgage pre-approval before you close on the sale of your home? Here’s a great tip you should know about!
If your dept-to-income ratio doesn’t allow for you to carry two houses, but you have an accepted offer for the sale of your house, this could be good news for you!
Have your downpayment ready.
Get the contingency-free loan commitment letter from the buyers for your house.
If the buyer for your house is financing and will give you their contingency-free loan commitment letter, you may be able to get your mortgage pre-approval to buy before you close on your sale.
With your buyer’s contingent-free loan commitment letter, your lender does not have to include your existing mortgage debt when figuring your debt-to-income ratio for your new loan. All you need is your down payment, and you are good to go.
It’s January 2023 and you are wondering, are home values falling? As a potential home buyer or home seller, you want to know where the values of your Fairfield County house are now and where they are likely heading.
I will keep you abreast of Fairfield County house values in Fairfield and Westport each month here on the blog. Reach out to me for values in additional towns.
Below is a comparison chart for each town showing the year-to-date change and an estimated forecast to address the question, “are home prices falling”.
As you can see, we are still in a seller’s market. Home values are up 12-25% in Fairfield and Westport at the end of 2022 compared to 2021. Inventory and new listings are down, and market time is down year over year.
Yet, in favor of buyers, unit sales and contracts are also down. And months of supply was up in December in both towns (data not shown). So this offers some opportunity for buyers to possibly have a little more time, choice and negotiating ability in the coming year. This leverage is on a case by case basis though. Due to the tight inventory, many homes are still selling very quickly and some still with multiple offers. So buyers should be prepared with a mortgage pre-approval or proof of funds so they can make an offer quickly if they see a home that they like.
On a national note, the experts have not projected home prices falling in 2023. They expect to see prices remain relatively flat followed by continued appreciation beginning in 2024. So more equity should be there for the taking for home buyers this year!
Reach out to me anytime with your questions about the market and to talk about your plans.
Fairfield and Westport CT Real Estate Guide 