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.
When your clients say they won’t bid on the house until hell freezes over or HGTV gives them a free makeover. 🧐
Although buyers might not have the same level of negotiating power of yesteryear, there is still some opportunity to negotiate on a case by case basis. It depends on
🟠how much demand there is for the property,
🟠the motivation level of the seller, and
🟠how much concession the buyer is asking for.
If you are a buyer who will only consider a jackpot deal, you could luck out, or you could be waiting a very long time. 🤷♀️
Just kidding (about the photo, not the commentary)!
My clients just came across the picture and sent it to me. It looks so ‘retro’ I had to have some fun with it. I wasn’t waiting for my clients to decide on an offer. They had actually already bought the house and were about to cash in on a free makeover from HGTV when we filmed the show, HGTV House Hunters Renovations. We were on a break during filming in the kitchen. Below is their gorgeous renovated kitchen thanks to HGTV. Sometimes things just work out perfectly! 🏡 🌳 🌞
Here are a couple more snapshots from behind the scenes at some other properties we browsed for the show.
If you have questions about the market, moving process, or would like to talk about your plans. Drop me a note below!
As part of your prime homeownership experience, you want to have some great getaway options that are not too far away, right?
Living in Fairfield Connecticut, one of my favorites is Okemo Mountain in Ludlow Vermont! It’s just about two and a half hours away and it always refreshes your body and soul. You can leave home in the afternoon and check into your condo rental early evening, just in time for a glimpse of the slopes and a bite to eat in town. Then wake up and hit the ski trails. The beauty and peacefulness of the mountaintop views is just what the doctor ordered!
Finally, after a fun few days of fresh air and exercise, be sure to stop in at the Vermont Country Store as you head out of town. It is scenic, quaint, and super charming! Here are some snapshots of the full experience. If you would like to look into a home in the Fairfield or Westport Connecticut areas as well as homes near Okemo, DM me today. We have offices in each of these locations!!
If you would like to look into a home in the Fairfield or Westport Connecticut areas as well as homes near Okemo, DM me today. We have offices in each of these locations!!
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.
Below is November’s Local Housing Data for Westport, CT. Click the image to open the interactive report.
With the report open, use the menu in the upper left to search different towns and pull up more reports…like the Market Forecast tool! This is a screenshot of the expanded menu view:
Reach out to me anytime with questions about the market and your plans.
Our fabulous communities are what draw people to our towns from near and far and what keeps people here sticking around and moving locally. That’s why I like to help support our local communities.
This week I met with Fairfield’s new Conservation Director, Tim Bishop to talk about how I can help homeowners in town learn how to protect our precious wetlands. Tim is an excellent resource for our town and truly wants to collaborate with homeowners to help them get their home improvements done while protecting our fragile natural resource, the inland wetland areas.
Most people are not aware of the importance of protecting wetlands and that doing so is critical to controlling flooding and stormwater run-off, maintaining our water quality, and preserving natural ecosystems that need still (vs. flowing) water to breed and live. Healthy wetland areas hold onto water which enables a natural cleaning process to occur and provides the environment necessary for wildlife, while controlling flooding. Many people don’t know they have wetland areas on their property. They don’t realize that their actions may be permanently destroying this critical natural resource, and they don’t realize that what they do in their yard impacts other people. So I will be working with Tim and others from the Greater Fairfield Board of Realtors on a plan to get the word out!
After meeting with Tim Bishop, I went to Bridgeport and helped to assemble 600 meal bags in preparation for Thanksgiving. This was part of a larger program to support 7,000 families.
The next day, it was time to vote!
And last, but not least, I launched a new Weekly Housing Update to enable you to track the market on a weekly basis and see what’s going on in Fairfield and Westport. You can find the Weekly Update here on the blog.
If you are thinking of making a move within one of our fabulous communities, within the next 12 months, now is the time to reach out to me so we can proactively put your plan in motion.
Let’s face it, most of us do not have “vision” when it comes to imaging another home as our own. As a home buyer, you appreciate seeing a potential home that’s gets you excited and makes your heart pound, right?
As a home seller you want to put your best foot forward to help your buyers view your house at the absolute top value you feel it’s worth, right?
It’s emotional!
I can list the statistics from the National Association of Realtors and other organizations that have documented the value of home staging because it has resulted in homes selling for the highest possible price in the least amount of time. I know you’ve seen the data. But what is it about staging that makes the difference? It’s emotional! And people make real decisions based on emotion. (There are studies documenting this point as well.)
When you approach the house and when you walk in, you feel an instant WOW! The feeling is fresh, clean, light and bright. Something about the space draws you in. You notice the fabulous views, elegant fireplace, perfect lighting, spacious rooms, and seamless flow! You are not distracted by personal photos and belongings, evidence of pets, extreme wall colors, oppressive and excessive furnishings or other obstructions. You simply feel an easy flow and a fabulous vibe, maybe even some passion!
Browse the photos above, and see how you feel!
Here’s what one of my clients had to say,
The suggestion of “staging” was something I hadn’t thought of, but after being introduced to the idea, I went with it and was amazed by the change it brought to my home. It was magnificent!!!
Browse through some of the before and after photos by clicking the image above, and see how you feel!
Reach out to me below with comments or questions about your plans. Want a quick estimate of your home’s value in the current market? Click here.
It’s just about two and a half hours away and it always refreshes your body and soul. You can leave home in the afternoon and check into your condo rental early evening, just in time for a glimpse of the slopes and a bite to eat in town. Then wake up and hit the ski trails. The beauty and peacefulness of the mountaintop 
views is just what the doctor ordered!
as you head out of town. It is scenic, quaint, and super charming! 
Fairfield and Westport CT Real Estate Guide 