Fairfield and Westport CT Real Estate Guide

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

Tag Archives: William Raveis Real Estate


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If You Knew Your Home’s True Value, What Would You Do Next?

As a seasoned realtor serving the beautiful communities of Fairfield and Westport, CT, I’ve found that one question consistently ignites the spark of curiosity in homeowners: “If you knew your home’s true value, what would you do next?”

Knowing your home’s true value is a game-changer. It opens up a world of possibilities, from strategic financial planning to making informed decisions about your future. Here’s a deeper dive into what you can do once you have this crucial piece of information.

Plan Your Next Move: Upsize, Downsize, or Relocate

Understanding your home’s value gives you the leverage to plan your next big move with confidence. Perhaps your family is growing, and you’re dreaming of a larger home in a top-notch school district. Or maybe you’re looking to downsize and enjoy the simplicity of a cozier space with fewer maintenance demands. Whether you’re staying in Fairfield and Westport or considering a relocation, knowing your home’s worth can help you set a realistic budget for your next purchase.

Home Improvement: Invest Wisely

Thinking of renovating? A precise valuation can guide your investment decisions. Focus on home improvements that will yield the highest returns. In Fairfield and Westport, buyers often appreciate modern kitchens, updated bathrooms, and energy-efficient features. These enhancements not only increase your living comfort but also significantly boost your property’s market value when you decide to sell.

Estate Planning and Financial Strategy

For those looking at the bigger picture, understanding your home’s value is crucial for estate planning and long-term financial strategy. It allows you to make informed decisions about asset distribution, ensuring your loved ones are well taken care of. Additionally, a clear picture of your home’s worth can enhance your retirement planning, giving you peace of mind about your future.

Get Started: Obtain an Accurate Home Valuation

The first step in unlocking these opportunities is to obtain an accurate home valuation. As a realtor deeply familiar with Fairfield and Westport, I provide comprehensive home assessments that consider local market trends, recent sales, and unique property features. This valuation isn’t just a number; it’s a strategic tool that can guide your next steps, ensuring you make the most informed and beneficial decisions for your future.

Conclusion

So, if you knew your home’s true value, what would you do next? Whether you’re considering selling, refinancing, remodeling, or planning for the future, knowing your home’s value empowers you to take control of your financial destiny. Contact me today for a personalized home valuation and let’s unlock the full potential of your property in Fairfield or Westport, and nearby CT towns.

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#RealEstate #FairfieldCT #WestportCT #HomeValue #HomeSellingTips #Refinance #RealEstateInvesting #HomeImprovement #EstatePlanning #FinancialStrategy #PropertyValuation #CTRealEstate #LocalRealtor #HomeBuyers #HomeSellers #MarketTrends #DreamHome #RealEstateAdvice #HouseHunting #InvestmentProperty #LuxuryRealEstate #HomeEquity #MortgageTips #PropertyMarket


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Real Estate Market Report April 2024 🌷: Fairfield CT and Westport CT


April is Nearly Behind Us! 🏡 🌷

Here’s a quick look at what happened last month in our local Fairfield and Westport markets. If you’re curious which homes sold, take a look at the What Sold Reports.

Here’s what happened in March 2024.

Prices were up.

  • Single-family home sale prices averaged 102% of asking in Fairfield and 99% in Westport.
  • The median sale price in Fairfield was $870,000, UP 15.7% compared to March 2023 and also up from last month. The median sale price per square foot was also UP 7.3% to $403. In Westport, the median sale price was $2,250,000, UP 11.9%. The median sale price per square foot was $489, which was DOWN 3.9% from last March.

Pace was down.

  • Days on market averaged of 82 days in Fairfield and 100 days in Westport.
  • Unit sales were down 29.8% in Fairfield and 16.7% in Westport compared to March 2023. Inventory was up in Fairfield with 115 single-family homes for sale and down in Westport with 78 homes for sale.
  • The months of supply metric was up in both towns from March 2023 but still in the two-to-three-month range. This was the result of a slower rate of sales.

What does it mean?

The market in March showed continued low inventory which was the biggest rate-limiting factor. Buyer demand also continued despite the inventory shortage which maintained upward pressure on prices. Though rates have not ticked down yet as hoped, more homes started to come to the market in April.

Bottom line.

People buy and sell in every season and in every market. So embrace your new lifestyle goals if the right time for you is now. Your agent’s expert guidance will help you navigate this market for a successful sale or purchase. Reach out to me anytime with your questions about the market and to discuss your plans.

When you are selling, your agent will guide you on the strategy and negotiations to maximize the demand for your listing in the current market. Here’s an overview of what you can expect.

If you plan to buy in this market, there is a bit more flexibility in timing and price than in the previous months. However, this is now on a house-by-house basis. There is still a predominance of solid competition and a relatively short window before sellers accept offers. So it is important that you are ready to make an informed decision if you really want to get your house. This means you have everything you need to submit a competitive offer. This also means that you have your mortgage pre-approval or proof of funds in your agent’s hands because an offer is not complete without this critical piece! Here’s a guide for what you can expect.

What are your thoughts about the market and interest rates? Do you plan to jump into the market this spring? 🌷 Share your thoughts in the comments or send me a note below.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – MARCH 2024


WESTPORT SINGLE-FAMILY – MARCH 2024

To review last month’s market report.

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William Raveis Local Housing Data


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Fabulous Summer ☀️ Rental Near the Beach 🌊: 1018 Reef Road, Fairfield CT

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Looking for a fabulous summer rental in Fairfield Connecticut for your vacation this summer? Dreaming of endless beach days and vibrant city adventures? Look no further! 🌊✨ Pack your bags and join us for the best summer yet at 1018 REEF Road, Fairfield CT Beach! 🏡

👣 Just steps away from Fairfield’s stunning beaches and parks, your home away from home awaits! 🌅 Dive into the waves at Jennings Beach, or soak up the sun in the serene tidal marsh views right from your back deck.

🛍️ In need of some retail therapy or craving a gourmet meal? Downtown Fairfield is just a five-minute drive away, brimming with chic eateries, boutique shops, and free concerts on the Green! 🎶

🚆 Need a change of scenery? Hop on the train to NYC and be in the heart of the Big Apple in just one hour! 🍎

💫 With central air keeping you cool, a newly-renovated kitchen for culinary adventures, and spacious bedrooms to unwind after a day of fun, this summer rental is the ultimate value! 💼

Don’t let the opportunity slip away! Book your summer getaway now and make memories that’ll last a lifetime. Contact Linda before it’s too late! 📆✨ 203-912-4440

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Fairfield and Westport Real Estate Market: March 2024 🌱


Will the market bring March Madness? 🏡 😅

We’ve entered Daylight Savings Time, and Spring is so close, we can taste it! 🌱

Here’s a quick look at what happened last month in our local Fairfield and Westport markets. If you’re curious which homes sold, take a look at the What Sold Reports.

Here’s what happened in February 2024.

Prices were up.

  • Sale prices averaged 100% of asking in Fairfield and 107% in Westport.
  • The median sale price in Fairfield was $820,000, up 37.8% compared to February 2023. The median sale price per square foot was up 6.5% to $373. In Westport, the median sale price was $1,600,000, down 1.5%, and the median sale price per square foot was $534, which was up 5.1% from last February.

Pace was down.

  • Days on market averaged of 56 days in Fairfield and 67 days in Westport, so two-to-three months in general.
  • Unit sales were down 21.1% in Fairfield and 40% in Westport compared to February 2023. Inventory was also down with just 111 single-family homes for sale in Fairfield and 77 in Westport.
  • The months of supply metric was up from February 2023 but still in the two-to-three-month range in both towns. This was the result of a slower rate of sales.

What does it mean?

The market in February showed continued low inventory which is the biggest rate-limiting factor right now. Buyer demand also continued despite the inventory shortage which maintained upward pressure on prices. But rates are back into the 6s, and there is pent up demand on all fronts for people to make a move to a better suited lifestyle.

Bottom line.

People buy and sell in every season and in every market. So embrace your new lifestyle goals if the right time for you is now. Your agent’s expert guidance will help you navigate this market to secure your new home. Reach out to me anytime with your questions about the market and to discuss your plans.

When you are selling, your agent will guide you on the strategy to maximize the demand for your listing in the current market. Here’s an overview of what you can expect.

If you plan to buy in this market, there is still solid competition and a relatively short window before sellers accept offers. So you must be ready to make an informed decision if you see a home that meets your top criteria. This means you have everything you need to submit a competitive offer. This also means that you have your mortgage pre-approval or proof of funds in your agent’s hands because an offer is not complete without this critical piece! Here’s a guide for what you can expect.

What are your thoughts about the market and interest rates? Will a little healthy March madness motivate you to make your move? Share your thoughts in the comments or send me a note below.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – FEBRUARY 2024


WESTPORT SINGLE-FAMILY – FEBUARY 2024

To review last month’s market report, click here.

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William Raveis Local Housing Data


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Fairfield and Westport Real Estate Market: February 2024 ❄️💫

As we plug away toward spring, let’s take a quick look at what happened in the first month of the year our local Fairfield and Westport markets. If you’re curious which homes sold, take a look at the What Sold Reports.

Here’s what happened in January 2024.

Prices were up.

  • Sale prices averaged just under 100% of asking in Fairfield and 101% in Westport. This is about the same as January when both ratios were 100%.
  • The median sale price in Fairfield was $805,000, up 36.4% compared to January 2023. The median sale price per square foot was up 7.9% to $341. In Westport, the median sale price was $1,850,000, up 16.4%, and the median sale price per square foot was $482, which was up 15.4% from last January.

Pace was down.

  • Days on market increased from 48 in November to an average of 63 days in Fairfield and 74 days in Westport. This is approximately 30% more time on the market than last December in both towns.
  • Unit sales were down 13.5% in Fairfield and 5% in Westport compared to January 2023. Inventory was also down with just 100 single-family homes for sale in Fairfield and 83 in Westport. There were seven new listings in Fairfield and six in Westport at the time of this post.
  • The months of supply was up from January 2023 but still in the two-to-three-month range in both towns. This is the result of a slower rate of sales, and due to an influx of homes coming on the market. 

What does it mean?

The market in January showed the continued trend of low inventory with ongoing buyer demand which maintained upward pressure on prices.

Bottom line.

People buy and sell in every season and in every market. So you can embrace your new lifestyle goals if now is the right time for you. The expert guidance of your agent will help you navigate this market to secure your new home. Reach out to me anytime with your questions about the market and to discuss your plans.

When you are selling, your agent will guide you on the strategy to maximize the demand for your listing in the current market. Here’s an overview of what you can expect.

If you plan to buy in this market, there is still solid competition and a relatively short window of time before sellers are accepting offers. So it is important that you are ready to make an informed decision if you see a home that meets your top criteria. This means you have everything you need to submit a competitive offer. This also means that you have your mortgage pre-approval or proof of funds in your agent’s hands, because an offer is not complete without this critical piece! Here’s a guide for what you can expect.

What are your thoughts about the market and interest rates? Do you think this year will be a better time for you to move than last year? Share your thoughts in the comments or send me a note below.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – JANUARY 2024


WESTPORT SINGLE-FAMILY – JANUARY 2024

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William Raveis Local Housing Data


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When Do I Need a Buyer Agent & What Will They Do For Me?

If you are like many people looking for a new home you may wonder, when do I need to get a Realtor on board, and what will they do for me? In the current fast-paced market in which listings often arrive and disappear within days or weeks, it is important to be well prepared. You should get your agent on board within six months of when you want to be in your new home. This allows time for your agent to inform you of the process, set up your searches, understand what is most important to you and research properties of interest so that you are completely comfortable and ready to act when the home you love come along!

Securing a new home is one of the most monumental life changes you will make. Yet it is not something you do every day, so how would you know what you don’t know?

There are many components to the process that need to be managed including everything from honing in on your true priorities to tempering the emotions and personality types of all parties involved. There is property valuation and strategy when considering your offer terms, especially in the current competitive market of multiple offers. Your agent must work to bring everyone together to work as a team serving your best interests, including the two attorneys, the seller’s realtor, the lender, appraiser, contractors, town hall personnel, the sellers, and you. There is due diligence to conduct and there are pitfalls to avoid. There are laws, regulations, and legal forms. There are incremental deposits that need to be carefully handled. There is a strict timeline that could result in the loss of your deposit if not adhered to and managed. There are a wide range of inspection items to consider and negotiate. And before any of this, there is the process of considering all your lifestyle factors and priorities when choosing a new location, neighborhood and home. 

So my service for you falls under the categories of understanding your wants and needs, providing key information so that you feel comfortable in making informed decisions, and managing the communications, negotiations and relationships to ensure the smoothest possible experience for you.

Here are 50 things I do for my buyer clients.

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  3. #RealtorServices
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  13. #RealtorExcellence
  14. #InformedDecisions
  15. #SmoothTransactions


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Fairfield and Westport Real Estate Market: JANUARY 2024💥


Happy New Year! 🎉

As we dive into 2024, let’s take a quick look at what happened in December in our local Fairfield and Westport markets. If you’re curious which homes sold, take a look at the What Sold Reports, and if you love the charts 📊, scroll down. ⬇️

Here’s what happened in December 2023.

Prices were up.

  • Sale prices averaged 102% of asking in Fairfield and 103% in Westport. This was an increase from November when both ratios were 100%. Most homes, (57% in Fairfield and 70% in Westport), sold above the asking price, and more than 90% of the sales sold for over 95% of the asking price.
  • The median sale price in Fairfield was $1,010,000, up 41.3% compared to December 2023. The median sale price per square foot was up 12.2% to $421. In Westport, the median sale price was $1,750,000, up 2.9%, and the median sale price per square foot was $605, which was up 38.3% from last December.

Pace was down.

  • Days on market increased from 48 in November to an average of 63 days in Fairfield and 74 days in Westport. This is approximately 30% more time on the market than last December in both towns.
  • Unit sales were down 17.3% in Fairfield and 37% in Westport compared to December 2022. Inventory was also down with just 88 single-family homes for sale in Fairfield and 58 in Westport. There were seven new listings in Fairfield and six in Westport at the time of this post.
  • The months of supply was up from December 2022 but still in the two-month range in both towns. This is the result of a slower rate of sales, and due to an influx of homes coming on the market. 

What does it mean?

The market in December demonstrated more of what we saw all year. Low inventory with buyer demand maintained the upward pressure on prices and limited the pace of sales.

The good news was that rates began to tick downward in November, and there were some signs that the market might start moving in a more balanced direction. At the time of this post, you could get a 30-year Fixed Jumbo at 6.625% and 30-year FHA for 6.125% from William Raveis Mortgage. This pointed to us being past the peak of interest rates.

Udate 1/11/24: The National Association of Realtors Chief Economist Lawrence Yun forecasts an improved housing market in 2024. He said, “The demand for housing will recover from falling mortgage rates and rising income. In addition, housing inventory is expected to rise by around 30% as more sellers begin to list after delaying selling over the past two years.”

As we head into the New Year with rates ticking downward, more sellers may be ready and willing to enter the market. With the improved affordability from these lower rates and new listings to choose from buyers should be able to appreciate more options. So, if you have been waiting to make your move, now is a good time to get ready to do so.

Bottom line.

People buy and sell in every season and in every market. So you can embrace your new lifestyle goals if now is the right time for you. The expert guidance of your agent will help you navigate this market to secure your new home. Reach out to me anytime with your questions about the market and to discuss your plans.

When you are selling, your agent will guide you on the strategy to maximize the demand for your listing in the current market. Here’s an overview of what you can expect.

If you plan to buy in this market, there is still solid competition and a relatively short window of time before sellers are accepting offers. So it is important that you are ready to make an informed decision if you see a home that meets your top criteria. This means you have everything you need to submit a competitive offer. This also means that you have your mortgage pre-approval or proof of funds in your agent’s hands, because an offer is not complete without this critical piece! Here’s a guide for what you can expect.

What are your thoughts about the market and interest rates? Do you think this year will be a better time to move than last year? Share your thoughts in the comments or send me a note below.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – DECEMBER 2023


WESTPORT SINGLE-FAMILY – DECEMBER 2023

If you’re 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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Fairfield and Westport Real Estate Market: December 2023

Go to JANAUARY 2024 Report

Is there a new trend emerging?

Happy Holiday Season! The November numbers are in. As 2023 comes to a close, let’s take a look at what happened in our local Fairfield and Westport markets in November. For a list of all the single-family sales, explore the What Sold Reports. If you love the visuals, charts await you below! ⬇️

Here’s what happened in November:

Prices.

Sale prices averaged 100% of asking in both Fairfield and Westport. This is down from 102-103% in October suggesting a slight shift toward a more balanced playing field between buyers and sellers. The seller market was still strong though, with more than half the homes selling above asking price and the majority homes selling for over 95% of the asking price.

The median sale price was 13% lower year over year in Fairfield, likely due to a mix of sales that included more smaller homes. In Westport, the median sale price was up 9.7%. The median sale price per square foot was up in both towns compared to November 2022.

Pace.

The time on-market averaged 48 days in Fairfield and Westport, which was shortest November market time in the past three years.

Unit sales were down 11.1% in Fairfield and up 8.7% in Westport. There were eight new listings in each town at the time of this post. Inventory was up very slightly in Fairfield (3.1%) but down 12.5% in Westport.

There were approximately three months of supply in both towns, (2.78 months in Fairfield and 3.32 months in Westport). This metric shows that we are still in a sellers’ market given that a balanced market has closer to a six-month supply. However, the market is not as extreme in the seller’s favor as it was when the supply was in the two-month range in March (Westport) and April (Fairfield).

What does it mean?

There are some signs that the real estate market may be moving toward a more balanced state given that market activity is resulting in a sale to list ratio of 100% (versus way above) and that the supply is hovering in the three-month range.

Rates, ratio, and supply may suggest a shift toward a more balanced market. But this does not appear to be a clear trend yet, and market time is still quite short, so we will have to wait and see.

If you plan to buy in this market, there is still a good amount of competition and a short window of time before sellers are accepting offers. So it is important that you are ready to make an informed decision and have everything you need to submit a competitive offer. This means that you have your mortgage pre-approval or proof of funds in your agent’s hands, because an offer is not complete without this critical piece!

When you are selling, the market’s response to your listing depends on how compelling your asking price is for the property you are presenting and the demand for your property at the time you list your home for sale. Your agent will guide you on the strategy to maximize the demand for your listing in the current market.

Bottom line

Eighty-nine homes sold in December 2022, meaning that 178 parties made a successful move during this holiday month last year. So we can expect a good amount of serious people making successful moves this December as well. Do you plan to be one of them?

People buy and sell in every season and in every market. So you can embrace your new lifestyle goals if now is the right time for you. The expert guidance of your agent will help you navigate this market to secure your new home. Reach out to me anytime with your questions about the market and to discuss your plans.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – NOVEMBER 2023


WESTPORT SINGLE-FAMILY – NOVEMBER 2023

If you’re 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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Condo Buyers and Sellers: Mastering the Crucial Bylaws Tip


Just Sold! 💥 🏡

We had a very smooth transaction with this condo sale, and I’m sure my client will love his new home and lifestyle! Every transactions brings to light something new or an important tip to take to heart.

In the fast-paced world of condo transactions, a vital tip can make all the difference for both buyers and sellers:

Understand the condo bylaws before diving in.

Buyer Tip: 💁🏻

Buyers, don’t let the excitement of finding the perfect condo overshadow the importance of checking the bylaws upfront. Prioritize understanding restrictions that might clash with your plans—whether it’s running a business, renting or selling your unit, or making alterations. Save yourself from investing in a mismatched property.

Seller Tip: 💁🏽‍♂️

Sellers, leverage your knowledge of key restrictions or the absence thereof in the bylaws. Highlighting these details can streamline your sale. Transparency about limitations or the lack of them can be a selling point that attracts buyers.

By proactively grasping condo bylaws, buyers and sellers can save time and avoid unnecessary stress. It’s a simple tip that can ensure a smoother transaction and prevent future headaches.

In the condo market, knowledge truly is power. So, whether you’re buying or selling, mastering those bylaws might just be your secret weapon for a successful purchase or sale! 💫

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When Will Mortgage Rates Go Down?

Dreaming of your new home and wondering when mortgage rates will go down? Amidst the excitement of buying or selling a home, there’s one burning question on everyone’s mind: where are the rates going? For both buyers and sellers, the direction of interest rates is the compass guiding their real estate journey. Join us as we shed some light on the mystery of rate projections as well as a bit of perspective on where they are now. The decisions of aspiring homeowners and sellers navigating the dynamic housing market may be more a function of your known priorities than the rates themselves.


Everyone wants to know where rates are going!

The fact is that no one knows for sure, but here is a table provided by Keeping Current Matters that shows projections through the end of 2024.


Experts project rates to be in the mid-six percent range by the end of 2024.

What we see here is a consensus among Fannie May, Mortgage Bankers Association, and the National Association of Realtors that rates are likely to be in the mid-six percent range by the end of next year.

Current rates are still lower than they were in the last three decades.

One thing we do know is that rates in the seven-percent range are still lower than they were in the last three decades. This might not do much to change your monthly payment, but it does provide some perspective and illustrates that rates below four percent were actually an anomaly and are not likely to return.


What does this mean for you?

How does this affect home sellers and buyers? Should you make your move now? It depends on your situation, plans and priorities. Reach out, and let’s have a conversation.

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