Westport Real Estate Market ~ 2007 vs. 2006
Posted on March 29, 2008
Filed Under Market Updates, Westport | Leave a Comment
Written By: Susan Albright
OVERVIEW
Westport weathered the turbulent real estate market in 2007 well and overall was insulated from the difficulties experienced in many other parts of the country. Sales were flat compared to 2006, however prices rose by 6%. There was no change in the average sale to list price ratio indicating that the homes that sold had realistic asking prices. The average market time stretched to 108 days reflecting the greater caution exercised by buyers in the market.
Market By Price Point
In 2007, the market was strongest in the high end with sales increasing in the $3,500,000+ price range to 34 from the 20 the year earlier. Prices were up 8% and the average sold/list price ratio improved to 96% from 93% for 2006. Demand was strong for homes comprised the bulk of the business.
Sales for homes priced between $2,000,000 and $3,000,000 were also strong. Sales in the $3,000,000 to $3,500,000 price range however, were down both in number of homes sold and sales prices. Increased inventory levels in this price range contributed to the decrease in prices. Likewise, the number of homes sold in the $1,000,000 to $2,000,000 price range was down in 2007. Increased caution by first time and “move-up” buyers account for the dip in number of transactions. Prices held in this segment and average market time increased by only 2 days.
Forcast for 2008
The real estate market has gotten off to a slow start in 2008 with number of sales down compared to the same time last year. However, the good news is that the average sales and list prices are up approximately 20%. Demand for waterfront property and for homes in the top locations continues to be strong. Furthermore, luxury new construction continues to sell, albeit at a slower pace. Homes that are priced realistically, and are in tip top show condition will sell.
The turbulence in the financial markets and the possibility of further job cuts on Wall Street should be carefully monitored as it could adversely affect prices of homes in Westport. Historically, Westport holds its value better in a downturn than surrounding towns. WEstport remains a very desirable community. Pretty beaches, numerous parks, unparalleled facilities and excellent public schools combined with a welcoming atmosphere to those from all over the world make it a great place to live.
Complete Statistics ~ Westport R.E. Mkt ‘07 vs. ‘06
A Slight Touch of Whimsy is OK!
Posted on February 15, 2008
Filed Under Home Staging & Decorating, Selling Your Home | Leave a Comment
“Clear the Clutter, Clear the Clutter,” is the stager’s mantra. And for a great reason!
Too much of Frilly and Fun is not a good fit when it comes to staging a home, but …a little personality is not a bad thing – as long as the personal stuff (ie: mega photos, your holly hobbie doll collection etc…) stays out of sight. Themed rooms are a no, no but one or two items from a collection is fine.
Do you, as the seller, really want your “stuff” being critiqued by buyers waltzing through your home? Mr. or Ms. Seller, you don’t want to be judged by what you keep in your house. You want your house judged on its own merit. Let people see your house. Accentuate the positive by drawing attention to it – be it a nice painting on a Office wall with wonderful high ceilings … a terrific glass bowl filled with some form of fresh vegetation (flowers, fruit) placed on the center island in the Kitchen …a beautiful picture window framed by a fabulous valance … whatever.
Too stark can be off-putting as well. If you have nothing to work with, and a limited budget, then you do the best you can with what you do have. Convert one piece of furniture into another piece. Warm up the white walls! Painting a wall or two is the best way to transform a room cost effectively. It’s amazing what a little imagination can do. “Out of the box” thinking comes into play when you don’t have much in the way of furniture or décor.
Stay current. Bring in a bit of the contemporary. Check out the home magazines these days. Sleek and streamlined is in. Staging will be successful in bringing what’s up to date into your home, without overpowering it.
Reality Check! Home selling is not about you or your things. What is the true focus here? Your House! It’s space, it’s great floor plan … the potential as a home for buyers.
Greenfield Hill January 2008 Update
Posted on February 7, 2008
Filed Under Greenfield Hill, Market Updates | Leave a Comment
Spring has definately “Sprung” early in 2008 for Fairfield, CT. Real Estate. Through January, 22 homes have sold or are pending sale. In Greenfield Hill, one home has sold for $1,775,000 on Morning Dew Circle located at the Ridge and three other homes are pending sale. If you’re thinking about selling, February is a great time to get started. Buyers are out looking early, especially relocation buyers and mortgage rates continue to be low.
New Restaurant Opens in Greenfield Hill
Posted on January 31, 2008
Filed Under Greenfield Hill | 1 Comment
Hillside’s Latest Happening
Greenfield Hill’s latest event is the opening of a modern American restaurant in Greenfield Center. As the name would have it, fraîche features a market driven menu with cuisine inspired by the seasons. Mention Hillside Happenings and Chef Marc Lippman will gladly provide a complimentary glass of bubbly with your entrée.
Hillside Happenings Newsletter - Greenfield Hill Home Sales 2007 Year Review
Greenfield Hill Market Update
Posted on January 31, 2008
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2007 closed with a modest decline in the average sales price for homes in Greenfield Hill. This leveling off however, followed significant growth in 2006 with the average sales price increasing nearly 12%. The number of homes sold in Greenfield Hill, as in past years, hovered around 100, but the timing of those sales was significantly different. In the 4th Qtr. of 2007, there were 12 homes sold versus 26 homes sold in the 4th Qtr. of 2006.
We enter 2008 with approximately 65 homes in Greenfield Hill for sale and more to come as spring arrives. If 2008 repeats last year, buyers in Greenfield Hill will be looking early. Inventory is lower than years past and interest rates remain moderate. Therefore, I strongly encourage any potential sellers to consider preparing your home for sale now. Getting an early jump on the market could prove beneficial to you.
Hillside Happenings Newsletter - Greenfield Hill Home Sales 2007 Year Review
“Show Case” Your Home
Posted on January 26, 2008
Filed Under Home Staging & Decorating, Selling Your Home | Leave a Comment
Buyers look for homes, not houses, and they buy the home in which they would like to live. Owners who fail to make the necessary repairs, who don’t spruce up the house inside and out, touch up the paint and landscaping, and keep it clean and neat, chase buyers away as rapidly as agents can bring them.
If you were selling your car, you would wash it or maybe even detail it to get the highest price. Houses are no different. Research by HUD has shown that a staged home will sell for 6.9% more than a non-staged home.
STAGE-2 Home Preparation Services
Real estate investors understand the advantages of a professionally “staged home” and recent studies have shown a significant decrease in market time. See “Setting the Stage for Investors” Home staging brings better results in a buyer’s real estate market. Nuwire Investor - Nov. 13, 2007
*6.9% based on a 2004-2005 StagedHomes.com survey of 200 homes prepared for sale by an accredited staging professional (ASP)
Adjust your list price when the market resists it
Posted on January 25, 2008
Filed Under Selling Your Home | Leave a Comment
An appraisal or market analysis is simply an opinion of value. One opinion may have more substance and empirical data to support it than another, nevertheless it is nothing more than a hypothesis - an intelligent estimate based on certain information. The bottom line is that a real estate agent, homeowner or an appraiser has little control over what a home will sell for. The market will determine the price, and if your home has a few showings or many showings that procure no offers, then the market is resisting the price and it needs to be adjusted.
Fairfield County Connecticut Market Statistics 5 Year Comparison
Pricing Your Home Correctly
Posted on January 25, 2008
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Most sellers want to realize as much money as possible when they sell their home. But a listing price that is too high often procures less than if you priced your home at or slightly above market value. If your house is not priced competitively, you will know within the first few weeks of its market time. Buyers looking in your price range will opt for houses that are larger, more updated or in more commanding locations at the same price. Also, buyers that should be looking at your home will not see it because it is priced higher than they want to spend. Overpricing usually increases time on the market, and that adds to the carrying costs! Ultimately, many over-priced properties sell below market value. Once you truly comprehend these principles, you will understand how to sell your home for the highest price.
A re-fi appraisal is NOT the market value of your home
Posted on January 25, 2008
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An appraisal is an opinion of value for a certain purpose. If the lender wants to lend you money, they may estimate a slightly inflated value for your home in order to justify the equity that they have in it. Keep in mind that, very often, the appraiser never sets foot in the houses that he or she compares to yours. The appraiser may ignore foreclosure or distress sales in order to justify a higher value. But a real buyer in the real world will not ignore these properties. They are your competitors when you try to sell.
Don’t make the mistake of thinking that the value you were told six months ago when you refinanced your home is what a real buyer would pay today. Ask your Realtor for all the solds in your area, then decide. There are many opinions but only one set of facts. Insist on the facts!
Individual Agent vs. Real Estate Team
Posted on January 25, 2008
Filed Under Selling Your Home | Leave a Comment
Signing a listing contract with an individual vs. a team.An agent may have good intentions about marketing your home, but circumstances can change and they may not deliver what they promise. A change in the agent’s personal life may lead to other commitments with a change in his or her priorities or the agent may not be a full time Realtor. If you are unsatisfied, the broker may offer to assign your listing to another agent in the office, an agent whom you did not select personally. You are safeguarded against the possibility of this costly and awkward situation when you choose a team of skilled, well-trained and experienced agents.
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