Summer 2020: 5 Things You Should Know About the Real Estate Market Right Now!

It’s a very dynamic time right now in real estate and a great time for anyone interested to jump into the action.  Here are five things you should know.

1. Inventory Is Low! – There are fewer homes for sale resulting in a limited choice for buyers right now which creates competition for the homes on the market and can push up the selling price. Look at the difference in the number of homes for sale in Fairfield and Westport in May compared to May of 2019! The marketplace is in need of more homes for sale. This creates a huge opportunity for sellers!
2. Interest Rates are at an All Time Low! – Although there has been daily fluctuation in interest rates, they have remained extremely attractive.  In fact, this week the rate for a conforming loan up to $510,400 has dipped to 2.85% for purchasers with high credit scores and a twenty percent downpayment. So there’s an excellent opportunity for buyers to finance a purchase at an amazingly low rate. This is great news for sellers as well because these low rates make their homes more affordable! Click the image from your phone and download the mortgage app!
3. Summer is the New Spring! The real estate marketplace is very busy right now for a few key reasons. Realtors and everyone else in the industry have adapted to working in safe mode, there is pent up demand from the initial pandemic slowdown, and it’s a great time to buy and sell! If you are thinking of buying a home and want to take advantage of the low interest rates and increased home affordability, reach out to me so I can help you get that perfect new home.  Sellers, take note of the sample prep list above and the new Raveis Refresh program that’s here to help you with it. Reach out to me, and I will help you to make the process seamless!
4. Raveis Refresh Is Here for You!
   

   Quick Video explaining Raveis Refresh

   If you have thought about selling but feel overwhelmed by what needs to happen to get your house ready, fear not! Raveis Refresh is a new service that is here to provide you with nearly anything you need, from help packing, to staging, painting, kitchen or bathroom renovations, and repairs, small to large.  The cost is completely deferred until closing, so no worries about that either.

5. Real Estate is Expected to Drive Economic Recovery! Did you know that a recent study by the National association of Realtors indicates that the sale of just one home in the US results in an economic boost of $88,416?  Because of this, many experts are predicting real estate to lead to the country’s economic recovery.

So there are exciting opportunities for everyone right now, and you can even boost the economy when you make a move to help yourself.  Reach out to me anytime so I can help you with your next steps.

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Home Buying Tips In A Tight Market – What can a buyer can do to combat tight inventory?

If you are a home buyer and don’t see many options during your initial search online, make sure you get a Realtor on board to help you.  

Even though inventory may be low and declining, there are at least three key actions your agent can take for you.  Make sure your agent knows what you are looking for, the location you want and your ideal timing.

1. Armed with this insight, the first thing your agent will do is set up a search for you in the MLS. This allows other agents to conduct a ‘reverse search’ for your wish list items that could match a new listing they plan to put on the market.  They can call your agent who will then be among the first to know about the new listing that could be perfect for you!
2. The next action your Realtor can take is to send an email to fellow agents in the offices around the town where you are looking that asks if they have a possible match coming to the market.  This can encourage sellers to expedite their plans and make their property available sooner than they had originally planned.  It also gets you first dibs on these homes!

3. Last, but not least, your agent can write a letter or design a postcard describing your dream home and mail it directly to the homeowners on your favorite street or in the area you are focused on.

 

 

 

 

If you are a seller dealing with buyers that are circling and taking no action or facing a complete lack of buyers altogether, there are key action steps you can take too.

So don’t give into a slowing market, surge ahead, get the market to work for you, and make your move!

For questions or help in this market, send me a note using the form below.

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Open House Pros and Cons for Sellers- What Will You Decide?

Many home sellers expect their Realtor to host an open house as part of the marketing activities, but some labor over the decision and others outright forbid it.    

Starting with the Cons, here are some points to consider that may help sellers decide.

These are the most common Cons I hear,

– I’ll have to spend a day cleaning and straightening up!

– Don’t want the Looky-Loos, Nosey Neighbors and Strangers traipsing through my house.

– No one’s going to buy it during an open house.

– Don’t want anything broken, messed up or stolen.

… and some Pros for sellers to consider

1. An open house is typically scheduled well in advance allowing you plenty of notice before having to tidy up, unlike last-minute showing requests that inevitably occur after all your party guests just went home or your kids just dumped their belongings all over the floor.

2. Likewise, sellers with pets will have ample time to arrange for a ‘furry’ field trip as the case may be, instead of having to scramble to pull pets out of the house when the call from a buyer’s agent comes in.

3. Yes, the open house is a chance for your neighbors to come in and see.  This enables them the opportunity to spread the word to friends, family, and potential buyers, or even to consider trading up or down themselves.  Many agents send direct invitations to the neighbors to come to the open house.  Most people move very close to home, within about a 10-mile radius, so you never know!

4. Although it does happen, most homes do not sell to someone at the open house. However, this is an additional form of marketing that gets the word out about your listing. The greater the exposure you have, the better the chance for your house to sell for the best market value.

5. The multi-hour time block reserved for an open house gives you the perfect excuse to go out and do something fun for the day.  If you are careful to store away or remove valuables, fragile items, and prescription drugs, you are most likely to have a smooth open house event, and you can enjoy a worry-free day.

6. An open house gives potential buyers a chance to experience the chemistry they may have with the home after being attracted to it from photos online.

7. An open house enables a pool of buyers that don’t have an agent yet to come and consider it as their new home.

8. One of the most important benefits of an open house is that it’s an event that gives your Realtor a perfect reason to do a big round of promotion for your listing.  The promotion may include everything from email announcements to buyers and agents that link back to your online listing.  It can include a plug on all the social media outlets.  It may warrant a postcard mailing and door hanger invites to the neighbors.  The big day at your listing gets posted on numerous real estate and brokerage websites, which in turn boosts your listing exposure in online search results. The local paper promotes open house events.  And let’s not forget the yard signs pointing out your fabulous listing to everyone in town.

9. Last but not least, the open house enables a “show time” opportunity for your property that is not always practical for everyday appointments.  Your agent can ensure that the lights are all on, the window treatments are open, music is playing, flowers are on the table and the scented candles or simmering apple cider are working their magic.  This creates an excellent first impression for all that attend.  And these visitors could be the ones to direct the final buyer your way!

So when you become a seller, what will you decide?

Drop me a line!

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William Raveis Real Estate, Mortgage & Insurance
2525 Post Road, Southport, CT  06890

Fab Home on Laurel Beach in Milford!

Did you ever wish for a charming home on Laurel Beach in Milford, CT?   This elegant home is a two-family that can easily be converted to a single family or used as an investment property.  Featuring new kitchen and baths, water views and charming wrap around porches, this home is a must-see! Enjoy the private association with club house and tennis.

Contact me for more information or to request a showing! Linda Raymond, Realtor 203-912-4440, Linda.Raymond@raveis.com.

Look for Me on HGTV

HGTV’s, House Hunters Renovation will be moving east for the first time this coming spring. Until now, the show has focused on the west coast, but the new season will be showcasing homes, buyers and their agents in our neighboring areas as well as right here in Fairfield! 

The show is a spinoff of the popular series, House Hunters, and this is how the premise of the show is described on HGTV.com,

“Ever wonder what happens AFTER House Hunters choose? In House Hunters Renovation, our buyers look for a new home that is anything but turnkey. Watch as they tour three potential homes and ultimately choose the one that’s waiting for their special touch. Then stay as they renovate and decorate, ultimately revealing their new space!”

Keep your eyes open for a new episode featuring me and my clients Michael and Ella.  After a quick sale of the home they bought with me four years ago in Black Rock, they have fast-tracked their Fairfield search and found three properties that will meet their main goal of getting their kids into good schools.

The final search narrows to a home on Samp Mortar Drive, Sterling Street and Hunyadi Avenue.   I tour Michael and Ella through each and help them weigh the pros and cons relative to their priorities.  Once the big choice is made, the HGTV design team meets with the couple to brainstorm and envision how this house can become their dream home.  Watch HGTV’s designers and contractors transform the home, and see this family get ready to live happily ever after!   Check HGTV.com regularly for opportunities to win cash for remodeling your home, and stay tuned for the date of the show-

The above photo was taken at Sweet Basil in Fairfield.  I am seated across from Michael and Ella and next to HGTV director Andrea and project manager, Andrew.  The camera man and sound guy are sitting at the back right of the table.