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
🎶 Join us for an unforgettable night at our Music For A Cure event! 🎗️ This Thursday, from 6-10 pm at @warehouseatfFTC, we’re turning up the volume to make a difference. 🌟
🎤 Groove to the sensational beats of Clear Blue Soul, and prepare to be surprised by and amazing guest singer! 🤩
🥂 Sip on your favorite drinks at the cash bar, savor delicious bites from food trucks, and get ready for an evening of fun and passion for the cause! 🚀
🎁 Jump into the raffle action because our raffle prizes are amazing, and the best part is that your participation contributes to innovative cancer research. 🧬 Together, we can make a difference!
🍰 Save room for free desserts because we believe in sweetening the deal for all our supporters! 🍰
Let’s unite to fight cancer through the power of music, dance, and community. 🌍💪 See you on Thursday! 🗓️ Don’t miss your chance to be part of the cure. 💖
See the clip! Fairfield Police came to speak to Realtors today during the Greater Fairfield Board of Realtors meeting hosted by the wonderful Audubon Society, and the @raveisfairfieldsouthport office had a strong presence! Officers, Tony Granada and Ed Nook shared crime trends, gave safety recommendations, and answered questions. They also emphasized how the police are here to help the community.
The TOP CRIME TRENDS in town were “opportunity crimes” like theft of cars left unlocked with keys in them 😳 and identity theft, as well as people stealing checks from mailboxes, “washing them” adding to the amount, and making the check out to themselves.
We also learned that the police are not permitted to chase stolen vehicles!
So the top🔝tips are:
1) LOCK 🔐 YOUR CAR 🚘 AND TAKE YOUR KEYS 🔑! 2) Avoid mailing a check, but if you have to, take it directly to the post office. 3) Be sure to report 📣any signs of a crime asap to the police department. If you can’t get through, call 9-1-1. There are officers at the ready and on patrol around town, and they can get to a scene quickly if given the alert ‼️ 4) Neighborhood Watch 👀 is recommended. DM me to learn more.
In the dynamic world of real estate, interest rates hold a significant sway over homebuyers’ decisions. Likewise, rates have an impact on homeowners’ ability to sell. As memories of the desirable 2.85% interest rate linger, the current market fluctuations have left potential homeowners pondering their next move. Of course, the unspoken value proposition in all of this is the impact that ‘home’ has on your lifestyle and quality of life. Each person needs to weigh how much they value their lifestyle relative to what they are willing to invest in a new home. In this discussion, we’ll delve into some strategic approaches that can help you navigate this uncertainty while awaiting the (unlikely) return of the coveted 2.85% interest rate.
1. Exploring Adjustable Rate Mortgages (ARMs) for Lower Rates: Consider opting for an Adjustable Rate Mortgage (ARM) in a higher interest rate climate. ARMs often begin with a lower rate than fixed-rate mortgages, potentially offering more affordable initial payments. As interest rates are expected to fluctuate, ARMs can be a prudent choice if you anticipate rates to decrease in the future. It’s crucial to understand the terms and associated risks of ARMs before making a decision.
2. Seizing Opportunity: Buying Now and Refinancing for Lower Rates: Rather than endlessly waiting for the ideal 2.85% rate, consider purchasing a home now and exploring refinancing opportunities later. By securing a home at current rates, you can build equity and enjoy the benefits of homeownership. Keep a vigilant eye on market trends to identify the optimal time for refinancing to secure a more favorable rate.
3. Negotiating Seller Concessions for Reduced Costs: Leverage negotiation skills when making an offer on a home by requesting a seller concession. This concession can be used to buy down the interest rate or cover closing costs. Keep in mind, that sellers typically have more leverage than buyers in the current market, but if a home has been lingering on the market longer than the average market time, the homeowner might be willing to work with you for a win-win agreement. This approach provides a means to mitigate the impact of higher interest rates, enhancing short-term affordability and financial flexibility.
4. Diversifying Investment Strategies: Exploring Real Estate Investment: For those hesitant about primary homeownership due to interest rates, diversifying into real estate investment can be an attractive alternative. Options like rental properties and real estate investment trusts (REITs) allow you to benefit from market dynamics while potentially bolstering your investment portfolio. Thorough research is essential to navigate each avenue’s nuances and risks.
5. Seeking Expert Guidance: Partnering with Financial Professionals: To effectively navigate the intricate interplay of interest rates and real estate, consult financial advisors, mortgage experts, and real estate professionals. Their insights and tailored advice can help you make informed decisions aligned with your financial goals and market projections.
Conclusion: In the pursuit of the elusive 2.85% interest rate, remember that the real estate market’s complexity extends beyond rates alone. By exploring ARM options, capitalizing on current opportunities and planning for future refinancing, negotiating for seller concessions, and diversifying investment strategies, you can confidently navigate today’s real estate landscape. Stay informed, seek professional counsel, and make choices tailored to your financial situation and aspirations.
Prices went down a little bit in July… Because the rates are high, and all the buyers left the market, right? 🤨
-Ah…No. Prices were up again in July and we still have an imbalance ⚖️ of supply
and demand.
Why are Prices Still Going Up when buyers are sidelined due to interest rates?!
I want to read a quote to you from Lawrence Yun, who’s the Chief Economist
for NAR. This puts it in perspective He says, “We need 50% more listings to reach pre-pandemic
2019 housing inventory levels. And we need 100% growth in listings to reach an adequate
supply.”
So as a result, the average sale price was 104 to 105% of the listing price in Fairfield
and Westport in July. And the accepted offers compared to the total available listings were
also way higher than pre-pandemic levels. It has gone down a little bit from the past two years,
but compared to 2019, accepted offers accounted for 27% of the active listings in Fairfield,
which was DOUBLE what it was in 2019 (13%), and 15% of the available listings had accepted
offers in Westport, which was TRIPLE what it was in 2019 (5%). So there is still extreme demand relative to the supply.
What’s the Good News?
🏡 The GOOD NEWS is that rising prices mean that, on the sale side, you
enjoy a high sale price. On the buy side, when you get into your new home, you can enjoy equity
from the continued appreciation ↗️ in prices.
🏡 New listings 🎉 are also coming on the market each day. We have 46 new listings on the market in Fairfield and Westport as we speak.
🏡 And the market time ⏰ is a little bit longer. Instead of just a few weeks before something flies off the shelf with an accepted offer, now listings are staying on the market for an average of one to two months before going to contract, so you have a little bit more time to make decisions 😅.
🏡 And who knows, MAYBE RATES WILL COME DOWN at the end of this year or next year 🙏!
So, send me a note now, and when you come back from your summer vacation, think about making your move! You can also see all the July stats here.
If you are like many people I know, you would like to make a move but are trying to figure out the best timing for your goals. We are still in a seller’s market, and here’s the latest market update.
The charts below show a summary of what happened in June compared to June 2022. And my What Sold Reports list all the single-family homes that sold in June 2023 in Fairfield and Westport Connecticut.
FAIRFIELD SINGLE-FAMILY – JUNE 2023
WESTPORT SINGLE-FAMILY – JUNE 2023
Low inventory and strong buyer demand continue to push prices of many homes higher and also limit the overall market pace in Fairfield and Westport.Here are four key points to understand about the marketin June this year compared to June 2022.
UNIT SALES WERE DOWN in both towns (20% in Fairfield, 30% in Westport).
THE SELLING PRICE AVERAGED 103% – 105% of asking in both towns.
MARKET TIME DECREASED to a range of 22 – 32 days to contract!
CASH DEALS comprised 31% and 39% of the sales in June in Fairfield and Westport respectively.
If you are buying a home, there’s a 30-40% chance you may be competing with cash offers, so you will want to do everything you can to present a competitive offer.
If you are selling a home that you paid cash for, you can look forward to a high selling price and maximum equity!
There are multiple offers on some properties, while others receive just one, and some will even have a price reduction if the initial price was too ambitious. Homes on average, are selling above the asking price based on June numbers though. Some are selling for full price, some above, and some are selling below. It depends on the demand for the individual property.
Bottom line: Now is a still a great time to sell! Buyer demand remains high. Inventory is still low. But new listings are still coming to the market each day, so committing to the process will ultimately land you your new home!
Reach out to me anytime with your questions about the market and to discuss your plans. Not ready to think about your move yet? Please refer your friends to me using the form below. Referrals are a win-win!
I know many of you are thinking of making a move but may be trying to figure out the best timing. We are still in a seller’s market, and here’s the latest market update.
The charts below show a summary of what happened in May compared to May 2022. And my What Sold Reports show all the single-family homes that sold in May 2023 in Fairfield and Westport Connecticut.
FAIRFIELD SINGLE-FAMILY – MAY 2023
WESTPORT SINGLE-FAMILY – MAY 2023
Low inventory and strong buyer demand continue to push prices of many homes higher and also limit the overall market pace in Fairfield and Westport.Here are four key points to understand about the marketin May this year compared to May 2022.
UNIT SALES WERE DOWN in both towns.
THE MEDIAN SALE PRICE WAS UP in both towns.
MARKET TIME INCREASED from last May and averaged 41 days to contract in Fairfield and 83 days in Westport. However, the May Median days on market in both towns was less than in April!
30-40% of all sales in May were CASH deals.
The amount of cash offers nearly doubled since before the pandemic. Thirty-three percent of all sales in Fairfield from January through May were cash deals, versus 18% during the same months in 2019. In Westport, forty percent of the sales YTD through May were cash, up from twenty-two percent in 2019.
If you are buying, there’s a 30-40% chance you may be competing with cash offers, so you will want to do everything you can to present a competitive offer.
When you are buying in this market, you want to be prepared with a mortgage pre-approval or proof of funds in hand so you can make an offer quickly when you see a home you want!The good news is that you have a little more time to make a decision than you did last year, and new homes are coming to the market each day.
If you will be selling a home that you paid cash for, you will enjoy full equity and a high selling price!
There are multiple offers on some properties, while others receive just one. Homes on average, are selling close to the asking price. This means some are selling for full price, some above, and others below. It depends on the demand for the individual property.
Bottom line: Now is a still a great time to sell! The inventory is still low and buyer demand remains high.
Reach out to me anytime with your questions about the market and to talk about your plans. Not ready to think about your move yet? Please refer your friends to me using the form below. Referrals are a win-win!
Join me and Near and Far Aid for the highly anticipated Designer House Tour on June 2nd! Be part of this impactful fundraising charity event that promises an unforgettable experience. Together we can all help to target poverty and support healthy thriving communities!
After the wonderful afternoon, mix and mingle with the designers, architects, and sponsors.
Click the image on the right for a quick preview! =>
The day we met, she had flown from California to her second home on Long Island and taken the ferry across to visit open houses along the coast all the way from Westchester to Fairfield!
My open house in the Fairfield Beach area may have been town number five in her trek starting in New York, then Greenwich, Westport, and Norwalk.
… someone along the way told her she needed to take a look at Fairfield because it’s a great town.
From talking with her, I could tell she valued the charm and character of the cute cape. She also mentioned that she had never been to this town before, but someone along the way told her she needed to take a look at Fairfield because it’s a great town.
She was immediately drawn to the bustling yet easy vibe. The other major attraction was that the downtown, train, and water were all located in the beach-center area of town. How fabulous to be able to walk to all the cafe’s, shops, train, and beach!
After her day of researching homes and towns, she headed back to Long Island and then to LA where her primary home was. But she made arrangements to return and look at some other homes in the Fairfield Beach Area and Southport. She saw some new construction that was open, airy, spacious, and attractive, and also an incredibly adorable little vintage Victorian home in Southport. It was in Southport Village, a charming and picturesque historic district in Fairfield with its own train station, many old churches, and a beautiful harbor. All of these assets are also within walking distance in the Village.
The romantic charm of Southport Village, with the church bells and train sounds evoked such a nostalgic and comforting feeling, she was hooked.
She adored the antique home in the historic village, but it was small, so she revisited the new homes again and a few others. But the romantic charm of Southport Village, with the church bells and train sounds evoked such a nostalgic and comforting feeling, she was hooked. The renovated antique home fit right in, with its charm, history, character, and quality updates. This was the one!
So she listed her house for sale in California, got it sold, and made a successful offer. She researched storage facilities near Fairfield, got a mover, went on a few business trips, had a friend go to the inspection for her, made plans to drive her car from California to New York with her son, and then head to Connecticut. She wired funds for the house from her bank while en-route cross-country and arranged to stay at a nearby friend’s house for a night so she would be ready for the walkthrough and closing the next day. She got it done and couldn’t be happier!
When you fall in love with a home, anything’s possible!
If this little lady can come east to go house hunting a few times in Connecticut, sell her house in California, drive cross country, nail a purchase in a seller’s market, find the best storage in the area for her extra stuff, stay overnight at a friend’s house, and be ready to move-on-in on closing day…you can too!
Congratulations to my client who is thrilled to be one of the newest residents of Southport Village. 💕
Hello May,🌷and hello home 🏡 sellers in Fairfield, Westport, and surrounding towns!
I know many of you are thinking of making a move but may be trying to figure out the best timing. We are still in a seller’s market, and here’s what you need to know.
The charts below show a summary of what happened in the month of April this year compared to 2022 and 2021. And my What Sold Reports show what single-family homes sold in April 2023 in Fairfield and Westport Connecticut.
Low inventory and strong buyer demand continue to push prices of many homes higher and also limit the overall markets in Fairfield and Westport.Here are four key points to understand about the market this April:
New Listings – are DOWN from the previous two years at this time but have been increasing since January.
The Median Sale Price – is UP from the past two years and from last month.
Pending Sales – are DOWN in April compared to April 2022 and 2021.
Months of Supply is UP.
There are multiple offers on some properties, while others receive just one. Some homes are selling on average, close to the asking price. This means some are selling for full price, and some above and others below. The time on market from list to contract is between 50 and 60 days in Fairfield and Westport, respectively, which is up from about 30 to 45 days last April. So buyers are enjoying a little more time and leverage in some cases. It depends on the level of activity on the individual property.
Bottom line: Now is a great time to sell! The inventory is low but has been increasing since January, so listing your house now gets you in front of buyers before peak competition. As a buyer, you have a little more time to make a decision than you did last year, and new homes are coming to the market each day.
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.
Linda Raymond Real Estate Blog, Fairfield, Westport & More 