At least a few times each day I am asked the same question. “How’s the Real Estate Market?” Most are surprised when I answer that it is good, at least for buyers! It is clearly their market. Many of the homes that are presently available for sale have been on the market before for substantially more money. It is not unusual to see a home listed for less than what the current seller paid only a few years ago. Those are the more motivated sellers. The sellers who are expecting to receive more than they paid for their home if originally purchased from 2003 to present will be surely disappointed. Our buyers are well educated, and they can easily access previous sales and compare values on the internet or with their sales agent. They are not willing to overpay. Now, more than ever, pricing correctly can mean the difference between a quick sale and living with a key box on your front door for a long time! So…how is Westport faring in 2010 so far?
Presently there are 326* houses on the market in Westport, with an average list price of $2,246,180 and an average market time of 131 days (which doesn’t mean much, since homes could have be re-listed and the market time than restarts at 0). The most expensive home listed for sale is priced at $30,000,000., and located on Beachside Avenue, offering 4 acres, a 10,000 square foot 6 bedroom main house, a 2 bedroom guest house and a 2 bedroom gate house. There is space for 9 cars in the garages and 215 feet of direct beachfront property. The least expensive home on the market in Westport is priced at $375,000., a 3 bedroom 1104 square foot ranch located on Crescent Park.
Year to date, 34 homes have closed (sold) with an average market time of 116 days, an average list price of $1,637,4501., and an average sales price of $1,510,309. The most expensive home sold in 2010 in Westport closed for $8,187,500 on North Avenue Extension featuring a pool and tennis court. 33 homes have fully executed contracts and are awaiting closure.
In 2009, during the same time period, 16 homes sold in Westport. Average market time was 136 days with an average list price of $1,649,300., and an average sales price of $1,465,835. The most expensive home sold during this time period last year closed for $3,215,000 on Manitou Road.
The bottom line, it’s a buyers market. If you have nothing to sell, you will surely be able to enjoy the better prices of homes available in Westport. If you are selling and trading up, you may need to accept less on the sale of your current home, but you will be able to reap the benefit of the savings on your purchase of a more expensive home. The only one that gets hurt is the seller who is trading down. That seller has to either “suck it up” or “get out”. Price according to real marketvalue, and you will get offers. The market will not allow you to under price your home (the price will be bid up by savvy buyers), but the market will allow you to hold on to your overpriced listing for years! Price it right and be ready to negotiate.
*These statistics are based on the homes listed for sale through the Greater-Fairfield County Multiple Listing Service as of March 1, 2010
Monday, March 8, 2010
Current Mortgage Lending Rates 3/4/10
According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 3/4/10 are as follows:
30 year fixed rate - 5-5.25%
Jumbo 30 year fixed rate - 5.625%
5/1 ARM- 4.125%
5/1 Interest Only - 4.375%
Jumbo 15 year fixed rate - 4.5%
30 year fixed rate - 5-5.25%
Jumbo 30 year fixed rate - 5.625%
5/1 ARM- 4.125%
5/1 Interest Only - 4.375%
Jumbo 15 year fixed rate - 4.5%
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