Westport's Current Market Conditions March 2010

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

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%

Current Mortgage Lending Rates 12/17/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 12/17/09:

Conforming 30 Year fixed rate is 4.875-5.125%
Jumbo 30 year Fixed rate is 5.75%
5/1 ARM is 4.125%
5/1 Adjustable I/O rate is 4.375%
Jumbo 15 Year Fixed rate is 4.625%

Brownie Respones 2009

I always get a kick out of some of your responses after you open your mailboxes during Brownie Season. Here are some of your messages. If you are not on the brownie list, all you have to do is buy or sell your house with me, or send me a viable referral!!!

Linda, We got them safe and sound. They are tremendous. Thanks so much. XOXOX

I love u!!

Please don’t tell my husband, I don’t feel like sharing!

Would you believe me if I said we didn’t get them – so you have to deliver them again!

I love the ”brownie“ time of the year!

Thank you again. They are such a treat!!!!!

Your brownies are an instant portal to Nirvana. Thank you! I look forward to them every year. I'm afraid to admit that I've never introduced them to my husband or daughter.


Thank you so much for the delicious brownies. It is something we certainly look forward to.

thank you, I guess the diet is deferred until forever!!!

Oh No!!! we are in the city this weekend and my parents are at the house! If my dad gets a hold of those I will never see them. OK, I will have to get my mom to grab them before he does.

Thanks!

Thanks so much. I can't wait to taste them. Happy Holidays.

XO

Awesome! Had last night. Thank you!

Thank you so much for the brownies, they are amazing! Absolutely the best

Wow - we made it on to your Brownie list!

Thanks so much! Doug and I split a small one tonight and they definitely live up to their reputation! We look forward to eating more (and might share with the kids).

Perfect timing!! Thank you so much!

We want to thank you so much for the delicious brownies! As always, they are so yummy... The kids have been fighting over them and quite frankly, I'm surprised there are any left (only two!). You are so sweet and thoughtful...

Thanks so much!!!

You the best! David is away this week, so you know they'll be gone by Friday.

Too late. Should have warned me. Kids found it !!! Xo

Forgot to check my email since I got home and just saw this. Ran outside to get the brownies in my slippers and already ate one.
Thanks we love getting them every year.

Amazing!! Thank you so much, we are eating them right now and loving them! Hope you are having a wonderful holiday season.
Yeah!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Thank you!!!!

THANK YOU! Thank you ! Thank you! You are so kind to remember us each year.

Thank you once again. You have not lost your touch!!

Thank you so much Linda for continuing the tradition - we all enjoy and appreciate the tasty delicious treat!

got them! Thanks!! The kids will be so psyched!
xo

Thanks Linda! My girls will be soooo excited! Happy Holidays!

They are so fudgey, truly yummy!

Already had one...SO YUMMY!
Yay!!! :)

Yippee! It's that time of year again!! Perfect timing, as my parents arrive for a visit this weekend. JoJo will be so happy to have chocolate in the house (that is, if my kids don't demolish them first).

So sweet of you!!!!!!!!!!

Thank you. They brownies are so delicious!

Thanks so much for the brownies. They are soooo yummy.

My Crystal Ball for 2010

Real Estate in 2009 has been challenging, to say the least. Some Sellers have not been able to grasp the reality that their homes are worth less than they were 2 years ago, while a few Buyers have gone on a feeding frenzy, low-balling many homeowners until one bites. So what can we expect for 2010?

Professionalism - Real Estate Agents will need to step up their game! The easy days of bidding wars, and quick mortgages are harder to come by. Agents will be armed with more facts, better market statistics, well researched comparables and unique selling concepts. Social Networking and Web based promotions will be new standard. Buyers will need to depend on relationships that are based on trust, competency and knowledge.

The Consumer - Buyers and Sellers will continue to educate themselves thorough various websites. While Realtor.com is still the most widely used Real Estate search site, Zillow, Trulia, YahooHomes, LuxuryHomes and TheWestportBlog.com are paving the way for more options and information. Top Realtors are not fearful of the ability of their clients to search and find information on the web. Most find an educated consumer a pleasure to work with, because they are both knowledgeable and realistic.

Mortgages – A pre-approval letter from a Mortgage company is a formality. It basically states that based on the information that a consumer gave the bank, they would qualify for a loan. Buyers should be looking towards a Pre-Commitment – which actually involves a credit check, and filing all the necessary papers to obtain the actual loan. The loan is essentially sourced and underwritten. The only outstanding information would be the address of the property that one decides to purchase and an appraisal (that shouldn’t take more than a week from when it is ordered to when it is completed). This would make the waiting period substantially shorter, and allow a buyer to get all his paperwork in without the pressure and time crunch felt during the negotiating stage.

Social Networking – Buyers, Sellers and Realtors will communicate and through blogs, facebook, Linkedin and Twitter (to name a few) for the latest national and local information. Sources will be freely exchanged, while we’ll all be left to figure out which is fact and which is fiction!

Realistic Pricing ­ - Prices will stay in line with consumer demand. Sellers will either figure out that they cannot afford to sell for their home’s current value, or decide it is time to move on. Those trading up will of course make it up on the buying end anyway.

The end of 2009 has been filled with offers and closings. Brokers are feeling hopeful and excited for the coming year. Sellers and Buyers are knowledgeable and in many cases ready to embrace the changing market. 2010 promises to be better than the year before. Brokers will be more skilled pricing homes and buyers will be so well educated, they will be ready to react when the right home hits their radar.

Current Motgage Lending Rate 12/10/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 12/10/09:

Conforming 30 Year fixed rate is 4.875-5.125%
Jumbo 30 year Fixed rate is 5.65%
5/1 ARM is 4.125%
5/1 Adjustable I/O rate is 4.375%
Jumbo 15 Year Fixed rate is 4.5%

Current Mortgage Loan Rates 12/3/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 12/3/09:

Conforming 30 Year fixed rate is 4.875-5.125%
Jumbo 30 year Fixed rate is 5.5%
5/1 ARM is 4.125%
5/1 Adjustable I/O rate is 4.5%
Jumbo 15 Year Fixed rate is 4.375%