6 Tips to Secure Your Dream House

Westport has enjoyed a stellar Real Estate market in 2013. Sellers are looking forward to a continued uptrend. Competition amongst buyers is getting fiercer, so be prepared to put your best foot forward to obtain your dream home. Consider using these 6 methods when negotiating on your potential purchase.

Meet before you hit the street – Before you step foot in a single foyer, speak with a bank or Mortgage Broker to get pre approved or pre qualified.  Have your credit pulled and make sure it’s accurate. It is now more imperative then ever to stay on time with bill paying. Recent late payments hurt your report more than older ones.  Insure there are no mistakes, giving yourself enough time to correct any uncovered errors. Collect your tax returns and any statements the bank or Broker may need.  It is much easier to prepare in advance. A seemingly unending list of requirements is about to be requested and it is time consuming to collect all the paperwork.  If you are self-employed, give yourself extra time, since many business owners may show their income more creatively than banks prefer.  Your broker will be helpful in determining what you can be approved for, afford and potential monthly payments.

          Start too Low and Blow it – There are many tire kickers out there, and homeowners are more frustrated than ever with them. As agents, we are obliged to present all offers, and explain “it’s just business, don’t take it personally”.  But, how do you not take it personally when we are talking about someone’s family home of 20 years. It’s a competitive market, and if you start too low, you may waste precious time and lose the house. The owner may not trust your negotiations if they feel you are trying to “steal” their homestead.

3      Put your money where your mouth is – It is fairly standard to submit 10% of the purchase price when the contract is executed. A buyer who offers more than 10% can be pretty appealing to the seller. The buyer proves his commitment and ability to afford the home.L

      Less is more – Keep your contingencies to a minimum while still protecting your interests. Sellers worry about all the roadblocks ahead. If the buyer makes a clean and short list of requirements to meet until the deal is clean, the seller is more likely to accept the deal.

      Take it personally – Let the seller know how much you love their home. Write them a heartfelt letter recounting why you want to buy it. Of course, a seller isn’t going to sell their home for less than someone else is willing to pay just because you wrote them a note, but when things are equal or close, the personal touch will usually win out. 

      Time is of the essence – Work with the seller’s timetable to close when it’s best for them. If the seller feels like they are not being rushed out, or that the closing can be on their planned timetable, they are more likely to work with you.  The ability on the buyer’s part to move either fast or slow, based on the seller’s needs can make the difference between winning the house and losing it.

When purchasing a home, the right price is of course important, but it is not the only determining factor. Confidence, ease and timing may prove to be just as important to a motivated seller.  Work with your agent to get prequalified, and know real value when you see it. Then, make an offer that a seller can’t refuse. It doesn’t have to cost you more!

The Westport Market is Hot Hot Hot!

Westport’s Housing Market is as bright as a warm summer day at Compo Beach. Interest rates remain steady and low while housing supply is falling short of demand. Our market surge can be attributed to many factors, including pent up demand, rising home prices, a healthy stock market, and consumer confidence in the real estate market overall. Most active Real Estate agents have not enjoyed a day off in awhile. After 2011 and 2012 proving to be less than stellar – there are not many complainers amongst us! So how hot is the market? Sizzling!

Presently there are 282* houses on the market in Westport, with an average list price of $1,792,389. The most expensive homeon the marekt for sale is listed for $12 million, located on Bluewater Lane, a 4 bedroom 4720 square foot home on 1 acre with 180 degree view of Compo Beach’s Long Island Sound. The least expensive home on the market in Westport is listed for $309,000. on Crescent Park Road with 2 bedrooms, 2 baths, and a fireplace in 1152 square feet on .12 acre .

In 2013, 170 homes have closed (sold) year to date, with a total sales volume of $269,519,000. The most expensive home sold in 2013 in Westport closed for $20,000,000. on Beachside Avenue offering 5 bedrooms, 8700 SF on 2 acres with 420’ of direct waterfront property. The least expensive sale was $295,000. , located on Crescent Park.  

In 2012, during the same time period, 134 homes also sold in Westport with a total sales volume of 169,847,000. The most expensive home sold last year during the same time period closed for $5,250,000. , a 7600 SF new construction home on Minute Man Hill near Compo Beach. It was relisted again this year for a few months for the same price, but is currently withdrawn from the market.

The bottom line, the Westport Housing Market is alive and well. It has officially evolved back to a seller’s market. Paying asking price and bidding wars are becoming more common for buyers. Homes are selling the first week or even day that they hit the market. Luckily appraisers have followed suit and there have not been many problems with appraisals falling short. If a homeowner is realistic and a homebuyer is aggressive, they should both get what the want from the transaction. If you have a home currently listed for sale and you are not getting offers, take a long hard look at your pricing. You have probably out priced your market. Price your home appropriately …and they will come!

*These statistics are based on the homes listed for sale through the Greater-Fairfield County Multiple Listing Service as of June 4, 2013.

Mortgage Lending Rates 6/6/13

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 6/6/13
are as follows

Conforming 30- Year fixed rate is 4.125%/4.25% New Hi balance Limit = $601,450

Jumbo 30 year Fixed rate is 4.125%

5/1 ARM is 2.625%

5/1 Adjustable I/O rate is 2.875%

Jumbo 15 Year Fixed rate is 3.125%

Skolnick's Scoop on Westport's Market Oct.1, 2012

What’s really happening in Westport’s Real Estate market so far this year? Buyers seem to believe that prices are finally steady while sellers are sure prices are on their way up. Of course, without a crystal ball, no one can truly tell the future, however, based on a comparison of 2011 to 2012 sales, the market is certainly stable, with great values for buyers. Current values are estimated to be close to those in 2003. Anyone who purchased a home after 2003 who is selling now should expect to lose money on the sale side, but hopefully recoup the loss when they buy another home. Interest lending rates continue to be historically low, but the time period to receive a mortgage commitment from a bank is considerably longer than in the past, often taking a few months instead of a few weeks.

Presently there are 321* houses on the market in Westport, with an average list price of $1,829,552. The most expensive home listed for sale is priced at $27,500,000., located on Beachside Avenue, owned by two of Westport’s most famous residents, offering 6.56 acres, a 8716 square foot main house plus a free standing gym on over 2 acres and 420 feet of direct waterfront access. The least expensive home on the market in Westport is listed for $309,000. on Crescent Park Road with 3 bedrooms, 2 baths, and a fireplace in 1152 square feet on .12 acre .

In 2012, 277 homes have closed (sold) year to date, with a median list price of $1,485,000., and a median sales price of $1,225,000. The most expensive home sold in 2012 in Westport closed for $5,250,000. It is new construction located on Minute Man Hill on 1.23 acre, offering 7600 square feet, an in-ground pool and walking distance to the beach. The least expensive sale was $390,000., located on Frescenius Road.

In 2011, during the same time period, 286 homes also sold in Westport. With a median list price of $1,399,000, and median sales price of $1,085,625 . The most expensive home sold last year during the same time period closed for $6,300,000 on Bluewater Hill Road. The home featured sweeping views of the sound, a pool, 7500 square foot house on 1 acre with tennis courts as part of the Bluewater Hill association.

Typically, the most closings happen in May, June, July and August , and in 2012 it was no different. During May 32 homes closed, June 54, July 49, August 39 and last month, in September 22 homes closed. These stats are similar to 2011, when in May 42 homes closed, June 54, July 36, August 43 and September 26 homes closed. Although we are on par with last year, we do still have quite a bit of inventory. As of October 1, there are 369 homes on the market with a total market volume of $788,304,205. Currently we have 17 months of inventory available for sale compared to the same time period in 2011 when we had 15 months of inventory available to sell.

The bottom line, the Westport Market is alive! Properties are selling when priced correctly. Our buyers in Westport are well educated. They know the market, and are not willing to overpay. Based on the median dollar listing amount of active homes compared to the median of actual sold listings this year, it appears that we have a large quantity of overpriced listings. 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 October 1, 2012.

My Scoop on The Westport Market

What’s really happening in Westport’s Real Estate market so far this year? Buyers seem to believe that prices are still going down while sellers are sure prices are on their way up. Of course, without a crystal ball, no one can truly tell the future, however, based on a comparison of 2010 to 2011 sales, the market is certainly stable, with great values for buyers. Current values are estimated to be close to those in 2003. Anyone who purchased a home after 2003 who is selling now should expect to lose money on the sale side, but hopefully recoup the loss when they buy another home. Interest lending rates continue to be historically low and sellers have become more negotiable.

Presently there are 345* houses on the market in Westport, with an average list price of $2,141,534, and an average market time of 113 days (which doesn’t mean everything, since homes could have be re-listed and the market time then restarts at 0). The most expensive home listed for sale is priced at $24,950,000., located on Beachside Avenue, offering 4 acres, a 10,000 square foot house, included are a 2 bedroom guest house and a 2 bedroom gate house, garage space for 9 cars and 215 feet of direct waterfront access. The least expensive home on the market in Westport is a1920’s home priced at $294,900. on Saugatuck Avenue with 3 bedrooms, 1 full and 1 half baths in 1449 square feet.

The average list price for a 3 bedroom home is $1,036,351 (72 on the market), a 4 bedroom home is $1,738,494 (98 on market) and a 5 bedrooms or more home is $2,943,745 (166 on market). Interestingly though, over the last 6 months, the list and sold prices of those homes that actually sold in that period are dramatically lower. The average list/sold price of a 3 bedroom home was $816,535/$777,718 (48 sold), a 4 bedroom home was $1,338,033/$1,221,850 968 sold) and for a 5 bedroom or more home $2,063,119/$1,924,370 (72 sold). These figures suggest that many overpriced homes that are not negotiating prices and are remaining on the market unsold.

In 2011, 221 homes have closed (sold) year to date, with an average market time of 108 days, an average list price of $1,480,735., and an average sales price of $1,382,860. The most expensive home sold in 2011 in Westport closed for $6,300,000. It is located on Bluewater Hill on 1 acre, offering 7500 square feet and water views. The least expensive sale was $215,000., located on Crescent Park Road. There are currently an additional 51 homes that are considered “pending”, which means contracts are executed and they are awaiting closure.

In 2010, during the same time period, 207 homes sold in Westport. Average market time was 100 days with an average list price of $1,476,716., and an average sales price of $1,381,378. The most expensive home sold last year during the same time period closed for $8,167,500 on North Avenue and the least expensive home sold on Oakview Circle for $358,500.

The bottom line, the Westport Market is alive! Properties at all price points are selling when priced correctly. Our buyers in Westport are well educated. They know the market, and are not willing to overpay. 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 August 2, 2011.

Do You Really Need a Realtor?

So, you are starting to look for a new home, and wondering if a Real Estate Agent is really necessary. If you ask me, the answer is absolutely “yes”! But don’t let me sway you. Truly, there is no law that prevents you, as an individual, from buying property without professional Real Estate assistance. You can search for homes, arrange showings, and even negotiate on your own. But, the real question is, “do you want to do it on your own?”

Firstly, there is a broad misconception among many first time home buyers that by using a Real Estate Agent, they will be subject to paying a commission. In virtually all situations, this is not the case. The commission for the sale of a home is paid by the seller, not the buyer. If you went to a car dealership and purchased a new car, you wouldn’t expect to pay a commission to the salesperson. The same applies when you buy a home – it is the seller of the item (in this case the house) that is responsible for paying to have it sold.

If you decide to “go it on your own”, your choices will obviously be very limited. The only homes that you can buy without any Agent assistance are those that are “For Sale By Owner” (FSBO), which is generally a very small percentage of the market. These are home owners who, for whatever reason (I can’t imagine what they could be!!!), have decided not to use an agent in the sale of their house. It may be because they think they can get more return by not paying a commission or it may be because no agent was willing to list it at the price that they demanded. A problem arises when, as a “do-it yourself” home buyer you need to make a determination whether or not the house is worth the asking price. There is too much money involved to make an “uneducated” decision.

The second mistake that potential buyers make, when they find their choices are limited when dealing with homes for sale by owners, is to jump into the “listed” market on their own by checking advertisements and calling Listing Agents direct, or simply visiting Open Houses. There is not a dime to be saved with this strategy, since the seller has already contracted with their broker to pay the full commission.

When you do find the right house, things happen fast. You’ll need to a hire building inspector, an inspector for the septic (if sewers are not present) and a wood destroying insect inspector, for starters. Then, if necessary, renegotiate the deal, if problems are found. Realtors, who do this as a career, usually have good contacts with inspectors, mortgage loan brokers and attorneys to help you be best protected. They have been able to weed out less professional specialist, and can point you in the right direction. When I recommend a specialist, I know they are a direct reflection of me, so I only want to refer you to the best!

The bottom line, a good Realtor is well trained and keeps their pulse to the market. They know value, can oversee all the paperwork, and keep negotiations on the right track. In the long run, you will probably save money, time and avoid unnecessary frustrations. If you need additional information, please feel free to contact me

Current Mortgage Lending Rates 2/24/11

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 2/24/11 are as follows:

30 year fixed rate - 5.0-5.`25%
Jumbo 30 year fixed rate - 5.125%
5/1 ARM- 3.5%
5/1 Interest Only - 3.85%
Jumbo 15 year fixed rate - 4.50%

Current Mortgage Lending Rates

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 2/10/11 are as follows:

30 year fixed rate - 5.125-5.25%
Jumbo 30 year fixed rate - 5.25%
5/1 ARM- 3.75%
5/1 Interest Only - 4.0%
Jumbo 15 year fixed rate - 4.50%

2010 Scoop on the Market

What really happened in Westport’s Real Estate market in 2010? Buyers seem to believe that prices are still going down while sellers are sure prices are on their way up. Of course, without a crystal ball, no one can truly tell the future, however, based on a comparison of 2009 to 2010 sales, the market is certainly stable, with great values for buyers. Current values are estimated to be close to those in 2003. Anyone who purchased a home after 2003 who is selling now should expect to lose money on the sale side, but hopefully recoup the loss when they buy another home. Interest lending rates continue to be historically low and sellers have become more negotiable.

Presently there are 224* houses on the market in Westport, with an average list price of $2,235,282, and an average market time of 144 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 $24,950,000., and located on Beachside Avenue, offering 4 acres, a 10,000 square foot house, included are a 2 bedroom guest house and a 2 bedroom gate house, garage space for 9 cars and 215 feet of direct waterfront access. The least expensive home on the market in Westport is priced at $274,900. on Crescent Park Road with 3 bedrooms, 2 baths in 1156 square feet.

The average list price for a 3 bedroom home is $976,271, a 4 bedroom home is $1,693,448 and a 5 bedrooms or more home is $3,157,237. Interestingly though, over the last 6 months, the list and sold prices of those homes that actually sold in that period are dramatically lower. The average list/sold price of a 3 bedroom home was $732,779/$697,267, a 4 bedroom home was $1,336,718/$1,235,857 and for a 5 bedroom or more home $2,506,363/$2,282,737. These figures suggest that many overpriced homes that are not negotiating prices and are remaining on the market unsold.

In 2010, 350 homes have closed (sold) with an average market time of 102 days, an average list price of $1,552,295., and an average swales price of $1,446,565. The most expensive home sold in 2010 in Westport closed for $20,000,000. It is located on Beachside Avenue on 6.62 acres, offering 3 building lots and 600 feet of direct waterfront property. The least expensive sale was $365,000., located on Richmondville Avenue.
There are currently an additional 39 homes that are considered “pending”, which means contracts are executed and they are awaiting closure.

In 2009, 250 homes sold in Westport. Average market time was 128 days with an average list price of $1,547,465., and an average sales price of $1,419,436. The most expensive home sold last year closed for $6,500,000 on Sasco Creek Road and the least expensive home sold on Newtown Turnpike for $277,000.

The bottom line, the Westport Market is alive! Properties at all price points are selling when priced correctly. Our buyers in Westport are well educated. They know the market, and are not willing to overpay. 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 January 5, 2011.

Current Mortgage Lending Rates December 2, 2010

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 12/2/10 are as follows:

30 year fixed rate - 4.75-4.85%
Jumbo 30 year fixed rate - 5.125%
5/1 ARM- 3.50%
5/1 Interest Only - 3.75%
Jumbo 15 year fixed rate - 4.125%

Get Ready for Winter

As the days are getting shorter and nights colder, it is clear that winter is fast approaching. Make sure your home is prepared for the lower temperatures with some simple preventative maintenance.
Roof, Gutters and Downspouts
Make sure gutters are well cleared of leaves, sticks and other debris. Once gutters are emptied, run water through downspouts to ensure there is no blockage. If left undone, a simple obstruction could cause water to back up and seep through walls and ceilings causing serious and expensive damage. A wise investment would include either gutter guards or screens that lessen or entirely prevent the debris that accumulates in the gutters in the first place.
Water Heater
It would be awful to have your hot water heater malfunction on a cold winter day. As part of your annual service call, have your hot water heater tested. This should include testing the tank’s pressure and temperature relief valve while also removing sediment from the bottom of the tank by draining 2 gallons of water. This will help improve the efficiency and heat transfer of your unit.
Heating and Cooling System
Book your annual service with your oil company before it gets too cold or you will find yourself on a long wait list. If you do not have a service contract, or prefer to do it yourself, change the disposable filters, vacuum lint and dirt from blower blades and motor and clean air passages. Check or replace fan belts if needed.
Doors and Windows
By making sure doors and windows are properly sealed, you can help control heating costs. Weather stripping should be repaired or replaced around window frames and door bottoms and jams. Install storm windows and doors if available.
Water Pipes
Major damage from frozen or burst pipes can be easily prevented with advance preparation.. Before the cold weather sets in, add insulation to your pipes located in unheated areas. Simply wrap the pipes with blanket insulation or heating tape or completely incase them with preformed foam. Check for leaks and cracks and correct any minor problems.
Fireplace
Call a reputable fireplace sweep company. Do not fall for the phone calls claiming they are already working on homes in your area. Your chimney flue should be cleaned annually. Have the seal on your flue inspected to keep out drafts. Check for loose masonry and ensure your fireplace is in good working order.

Inexpensive quick fixes now will help you avoid expensive and time consuming troubles later.

Make Your Offer Stand Out Every Time !

Unless you have had your head in the sand at Compo Beach, you already know that it is a “Buyer’s Market” when it comes to home sales. Reduced asking prices, coupled with historically low mortgage lending rates, have sparked an enthusiasm into Westport’s residential market. A properly priced home in the right location is once again creating a frenzy and even bidding wars. An educated buyer should be prepared to put their best foot forward to ensure they will obtain an accepted offer from their bid.

Price - Clearly, price is one of the primary considerations when a seller is reviewing your offer. If you find yourself in a bidding war, consider offering the seller a premium of a set dollar amount above their highest offer.

Financing – Before you prepare an offer, it is important to meet with a mortgage lender. It doesn’t matter to the seller if you speak with a Mortgage Broker or The Lender directly, as long as you are prequalified. However, a “pre-qualification” will only take you so far. This shows that you can afford the property based on the information that you have given the lender. However, a “pre-approval” goes a few steps further. A pre-approval verifies your employment and your credit history. You can be cleared for a pre-determined maximum loan, allowing you to make a “mortgage contingency” free offer, which reduces the seller’s risk greatly, in essence making your offer more appealing.

Good Faith Deposit – When a potential buyer offers a larger than the customary 1% earnest money deposit with an offer, it will certainly gain a seller’s attention. It can demonstrate the buyer’s motivation and their ability to accumulate funds quickly.

Contingencies – Minimizing contingencies and clauses that make it harder for the buyer to cancel the contract once inspections and financing is secured will go a long way to prove to a seller the buyer’s desire to make the transaction continue smoothly. Certainly a first time buyer or renter is extra appealing to a seller, so the sale of their current house does not complicate the timing or ability to close.

Build a Relationship – Try connecting with the seller on some level. Of course price, terms and contingencies are always going to prevail, but if all else is comparable, a seller tends to like accepting an offer from people that they have met, and who they believe will take good care of their home.

Trust your seasoned Realtor to know the best way to position your offer. Whether you are planning to purchase your dream home or an investment property, knowledge, skill and your agent’s expertise will help you facilitate making a sound offer that, when realistic, will lead to an accepted offer.

Current Mortgage Lending Rates October 21, 2010

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 10/21/10 are as follows:

30 year fixed rate - 4-4.25%
Jumbo 30 year fixed rate - 5%
5/1 ARM- 3.50%
5/1 Interest Only - 4.125%
Jumbo 15 year fixed rate - 3.99%

Current Mortgage Interest Rates October 7, 2010

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 10/7/10 are as follows:

30 year fixed rate - 4-4.275%
Jumbo 30 year fixed rate - 5%
5/1 ARM- 3.50%
5/1 Interest Only - 4.125%
Jumbo 15 year fixed rate - 4.125%

Current Mortgage Interest Rates September 22, 2010

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 9/22/10 are as follows:

30 year fixed rate - 4.125-4.375%
Jumbo 30 year fixed rate - 5.125%
5/1 ARM- 3.75%
5/1 Interest Only - 4.125%
Jumbo 15 year fixed rate - 4.125%

A Final Inspection is Always Necessary

You’ve found the perfect home to purchase. The sellers have even agreed to your offer. The mortgage loan has been approved and you are ready to close. Don’t forget the simple but imperative next step before your actual closing…the final walk thru!
Firstly, along with your Realtor, insure that everything that the sellers were supposed to leave, they actually left. If the window treatments were included in the contract, you are entitled to them. If the sellers forgot, and accidently removed them, they need to bring them back or replace them before closing. This may seem obvious, but simple mistakes like this happen more often than one would imagine.
Next, check that the repairs that were negotiated after the initial building inspection were actually completed. Obviously, for any major repairs, your attorney should receive copies in advance of the paid work orders. However, small repairs should be inspected and approved. If promised repairs are not completed, they should to be handled before closing, while the seller still the motivation to correct them quickly.

Look for damage that may have occurred after your contract signing. Did the movers damage the wood floors or gauge the wall during the move out? Are the locks working the same as when you inspected the home?
Bring a portable hairdryer and spot check as many electrical outlets as you have time to. Flush every toilet and run all sinks and showers to insure proper pressure and hot water .Believe it or not, I once found a homeowner that changed a shower head before closing, but we uncovered it simply by running the shower and observing low pressure.

Run the dishwasher, washer and dryer. Put on the stove and oven. Make sure all are heating at expected rates. Trust me, a small amount of time well spent will save you problems and frustrations later.
Your Realtor does this type of walk thru many times a year. He or she will work with you to complete all these visual and physical inspections. Your attorney can help negotiate any “surprises”.

The earlier you can do your final walk thru before closing, the better. It will give your agent and attorney time to track down the sellers and their agents to correct any issues. Never do the final inspection before the seller has completely moved out. The process of the actual move is often where the greatest damage occurs.

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 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%

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%