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.

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%

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.

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%

7 Reasons to Use a Realtor for New Construction

Traditionally, when potential homeowners decide to search for a new home, they call they Realtor. However, often when new construction is the plan, buyers often go it alone. But don’t be short sighted, your Realtor can be exceptionally helpful and well worth his or her commission.

New construction often boasts great floor plans with large family rooms and a wide array of special features and appointments. Energy efficient products are standard while new building materials often help reduce future utility bills. In addition, the roof and most appliances have many years until replacement will be necessary.

Although you may not deem it necessary to involve your Realtor when working directly with a builder, it could prove to be quite prudent. By enlisting a Real Estate agent you are hiring a professional who will help guide you through the process and protect your interests.

7 advantages to consider when using a Realtor during the building process:

1. Builders differ greatly. Some are known for being able to build at a “great” price, while others typically build with only the finest materials. It’s important to depend on reputation and previous clients. Your broker’s experience can provide these references.
2. Brokers know the market well, and can help you negotiate an appropriate price that does not place your cost above market value.
3. As a buyer, you are most likely only constructing a new home once with a builder. However, your Realtor may work with the builder many times over the years. Since repeat business is imperative to most businesses, your builder is more likely to go above and beyond to impress your Realtor and you.
4. Agents deal with mortgage brokers, appraisers and banks regularly. Your loan process tends to move along smoother when your agent oversees the progression.
5. Even the best buyer-builder relationships can have kinks during the building course. Your Realtor can be the voice of reason and well versed on industry standards.
6. If you are relocating to a new area, your agent can provide local area information. He or she can also be your eyes and ears periodically at the construction site.
7. Lastly, typically the builder agrees to pay the sales agent’s commission, so you are receiving support and attention at no additional cost to you.

Building a new home can be a tough journey. Having a Real Estate professional on your team can help smooth the bumps and tackle the hurdles so you can enjoy the ride.

Scoop on the Westport Market - August 2010

What is really happening in Westport’s Real Estate market? 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 the first 8 months of 2010, the market is definitely improving. Interest lending rates continue to be historically low and sellers have become more negotiable.

Presently there are 352* houses on the market in Westport, with an average list price of $2,231,331, and an average market time of 128 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 $24,900,000., and located on Beachside Avenue, offering 6.62 acres, a 10,500 square foot house, included are 3 building lots with 600 feet of water frontage a main house with a pool and pool house, and a second home with a pool and tennis court. The least expensive home on the market in Westport is priced at $329,000. on Hiawatha Lane with 3 bedrooms, 1 bath in 1104 square feet. The total dollar value of available homes in Westport is $785,428,472.

The average list price for 3 bedroom homes is $1,184,119, 4 bedroom homes - $1,543,475 and 5 bedrooms or more $3,123,632. There are 62 homes available for in the most saturated price range $1,500,000 – $1,999,000.

Year to date, 233 homes have closed (sold) with an average market time of 95 days, an average list price of $1,469,928., and an average sales price of $1,378,877. The most expensive home to date sold in 2010 in Westport closed for $8,187,500 . It is located on North Avenue Extension with a pool and tennis court. The least expensive sale was $358,500., located on Oakview Circle. The most active price range for homes sold in Westport for 2010 is $1,000,000 - $1,499,000 with 51 sales year to date.

There are currently 45 homes that are considered “pending”, which means contracts are executed and they are awaiting closure. The most active price range for pending homes is $1,000,000 - $1,499,000 with 7 homes due to close in the range.

In 2009, during the same time period, 148 homes sold in Westport. Average market time was 117 days with an average list price of $1,517,043., and an average sales price of $1,393,020. The most expensive home sold during this time period last year closed for $6,500,000 on Beachside Avenue and the least expensive home sold on Cedar Road for $340,000.

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 August 24, 2010.

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.

Current Mortgage Lending Rates 8/8/10

According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 8/12/10 are as follows:

30 year fixed rate - 4.25-4.35%
Jumbo 30 year fixed rate - 5.125%
5/1 ARM- 3.875%
5/1 Interest Only - 4.125%
Jumbo 15 year fixed rate - 4.25%

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%

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%

Westport's Real Estate Market is Starting to Heat up!

Westport’s Real Estate market is starting to see some movement. I wouldn’t call it hot yet, but a soft sizzle is certainly starting to brew. During the last 60 days, 48 homes have closed in Westport. Average list price was $1,822,975 with an average selling price of $1,667,240. Closing prices were down a mere 8.5% from asking price.

So, what’s contributing to this newfound interest in the Real Estate Market?

Many Bankers and Traders are expecting large bonuses this year, which is allowing them to take advantage the current market’s lower prices. It trickles down from there. If one is moving up, and negotiates a good price, they can afford to sell their current home for less, and the cycle continues.

In addition, President Obama signed the Worker, Homeownership and Business Assistance Act of 2009 (HR3548) into law on November 6th. According to Michael Daversa, President of Atlantic Residential Mortgage in Westport, “the bill extends and expands a key tax credit for homebuyers, while also offering more help to those out of work.”

The $8,000 First Time Homebuyer credit has been extended through April 30, 2010. If you have never owned a home, or have not owned a home in the last 3 years you can qualify. Your adjusted gross income (AGI) cannot exceed $125,000 for an individual, or for a married couple $225,000.

“You can also qualify for a $6,500 credit,” reminds Daversa, “if you have lived in your current house for 5 consecutive years during the 8 year period ending with the date the new home is purchased.” In this scenario, the same AGI levels prevail.

There are some caveats though. The selling price cannot be higher than $800,000 and you must remain in the home as a primary residence for at least 36 months from purchase date.

Between lower prices (many are suggesting that we are back to 2004 prices), great opportunities and tax credits, the housing marketing is enjoying the infused energy. If you were considering purchasing a new home, the timing could not be better!

Current Mortgage Loan Rates 10/29/09

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 10/29/09:

Conforming 30 Year fixed rate is 5.-5.5%
Jumbo 30 year Fixed rate is 5.75%
5/1 ARM is 4.375%
5/1 Adjustable I/O rate is 4.625%
Jumbo 15 Year Fixed rate is 4.75%

Westport is Alive and Kicking!!!

It has been a tough few years for the Real Estate industry both nationally and locally. Prices are said to be down to 2004 levels, giving buyers more negotiating power and sellers a reality check. But what is really true? What’s happening in Westport right now? Ask most active Realtors and they will truthfully tell you that they are seeing a resurgence in the market.

There are presently 59 homes in Westport with accepted offers, waiting to close! Currently, 374 homes are available for sale, and 181 have already closed this year. Sold properties, in 2009, have an average on market time of 181 days, average listing price of $1,506,198 and average sold price of $1,390,511. These numbers are quite interesting, when you take into account that the average list price of homes still on the market is $2,132,173.

The most lively price range of homes with contracts signed is $1,500,000-$1,999,999, with 5 homes under contract, and 66 actively available. The most vigorous price range for sold properties in 2009 is $1,000,000 - $1,499,000 with 37 closed properties this year, but 67 still available for sale.

It is interesting to follow units closed over the last 6 years, and how we truly compare to 2004!

The bottom line, 2009’s average sales price is indeed fairly close to the average sales price in 2004. If you are a seller, put on your seatbelt and be ready for the ride down to reality pricing. If you are a buyer, enjoy the opportunity to buy your dream house for the best price in years!

Current Mortgage Rates - October 1, 2009

According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 10/1/09:

Conforming 30 Year fixed rate is 4.875-5.25%
Jumbo 30 year Fixed rate is 5.875%
5/1 ARM is 4.375%
5/1 Adjustable I/O rate is 4.625%
Jumbo 15 Year Fixed rate is 4.75%