Thursday, September 29, 2011
Current Mortgage Lending Rate September 29 2011
According to Jeff Jensen of Connecticut Home Mortgage, current mortgage lending rates for 9/29/11 are as follows
Conforming 30- Year fixed rate is 3.99%/4.25% New Hi balance Limit = $575,000
Jumbo 30 year Fixed rate is 4.50%
5/1 ARM @ 2.75%
5/1 Adjustable I/O rate is 3.25%
Jumbo 15Year Fixed rate is 3.50%
Monday, August 8, 2011
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.
Friday, August 5, 2011
Friday, February 25, 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
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%
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%
Tuesday, February 22, 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%
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%
Wednesday, January 5, 2011
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.
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.
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