2011 First Quarter Real Estate Market Reports for Southwestern CT are now available!

We are pleased to present to you our quarterly all-inclusive reports for your favorite towns that we service. Market Report Statistics in Fairfield County include the following towns: Darien, Easton, Fairfield, Greenwich, Monroe, New Canaan, Newtown, Norwalk, Redding, Shelton, Stratford, Trumbull, Weston and Westport, Connecticut. New Haven County Market Report Statistics include Ansonia, Derby, Milford, Oxford and Seymour, Connecticut

Our Market Report Statistics come straight from the MLS, and we  have included  ALL of each towns active listings for this detailed report- including single families, condominiums, multi-families and apartment rentals, which are sorted by bedroom count, as well as land .This set of statistics includes average list price, average sales price and average days on market.

The next set of market statistics is on sold properties for the first quarter and is all inclusive of single families, condominiums, multi-families and rentals that are sorted by bedroom vount as well. Additional information includes how many sales, what the average list price of those sales was, the sale prce to list price ratio, and market time of the sold listings.

You will find these real estate market reports on their respective town pages on the left hand side bar. As always , we are pleased to be of service to you, and when you are ready to buy a home, or sell a home in any of the areas that we specialize in, make sure you contact us!

How does market time affect pricing on a house for sale ?

When you are looking at houses, pay attention to the market time for that particular home when you look at it. That number is pretty much hidden in plain site at the top of your MLS listing fact sheet, and it would appear as trivial as MT 156. As a buyer, you may not be aware that MT 156 means that the market time is 156 days on that listing.

Why would this matter to you, as a buyer? Two big reasons! SALES PRICE and TERMS OF SALE I am assuming that your agent would have been educating you as you are looking at homes as to what the average market time is for a property in the town(s) that you are interested in.  If the average market time in your preferred town is 75 days, well then, you may have an built-in opportunity for additional price negotiations. You may also be able to negotiate terms that are more agreeable to you.

This involves some research from your agent, like checking on the homeowners financial status, the loan status on the property, finding out the reasons for the move from the listing agent, the sellers motivation, whether or not there have been previous offers, and checking the listing history of the house.

I conduct this research and pay membership fees to various sources  to find out this information, some of which is not readily available or easily available to the public.  Obtaining  information  from the listing agent is quite helpful, and most llisting agents will tell buyer agents about the sellers motivation. Honestly, I feel that is a breach of  fiduciary responsibility that I do not cross when I represent a seller - but, when I represent a buyer I do not have a fiduciary responsibility to that seller, so my loyalties are with my client.

Knowing town statistics and market data besides having a market analysis on the home you want to buy is very important. That is why I include them for  Easton, Fairfield, Norwalk, Trumbull and Westport on a weekly basis.  I conduct market research for  other towns in my service area, I just do not publish them online. ... and truly, you shouldn't ever have to ask your Realtor for this information- if you do, it's time to change agents and get the professional advice that you deserve.

How do you figure out the best location to live in?

We've all heard the term, "location location location". Choosing your home's location is just as important as choosing the home itself. Here are four of the top  tips to help you decide on the best location.

The City, Town, or community-  Before you pick out a house,  the first thing to do is choose what cities or communities you would like to live in. There are many different factors that come into play, not only for yourself, but for resale value as well. Carefully choosing your community is the first step in "location, location, location" and can help maximize your future potential resale value.

Property Taxes always seem to be a consideration and in most cities, you'll notice that taxes are higher than in surrounding towns. The city, as a hub, usuallly provides more services than towns do, and have bigger government, and someone has to pay for it- that means the homeowners. If you like the services that a city has to offer, and the higher taxes aren't a deterrent. But remember, you will lose some of the buyer pool on resale if your taxes are considered too high.
The bonus  is that the "cost per square foot" of homes is most often lower in cities that have higher property taxes. This is something that you will need to weigh in your decision

The School System- Even if you do not have school-age children and do not intend to have children, you must pay attention to the local school system. That is because when you sell the property, many of your potential buyers will be concerned about it. have concerns of this nature. Check to see how local students score on the standardized tests and as I mentioned in a prior post, the state of Connecticut mandates that ecah of its 169 towns and cities educational system report on each individual school.. The better the school system, the better the resale. It has always been that way.  

Economic Stability and Local Government- When choosing a town or community for your home buying purchase, look to buy in a city or town  with a  stable economy. When you want to sell your home in the future,  there should be a reasonable expectation that your town will still be a desirable place to live. A good idea is to drive around that community, and see how well it is maintained. .Services provided by the local government are in important factor, too, such as community centers and libraries. You can obtain crime statistics by going to the police station and simply asking for them. The local EMS should also have their response times on record for you as well

I would be happy to answer any questions that I can about your new community, and what I don't know, I can find out readily. All my clients  have to do is ask!

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Should you buy a home warranty for your new home?

A one year home warranty is standard issue from a builder on new construction in Connecticut, but what if your home was built in 1980 or 1950 or 1900? Some buyers are not even aware that home warranty policies exist and are available for virtually any home, regardless of age.

What do home warrantees cover? It depends on the policy. but you can usually expect the warrantee to cover repair or replacement to appliances and the heating system, plus minor electrical repairs- all with deductibles. There are usually add-ons for swimming pools, well pumps, and septic system cleaning.

Can the seller pay for the warrantee? Some sellers offer a home warrantee with their property, otherwise you can purchase one, or your agent may negotiate one paid for the seller on your behalf.
 
How do you contact a reputable company ? The companies that I have worked with in the past are American Home Shield and Choice Home Warranty. There are others, and its best to check out their rating through the Better Business Bureau, reand get referrals through other clients, if available. Prices on coverage  and exclusions to the warranty  are important to know before you decide on a company. You can expect a policy pricing  to start at around $350 depending on your home's size, age, condition and coverage. The peace of mind may very well be worth it, and it's worth looking into, if for that reason alone.

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Do you know what your real estate agent can't tell you?

Are you aware that there are some questions that  your agent is not allowed by law to  answer? Your agent is not avoiding your question because of lack of knowledge or lack of professionalism.

Just yesterday, I wrote about schools. Real Estate agents are not allowed to give our opinion on schools. Seems harmless enough, but- that's the law. We can refer you to sources that can answer your questions, and that's about it.

Steering and blockblusting will cause an agent to lose their license, and we cannot answer any questions regarding  any protected classes. A few  examples of protected classes could be what the racial makeup of a neighborhood is, or  even the age of the residents on the street. I have had clients ask me if there are any children on the street because they have kids and would like to know that there would be some other children for their children to play with, and the only way I can answer that question is to tell them to check out whether or not there are swing sets in the yard, or take a drive by after school gets out to look for themselves.

We also cannot answer questions about crime rates- and when I say we cannot answer, I mean we cannot answer as per law. If  a client wants to know if it's a "safe" street, or what the crime rate is, I will refer them to the town's local Police department who can tell them of any activity on the street, and the area.

Another question we cannot answer ethically is what a house has gone under deposit for. Yes, it's a big secret until the closing.The listing agent does not share this with other agents, or buyers and there's good reason for it. If that particular transaction falls apart, then that fallen through sales price becomes the new asking price. Let's suppose the home was listed at $750,000 and the seller accepted a $700,000 offer that you knew about. What would be the probability of you submitting an offer greater than $700,000? Slim, right? What if you were that seller? ...So you understand.

I will go out of my way to answer whatever questions I can legally and ethically answer for my clients, and for other agents for that matter. And when you need an agent that you know will go the extra mile for you, all you have to do is pick up the phone or send me an email :)

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