Existing Home Sales Post Another Gain in Latest Report

This past September proved to be a successful month for existing-home sales. After a slight decline in August, sales reached their highest pace of the year in September, according to the National Association of Realtors September Existing-Home Sales Report. With steady price gains and continued low interest rates, sales have been able to carry their spring momentum into the fall. The median existing-home price for all housing types in September was $209,700, 5.6 percent above September 2013. Last month marked the 31^st consecutive month of year-over-year price gains.

Only 14 percent of homes purchased last month were purchased by investors, down from 19 percent in September 2013. This is good news for traditional buyers as they face a less competitive market with low interest rates and steady price gains. Buyers looking to purchase a home this fall should be aware of tight inventory that generally occurs during the winter months.

With exception of the Midwest, all major regions of the country experienced gains this September.

Lindsay Listanski/ Coldwell Banker Blue Matter

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like: Find out more about Judy here

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Mixed Results for 2012 First Quarter Housing Market in Fairfield County CT

The housing market in southwestern Connecticut can be quite different from one town to the next, and the real estate market in some towns is still quite volatile, while others are showing improvements.

There are  23 towns in Fairfield County, and only a handful of communities appear to be experiencing a market that shows improvement.

A few towns, such as Westport,  Darien, Newtown, Trumbull and Stratford showed increases in unit volume over last year and Trumbull came in as the number one town for increased volume.

Other towns experienced a decrease in unit volume and they are Norwalk, New Canaan, Redding, Weston and Shelton. The hardest hits were in Norwalk and New Canaan.
 
Trumbull and Newtown appear to be the only towns that showed an increase in unit volume and in sales price year over year.

While some towns showed no significant movement by price or volume as compared to the same time period in 2011, the disparity among the towns is too great to signal any type of widespread regional market comeback.

The towns to watch for additional improvement this year are Westport, Greenwich, Trumbull and Stratford. These towns have some of the best  markets year to date, and look promising for the year ahead.

Towns that are teetering with the market right now are Norwalk, New Canaan, Redding and Weston.

Average prices are not showing true gains thus far, and prices are most volatile in Easton, Monroe, New Canaan and Weston.

We will be posting detailed individual first quarter results for 2012 for each of the towns that we service in the next few days. We'll let you know when they are up on our site

We specialize in southwestern Connecticut and Fairfield County Home sales, and have done so for the past 28 years. We would be honored to assist you in buying or selling your home on any one of our lovely communities. We'll give you a true and accurate readiing of the market as it pertains to your home, or the one you want to buy, and all of our knowledge doesn't cost a penny more than working with another agent. You'll also get the benefit of our Strategic Marketing Plan that is tailored just for you and your  home. Contact us today

Know the difference - Market Time vs. Market History vs. Listing History.

Once you know the difference between the three, and that there is a very relevant difference between the three,  the most commonly used term that you have heard over and over again (Market Time ) becomes incomplete information and nearly irrelevant as it pertains to pricing your home or negotiating for your purchase.

Market Time: This number is measured in days and  is on every listing data sheet. As I have mentioned in previous articles, the 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 122. As a buyer, you may not be aware that MT 122 means that the market time is 122 days on that listing.

Market History: A complete rundown on that particular home's listing history. For example, that MT 122 that I just mentioned is only for the listing that is active NOW. If that home has been on the market before for 200 days and didn't sell, the market time on that house would effectively and cumulatively be 322, and NOT 122. Would that make a difference to you as a buyer in what you might offer?

That particular home could have been listed more than once before. The cumulative market time is the most important figure with just a few things to remember as you look at this data.

Listing History:  A detailed listing of any changes in status of a particular  home's listing(s). If it has been on the market more than once,  you will need the full Market  History before you can obtain the full Listing History.  The Listing history will include the date the home went on the market and the original list price, the date and amount of any price reductions, the date of any deposit, the date the deposit fell through, adn the date that particular listing went off the market

IMPORTANT TIP: Market time is valuable information, but as far as knowing how to best negotiate for a home,  it means nothing unless a the Listing History is obtained.

Here's a Counterpoint -Why do Realtors seem to quote market time  as such an important number in market statistics if in fact, it may not be complete information as you say?

We refer to and quote market time on a townwide basis for averages. At least I do. I cannot speak for other Realtors. A few things to note about averages. There has to be a high and a low, obviously. Most homes will also fall above and below that average, obviously.  It is a generalization, but still an important one to understand the townwide market performance.

Once you understand town performance, you can better pinpoint a property value within that town. Does that make sense? I liken it to learning the alphabet, before one is able to write a word.  You MUST have a very good knowledge of the alphabet before you can write a word and understand what you actually wrote. You MUST know the town well, before you can price an individual  home effectively.

Obtaining Listing History is great for an indiviual property,  but lends little if anything more to the overall town's market performance which is based on averages. So Market Time is best used as a generalization for the town, and to recap, Listing History should be used specifically to price a home as effectively and appropriately as possible after reviewing market history. Bottom Line:When it comes to pricing a home, never forget the market time as an average, but  the Market History and Listing History are both KEY.

Contact me to price your home. And to sell it. Or negotiate the best deal for you.

Remember, the right agent is KEY, too :)

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Today's Mortgage Rates 6/3/2011

I would like to introduce seasoned Mortgage Broker Jennifer Buchanan as a guest blogger to update you on the current interest rates and trends. Please feel free to contact Jennifer for any mortgage questions that you may have, and know thatshe and I work closely together as a team to help you reach your goals.

Mortgage Update:

A week of troubling economic data helped push fixed mortgage interest rates to a new low for the year, representing the seventh consecutive weekly decline, according to the latest survey from Freddie Mac.  Surveys of national consumer confidence and manufacturing activity in the past month have suggested the economy may be slowing.  The S&P Case-Shiller National Home Price Index, meanwhile, showed first-quarter home prices fell by the steepest annual rate since the third quarter of 2009.The 30-year fixed-rate mortgage averaged 4.55% in the week ended Thursday, down from 4.60% the prior week and 4.79% a year earlier. Rates on 15-year fixed-rate mortgages fell to 3.74% from 3.78% the previous week and 4.20% a year earlier. Five-year Treasury-indexed hybrid adjustable-rate mortgages held steady from last week at 3.41%, but are down from 3.94% a year earlier. One-year Treasury-indexed ARM rates rose to 3.13% from 3.11% the prior week but are down from 3.95% a year earlier.

30 year fixed - 4.50% - 0 points for rate
20 year fixed - 4.250% - 0 points for rate
15 year fixed - 3.625% 0 points for rate
10 year fixed - 3.250% with 1.00 point credit to borrower for rate
5/1 ARM - 2.75% - 0 points for rate
7/1 ARM - 3.250% - 0 -points for rate
Jumbo - over 729,000
30 year fixed - 4.99% 0 points  for rate
15 year fixed - 4.50% - 0 points for rate
5/1 ARM - 3.50% - 0 points for rate
7/1 ARM - 4.00% - 0 points for rate

About Jennifer Buchanan:

Jennifer Buchanan,  Certified Mortgage Planning Specialist at MetLife Loans is a seasoned veteran of the Mortgage, Banking and Broker Industry and specializes in mortgage loans throughout Fairfield County, Connecticut.

Her attention to detail is unsurpassed, and her understanding of the marketplace makes it easy to find the right loan to fit her clients specific needs .  Jennifer's local processing and closing team are also known for their exemplary service.

Understanding that the vast majority of mortgage brokers never discuss the long or short term  financial needs or goals with their clients, she set herself apart from the rest by obtaining the coveted CMPS  designation. (Certified Mortgage Planning Specialist)
 
She is a member of the National Association of Responsible Loan Officers, and her commitment to ethics, understanding of the marketplace, and business acumen have earned her the respect of her peers and clients alike.

Jennifer Buchanan
Metlife Loans
203-341-6949

Why is it important to review real estate market statistics?

Market statistics are a snapshot in time as to how the real estate market is performing. A stock broker diligently watches the market to spot trends, so he/she can advise you as to when the best time to buy a particular stock, and the best time to sell some of your existing stock. You should be able to consider your real estate agent as your trusted real estate advisor, much like how you trust your stockbroker to advise you when the time is right to buy or sell.  The single most important asset that your agent has, or should have, is continued knowledge of the overall market.

You may notice from my town blogs  that I research and publish weekly and monthly analyses and trends of the real estate market in Easton, Fairfield, Norwalk, Trumbull and Westport, besides giving useful tips and advice on the CT Home Blog. I research statistics on neighboring towns, and offer a quarterly report on each town biography page as well.

Unless you pay close attention to market trends,  the best time to buy or sell may not be very clear, and again, watching the real estate market is similar in more than a few ways to reviewing your investments on NASDAQ or the NYSE.  Remember, we only start at the town level, and different parts of town will have their own different real estate markets, and your home, or the home that you want to buy,  has its own individual "market", which can and will be different than even the exact same house next door, so your market is very specific.

Pricing your home to sell in any market, and purchasing a home at the right price comes right down to the details on the state of market, and how those details  positively or adversely affect the home's price. Getting the most out of the sale of your home, and getting the best price on your purchase is something I've got years of experience doing. Feel free to check out some client testimonials, and when you need  a real estate advisor that you can rely on for the most accurate and up to date information, plus the tip top negotiating skills you deserve, just contact me :)

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