Shopping for a Condo? Ask These 4 Questions before You Buy

Condominium homes have always been, and will likely always be, an efficient and economical route to becoming a first-time homeowner. They can offer the comfort, prestige, and even luxury appointments that apartment living may lack, often at a cost that is not much different than rent. With the current first-time home buyer tax credit and the deadline for the move-up tax credit fast approaching, I advise you move fast on any condo purchase you may be considering.

With my experience as Member of the Top 5 in Real Estate Network®, I am well aware that not all condominiums are the same, however, so make sure you ask the following four questions before you buy:

What will you own? Read the bylaws and be sure you understand what you will be responsible for and what belongs to the condo association. Will you own the boat dock at the back of your unit? Can you elect to build a spa on your patio? Generally, unit owners own and are responsible for the interior of their condos, while costs for outside maintenance including common areas and sewer lines are the association’s responsibility.

Who lives there? Are the majority of residents owners or renters? Owners generally take more interest in proper maintenance and are more willing than renters to serve on the association board and enforce complex rules and regulations–including the regular collection of homeowner dues.

How effective is the homeowner’s association? Do they have legal counsel, reasonable funds and a capable, caring volunteer board? One way to judge is to check with residents about restrictions, oversight and timeliness of repairs and upgrades. Another is to take a hard look at the grounds and be wary of signs of neglect.

What about special assessments? The association should have the power to special assess for needed, one-time large expenditures. Otherwise, things that need to be done may never get done at all, leaving the complex vulnerable to disrepair and lowered property values.

Don’t miss this great opportunity to become a homeowner or to downsize by buying a condo (remember, the move-up tax credit does not require you to move to a larger or more expensive home). Please e-mail me for more tips on buying a condo and forward this information to any family and friends who may be in the market as well.

Extended and Expanded Tax Credit

Cheryl Scott-Daniels explains the newly extended and expanded tax credit:

Confidence Builder: Make the Most of Newly-Constructed Homes

For the aspiring homeowner, there are always some unknowns to navigate. For home-seekers looking to buy a newly-constructed home, they must also contend with fierce competition, as well as the uncertainties of buying a house, in many cases, that doesn't even exist yet.
Heightened demand has accelerated new construction. Advancing technology has allowed the selection of homes based on virtual tours of the future home's plans. Such options can help the consumer build their house to their every preference, while making it as accommodating in real life as it is promising on paper.
There are ways to minimize such uncertainties and focus on the new home's potential rather than potential problems – and these aren't limited to the structure itself. Many of these common sense preparations are ones in which the services of a real estate sales professional, such as an ERA Real Estate professional, can be a major help and a big relief. At the most basic level, such a professional can help you determine whether it's the newly-built or the pre-existing home that best suits your search.
Start from scratch. Your agent can help you decide what design options not only fulfill your needs but best fit your budget and your home's resale value. He or she can also help you to familiarize yourself with the new neighborhood; guide you throughout the construction process; and get you set up with crucial services like moving companies (one of many major tasks a nationally-known business can group in a single program, such as ERA Real Estate's Select Services).
Check into the builder's track record. You can do this by visiting other developments they've constructed and by speaking with the residents. Also, you may want to contact the Better Business Bureau to learn about their reputation and how long they've been in operation.
Know the neighborhood. Visit your local town planning office and look into what will be built nearby in the near future – where there's some construction growth there may be more, and you'll want to decide what kinds you wish to live around.
Understand what's in your contract. Do what you can to protect a favorable mortgage rate from the financial fluctuations that can occur over the course of construction. Get a thorough home inspection. And, obtain the most reliable professionals to help you in these potentially complicated tasks.
Determine if "new is for you." Despite the shiny, new bells and whistles associated with a new home, you might prefer an existing house. Purchasers of existing homes avoid contributing to suburban sprawl, enjoy the stability of established neighborhoods and infrastructures, and don't need to worry about today's fast-paced home construction industry. New home buyers, on the other hand, may be most attracted to the ease of brand-new homes with minimal maintenance concerns and a pre-planned neighborhood structure.
One happy medium an agent might steer you toward is the brand-new home that's already built. While this may be a rarity in a booming market, your real estate professional can help find one for you that can help eliminate surprises. Not to mention, it will likely fast-forward passed the inconvenience of other unfinished homes still in the construction phase around you.
With the right preparation and advice, the new-home route can lead to ready-made happiness rather than built-in headaches.

Advice for Sellers

In most cases, an offer is written with standard contingencies including a home inspection and satisfactory appraisal. A seller can have their own inspections done prior to marketing so they have the time to repair or replace items. That will shorten the time from offer to closing or avoid having a buyer get discouraged and walk-away because of what they might perceive as deferred maintenance. A seller can also have an appraiser evaluate their home so they have a good idea of what a bank will approve as a selling price. As a bonus, the seller will have the inspection report and appraisal in their back pocket when it comes time to negotiate a selling price and terms.

My advice to sellers is to review their current market position with their agent. Take a close look at year-end sales to arrive at a realistic and competitive list price. Sellers need to do what’s necessary to attract serious buyers to get their property sold. Realtors® have seen the competitive inventory and therefore can make good suggestions on how the seller can help make their home stand out above the rest.

Fairfield County Real Estate Market Update

Although single family home sales in 2009 were slightly slower than sales in 2008, and the median sales price was less, we did see a positive market increase in the last 4 months of the year. I am pleased to report the 2009 year-end statistics which include an increase in sales and a decrease in inventory which leads me to believe the Single Family home market in Fairfield County is stabilizing!!!

There are currently 5973 active single family homes on the Consolidated Multiple Listing System. In 2009 we had 6753 closed sales. That represents a unit sales decrease of only 4% versus 2008. The result is a 10 ½ month supply of homes currently on the market. The median selling price for single family homes on the Consolidated Multiple Listing System in 2009 was $377,000, which is an over-all decrease of 12% from 2008.

By far, single family home sales among the upper tier have been most affected by economic conditions. We currently have a 3 year supply of single family homes over $2MM on the Consolidated Multiple Listing System and a 4 year supply of homes over $3MM.

There are 813 single family homes with fully executed contracts waiting to close. The median list price of those homes is $339,000. There are 424 properties with accepted offers. The median list price of those with accepted offers is $399,000. These are important numbers, which I report each month, because they help us to determine the direction of the market. In this case we can estimate that the median sales price in the first few months of 2010 will be flat or slightly higher than the median sales price of 2009.

I encourage our readers to contact me for market statistics specific to their town and neighborhood as they vary greatly from town to town and even neighborhood to neighborhood. Please contact me if you wish to receive market statistics monthly via email or if you wish to receive a market snap shot specific to your property’s address.

Moving Tips

The weeks before moving day can be very hectic. Just the word “Moving” conjures up images of heavy boxes and furniture—excitement and headaches. In an effort to help your move go as smooth and easy as possible, we encourage you to consider these helpful resources.

Your move may be simple or complex, depending on your situation, including how much you own, how far you’re moving, and how many people are moving with you. In any case, it’s a good idea to start with a thorough moving checklist that covers all the possible bases, including important time frames.Download REBAC’s moving checklist, As you review the checklist, you’ll also find that these additional resources provide valuable shortcuts:

Changing your address—an online tool from the U.S. Postal Service
Tax-deductible moving expenses—guidelines from the Internal Revenue Service

If you are moving in or out of Fairfield County and are looking for a moving company, contact me. I have an extensive database from over 22 years in the real estate business. I would be happy to give you names and phone numbers of local companies as well as feedback we have received from past clients who have their services.

I offer a FREE moving truck as a valuable service to my clients as well as charitable organizations* for use in Fairfield County. Learn more about the Cheryl Scott-Daniels Group Smart Move Vehicle. *Some restrictions apply.

Visit REBAC.net for more information on the home buying process.

When the Brood Leaves the Nest

If you’re an empty nester, or about to become one, you’ve got lots of company. The number of baby boomers age 65 and over is expected to increase nearly 80 percent over the next two decades. Shifts in the age distribution of our population will result in a growing number of Baby Boomers moving to accommodations that better suit their needs.

Today’s empty nester is not the sedentary retiree of yesteryear. Senior homebuyers tend to stay in or near the same community after they retire. Most people continue to work much later in life, perhaps in an entirely new career or as a full-time volunteer who serves their community.

A major decision you are probably facing is determining exactly what you would like your next living arrangement to be. Unlike generations in days past, today it is nearly impossible to describe a “typical” empty nester’s home. Much depends on your individual lifestyle, family situation and other personal preferences.

New living options marketed to meet a diversity of lifestyles are continually appearing on the marketplace. Translating your choices of amenities, location, ease of maintenance, architectural style, etc. into the selection of your next home can be a frustrating experience. Working with an experienced real estate professional who listens to your needs and understands the market can help shorten your search for the home that is right for you.

Choosing the right real estate professional can also pay dividends when selling your current home. The Senior Advantage Real Estate Council reports that 90 percent of seniors do not put their home on the market until they have settled on their new living arrangements. At the same time, younger families are seeking to move up and out to the larger homes and apartments offered by empty nesters.

The ERA® Sellers Security® Plan has been designed for empty nesters and others who wish to remove the anxiety from the process of selling their home. The Sellers Security® Plan guarantees that your home will sell at a pre-determined price within 180 days of listing your home. Simply put, “If we don’t sell your house, ERA will buy it®.”

The Sellers Security® Plan is a guaranteed sale plan offered in all 50 states. An attractive feature of Sellers Security is the ERA® system’s exclusive Five Point Marketing Plan, which covers all the bases for a quick and hassle-free sale, by maximizing the marketability and sales potential of your home.

Fairfield County Real Estate Market Update

Fairfield County Real Estate Market Update

The positive increase in market activity we saw in August held true in the month of September. We experienced a small decrease in the supply of homes active on the market and witnessed a smaller decline in unit sales this year versus the first 9 months of 2008.

There is a healthy, active inventory of 7,556 single family homes on the consolidated multiple listing service. To date, we have had 4,755 closed sales. This represents a unit sales decrease of 15% vs. the first 9 months of 2008. The result is a 14.3 month supply of homes currently on the market. The median selling price county-wide is $376,500, which is an over-all decrease of16% vs. last year. This number is down slightly from August. This is a county-wide number and not the case in every town. Remembering that all real estate is local, there are definitely differences between towns within Fairfield County. It is very important that you talk to your REALTOR® about the towns in which you have specific interest about the advantages of buying or selling at this time.

As has been the case over the past 9 months, sales among the upper price tier are slower than other price ranges. Sales over $2MM represent just 3% of homes that have sold but 9.5% of homes on the market waiting to sell. Sales over $3MM represent less than 1% of the total homes sold but 5% of homes currently listed for sale.

There are 1000 properties with fully executed contracts waiting to close. The median price of those homes is $350,000.

There are 565 properties with accepted offers. The median list price of those with accepted offers is $394,500.

With the healthy inventory of homes on the market, we stress to our sellers the importance of making their home stand out above the competition. This includes staging as well as competitive pricing. Sellers should talk to their REALTOR® about steps they can take to help put their home at the top of the buyer’s list!

Fairfield County Market Update

For up to date information on the Fairfield County Real Estate market listen to my podcast. As always, please contact me for a more specific market information as it directly relates to you and the sale or purchase of your home.

Purchasing A Home

When buying a home, it’s important to think carefully about your offering price and your offering terms. In some cases, terms and conditions can represent thousands of dollars in additional value for buyers—or additional costs.Terms may include inspections, requests for specific property repairs, or timing considerations, such as a conditional purchase clause.
Determining a price
Some buyers mistakenly believe there is a predetermined formula for offers—that offering prices should be X percent lower than the seller’s asking price or the amount they are really willing to pay.In practice, your offer price actually depends more upon the basic laws of supply and demand. If many buyers are competing for homes, then sellers will likely get full-price offers and sometimes even more. If demand is weak, then offers below the asking price may be in order.
How to make an offer
The process varies by state. In most cases, you complete an offer that your representative presents on your behalf. The owner, in turn, may accept the offer, reject it or make a counter-offer. Because counter-offers are common (any change in terms can be considered a “counter-offer”), it’s important that you remain in close contact with your representative during the negotiation process so that any proposed changes can be quickly reviewed.
Inspections
Inspections are common in residential realty transactions.Structural inspections are particularly important. During these examinations, an inspector evaluates the property for any material physical defects and whether expensive repairs and replacements are likely to be required in the next few years.For a single-family home, these inspections often require two or three hours. You should plan to attend too. This is an important opportunity to examine the property’s mechanics (plumbing, wiring, etc.) and structure, ask the inspector questions and learn far more about the property than is possible with an informal walk-through.

For more information please visit REBAC.net.

Fairfield County Market Update

The spring market is in progress. New listings are hitting the market each day. Buyers are out looking and buying. During 2009, the average number of single family homes selling monthly increased from 243 last month for the first 3 months of the year to 256 this month for the first 4 months of 2009. The highest selling home sold for $6,000,000 and the lowest was well under $100,000 highlighting the diverse supply of houses in Fairfield County. The low was a Bridgeport townhouse which sold for $22,500. Currently, there are 512 single family homes with purchase agreements in place vs 441 last month. There are 684 homes with fully executed contracts, just waiting to close as compared to 568 contracts last month. Prices are lower than they’ve been in the last several years, in some towns and there are a large number of houses from which to choose. The median selling price, county-wide in the Greater Fairfield County Consolidated Multiple Listing Service is $460,000 down 18% vs. this time last year. Interest rates are at a 40 year low. Now is definitely the time to buy a house.There is even an additional incentive for first time buyers or those who haven’t owned a home during the last 3 years. The federal government is offering an $8,000 tax credit to those who close before November 30, 2009. One of my listings over $2,000,000, received two offers with a third buyer asking if the sellers would consider an additional offer. On another of my listings priced at $700,000, I received three offers in less than 3 weeks on the market. Clearly, buyers now recognize value and are capitalizing on the interest rates before it is too late.

No Time Like The First Time

If you are contemplating the purchase of your first home, congratulations! As you probably know, buying a home is one of the biggest financial commitments you can make. It is also a process filled with emotion, and a touch of anxiety. To help keep you sleeping soundly, here are answers to three big questions that concern many potential first-time homeowners.


Question #1: How do I decide what to look for in a home?

It’s easier than you think. Sit yourself down and list what’s important to you in a home. The purchase of every home involves making tradeoffs, so be sure to prioritize your list.

One element is architectural style. Do you prefer a Colonial, a Cape Cod or a modern look? An important factor to consider is living space. How much room do you need right now, and to meet anticipated needs?

Make a list of features that must be a part of your home. Perhaps that Olympic-size pool and tennis court can be put off for another day, but you may absolutely need an eat-in kitchen NOW! It’s all a matter of your taste and personal style.


Question #2: Where should I begin the search?

That old real estate adage about “location, location, location” aside, choosing where to live is usually determined by your personal circumstances and desires. Do you have a particular community, or even a particular block, in mind?

What is it about the location of your new home that is most important to you? Do you prefer an urban, suburban or rural setting? Consider proximity to work, schools, shopping, entertainment and houses of worship. Once you’ve narrowed your list of potential candidates, the Internet can be an excellent tool for learning what a particular community has to offer.


Question #3: How can I find financing that makes sense for me?

Interest rates are lower than we’ve seen in decades. Still, the last thing you want to do is start out in your first home saddled with an uncomfortable level of debt. Seeking the advice of a professional who can give you the lowdown on financing options that match your qualifications is a big step in the right direction.

Once you’ve narrowed your search, talk to a real estate professional that serves the community you’d like to call home. Cheryl Scott-Daniels Group and ERA Select Homes associates are trained to guide you through your purchase every step of the way. Our Web site, YourFairfieldCountyHomes.com, brings up-to-date listings directly to you. We work closely with lenders who can offer loan programs designed to meet the needs of qualified first-time homebuyers.

The path to finding your first home is sure to be full of twists and turns. Once you’re armed with the answers to the big questions, the search can be fulfilling, and even fun!

Staying Power: The Joys and Challenges of Historic Homes

Real estate professionals like to offer as many kinds of properties to prospective customers as there are different personalities of buyers. And few real estate properties have more personality than a historic home.
By the standards of the National Trust for Historic Preservation, any structure at least 50 years old may qualify for historic-landmark status. This is determined by a home or other building's demonstration of particularly significant architectural features or now-rare styles, or its role in important past activities or events (famous inventions, once-pivotal industries, presidential birthplaces or visits, etc.).
To be sure, such homes present many challenges. The older the house, the more likely certain toxins will be present that aren't in newer homes (such as asbestos and lead paint); these will have to be dealt with. And restoring the historic character to a possibly-neglected house can be a costly and time-consuming effort.
But there's much to be said for the personal satisfaction of remaking a house by your own effort, and restoring an example of America's past that can help keep us mindful and proud of our heritage. Also, where there are historic homes there are likely to be whole historic neighborhoods, which preserve and offer to the homebuyer just the kind of old-fashioned community qualities that today's home-seekers are craving and today's developers are trying to re-create.
If your home is on or considered eligible for local, state or national registers of historic places, various rules will be in effect for building materials, renovations, and uses of the structure which most fit the historical period in which it was built. Although these requirements can be an inconvenience, many states offer tax and other incentives for owning and rehabilitating historic homes found to meet historic-preservation officials' criteria. And owners of homes on government registers of historic places still have broad latitude in selling, altering and using their property.
Before buying such a home, you'll want to check into several factors to determine whether the investment you're making in history is the right one for you: What laws apply to local historic buildings and districts, how much restoration does the house require, and what contractors are available who are knowledgeable about handling historic homes are a few of the major questions you'll want answered before making a commitment.
A qualified real estate professional can help guide you through this rewarding but complicated area. Proper preparation and the right professional expert can help ensure that your historic home will give you nothing but happiness to look back on.

Connecticut Foreclosure Assistance

Help for Sellers Facing Foreclosure
A Foreclosure Mediation Program was created in response to the surge in foreclosures (many homeowners are struggling with their mortgage rates adjusting upward) and the recognition by Judicial, Legislative and Executive Branch officials that there needed to be a way to improve the way foreclosure cases were processed. Our legislature passed Public Act 08-176, An Act Concerning Responsible Lending and Economic Security, which was signed into law in June 2008 by Governor Rell and went into effect July 1, 2008. Under the Act, the Chief Court Administrator was required to create a foreclosure mediation program by July 1, 2008. The goal of CT's Foreclosure Mediation Program is simple - try to keep the homeowners in their homes. The program is the first unified and mandated program in the United States and requires borrowers and their lenders to meet face-to-face so they can negotiate an agreement.

Here are the numbers. The program went into effect July 1, 2008, and as of October 31, 2008, 680 cases have completed mediation with the following results:
361 owners (53%) stayed in their homes, and of those, 270 (40%) had their loans modified, 24 (3%) were reinstated, and 67 (10%) entered into a forbearance plan;
116 owners (17%) moved out of their homes because of a short sale, a deed in lieu of foreclosure or a foreclosure sale date; and
203 cases (30%) were not settled; and
when you combine the "staying in home" and the "moving from home" categories, there's a settlement rate of 70%.

The mediation sessions are held at courthouses throughout the state and the mediators are Judicial Branch employees trained in foreclosure law and mediation. An owner/seller does not need an attorney to participate and everyone who signed the mortgage must attend. This program is a winner all around. The homeowner/borrowers facing foreclosure may get to stay in their homes by negotiating new loan terms with their lender's representative, the lender ends up with a performing loan and is repaid under new or modified terms, and the number of foreclosure cases coming before the court is drastically reduced.

Please visit The Connecticut Association of Realtors website for more information

*information obtained from The Connecticut Association of Realtors

Fairfield County Real Estate Market Update

The sales rate of single family homes in Fairfield County throughout 2008 has remained consistent and although sales numbers are down from this time last year, inventory continues to move. There have been 4871 closed sales and an active inventory of 4848 home on the Greater Fairfield County Consolidated Multiple Listing service. That represents a unit sales decrease of 29% vs. 2007 resulting in an 11 month supply of homes on the market, currently. The median selling price county-wide is $505,000 down 10% from the median selling price this same time last year.

Sales over $2MM represent just 5.2% of homes that have sold but 12% of homes on the market waiting to sell. Sales over $3MM represent 2.1% of the total homes sold but 6% of homes currently listed for sale.

There are 360 properties with fully executed contracts waiting to close. The median price of those homes is 25% lower than the median price of closed homes so far this year. There are 179 properties with accepted offers. The median list price of those with accepted offers is $410,000, 18.9% lower than the median selling price for the properties that have closed so far this year.

Sellers and Buyers should talk to their REALOR(R) about market numbers specific to the town they are looking to sell or purchase in.

First-Time Homebuyer Tax Credit

Great news for first time home buyers!

Congress has created a temporary federal income tax credit available to first time home buyers as a part of the “Housing and Economic Recovery Act of 2008”.

The amount of the federal tax credit is for 10% of the cost of the home, up to a maximum credit of $7,500. In essence, this is an interest-free loan that enables consumers to receive a tax credit on a dollar-for-dollar basis on their personal income tax return in the calendar year following the year of closing on their home. They begin paying the tax credit back the year after that and make equal installments during the next 15 years. If the homeowner sells the home at any point during the 15-year payback period, then the remaining amount is recaptured, unless they sell the home at a loss, at which point the balance is forgiven.

Now is the time for a first time home buyer to make their purchase! For more details please visit The National Association of REALTORS(R).

Fairfield County Market Update

Single family homes on the Greater Fairfield County Consolidated multiple listing service, during the first ten months of 2008 continue to sell but lag behind last year’s pace. To date, we have 4,579 closed sales and an active inventory of 5,094 homes. That represents a unit sales decrease of 28% vs. 2007 resulting - in 11 month supply of homes on the market, currently. Inventory is down from a 13 month supply earlier during September of this year. As we move into the first of the year, we expect inventory to begin its normal seasonal increase. Some sellers will begin to list after the holidays with the number increasing as we move into the spring season when our beautiful perennial plants and trees begin to bloom. The median selling price county-wide on the Greater Fairfield County Consolidated mls is $515,000 down 8.8% across the total number of houses sold in all Fairfield County towns, on the Greater Fairfield County MLS. Of course the difference varies by town and by property price range. So it is important that our listeners ask their REALTOR the specifics about the town and price range in which they are interested.

Sales, among the upper price tier has slowed significantly more than other price ranges. Sales over $2MM represent just 5.4% of homes that have sold but 12.3% of homes on the market waiting to sell. Sales over $3MM represent 2.2% of the total homes sold but 6.1% of homes currently listed for sale.

It is also interesting to note that the median list price of the active single family homes is 36.2% higher than the median list price of the homes that are under contract and 34.7% higher than the median list price of those homes which currently have accepted offer. This would seem to indicate that unless there is a sudden change in market performance, the upper end has slowed substantially more than the average and lower price ranges and also that sellers who are realistic about market conditions are being successful at reaching agreement with buyers.

There are 347 properties with fully executed contracts waiting to close. The median price of those homes is 30% lower than the median price of closed homes so far this year vs only 15% lower through 9 months year to date.

There are 220 properties with accepted offers. The median list price of those with accepted offers is $404,499, 27.3% lower than the median selling price for the properties that have closed so far this year.

Interest rates have decreased due to government support of loans and lenders’ insurance against losses. This a great time to purchase a home. Buyers who wait might find slightly lower prices but an increase in interest rates could result in the same payments or higher for a lower priced house.

Sellers should talk to their REALTORS about ways to make their homes stand out above their competition and if they really want to sell they must price realistically! Buyers should be cautious in their selection of lenders. It is critical that they find a reliable lender who will still be in existence, with the funds for their closing.

Fairfield County Market Update

Single family sales on the Greater Fairfield County Consolidated multiple listing service, during the first nine months of 2008 continue to lag behind last year’s pace. To date, we have 4,163 closed sales and an active inventory of 5,252 homes. That represents a unit sales decrease of 29% vs. 2007 resulting -in 11.4 month supply of homes on the market, as we move into the slower selling months. The median selling price county-wide on the Greater Fairfield County Consolidated MLS is $520,000 down 8.8% but that includes a range of prices differing by town with increases in some towns and decreases in others. So it is important that you ask your REALTOR the specifics about the town that interests them.

Buyers are being very cautious. They don’t want to overpay in a declining market. Lenders are also being very cautious. They are instructing their appraisers to take a conservative approach in determining property value.

The top end of homes sold continues to represent a disproportionately low percentage of sold properties. Homes over $2mm represent 5.8% of the total and those over $3MM represent 2.5% of the total.

Among the properties currently on the market, 12% are over $2MM and 5.9% are over $3MM. That is more than double the percentage of homes in those price ranges that have sold this year. It is also interesting to note that the median price of the active single family homes is 20% higher than the median list price of the homes that are under contract which would indicate that unless there is a sudden change in market conditions, sellers will have to reduce prices to get their homes sold.

There are 441 properties with non-contingent contracts waiting to close. The median price of those homes is 15.8% lower than the median of the closed homes so far this year.

There are 239 properties with accepted offers. The median list price of those with accepted offers is $392,000, 24.6% lower than the median selling price for the properties that have closed so far this year. This shows that the sales rate is slowing and that is expected at this time of the year. But it also shows that the median price of those properties that are selling is decreasing. If this pattern continues, those sellers who sell first will get more money.

Interest rates are increasing and although they are expected to continue to fluctuate, the trend over the next year is expected to be upward. Thus, this a great time to purchase a home. Buyers who wait until interest rates rise might as a result get less house for the same monthly payments if they purchase at a higher rate.

Sellers should talk to their REALTORS about ways to make their homes stand out above their competition and if they really want to sell they must price realistically! Buyers should be cautious about working with reliable lenders. Many lenders are currently heavily leveraged and buyers should remain in constant contact with their REALTORS and lenders and close as quickly as possible.

ERA International Collection

ERA® International Collection: Where to Find Luxury

Where do you find luxury? It is not uncommon to find it reflected in the affluence of a magnificent home. In today's real estate market, finding just the right luxury home in a gracious neighborhood can seem like a challenge. If you are looking for a luxurious home, then it is crucial to choose a sales professional who specializes in the high-end market.
ERA® International Collection home specialists are trained and certified to provide customers the best quality service, project just the right image, and utilize unique marketing, advertising and communication skills essential to the buying and selling of luxury real estate.
High-end buyers are individuals, each looking for a certain home that is suited to his or her own impeccable style and taste. International Collection sales professionals mirror their customers' appreciation of a broad range of architectural tastes, historical styles, and selective home criteria. To make finding these homes less tedious, the International Collection provides customers an exclusive Web site that puts cutting-edge technology at their fingertips, to search for real estate listed in the $1 million scale and above, as well as properties in the top 10 percent of their respective marketplaces.
Consumers can enter the Web site directly by visiting www.ic.ERA.com, or link to it from the home page of www.ERA.com by clicking on the International Collection logo. A photo and description of the property appears, and consumers can click on the listing for additional information. Moreover, most properties on www.ic.ERA.com contain virtual tours of rooms and outside views of the architectural landscape.
Effective communication puts motivated buyers and sellers together to sharpen the search for the most serious prospects. As an ERA® International Collection sales professionals, I have access to a national network of experts who can help locate the kind of distinctive properties desired by those in the luxury market.
You deserve the finest service when buying or selling your home. Consider the benefits of the ERA® International Collection.

Fairfield County Market Update

National reports where we hear and read about double digit housing price declines, do not apply to our local market. Even within Fairfield County, individual towns perform differently. Overall, single family homes within Fairfield County that are listed on the Greater Fairfield County mls show a 7.6% decrease in median selling price during the January/February 2008 period vs the same period during 2007. 642 homes closed during the first two months of this year vs 917 last year, a decrease of 30%. There are 573 under contract without contingencies, just waiting to close and 332 homes with accepted offers and open contingencies. There are 5197 homes actively listed for sale. That represents roughly a 16 month supply of homes.

The upper price tier continues to perform well. 5% of homes sold this year were at $2MM or more vs 4.7% in 2007. The highest sale was $6,750,000 for a home in Darien and the lowest was $11,200 for a mobile home in Danbury. 12% of those homes under contract are listed at $2,000,000 or higher.

To give you an example of the variances between towns, contrary to the county-wide performance, the unit sales in Westport, Weston and Easton were even with last year and the median selling prices in those towns was higher than the same period last year. In Wilton unit sales dropped 16% but median price increased. Unit sales in Fairfield also declined while the median price increased.

Inventory is strong, interest rates are near a 40 year low and some sellers are motivated. This is a great time to buy a house. For owners who are contemplating selling within the next year or so, I suggest staging their homes to get top dollar, making their homes easily accessible to agents for showings and listing as quickly as possible before the inventory builds during late spring. It is also more critical now than ever to hire an experienced and knowledgeable agent to represent them and help them avoid the hurdles that can be encountered in this market.

Please contact me for more information on the housing market and how it directly relates to you, your current home, and your future home.