Westport Real Estate and Community News

When is the best time to buy a house? With many markets reporting an abundance of homes for sale, and interest reates remaining at near historic lows, now might be one of the best times in recent memory. While today’s real estate market does offer advantages to buyers, consumers still need to be savvy in order to get the best deal they can.

Following are some things that every homebuyes should keep in mind:

Don’t Try to Time the Market. When home prices are lower, it is very tempting for potential buyers to try to wait as long as possible in the hopes that prices will decline even further. This strategy can be detrimental because when there is high inventory, smart sellers price their homes property – not acoording to past sales but according to current conditions – so their homes will sell in a timely fashion. Once a home is priced to what the current market will bear, buyers will make offers.

Shop Around But Don’t Wait Too Long. The National Association of Realtors reports that, on average, homes stays on the market for 7.5 months. The increased inventory gives homebuyers a great opportunity to compare homes that meet their needs. However, this does not mean that homebuyers should procrastinate. If you find a house you love, put in your bid and negotiate. Don’t provide an opportunity for another buyer to make an offer.

 Watch Morgage Rates.

Negotiate on the Incentives. Make sure that the incentive makes sense for you. Of course, you can always ask the seller to simply deduct the amount in question from the list price. 

Buying, selling or renting in Westport CT, you want someone who knows the community. Someone like Carla Rea, top-producing Realtor for Coldwell Banker Previews International. Carla has lived in Fairfield County, Connecticut for over forty years and understands the value of real estate while also having the experience and energy to represent you in today’s market place.

Westport has been identified as the fith highest-earning town in the country, with a median family income of $193,540.

Three of the top five towns are in Fairfield County. Positions one throufh four went to New Canaan, Darien, Lake Forest, Ill., and Saratoga, Calif., respectively.

The study was realeased Monday by CNN’s online financial monitor, CNNMoney.com (http://money.cnn.com), At No. 5, Westport was described as being by “culture vultures,” as it has always been known as an artists’ community. Over the years, though, the town has gone from a painter’s community, to more of an actor’s community, the study stated.

“You can check out an exhibit at the Westport Arts Center , catch an outdoor concert at the Levitt Pavilion, atted an A-list show at the Country Playhouse, or watch the locals strut their stuff at the Westport Community Theatre,” it said.

The popolation is 26,218 and the median cost for a home is $1.2 million.

Westport News July 18, 2008

By Frances Moore and Will Rowlands

Buyers: We are in a buyer’s market! But history shows this market won’t last forever and some early indications are that it may be changing sooner than you think. here’s why you may want to act now, before the market begins to adjust:

Fact # 1 Affordability is increasing 

Fact # 2 Interest rates remain relatively attractive

Fact # 3 Many sellers are motivated

Fact # 4 There are a lot of homes to choose from

Fact # 5 Historically speaking, Northeastern real estate is a strong, long term investment.

Why You May Not Want to Make the Mistake of Waiting

Many buyers are sitting on the sideline waiting for Connecticut and Westchester County, NY real estate to “bottom out” but doing so could result in higher housing prices and/or higher interest rates.

Furthermore, an increase in the interest rates, even by just a half a percent, could decrase your purchasing power and alienate you from today’s market at a time when, in all probability, there probably won’t be as much inventory.

We live in one of the most desirable areas in the world and regardless of the recent slowing in the market, there is still plenty of pent-up demand.

The Bottom Line 

Tha bottom line is that this is a very good market for buyers but it won’t last forever. And while it is hard to predict when the market will officially “bottom out,” the only way you will know for sure is when it has begun to rise again.