Archive for the 'Selling Your House' Category
Video: Why January and February are Important to Fairfield County Home Sellers in 2010
January 29th, 2010 categories: Buying Your House, First Time Home Buyers, Selling Your House, Talking Real Estate
Hear what Jay Papasan and Bryon Ellington have to say about the usually slow winter months and why they are so important to home sellers in 2010. Economic conditions this year and the home buyers’ tax credit mean home sellers need to get their properties on the market earlier than usual. This real estate advice applies to the cities like Danbury, Stamford and Norwalk as well as the smaller Fairfield County towns like Ridgefield, Redding, Newtown and Wilton. Watch the video.
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I’ve been Tagged… Now it’s My Turn to Tell All!
January 21st, 2010 categories: Buying Your House, First Time Home Buyers, Selling Your House, Talking Real Estate
I love games and thanks to Talk of Our Town, I’m now engaged in a virtual round of “blog tag” (see their original post here). “The Talk” has challenged me to disclose 10 things about myself and my blog and then tag 5 of my favorite blogs and have them do the same. So, here goes:
- Real estate is my full-time profession and I LOVE IT. I have an MBA from the Stern Business School (NYU) and I take my clients’ business of buying and selling residential property very seriously. I have been negotiating deals for over 20 years and work very hard to get the absolute best deal possible for each of my clients.
- My real estate business includes traditional buying and selling as well as bank-owned foreclosures and distress sales. My clients rave about my work!
- I actively cover all of Fairfield County including Ridgefield, Danbury, Newtown, Stamford, Wilton, Norwalk, Redding, Bethel, Weston, Westport and more.
- My favorite recreational activities are road-biking, mountain-biking, hiking and snowshoeing. I always bring my dog (except on the road).
- I started Real Estate Chocolate because I have so much to offer and I see a need to help active and passive participants in real estate. I want to share information and insights that will enable people to make the best buying and selling decisions in this dynamic real estate market. I also thought my blog would be good for business. It is.
- I am an active citizen in my community and participate and volunteer in several ways: ROAR (Ridgefield Operation for Animal Rescue), RACE (Ridgefield Action Committee for the Environment), Ridgefield Affordable Housing Committee and Norwalk River Valley Trail Planning Committee .
- Why “Real Estate Chocolate”? Well, the blog is mostly centered around smart and honest real estate advice and everyone loves chocolate. So I came up with a name that captures the imagination and makes the blog very inviting: Real Estate Chocolate.
- Interesting fact: when I first started Real Estate Chocolate, I used a logo that was a take-off on the ubiquitous Hershey Bar. Not long after I launched, I received a cease and desist letter from Hershey’s attorneys demanding that I stop using a likeness of their trademarked candy bar. I really caught the attention of the big guys!
- I enjoy biking and hiking in many of the woods, forests and open spaces throughout Fairfield County (see this post and this post). My favorites include Huntington State Park in Redding, Tarrywile Park in Danbury, Trout Brook Valley Preserve in Easton and Bennetts Ponds State Park in Ridgefield.
- My readership has been steadily growing since I started blogging. It is amazing how valuable my readers find my work and how far my readership reaches.
Here’s my 5 fave local blogs:
CTWatchdog – After 40+ faithful years at The Hartford Courant, George Gombossy got canned for DOING HIS JOB! Well, George don’t need no stickin’ Courant! He started CT Watchdog to help keep an eye on things.
CT Green Scene – From air quality and activism to watersheds and volunteer opps, this blog and associated network is devoted to sustainability within our state and beyond.
Fairfield County Business Journal – This blog complements the weekly print edition. Simply stated: everything business in Fairfield County.
CT Bites – Foodies delight! This online foodfest for Fairfield County will make your mouth water.
The Last Great Glass – Ancona’s take on fine wine and craft beer. Great insights on what to drink. Personally, I’m partial to the beer.
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Look Back to Move Forward: Fairfield County Real Estate Market Stats for 2009
January 14th, 2010 categories: Buying Your House, Market Data & Statistics, Redding, Ridgefield, Selling Your House, Wilton
Ever wonder why our cars have a rear view mirror? Henry Ford learned this lesson long ago that to move forward safely, it’s always important to know where you’ve just been. Real estate? Same thing!
2009 presented many challenges for sellers, agents and believe it or not, buyers too. Check out the 2009 stats in the table below and you’ll see that in all the Fairfield County municipalities listed, prices fell about 11% on average. Transaction volume, well that was off in the towns but not so much in the cities. Stamford and Norwalk each posted about a 5% increase in the number of deals while Danbury showed a modest decline.
As prices fell throughout the year, the smart sellers made repairs, priced their house at market value and were able to sell quickly and painlessly. Others found the market to be hostile. Overpriced homes (probably 50% – 75% of the 2009 inventory) languished on the market, frustrating owners who did not believe that declining values hit THEIR property. Those in denial paid in frustration, anguish and ultimately a lower price for their home because it was on the market longer as prices declined.
For buyers, 2009 was a year of good deals, great deals (foreclosures and short sales) and some difficult deals as personalities, attitudes and anger made made for many acrimonious negotiations. For the most part, residential property values fell back to around 2003 levels.
Real estate agents found 2009 to be a challenge. The good ones worked on developing the new skills that the market now demands. For me, I can say that I worked harder than ever to make sure my clients’ worked out in their favor. Negotiating last year’s deals and seeing them through to close required strict attention to all the details, patience and skill.
| 2009 mean | Pct Chg from 2008 | 2009 median | Pct Chg from 2008 | 2009 #Trans | Pct Chg from 2008 | |
|---|---|---|---|---|---|---|
| Brookfield | 417,420 | -11.8% | 384,000 | -8.5% | 125 | -23.3% |
| Danbury | 309,927 | -13.9% | 290,000 | -12.1% | 324 | -3.0% |
| Newtown | 428,668 | -15.2% | 420,000 | -9.3% | 212 | -7.0% |
| Norwalk | 529,423 | -22.7% | 440,000 | -14.3% | 439 | 5.5% |
| Redding | 664,338 | -7.4% | 559,000 | -12.0% | 70 | -6.7% |
| Ridgefield | 759,494 | -11.4% | 645,000 | -11.0% | 220 | -8.3% |
| Stamford | 665,915 | -13.0% | 575,000 | -10.2% | 488 | 4.9% |
| Weston | 936,173 | -20.4% | 825,000 | -11.3% | 92 | -20.7% |
| Westport | 1,419,436 | -16.9% | 1,188,500 | -12.0% | 250 | -7.7% |
| Wilton | 915,137 | -12.9% | 756,250 | -10.7% | 136 | -16.6% |
All data is from the CMLS and believed to be accurate and reliable.
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Hey, What’s the Big Deal! 2009’s Biggest Home Sales and What This Means for 2010
January 5th, 2010 categories: Buying Your House, Market Data & Statistics, Redding, Ridgefield, Selling Your House, Talking Real Estate, Wilton
How big were the biggest deals of 2009? Big? Really big? Well, actually, not so big. Last year we witnessed a major pullback in luxury home sales at the highest end of the market. In the 7 towns surveyed, the average “biggest deal” was down 20% from 2008.
The transaction price erosion we saw at the highest level is driven mainly by 2 factors: overall decline in market values and the shifting focus of buyers toward more modest dwellings.
Anyone care to make a prediction? Will the high-end buyers be back in 2010? Personally, I think we’ll see more attention on luxury homes in the coming year as pent up demand will bring more buyers to this market segement while at the same time, many are tiring of the selling process and will do “whatever it takes” to get their homes sold.
Northern Fairfield County’s Biggest Deals of 2009 list won’t make the Forbes World’s Most Expensive Homes list, but they are beautiful and luxurious. Check out all the 2009 biggest deals below:
Biggest Residential Real Estate Deals of 2009
| Town | Address | BR | Acres | 2009 Sold Price | 2008 Biggest Deal | Percent Change |
|---|---|---|---|---|---|---|
| BETHEL | 6 JENNIFERS WAY | 4 | 1.9 | $720,000 | $1,100,000 | -35% |
| BROOKFIELD | 38 SUNSET COVE RD | 3 | 1.0 | $1,350,000 | $1,850,000 | -27% |
| DANBURY | 19 PETERSONS LN | 5 | 2.0 | $1,595,000 | $1,817,000 | -12% |
| NEWTOWN | 26 BUTTERFIELD RD | 5 | 5.1 | $1,150,000 | $1,600,000 | -28% |
| REDDING | 118 MOUNTAIN RD | 4 | 5.9 | $2,300,000 | $2,950,000 | -22% |
| RIDGEFIELD | 3 PARLEY LN | 4 | 1.3 | $2,500,000 | $5,500,000 | -55% |
| WILTON | 16 MIDDLEBROOK LN | 5 | 4.2 | $4,000,000 | $2,940,000 | 36% |
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Why You Need Fairfield County’s First Time Home Buyers to Sell Your Luxury Home
December 31st, 2009 categories: Buying Your House, Selling Your House
You’ve got a $1,000,000 house you are selling and you think “what do first-time home buyers have to do with selling my house”….. everything!
Because my friend, the buying and selling marketplace for real estate is kinda like those Russian stacking dolls, it goes something like this:
The single guy who just got married sells his Stamford studio and buys a 1 bedroom condo at Village Walk in Wilton.
The couple in the Village Walk condo just had their first child and they buy a starter home in the Grassy Plain neighborhood of Bethel.
The small family from Grassy Plain in Bethel just had twins so they buy a 4 bedroom colonial in the Ridgebury section of Ridgefield.
And finally the folks in Ridgebury with kids already in the Ridgefield schools are staying in town and trading up to buy your $1,000,000 house in West Mountain Estates.
You’re getting the picture, right. Just like the stacking dolls that are so reliant on each other. So… no matter what type or style of home you need to sell, you are counting on the first time home buyers and the stimulus tax incentive. Embrace the tax credit concept even if you don’t initially see how it will directly help you in the sale of your home.
Contact me directly if you have any real estate questions. My expert advice is always free and cheerfully delivered.
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What’s Happening with the First Time Homebuyer Credit and How it Helps Everyone in Fairfield County
December 21st, 2009 categories: Buying Your House, Ridgefield, Selling Your House, Wilton
Jay Papasan tells us the latest on the home buyer tax credit (see his embeded YouTube below). The stimulus credit is providing incentives for buyers and sellers to participate in the market and it’s having a tremendous effect on activity here in Fairfield County. Even in towns like Ridgefield and Wilton, the credit is having a marked impact both directly and indirectly.
Since home values have fallen and mortgage rates are so low, I’m seeing many more 1st time home buyers looking to take advantage in towns that used to be a financial stretch. Indirectly, the home buyer credit is enabling many trade-up buyers to act since they are now able to get their existing homes sold in a reasonable amount of time.
All in all, the credit is helping all home sellers no matter if you at the “starter home” end of the spectrum or have a 5 bedroom colonial you need to sell.
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How to Find Out What the Tax Man Thinks Your Fairfield County House is Worth and Why it Matters
December 17th, 2009 categories: Market Data & Statistics, Redding, Ridgefield, Selling Your House, Talking Real Estate, Wilton
You’re just a few clicks away from knowing what any house is worth! Whether you’re buying a house, selling a house or just living in your house for the time being, it’s always good to know the local tax assessment. Assessments in Connecticut are updated every 5 years and represent 70% of a homes true market value.
Take Ridgefield for example. In 2007 the Tax Assessor (Al Garzi), worked with a vendor to revalue every property in town. Based on actual sales, they objectively assign a dollar value to each parcel in order to fairly divide up Ridgefield’s tax burden. If a house has recently changed ownership, it is likely that that the new assessment will reflect this transaction price.
When I value a home for sale or purchase, I present my client with 4 different market valuation models based on several factors. The tax assessment is a major input to my valuation model for any individual home. Not only the assessment for that particular house, but the assessments for all the comparable houses that have recently sold and are currently on the market.
Contact me to learn more about how to accurately model the value of any home. Weather you’re buying, selling, or just tracking the value of you current home, it’s important to keep an accurate read on it’s market value.
Online Tax Assessments for Ridgefield, Redding, Wilton and other area towns in Fairfield County
- Ridgefield Tax Assessor
- Redding Tax Assessor
- Wilton Tax Assessor
- Danbury Tax Assessor
- Newtown Tax Assessor
- Bethel Tax Assessor
- Brookfield Tax Assessor
- New Fairfield Tax Assessor
Related Articles on Real Estate Chocolate:
- How One Ridgefielder Beat the Tax Man and You Can Too
- What Everybody Ought to Know About Ridgefield, Real Estate Taxes
- 16 Home Buying Secrets You Need to Know Before You Purchase
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How You Can Profit From Getting Rid of Your Junk
November 20th, 2009 categories: Green Living, Redding, Ridgefield, Selling Your House, Talking Real Estate, Wilton
You’ve decided to sell, you’re moving or you just need to clear some junk out of your house. Living in Ridgefield, I can tell you how to do it quickly, easily and profitably. I help all of my real estate clients clean-out their homes and ready them for sale. Here’s 4 ways to make it easy and profitable. I love this stuff so CALL ME to help you with any of this! 203-313-0414
Craigslist – I use craigslist to sell mostly oversized or bulky items that are tough to ship. Price items to sell quickly, not to make a huge profit and they’ll be gone in a day or 2. Remember, your primary goal is to rid your house of all the stuff you no longer need or use. When moving last year, I sold a sleeper sofa, several old dressers, bikes and more on Craigslist. And the best part is, people show up, pay you and take your stuff away…. easy money!
Freecycle – Free/Recycle… “Freecycle”. It’s a national network of freecyclers with a growing local presence. I’ve been hearing more about Freecycle lately but haven’t yet tried it myself. The idea is if you’ve got something that’s still within it’s useful life but you need to get rid of it, say an old Laz-y-Boy, a washer/dryer or garden tools, there’s someone out there that will take it for their own use. This gets it out of your house and keeps it out of the landfill; very environmentally friendly. Although you get no cash for your stuff, you get it removed for free.
eBay – I use eBay mostly for things of relatively high value that are easy to ship. I’ve sold used mp3 players, cell phones, cameras and more on eBay with little effort and much success. You can set your own price or run an auction. Either way it helps you clear out your attic or basement of old video cameras, telescopes, toys, shoes, clothes and more.
Goodwill – Donate items at Goodwill. Goodwill Industries has convenient drop-off locations throughout the area and can even be called on to pick up furniture and other large items. Here’s a reliable way to donate items and they’ll also give you a receipt for your taxes.
The Dump – When all else fails, take it to the local transfer station. For a fee, you can drop most anything. The trouble is you do all the work and then pay for the privilege of filling a landfill with your old couch. This is usually my last option but they are always ready to take whatever I’m getting rid of.
Remember, I am always available to help you use any of these websites. Together we can get your house de-cluttered and put some cash in your pocket!
Related Posts on Real Estate Chocolate:
- Now You Can Have Local Organic Food and Live Healthier in Ridgefield
- 4 Ways to Live Clean and Green in Ridgefield, CT
- Home Sellers: Don’t Make This Mistake!
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How Real Estate is Like Fishing. Warning: This Strategy WILL SELL Your Fairfield County House
October 31st, 2008 categories: Market Data & Statistics, Redding, Ridgefield, Selling Your House, Talking Real Estate, Wilton
No matter what you’re hearing, area homes ARE selling. Not like iced tea on a hot summer day, but homeowners that need to sell are getting the job done. I just checked the MLS and here’s the proof: 140 area homes have taken a deposit or have a signed contract. These are all recent real estate deals that have been negotiated and/or contracted but not yet closed. That’s 140 houses!
Home sellers are asking me “how can I be the next one?” If you really want to sell, then let’s talk about a pricing strategy that works. You see, selling real estate is kind like fishing. You can have the best gear, the best bait and even be in the best fishing spot. However, if the fish are 30 feet down and you only let out 10 feet of line, you can fish all day and still have nothing for dinner! Let out 10 more feet, not a bite. 10 more feet and then you’ll be eating fillets for a week!
If you’ve got a great house and your realtor has a proven marketing system and you’re still not seeing satisfactory activity or offers (i.e. no bites), then your bait’s not low enough. Your not fishing where the fish actually are. It’s time to let out more line. And then keep letting it out until you hook your buyer.
The Home Sales Strategy That Will Sell Your House!
First, realize that today there are many more houses for sale than buyers to buy them. Not what you were hoping for but the good news is that if you’re buying something on the other end, then you’ll be benefiting from this situation too! The sooner you “get to 30 feet”, the faster you will hook a buyer and you will actually sell for a higher price than if you stayed at 10 feet for too long. Price your house as competitively as possible. Then for every 2 weeks without an acceptable offer, drop your price by $10,000 – $20,000. Today’s buyers make decisions based on value. That’s it. A periodic price adjustment strategy will get your house sold. Guaranteed!
Northern Fairfield County Real Estate IS selling and at ALL price levels:
Bethel. . . . . 14 transactions currently in process between $314,000 and $549,900
Brookfield . 20 transactions currently in process between $290,000 and $990,000
Danbury . . 45 transactions currently in process between $180,000 and $1,600,000
Newtown . .20 transactions currently in process between $175,000 and $1,199,999
Redding . . . .9 transactions currently in process between $190000 and $1,750,000
Ridgefield. . 19 transactions currently in process between $375,000 and $3,500,000
Wilton . . . . .12 transactions currently in process between $390,000 and $2,399,000
See these other posts on Real Estate Chocolate:
- Just How Many Homes Really Are Selling in the Region (Ridgefield, Redding, Wilton, …)
- How to Find Out What the Tax Man Thinks Your Fairfield County House is Worth and Why it Matters
- What Everybody Ought to Know About Their Credit and FICO Score
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Ridgefield, CT Real Estate Market Report: Home Sales August 2008
August 11th, 2008 categories: Buying Your House, Market Data & Statistics, Ridgefield, Selling Your House, Talking Real Estate
Do we have a national weather report? You know, just one report like “in the US today it will be sunny day in the mid-80’s…” Never seen that? It doesn’t work because weather is local.
It can’t be done with real estate either… just like weather, real estate is local. So all these headlines shouting “20% foreclosure rate” and “prices down over 30%” might apply to other locales but I can tell you they’re not talking about Ridgefield, CT!
Ridgefield Real Estate Report
What we’ve seen thru the beginning of August is a real estate market that remains active and still shows significant activity. Year-to-date, the number of transactions still trail last year by about 30% and, by looking at the Ridgefield median home price, prices have only dropped about 10% over the last 18 months. Inventory has started to wane as the good houses (best condition, best price) are quickly bought while the others will continue to linger on the market. Buyers are still blessed with access to low mortgage rates and Brad and I keep relationships with the best mortgage professionals in the business so you can be certain that with a good credentials, borrowing money will never be a problem.
A closer look at the numbers reveals an interesting trend this year: sales activity is focused on the lower end of the market. The graph shows a distinct shift in 2008 from Ridgefield luxury real estate and more towards the entry and mid levels. We’re definitely seeing more young families getting into town for the terrific schools and other sought-after amenities while owners at the high end are holding onto their homes and anticipating better times to come.
I can’t say exactly when things will bottom-out but I can tell you that just like the weather, the report is local but it is also affected by many larger forces. As the election shakes out, oil prices drop back to reasonable levels and the banks realigned themselves with manageable lending behavior, the Ridgefield real estate market will see some gains again. It might not be until 2009 or 2010, but all markets are cyclical and we’ll ride this out better than 98% of the rest of the country.
Don’t ever hesitate to call us if you have any questions about this information or anything else. We’re always available to help in any way we can.
Related Posts on Real Estate Chocolate:
- Home Sales Roundup – Ridgefield, Redding and Wilton CT Real Estate – July 2008
- How to Find Out What the Tax Man Thinks Your Fairfield County House is Worth and Why it Matters
- How Some Officially Reported Data is Misleading and Why You Need to Know the Truth
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