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Unread 04-20-2011, 05:23 PM
 
11 posts, read 12,652 times
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Default Best towns for resale? Upper FF county...

Hi everyone... we are looking to purchase a home in the Shelton/Trumbull/Stratford/Fairfield area. We are originally from NJ and are only planning on staying in the area for a short period of time (4-6 years) and are very concerned about resale value. In your opinions, which towns will be the easiest to resell the property in a few years?

We are not 100% sold on buying, mostly because of the time line. Want to do our research before we commit to anything.

Thanks,
Alyssa
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Unread 04-20-2011, 07:35 PM
 
621 posts, read 548,897 times
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Quote:
Originally Posted by amtornberg View Post
Hi everyone... we are looking to purchase a home in the Shelton/Trumbull/Stratford/Fairfield area. We are originally from NJ and are only planning on staying in the area for a short period of time (4-6 years) and are very concerned about resale value. In your opinions, which towns will be the easiest to resell the property in a few years?

We are not 100% sold on buying, mostly because of the time line. Want to do our research before we commit to anything.

Thanks,
Alyssa
Fairfield for sure.
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Unread 04-20-2011, 07:43 PM
 
Location: Fairfield County, CT
11,397 posts, read 10,846,249 times
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Quote:
Originally Posted by Konig1985 View Post
Fairfield for sure.
Agreed.

I'd suggest renting.
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Unread 04-20-2011, 07:45 PM
 
7,639 posts, read 8,097,584 times
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Quote:
Originally Posted by Konig1985 View Post
Fairfield for sure.
I disagree. While Fairfield and Trumbull would be the most desirable of the 4 towns that the OP listed, they aren't necessarily going to have the best resale values. Trumbull especially has seen some serious deflation of prices in the upper-end of their market. I'd be most confident in Shelton's values out of the 4 towns. JMHO.
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Unread 04-20-2011, 07:57 PM
 
621 posts, read 548,897 times
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I don't really understand people now. When you've already said you are staying for a short time, why go through the hassle of buying and selling in the first place?
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Unread 04-20-2011, 08:07 PM
 
621 posts, read 548,897 times
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Quote:
Originally Posted by Stratford, Ct. Resident View Post
I disagree. While Fairfield and Trumbull would be the most desirable of the 4 towns that the OP listed, they aren't necessarily going to have the best resale values. Trumbull especially has seen some serious deflation of prices in the upper-end of their market. I'd be most confident in Shelton's values out of the 4 towns. JMHO.
While the extent of the price depreciation is a measure of resale value, you'd also need to look at potential demand out there in the future. When the market rebounds, coastal towns on FFC will gain first before the money slowly filters out to inland. Even if the market does not rebound, there will always be demand for a town with easy access to Stamford/NYC.
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Unread 04-20-2011, 08:42 PM
 
Location: Connecticut
13,384 posts, read 20,161,475 times
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I agree with the others that Fairfield is probably the best for resale. It is the closest to Stamford and New York, has two train stations directly on Metro North, will soon have a third station, has excellent schools, great parks and beaches and has a wonderful downtown. You will most likely pay more for a home in Fairfield but it will also most likely be worth more when you sell in a few years. Jay
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Unread 04-20-2011, 08:51 PM
 
Location: Connecticut
13,384 posts, read 20,161,475 times
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Quote:
Originally Posted by Stratford, Ct. Resident View Post
I disagree. While Fairfield and Trumbull would be the most desirable of the 4 towns that the OP listed, they aren't necessarily going to have the best resale values. Trumbull especially has seen some serious deflation of prices in the upper-end of their market. I'd be most confident in Shelton's values out of the 4 towns. JMHO.
The OP is asking about resale value not simple value. There is a difference. Resale value is directly tied to desirability and of the towns mentioned Fairfield is the most desired. True the OP will pay more for homes in Fairfield but then again so will others. As noted by Konig1985, the coastal towns will rebound before the inland towns and judging from the posters that come to this board, Fairfield has what most are looking for (walkable neighborhoods, nice downtown, good schools, family activities, train stations, etc.). That means that people will continue to look to Fairfield in the future which will equate to good resale value.

As to Konig1985's question on why buy when you are only going to be in an area for 4 to 6 years, it is because if you sell a home, you only have a limited amount of time (it may be 2 years but don't quote me on that) to buy another or you could be liable to pay taxes on the money you make for the sale. Plus 4 to 6 years is not too bad to keep a home for. Jay
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Unread 04-20-2011, 10:14 PM
 
621 posts, read 548,897 times
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Quote:
Originally Posted by JayCT View Post
The OP is asking about resale value not simple value. There is a difference. Resale value is directly tied to desirability and of the towns mentioned Fairfield is the most desired. True the OP will pay more for homes in Fairfield but then again so will others. As noted by Konig1985, the coastal towns will rebound before the inland towns and judging from the posters that come to this board, Fairfield has what most are looking for (walkable neighborhoods, nice downtown, good schools, family activities, train stations, etc.). That means that people will continue to look to Fairfield in the future which will equate to good resale value.

As to Konig1985's question on why buy when you are only going to be in an area for 4 to 6 years, it is because if you sell a home, you only have a limited amount of time (it may be 2 years but don't quote me on that) to buy another or you could be liable to pay taxes on the money you make for the sale. Plus 4 to 6 years is not too bad to keep a home for. Jay
Why is there a limited time to buy another home when you sell? Is it an American loan policy thingy that Im unaware of?
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Unread 04-20-2011, 10:44 PM
 
Location: Coastal Connecticut
9,413 posts, read 5,831,134 times
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Resale and appreciation are two different things. Resale is easy at the right price. That's the key in selling. There's no magic, sales happen quicker at the right price, in any market. Resale is nicer with a good dose of appreciation though, right?

I personally think it's a huge assumption to say that Fairfield will appreciate at a higher % than the other towns mentioned. Fairfield is at a higher value currently, but that does not mean it will have better appreciation. The benefits; good schools, access to transportation, location, shoreline, etc. are already built into the high home values. Appreciation is hard to predict, and these are all good towns. The values in Fairfield will jump higher relative to their starting price at a dollar-for-dollar basis given the higher values in general, but not necessarily from a percentage standpoint.

My advice: buy where you like, in a house you like, and don't worry too much about resale. Or, if you don't plan on living in the house for AT LEAST 5 years, rent.
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