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Old 04-01-2019, 02:26 PM
Status: "Needing a little vacation" (set 21 days ago)
 
Location: Danbury CT covering all of Fairfield County
2,223 posts, read 5,891,761 times
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It's very active in the Danbury area for most single family homes under $400,000 or condos under $250,000. I have a good amount of people going out of the woodwork, needing larger homes
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Old 04-01-2019, 05:57 PM
 
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I mentioned in another thread that I have years of experience in RE and my spouse is considering a job in SW Connecticut so I follow the market. The job being in CT has become unlikely, but I still follow for fun.

OP- Check out what has sold that is comparable to your house and try to look for trends. You can use sites like redfin to show you what has sold in the last 3 months and what is currently under contract. Start with houses that attend the same elementary school. Keep an eye out for a realtor or broker that seems to be selling houses like your house. Don't be afraid to use a spreadsheet. Next, meet with the agent(s) that are selling houses and inquire about listing your house. Basically, find the agent that knows how to sell and then hire them. Good luck!

As for the overall market, it's sluggish. Keep in mind that I'm comparing the market to the rest of the country instead of prior years in CT. A couple bullet points:

- The average price of a house in Westport is 4 times Milford. These aren't the same buyers.
- It feels like the lower end in Westport is selling OK, and those are potential Milford buyers.
- Westport is too expensive to attract young buyers starting families. It has to be 40 somethings and up, and I don't think they're looking.
- Most of the sites let you tease out how many eyeballs are looking at a house. A new listing in Boston gets about 10x the views as one in Westport. It's not surprising how much faster houses are turning in Boston.
- under contracts vs active listings is a quick way to see how many months supply is out there. Westport has 10 times as many listings as UCs while Milford has 3 times. This basically works out to Westport has 8 months supply and Milford about 2 months.
- Days on the market is an ok data point, but it's impacted by the seasons so you should compare it to the same time in previous years. All markets have a time it takes to close, so it's a decent way to compare across markets.
- Finally, a lot of the marketing is very low quality for the price of the homes. The pictures are often bad and the houses aren't staged or painted. This is more of a Westport thing.
- Finally #2, the Gulf St area of Milford has a lot to offer. Close to the DT and the beach, plus the better schools. That's the only area of Milford I would buy.
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Old 04-01-2019, 06:49 PM
 
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The market is pretty brisk to the west of Waterbury still. I saw on social media over the weekend that the ‘burys have about 4 months of inventory right now and Watertown is under 3 months. Anything under $300k is selling like crazy but there is also a lot of action around $500-600K, surprisingly. We have been looking for 7 months and haven’t been able to find anything in that range so we are hoping more people take note and go on the market....
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Old 04-01-2019, 06:58 PM
 
Location: Coastal Northeast
16,289 posts, read 22,688,891 times
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Quote:
Originally Posted by hvexpatinct View Post
The market is pretty brisk to the west of Waterbury still. I saw on social media over the weekend that the Ďburys have about 4 months of inventory right now and Watertown is under 3 months. Anything under $300k is selling like crazy but there is also a lot of action around $500-600K, surprisingly. We have been looking for 7 months and havenít been able to find anything in that range so we are hoping more people take note and go on the market....
According to Redfin, the average DOM for Woodbury is 177 days with a sale price thatís 35% less than it was this time last year. Of course, in a small town like Woodbury, only a few sales would impact that number greatly so should be taken with a grain of salt.
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Old 04-01-2019, 07:39 PM
 
Location: SW Corner of CT
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Quote:
Originally Posted by jdhall1 View Post
It's very active in the Danbury area for most single family homes under $400,000 or condos under $250,000. I have a good amount of people going out of the woodwork, needing larger homes
I'm seeing a few from Westchester buying in Bethel
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Old 04-01-2019, 07:45 PM
 
1,356 posts, read 1,041,066 times
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Quote:
Originally Posted by kidyankee764 View Post
According to Redfin, the average DOM for Woodbury is 177 days with a sale price thatís 35% less than it was this time last year. Of course, in a small town like Woodbury, only a few sales would impact that number greatly so should be taken with a grain of salt.
Eh, I believe the pricing fluctuation - going to happen in towns of that size - but donít think the DOM numbers are reliable in some of the smaller CT towns, as the towns seem to update land records only when they feel like it. The sold dates shown on Zillow for my last couple of RE transactions are weeks past the actual closing dates.
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Old 04-01-2019, 08:55 PM
 
Location: Coastal Connecticut
15,147 posts, read 18,690,820 times
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Quote:
Originally Posted by brown_dog_us View Post
- Finally #2, the Gulf St area of Milford has a lot to offer. Close to the DT and the beach, plus the better schools. That's the only area of Milford I would buy.
It's definitely the nicest area and it's where I live, but Trumbull Ave up to South of the Green, up to duck ponds, as well as Morningside/Woodmont are all very nice too and have the better schools as well.

It's certainly another world to the Westport market. Very few Millennials can afford Westport.
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Old Yesterday, 02:14 PM
 
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"If you bought a house for 500k 4 years ago, and can barely get 450k now with decent upgrades, sure you might be overpriced, but that shows the market tumbled"

I documented my bro's house in Norwalk. Finally sold after 10 months for 15k less than his late 2009 purchase. Put 80k in and paid the mortgage while in his new house so another 35k loss. After realtor fees and conveyance probably close to $150k loss. My thoughts are that rundown dumps in nice towns can be bought for 250k and updated nicely for another 350k then sold for 725k. If you bought for 550k in last decade then put $100k into it then try to sell for 700k, it is crickets. People see older house that needs money vs. brand new, both in same price range. It is real problem for people trying to move. The Fed and market puppeteers keeping low rates will likely keep problem going. Cheaper borrowing hurts these cases.

Last edited by CT_Yank; Yesterday at 02:26 PM..
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Old Yesterday, 02:26 PM
 
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Quote:
Originally Posted by CT_Yank View Post
....Cheaper borrowing hurts these cases.
Higher rates will have a big impact on housing prices. People buy based on payment and there are 3 factors:

Interest rate
Price
Property taxes

When rates go up something has to give and we all know it won't be taxes. The only way around it being price that suffers is if there is an increase in household income.

btw, the tax code changes have effectively made interest and property taxes higher.
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Old Yesterday, 04:10 PM
 
312 posts, read 172,603 times
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Quote:
Originally Posted by brown_dog_us View Post
Higher rates will have a big impact on housing prices. People buy based on payment and there are 3 factors:

Interest rate
Price
Property taxes

When rates go up something has to give and we all know it won't be taxes. The only way around it being price that suffers is if there is an increase in household income.

btw, the tax code changes have effectively made interest and property taxes higher.
"there is an increase in household income"

Agree but above is the key thing missing. Nearly two decades of globalization at work. It is a bad circular problem, Fed raises a little last year and real estate freezes so stock market tanks to push Treasury rates back down. 30 year goes back to 4% and realtors can now say 'hurry, rates are low again in time for spring'. Powell goes on apology tour and stocks rise to highs again. Housing outpacing wage growth for years? Not the path to normalization and we see this strategy is not changing. Everyone waiting for inflation that is not coming. Turning Japanese.
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