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Old 03-31-2019, 08:58 PM
 
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Does anyone have any thoughts - positive or negative - on what the next few months will bring in Fairfield county? Seems like a perfect storm going on in CT right now driving buyers away. We are in Westport and have been struggling to sell our home for 6 months. Mortgage rates haven't risen as predicted, so I was hoping that would entice buyers to pull the trigger but so far no luck.
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Old 04-01-2019, 03:36 AM
 
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From the Washington Post a couple of days ago
Quote:
According to data released Thursday by Freddie Mac, the 30-year fixed-rate average plunged to 4.06 percent, with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) The 30-year fixed, which was 4.28 percent a week ago, had its biggest one-week drop in a decade. It was 4.4 percent a year ago and is at its lowest level in 14 months.

In my personal experience, if your house hasn't sold in 6 months, either it's overpriced or there's something wrong with it.
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Old 04-01-2019, 03:56 AM
 
Location: Coastal Connecticut
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Homes in Milford here up to ~$600,000 are selling quickly just like last Spring. $600 and up and especially over a million is slow. New construction sells very quickly.

In Westport and points south there seems to have been a downward price adjustment in the last few years. Prices have normalized but many haven’t accepted the new reality. So that keeps homes on market longer. Hate to say it, but you’re overpriced.
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Old 04-01-2019, 05:02 AM
 
Location: Coastal Northeast
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There seemed to be a little uptick in the market last year where homes were selling fast but that has slowed.

My former neighbors home in Ridgefield has been on the market for 8 months. They are asking just above what they purchased it for 4 years ago (and have remodeled the kitchen and one bathroom). They are only getting lowball offers. I have good friends that couldn’t sell their home in Westport for quite some time. They had to settle on a major loss and they didn’t purchase during the peak either.

It’s very easy for someone to say you’re “overpriced” but it goes way deeper than that. IMO, saying all these homes are overpriced is just another way of saying the market isn’t great. 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, not “normalized”, quite a bit. It normalized in 2009. It’s stagnant in 2019.
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Old 04-01-2019, 05:05 AM
 
Location: Coastal Northeast
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Quote:
Originally Posted by Stylo View Post
Homes in Milford here up to ~$600,000 are selling quickly just like last Spring. $600 and up and especially over a million is slow. New construction sells very quickly.

In Westport and points south there seems to have been a downward price adjustment in the last few years. Prices have normalized but many havenít accepted the new reality. So that keeps homes on market longer. Hate to say it, but youíre overpriced.
Eh - according to Redfinís stats, Milfordís average home is on the market for 3 months and sells below list price (which isnít uncommon in a normal market). It ranks Milford 4/10 in terms of market competitiveness. https://www.redfin.com/city/12137/CT...housing-market
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Old 04-01-2019, 05:18 AM
 
Location: Coastal Connecticut
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Quote:
Originally Posted by kidyankee764 View Post
Eh - according to Redfin’s stats, Milford’s average home is on the market for 3 months and sells below list price (which isn’t uncommon in a normal market). It ranks Milford 4/10 in terms of market competitiveness. https://www.redfin.com/city/12137/CT...housing-market
I watch the market closely and a lot of homes went under contract the last month. Winter was slow. Don’t forget most closings take 60 days.

I think it’s a higher end price point issue across SW CT. Which is bad for the expensive towns. And not great for the state either. I’m only bullish on my town because it’s on the train line and coastal, and affordable for Millenials.
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Old 04-01-2019, 05:23 AM
 
Location: Coastal Connecticut
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Quote:
Originally Posted by kidyankee764 View Post
Itís very easy for someone to say youíre ďoverpricedĒ but it goes way deeper than that. IMO, saying all these homes are overpriced is just another way of saying the market isnít great. 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, not ďnormalizedĒ, quite a bit. It normalized in 2009. Itís stagnant in 2019.
Well no kidding on the overpriced statement being a commentary on a not great market.

I think it HAS normalized. Meaning prices have dropped over the past 5 years. A realtor told me some homes in Darien dropped 20%. Iím not seeing them drop more in the short term. Now homeowners have to adjust accordingly.
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Old 04-01-2019, 05:25 AM
 
Location: Coastal Northeast
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Quote:
Originally Posted by Stylo View Post
I watch the market closely and a lot of homes went under contract the last month. Winter was slow. Don’t forget most closings take 60 days.

I think it’s a higher end price point issue across SW CT. Which is bad for the expensive towns. And not great for the state either. I’m only bullish on my town because it’s on the train line and coastal, and affordable for Millenials.
True, but to my knowledge (and I’m not a realtor so I could be wrong), but days on market are from the date it lists to the date it goes under contract.

Quote:
Originally Posted by Stylo View Post
I think it HAS normalized. Meaning prices have dropped over the past 5 years. A realtor told me some homes in Darien dropped 20%. I’m not seeing them drop more in the short term. Now homeowners have to adjust accordingly.
I think there’s a difference between saying the market has normalized (which indicates a bubble burst) vs saying a market is downright sluggish. CT doesn’t really experience boom and bust periods like Texas and California, and the only normalization that occurred was during the recession a decade ago. It’s very concerning when you see people who purchased their homes just a few years ago being unable to unload them for what they paid for it.
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Old 04-01-2019, 10:21 AM
 
Location: Connecticut
25,547 posts, read 41,436,293 times
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Quote:
Originally Posted by kidyankee764 View Post
True, but to my knowledge (and Iím not a realtor so I could be wrong), but days on market are from the date it lists to the date it goes under contract.



I think thereís a difference between saying the market has normalized (which indicates a bubble burst) vs saying a market is downright sluggish. CT doesnít really experience boom and bust periods like Texas and California, and the only normalization that occurred was during the recession a decade ago. Itís very concerning when you see people who purchased their homes just a few years ago being unable to unload them for what they paid for it.
No, Days on the Market is from the day the property goes on the market to the day it is sold.

We go through this argument every year. The naysayers cry that the real estate market is collapsing while others say it is improving. From what I see, it looks to be close to what was happening last year which was a decent market.

I have a friend whose son builds $700,000 to $1 million homes in Fairfield. Because there is not much land available to build on there, he does mostly teardowns. All of his current homes are sold and sold within days of being put on the market. He says the only thing that keeps him from building more is the lack of homes he can buy that works for this. His father, my friend, has reached out to his high school classmates to try and find properties that would work.

The OP has said that their home has been on the market for six months. It is hard to comment on this since we do not know the house, its condition or its location and price. Very high end properties generally take longer to sell and homes listed in late fall do run the risk of sitting on the market longer since fewer people buy in the winter and even less over the long holiday season. Generally speaking though, if a home sits that long, it is overpriced. Rather than coming here for opinions, the OP should be talking to their agent or other agents to get their take on why it is sitting so long. Jay
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Old 04-01-2019, 02:11 PM
 
Location: Coastal Connecticut
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There were 3 teardowns near me with new ~$1 million homes going up right now. All around Gulf St area. Could be a coincidence. But also could be a good sign for the town.
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