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Looks like prices are still pretty high. Not coming down as much as I thought/like. What are people's thoughts as to home prices dropping/bottoming in Fairfield/Southport? How much inventory is there? Looking in the range of 500k-800k in the 06824 area code.
The Prudential CT Realty website is a really good tool to use. Here are their figures for the second quarter of 2010 as compared to 2009 - this is all public information. Remember second quarter 2010 only
2009- median days on market 130
2010 median days on market 133
2009 median sale price $ 550,000
2010 median sale price $520,000
difference between the two - down 5.5 %
2009 number of sales 171
2010 number of sales 301
I have a feeling that many of those sales are based upon the tax credit program. It should be interesting to see what the third quarter statistics will be.
In other words, there are a lot of buyers out there, happily buying homes. If you're trying to time the market, well good luck with that. While you're sitting around waiting for the $ 800,000 home to be worth $ 600,000, ( if that is what you are doing) everyone else is out there snapping up houses.
Look, interest rates are better than they been in 30 years. A friend just got a VA 30 year fixed rate loan at 3.75 % - holy cow ! You've already missed out on the tax credit. I'm not a real estate agent, but common sense tells me that if you find something you like, right now might be a good time to buy. This is not California, Florida, Texas, etc. CT never went through housing market crashes of those estates. CT was never overbuilt.
No one is able to time the market- there are no crystal balls. Mull over more what you want to do.
I am not in the OP's price range but what I have observed is that prices seem to be resting and not going down. Last year I saw so many for sale signs, this year I don't see as many. Any residential RE that is properly priced is selling and sometimes very fast. Also, not all neighborhoods in FF were affected at the same rate-the beach area for example, did not see its prices fall down but a little bit. If the Town of Fairfield is truly your target, I would not wait too long to buy regardless of market direction.
Good Lord...as a homeowner in a neighboring town I can guarantee you home prices have been on a landslide down...make that an avalanche!
This is not what current information is showing in Fairfield. Willowwind's post has some very interesting information. As noted Ambarstone noted, this is not Florida, Nevada or California. Fairfield is a highly desirable town within a reasonable distance to major affluent employment centers so you are not going to see any great bargains. You may be lucky to find some foreclosures, short sales but there will not be a lot of them and they won't necessarily be any great bargain. JMHO,Jay
This is not what current information is showing in Fairfield. Willowwind's post has some very interesting information. As noted Ambarstone noted, this is not Florida, Nevada or California. Fairfield is a highly desirable town within a reasonable distance to major affluent employment centers so you are not going to see any great bargains. You may be lucky to find some foreclosures, short sales but there will not be a lot of them and they won't necessarily be any great bargain. JMHO,Jay
Prices have definitely come down from the highly inflated prices of 2005-06. The value of my house is around what it was in 2002.
But I agree that there are no bargains. Even foreclosures or short sales aren't going to be any great bargain here. Everything is relative.
From what I've seen in Fairfield, pricing has roughly leveled off the past 12-18 months. There was a major recorrection around 2 years ago, causing a lot of homes to drop 10-20% or more, depending on how much people paid. The "avalanche" someone mentioned is probably comparing today against 4 years ago. However, a lot of people since then have put a lot of work into their homes, increasing values overall. Well-priced homes are selling fast, particularly in the lower-end of that 500k range the OP mentioned.
Rates are insanely low, and now that the banks are actually moving forward on refi's a lot of people are doing that instead of selling because of financial concerns. We just got 4.125 (with .125 pts) from one of the local banks. I've heard of many people getting under 4% for purchases - historically, that's cheaper than the average savings account interest!
In any event - go looking around, look at what else is on the market, and put in a fair bid. Many houses are priced properly, and are expecting to get about 5% under asking. For a house that's outrageously priced, either bid low or move on. There's always another house around the corner. If you're going to be staying somewhere for more than 3-5 years, you shouldn't worry about losing money on your home if you have to sell. Don't forget - you get to still live there as long as you can afford it!
In other words, there are a lot of buyers out there, happily buying homes. If you're trying to time the market, well good luck with that. While you're sitting around waiting for the $ 800,000 home to be worth $ 600,000, ( if that is what you are doing) everyone else is out there snapping up houses.
No one is able to time the market- there are no crystal balls. Mull over more what you want to do.[/quote]
Not at all, I own in Brownstone Brooklyn - a 2br. My gut is telling me Fairfield is still drastically overpriced. I would expect prices to come down further but, who knows? I may be completely wrong and they could be bottoming. Market is back to Q4 2003. Charts predict a flush down to Q2 2001 which is roughly the beginning of the bubble. Perhaps this will materialize over the next 12-18 months or perhaps is won't. Just my 2 cents
In other words, there are a lot of buyers out there, happily buying homes. If you're trying to time the market, well good luck with that. While you're sitting around waiting for the $ 800,000 home to be worth $ 600,000, ( if that is what you are doing) everyone else is out there snapping up houses.
No one is able to time the market- there are no crystal balls. Mull over more what you want to do.
Not at all, I own in Brownstone Brooklyn - a 2br. My gut is telling me Fairfield is still drastically overpriced. I would expect prices to come down further but, who knows? I may be completely wrong and they could be bottoming. Market is back to Q4 2003. Charts predict a flush down to Q2 2001 which is roughly the beginning of the bubble. Perhaps this will materialize over the next 12-18 months or perhaps is won't. Just my 2 cents[/quote]
LOL-I did not know that RE could be charted like stocks. I am not "bullish"-just commenting on what I am seeing at this point in time.
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