Hope you all had a great summer. We enter the Fall Market with some optimistic viewpoints about the remainder of 2014. 

Despite hitting a soft spot in the first quarter, home sales are expected to make a strong showing in the second half of 2014, according to the National Association of Realtors Chief Economist Lawrence Yun. Nationally unit sales are currently down 5 percent year-over-year, but he expects 2014 to end up close to last year's totals at a little more than 5 million units sold.

Another piece of good news for real estate is that inventory is heading up nationwide. The total housing inventory at the end of June rose 2.2 percent to 2.30 million existing homes for sale.

Like the national market inventory data, the local inventory data is expanding just not at the rate anticipated by the buyer pool; many listing prices are being reduced which are all signs that the market is positioning itself for our new "fall season" which appears intact.  Let's see if the buyers are there to embrace.  The next few weeks will confirm the trend.  Stay tuned!   

Locally the numbers are YTD Sales (SF) through August 2014 vs. 2013 were down in Westport (-18.8%), Weston (-8.2%), Wilton (-12.7%), Fairfield (-8.6%) and Norwalk (-5.8%). See my Market Action Reports for details.

The strengthening job market has more economists gaining confidence about the direction of the housing market over the next two years, according to a newly released Reuters poll of 29 housing analysts, including investors and economists. They expect mortgage rates to rise more slowly than they originally thought in May. Still, they expect rises are looming and will slowly begin to increase around the middle of next year.

The 30-year fixed-rate mortgage is holding steady, currently averaging 4.10 percent, according to Freddie Mac's Market Survey. Expectations are that the housing recovery won't likely be derailed by a gradual increase in mortgage rates.

After interviewing our in-house expert on the mortgage market, his assessment is positive; rates remain near historic lows with signs of further accommodation in the jumbo market with lower down payments and some leniency in credit scores, this being said we were going from a very strict posture to one that is less strict.

Early preparation is still a key to mortgage success.   Having your approval done early is critical, giving the lender and you time to work out unforeseen items which in some cases can be the difference between  purchasing the home you desire or not.

Coldwell Banker isn't wasting any time getting ready for the Fall Market by holding its Open House Weekend Event this Sunday, 58 homes ranging in price from $389,000 to $3,875,000. Check them out here online, if you see anything interesting, have any questions, let me know. 

My summer has been busy preparing for two new listings, one came on in August and the other this past week. Take a look below to see them and take a tour.