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The Real Estate Chronicle
September 2015 Edition
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Steven Thomson
(203) 247-6765
"The Best Move You
Can Make"
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2014
Top 6% of approximately 87,000 Coldwell Banker sales associates worldwide
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Connecticut Magazine 2012,2013, 2014 2015
 | | Diamond Society Award - TNT Partners |
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My Listings
Georgian Colonial Estate
$1,995,000
Coastal Sophistication
$7,745,000
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Greetings!
As summer is behind us and September kicks off the "Fall Market", buyers and sellers are excited about the opportunity to complete a transaction before the winter holidays. We are seeing new properties come to market and buyers ready to receive them.
The data point I am carefully watching is the monthly sales pace which at this point in the year is at its slowest in comparison to 2013 & 2014. We are seeing a build in inventory that could affect prices for the spring, if we do not see some robust sales over the fall & winter months.
As I mentioned in August and it is still true today, the buyer is still extremely value oriented and concerned about over paying; negotiations have remained challenging as the playing field seeks a balance.
With the recent gyrations in the stock market and the Fed days away from releasing their rate hike decision, the market place is looking for some trend direction, markets do not like uncertainty. This being said, after an interview with our local mortgage expert, Tim Martin, he had this to say; "Markets remain volatile within a range with the 30 year fixed conventional right around 4%, appraisals are coming in but loan volume is down."
After attending a meeting with Dr. Lawrence Yun, the National Associations of Realtors lead economist, this morning, he had a positive outlook for our state and saw an upward growth trend to a healthier market, as we have been lagging the greater national statistics. His overall tone was positive.
The data is still mixed in our local towns. YTD Sales (SF) through August 2015 vs. 2014 were down in Westport (-2.3%), Weston (-6.1%), Wilton (-9.1%), up in Fairfield (+14.5%), up in Norwalk (+6.1%), down in Easton (-2.7%).
Freddie Mac released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates largely unchanged ahead of the Federal Open Market Committee's vote on an interest-rate increase for the first time in more than nine years.
Don't miss the Coldwell Banker Open House Weekend Event this Sunday, 56 homes ranging from $449,000 to $8,499,000 will be on display. Preview them here and if you see something you like, let me know and I can tell you more about it.
I am here to advise and inform you of the local market and answer any questions you may have. Don't hesitate to get in touch.
Steven
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1 Quaker Lane, Westport
Beautifully Maintained Colonial
$1,224,900
Pending Sale
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Spacious Vintage Colonial
230 North Avenue
Westport, CT
$1,399,000
Pending Sale
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My Featured New Listing
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"Timeless & elegant custom colonial built by luxury builder, Schmiedeck Construction. A sweeping driveway leads to the nicely located residence on a cul-de-sac with privacy and convenience on 2.65 acres." $2,099,000
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| Home and Real Estate Topics |  |
As I write this column, the ongoing "Will it? Won't it?" debate about when the Fed will raise interest rates continues, however, for individual real estate owners and buyers, the important question is, "So what?"
Credit scores are the shorthand that banks use to make lending decisions. If your score is high, you get better terms for borrowing. If your scores are low you might not get a loan at all, or you'll have to pay interest rates that would make a loan shark blush.
A nicer car. Some new furniture. A family vacation. Or a bigger, fatter savings account every month. They're just a few of the things you've been thinking about since you learned you can save a couple hundred dollars per month by refinancing.
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Coldwell Banker
Westport Riverside
472 Riverside Ave
Westport, Connecticut 06880
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