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Westport/Weston/Fairfield
Lower Fairfield County, Connecticut
Economy: Fragile U.S economy showing signs of life despite election year. European Sovereign bank issues, Middle East worries and political grid-lock all hang over the head of a slowly recovering economy. Interest rates are at generational lows.
Early Spring Real Estate Market: Market is finally ‘bouncing along the bottom’ price-wise with actual sales accelerating in what has been unexpectedly benign winter weather. Macro picture is less volatile so consumer confidence is tip- toeing upward. Buyers are still very selective and overly price conscious as they pick through thinned-out inventory and looking for the best in breed. Sales, not pricing, are picking up across the board.
Housing Market: Inventory still somewhat “picked over” although more coming on daily with good weather prognosis. Best choices being snapped up quickly if properly priced to market resulting in occasional bidding wars. Bank owned and foreclosures still slow to appear although short sales abound for unlucky homeowners.
Stock Market:Climbing a wall of worry and wary of “black swan” events, nevertheless approaching highs, lots of cash on sidelines. Warren Buffet says best upside for wealth accumulation could be in residential housing with current reduced pricing and bottomed out interest rates.
Trends: Downsizing across the board. In-town and cul-de-sac living. Pools are in favor. Buying in a good location is totally paramount again together with compelling price. Buyers willing to pay for "luxury" rather than size. Waterfront and waterviews are desirable. Choosy buyers demanding better than "good condition" of potential purchases in all price ranges. Rentals as an alternative to purchase (and rental prices) are likely to continue to rise as sellers of short-sale and foreclosure properties seeking housing expand that market demographic.
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