Westport CT Real Estate Market Forecast and Advice 2/2011
I am pleased to present to you my real estate market predictions and buying and selling advice for Westport, CT. My experience spans over 26 years, and I have seen hot markets come and go, and bad markets come and go. I always find it funny how the media predicts that the real estate market is going up or down in the state, but you know as well as I do, that each city has its own type of market, and within the city, there are areas that sell faster than others, and homes on particular streets that sell slower than others. You really cannot generalize the market in a rational way. Deciphering the real estate market, is, and has to be, local and historical.
With that being said, I offer my opinions on the market for the coming months. Everyone's particular situation is different, and if you need to buy or sell in Westport at a particular time, then you should do it. You should also call me to assist you! (OK, Shameless plug) You know people have been asking me for years, "what do you think is going to happen in the real estate market?" and I say, "Well, if I knew that, I probably wouldn't be selling real estate, because I would have some type of amazing talent that NO ONE has ever possessed" That being said, I AM very good at numbers, statistics, and forecasting, so after doing extensive research, calculations, and taking into account the current economic climate, I present to you the following:
What's Ahead in General: Current home sales averages at just over 12 per month and condos average about 2-3 per month (yes, that number is correct), and both figures are seasonally adjusted. Westport sales are pretty constant during the year, and peak slightly from June to August. Condos, on the other hand, are making slight gains in the market right now, although you should not expect a peak in condo sales in the very near future.
ADVICE FOR SELLERS: Is there a better time to sell your home in Westport? Any time is good, now is fine. You are enjoying an improved market over the past few years, and while I wouldn't price your home out of the realm of reasonability, you have a good chance to sell it, whether it's right now, or in the very near future. I wouldn't delay too long, nor would I press you to start this very instant. Just do it when you're ready. Same goes for condos.
ADVICE FOR BUYERS:.If you are looking to buy in Westport CT, just do it! I believe prices will remain level or only rise slightly throughout the summer, but many sellers "fish for pricing" this time of year. That is, they put their home on the market to see if anyone will buy their home for a particular price, and don't really care if their home sells or not if they don't get that price. You'll save a lot of time and energy by trying to find something NOW as opposed to starting the process in a few months. If you are looking to buy a condo, start now, there are not that many to be had in this beautiful town.
