Report: Real Estate Market Gains Strength In Fairfield County

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A Year-End Market Watch report issued William Pitt Sotheby’s International Realty says the real estate market in Fairfield County is gaining strength. Photo Credit: File

FAIRFIELD COUNTY, Conn. — William Pitt Sotheby’s International Realty has released its Year-End Market Watch, an annual report of the state of real estate in Fairfield County.

“2012 was a watershed year” for real estate, the report said, “as the vast majority of our local housing markets experienced double-digit unit sales increases in each of the four quarters.”

The report further said: “These gains are particularly impressive given the headwinds of a hotly contested national election, Hurricane Sandy and the uncertainty of the fiscal cliff.”

Vin Socci, William Pitt’s director of marketing, said of the report: “Buyers are considering the total cost of ownership, which includes purchase price, plus the cost of renovation (time and money) and maintenance.”

He added: “It is all about ‘right-sizing’ our lives.”

Prospective home buyers are looking at homes as long-term investments, Socci added. As a result, 30-year fixed-rate mortgages have regained popularity, he said. Additionally home purchases are viewed “first and foremost as a place for the family, so that the ‘flip’ mentality is gone,” Socci said. 

In limiting their home purchases to what they can truly afford, buyers are no longer setting their sights on properties beyond their means, he said.

“Nothing in recent history was as bad as 2008,” said Rick Higgins, owner and broker of The Higgins Group brokerage house. But this year, the outlook for Fairfield County’s real estate market is decidedly more promising, Higgins said.

Also, 2013 presents another reason to buy a home: Mortgage rates are historically low, he said. That could mean 2013 is another watershed year for Fairfield County real estate.

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Comments (20)

mrgaskurtz:

Market is like an ocean, sometimes it just behaves like a calm child, sometimes it becomes most unstable. So keep faith on time...

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crazyzoarhaina:

You are right about Market. In the past, I had invest my money on it but the market became down and I loss my so much money in it.
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john.real.965:

Be careful with your investment. The economy is NOT improving despite what the government tries to tell you. GDP shrank in Q4 2012. Socialism never works. Never did. Never will. I'll be the first to convert to socialism if Obama's economic policies will eventually work.

ENorwalk:

House values are flat at best. I bought in 2008 and I bet it will be 2018 before the value gets back to what I paid for it. This is a buyers market not a sellers market. Their is a backlog of properties owned by banks because they are smart enough to hold on to them for a few more years so they dont get crushed selling them now. Who is to say what caused this but Socialism will not fix any of our problems.

Pony Tail Steve:

In January 2007, a newly elected congress in its first official act did force banks to loan money to people whom could not possibly afford a mortgage(including illegals). In addition they did compel these same banks to make these loans at very low interest for exactly 18 months.
At the end of this 18 month grace period (exactly 4 months before the 2008 elections) interest became very high. EXAMPLE; A $1,000 mortgage became a $3,500 mortgage(How to destroy an economy 101). This caused the housing collapse and subsequent domino effect throughout the economy.
I would like to congratulate China and the DNC (Democratic National Committee) for there efforts to steal an election by destroying a robust economy.

right wing are wackos:

Like I said
"Now I know we will get some wacko right winger attempting to dispute this but whatever they post will simply be lies and lame as that what they are. In actuality they cant help it as its due to the disease of the right wing".

As we all know Pony tail steve's post is 100 percent fabrication by the extreme wacko right winger..I would like to thank you for proving my point. Also I understand that obamacare will help you with this mental disease.

Pony Tail Steve:

Hey moderator, asking for proof is not allowed?
Sorry, do I need to ask nicely? Tim may fool you, the actual editor, however he does not fool the rest of us.

So please provide any proof that my statements are wrong. Any thing you can find, post. No name calling, just facts.

right wing are wackos:

House prices are most defiantly on the rise. The country is out of the horrible recession /depression that the village idiot war criminal Republican Bush caused ..Thank You President Obama. Now I know we will get some wacko right winger attempting to dispute this but whatever they post will simply be lies and lame as that what they are. In actuality they cant help it as its due to the disease of the right wing.

Pony Tail Steve:

Now is the time to buy property, not sell.
Any indication of a positive outcome will be publicized, in order to try and kick start buying.
But property is inexpensive now. Hoping to buy 2 condos for investment in the next 6 months.

lwitherspoon:

@Pony Tail Steve

What makes you say that property is inexpensive now? From what I hear there is still huge backlog of bank-owned property that the banks are holding back because they don't want to flood the market. In what towns do you think condos for investment are a good buy?

The Norwalk Truth:

lwitherspoon
What ever you do don't take the word of pony tail steve..Take a look at topix if you would like to see why.

Pony Tail Steve:

Well anywhere near a train station is great. Black Rock, to Norwalk. I see many condos and apartments listed under $100K. Even South Stamford may be a good place, they are gutting it for the Hospital.
The inventory can be found if you have the right connections.
Also, figure if one has $75k to invest, two condos or perhaps a multifamily house would generate income until the recovery.
NYC has many jobs, so anything near a train is going to increase in value.

The Norwalk Truth:

HaHa now thats funny
"Hoping to buy 2 condos for investment in the next 6 months. "
Yeah when pigs fly.

ernie.schiavone:

Hi Pony Tail Steve
If you would like to search condos in Greenwich

http://livegreenwich.grw.mlxchange.com/

If you would like search Fairfield County

http://listings.realbird.com/home-search-o/?rb_id=E1E4C3D2&bq=[item type:housing][listing type:housing/sale]&orderby=ctime_reverse

Ernest

Pony Tail Steve:

Thank you, however I have a few friends in the industry.
Good luck with everything

ernie.schiavone:

Believe it or not most home valuation sites "guess" at your home price based on some false or outdated data. If you are really curious about he "market" value of your home work with an professional who has access to exclusive Greenwich data. Please feel free to contact me:Ernest Schiavone, William Raveis, Member Greenwich Board Of Realtors http://livegreenwich.grw.mlxchange.com/

Loveithere:

According to zillow our value has gone up in recent months. And with the buyers? I guess i have to over price my house $100000 since my bathrooms aren't updated so when they deduct for what they seem as necessary, u actually get the value of my home *sigh*

The Norwalk Truth:

Loveithere
You are correct values have been going up for the past year.

OldSaddleBag:

Oh, really? Everytime I go to check values on my home, it has dropped in value AGAIN... Homeowners selling now have lost a bundle in the last few years, and I know neighbors and friends who would LOVE to sell if they were not hundreds of thousands underwater... Better be prepared to stay in the home for a LONG time because if mortgage rates increase, the price will reflect that, and property taxes have not dropped to the value of the homes at present and are overcharging residents... Who knows what will happen to the mortgage interest tax deduction which is always being threatened? What about the shadow inventory of foreclosures? I know two homeowners who can't afford to stay in their property but cannot sell because more is owed on the mortgage than the home is worth... They have both stopped paying their mortgage last year... Very long, costly road back to normalcy.....

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