Thursday, April 23, 2009
Big Price Reduction on this spacious sprawling one floor home with full lower level.Beautiful 2 acre expansive property in area of luxury homes. Town approved 6 bedroom septic for potential expansion or upgrades.
Sunday, April 19, 2009
If you are one of those 268 homeowners who have their house on the market now, you may want to reconsider why the property has not sold yet. Or if you are a homeowner planning to sell your home this year, you may wish to consider the following strategies to accomplish the sale.
1. Price your home to sell. Look at all the competing listings that are currently on the market and price your home below the competition. Do not follow the market downward, instead stay ahead of the curve to get results. Do not believe that an appraisal done for a mortgage refinance or an appraisal published by the town for tax valuation is an indication of value. These are specific appraisals used for targeted purposes and their purpose does not support a price that a real buyer would pay. After the property has been shown 10 times without generating any offers, lower the price. The market is rejecting the current price, so make the necessary adjustments to accomplish the sale.
2. Pay attention to the appearance of the property. Have the house professionally staged. Think of it as finding a date. If there are 500 men out there and only 50 women, the men would really have to dress themselves up to make them stand out in the crowd. Some other important quick fixes are, fixing up the front yard to improve curb appeal, replacing the front door with a new one, installing new windows, moving the laundry room up from the basement and putting in a stainless steel refrigerator.
3. Choose an experienced agent, one with local marketplace knowledge and a large network of local contacts. Choose an agent who has worked in and experienced different real estate markets, not just a boom market. Choose an agent who truly likes the business and likes people as well as is excited about helping you sell your home. An agent who has extensive knowledge of the internet and real estate websites and who will embrace the technology to expose your property. And finally be wary of an agent who comes in with the highest price as that may be an indication of trying to buy the listing.
PHILLIP JOHNSONS GLASS HOUSE
While the New Canaan Real Estate Market struggled in the first quarter of 2009, there is definitely more activity in open house visits and home showings to prospective buyers. Traffic is positively inceasing as we head into April with higher expectations as supported by the sales data. There have been 12 closings to date this year with the median price of those sold homes at $1,300,000 but the average selling price of these homes was $2,317,083. The average price is so much higher than the median price because the 4 highest priced sales were all over $3,000,000 and two of them were over $5,000,000. However, there are 25 more pending sales, which is good news. That number has increased over the first part of the year and there is anticipation of more contracts to come in the next few weeks. Of the 25 pending sales, the median listing price is $1,195,000 and the average listing price of $1,483,600. Mortgage interest rates continue to remain and are at amazingly low levels; however, mortgage money is not exactly free flowing. Excellent credit scores of 750+, verifiable income, cash reserves and retirement savings are all strict criteria for obtaining loans, as well as a substantiated home appraisal with appraisal numbers coming in at 80% under August 2008 sales.
Of the 268 homes on the market at the current time, the breakdown is as follows:
Under $1,000,000 33
Over $5,000,000 33