There was a positive increase in market activity in the first month of this year. I am pleased to report the January 2010 sales numbers for Fairfield County which reveal increases in both units and in the median sales price vs. January 2009. This is a continued indication of stabilization of the Single Family home market in Fairfield County.

There are currently 6497 active single family homes on the Greater Fairfield county Consolidated Multiple Listing System. In January of 2010 we had 436 closed sales which represented a unit sales increase of 35% vs. January, 2009. The median selling price in January, 2010 for single family homes on the Consolidated Multiple Listing System was $388,950, which is an over-all increase of 16% vs. January 2009.

Although single family home sales among the upper price tier continue to lag, we did see some very positive sales numbers in January 2010 as compared to January, 2009.  There were 16 closed sales in January 2010 over $2MM vs. 5 closed sales over $2MM in January, 2009. There were 8 sales over $3MM in January 2010 and only 1 sale over $3MM in January, 2009.

There are 909 single family homes with fully executed contracts waiting to close.  The median list price of those homes is $359,900. There are 516 properties with accepted offers.  The median list price of those with accepted offers is $399,000. These are important numbers, which I report each month, because they help us to project the trend in the current sales price during the upcoming months. In this case it looks as though the median sales price is stabilizing and will be either flat or slightly higher during the first few months of 2010 vs. the median sales price during 2009.

I encourage our readers to contact me for the market statistics specific to their town and neighborhood as they may vary greatly from town to town and even neighborhood to neighborhood. If our readers wish to receive market statistics monthly via email they can email me at Cheryl@CSDGroup.com.

For the aspiring homeowner, there are always some unknowns to navigate. For home-seekers looking to buy a newly-constructed home, they must also contend with fierce competition, as well as the uncertainties of buying a house, in many cases, that doesn't even exist yet.

Heightened demand has accelerated new construction. Advancing technology has allowed the selection of homes based on virtual tours of the future home's plans. Such options can help the consumer build their house to their every preference, while making it as accommodating in real life as it is promising on paper.

There are ways to minimize such uncertainties and focus on the new home's potential rather than potential problems – and these aren't limited to the structure itself. Many of these common sense preparations are ones in which the services of a real estate sales professional, such as an ERA Select Homes Real Estate professional, can be a major help and a big relief. At the most basic level, such a professional can help you determine whether it's the newly-built or the pre-existing home that best suits your search.

Start from scratch. Your agent can help you decide what design options not only fulfill your needs but best fit your budget and your home's resale value. He or she can also help you to familiarize yourself with the new neighborhood; guide you throughout the construction process; and get you set up with crucial services like moving companies (one of many major tasks a nationally-known business can group in a single program, such as ERA Real Estate's Select Services).

Check into the builder's track record. You can do this by visiting other developments they've constructed and by speaking with the residents. Also, you may want to contact the Better Business Bureau to learn about their reputation and how long they've been in operation.

Know the neighborhood. Visit your local town planning office and look into what will be built nearby in the near future – where there's some construction growth there may be more, and you'll want to decide what kinds you wish to live around.

Understand what's in your contract. Do what you can to protect a favorable mortgage rate from the financial fluctuations that can occur over the course of construction. Get a thorough home inspection. And, obtain the most reliable professionals to help you in these potentially complicated tasks.

Determine if "new is for you." Despite the shiny, new bells and whistles associated with a new home, you might prefer an existing house. Purchasers of existing homes avoid contributing to suburban sprawl, enjoy the stability of established neighborhoods and infrastructures, and don't need to worry about today's fast-paced home construction industry. New home buyers, on the other hand, may be most attracted to the ease of brand-new homes with minimal maintenance concerns and a pre-planned neighborhood structure.

One happy medium an agent might steer you toward is the brand-new home that's already built. While this may be a rarity in a booming market, your real estate professional can help find one for you that can help eliminate surprises. Not to mention, it will likely fast-forward passed the inconvenience of other unfinished homes still in the construction phase around you.

With the right preparation and advice, the new-home route can lead to ready-made happiness rather than built-in headaches.

The tax credit extension for both first time buyers and trade up buyers is a real boost to the marketplace.  Buyers and Sellers should both be well prepared and aware of market conditions before making or negotiating offers. Time is valuable and we want our clients to be very capable of maximizing the benefits that are available to them.

This first quarter of 2010 will be driven by the tax incentives which will create stronger competition for inventory and because of the increased activity below $1,000,000, the median selling price is likely to be lowered.  That said, buyers should work with their agent and their loan originator to be completely pre-approved for their mortgage. Pre-approved buyers command more confidence from sellers, especially when there are multiple offers on the table. In this market, many sellers will not consider an offer without a pre-approval from the buyer.

Market Advice for Buyers & Sellers

In most cases an offer is written with standard contingencies including a home inspection and satisfactory appraisal. A seller can have their own inspections done prior to marketing so they have the time to repair or replace items. That will shorten the time from offer to closing or avoid having a buyer get discouraged and walk-away because of what they might perceive as deferred maintenance. A seller can also have an appraiser evaluate their home so they have a good idea of what a bank will approve as a selling price. As a bonus, the seller will have the inspection report and appraisal in their back pocket when it comes time to negotiate a selling price and terms.

My advice to sellers is to review their current market position with their agent.  Take a close look at year-end sales to arrive at a realistic and competitive list price. Sellers need to do what’s necessary to attract serious buyers to get their property sold. Realtors® have seen the competitive inventory and therefore can make good suggestions on how the seller can help make their home stand out above the rest.

Market Statistics

Although single family home sales in 2009 were slightly slower than sales in 2008, and the median sales price was less, we did see a positive market increase in the last 4 months of the year. I am pleased to report the 2009 year-end statistics which include an increase in sales and a decrease in inventory which leads me to believe the Single Family home market in Fairfield County is stabilizing!!!

There are currently 5973 active single family homes on the Consolidated Multiple Listing System. In 2009 we had 6753 closed sales.  That represents a unit sales decrease of only 4% versus 2008. The result is a 10 ½ month supply of homes currently on the market. The median selling price for single family homes on the Consolidated Multiple Listing System in 2009 was $377,000, which is an over-all decrease of 12% from 2008.

By far, single family home sales among the upper tier have been most affected by economic conditions. We currently have a 3 year supply of single family homes over $2MM on the Consolidated Multiple Listing System and a 4 year supply of homes over $3MM.

There are 813 single family homes with fully executed contracts waiting to close.  The median list price of those homes is $339,000. There are 424 properties with accepted offers.  The median list price of those with accepted offers is $399,000. These are important numbers, which I report each month, because they help us to determine the direction of the market. In this case we can estimate that the median sales price in the first few months of 2010 will be flat or slightly higher than the median sales price of 2009.

I encourage our readers to contact me for market statistics specific to their town and neighborhood as they vary greatly from town to town and even neighborhood to neighborhood. Please contact me if you wish to receive market statistics monthly via email or if you wish to receive a market snap shot specific to your property’s address.

Your move may be simple or complex, depending on your situation, including how much you own, how far you’re moving, and how many people are moving with you. In any case, it’s a good idea to start with a thorough moving checklist that covers all the possible bases, including important time frames.

Download REBAC’s moving checklist, As you review the checklist, you’ll also find that these additional resources provide valuable shortcuts:

• Changing your address—an online tool from the U.S. Postal Service
• Tax-deductible moving expenses—guidelines from the Internal Revenue Service

If you are moving in or out of Fairfield County and are looking for a moving company, contact me. I have an extensive database from over 22 years in the real estate business.  I would be happy to give you names and phone numbers of local companies as well as feedback we have received from past clients who have their services.

I offer a FREE moving truck as a valuable service to my clients as well as charitable organizations* for use in Fairfield County. Learn more about the Cheryl Scott-Daniels Group Smart Move Vehicle. *Some restrictions apply.

Visit REBAC.net for more information on the home buying process.

As important a landmark as buying a home is in people's lives, you'd be surprised at how much of it can turn on snap decisions. If you're selling a house you'll have to put careful thought into customers' first impressions, because many sales will be made or lost before they reach the front door – or as soon as they walk through it.

First consider "curb appeal" – the feeling customers get from the upkeep of the house and grounds, and how comfortable this makes them imagining themselves as a resident. You want to do everything you can to make them see your house as their house, both outside and in.

A new paint job is an investment that will more than pay for itself, and neat landscaping – trimmed shrubs, new flowers – puts your prospective buyers in just the right frame of mind. Inside, kitchens and bathrooms should be in sparkling condition – these rooms are known to be what makes up many home-seekers' minds. Removal of odors like pet smells and smoke will lessen distractions for customers you want focusing on your home's possibilities, and clearing of clutter is crucial.

The less belongings you have crowding your rooms and closets, the bigger the home will appear, and the easier it will be for potential buyers to envision placing their own possessions there. Put some things in storage if you need to, or hold a garage sale to help cut down on some of the build-up you were going to clear out for moving anyway (just hold it before buyers can see the piles on your lawn or the cars lined up on an otherwise peaceful street). For buyers picturing themselves in your home, it's also good to present the house in as general taste as possible – personal memorabilia, collectibles, and eccentric wall colors and furnishings should go out with the clutter. Repainting rooms in a neutral white also helps convey the sense of spaciousness.

Clean windows, fresh flowers, and other small details with big impact – they're what you want to remember. From major improvements which guarantee a return on your investment, to subtle touches that tip the scales in your favor, the features of a house that we often take for granted can be the ones that determine your homeselling success. According to the National Association of Realtors®, curb appeal alone accounts for half of all home sales.

A little effort now saves you a lengthy process later. First impressions will expedite the sale, and securing the services of a qualified Realtor® will make it all the surer. A real estate professional can guide you in all the above matters and more, from supplying a checklist of presentation tips, to recommending affordable painting contractors from his or her industry connections, to helping you rearrange the furniture. Whatever it takes, we can give you confidence that, for some buyer soon, the showing of your home will be love at first sight.

Durning the Holiday Season more than ever, our thoughts turn gratefully to those who have made our progess possible.

A sincere Thank you and Best Wishes for a Healthy and Properous New Year!

If you’re an empty nester, or about to become one, you’ve got lots of company. The number of baby boomers age 65 and over is expected to increase nearly 80 percent over the next two decades. Shifts in the age distribution of our population will result in a growing number of Baby Boomers moving to accommodations that better suit their needs.

Today’s empty nester is not the sedentary retiree of yesteryear. Senior homebuyers tend to stay in or near the same community after they retire. Most people continue to work much later in life, perhaps in an entirely new career or as a full-time volunteer who serves their community.

A major decision you are probably facing is determining exactly what you would like your next living arrangement to be. Unlike generations in days past, today it is nearly impossible to describe a “typical” empty nester’s home. Much depends on your individual lifestyle, family situation and other personal preferences.

New living options marketed to meet a diversity of lifestyles are continually appearing on the marketplace. Translating your choices of amenities, location, ease of maintenance, architectural style, etc. into the selection of your next home can be a frustrating experience. Working with an experienced real estate professional who listens to your needs and understands the market can help shorten your search for the home that is right for you.

Choosing the right real estate professional can also pay dividends when selling your current home. The Senior Advantage Real Estate Council reports that 90 percent of seniors do not put their home on the market until they have settled on their new living arrangements. At the same time, younger families are seeking to move up and out to the larger homes and apartments offered by empty nesters.

The ERA^® Sellers Security^® Plan has been designed for empty nesters and others who wish to remove the anxiety from the process of selling their home. The Sellers Security^® Plan guarantees that your home will sell at a pre-determined price within 180 days of listing your home. Simply put, “If we don’t sell your house, ERA will buy it^®.”

The Sellers Security^® Plan is a guaranteed sale plan offered in all 50 states. An attractive feature of Sellers Security is the ERA^® system’s exclusive Five Point Marketing Plan, which covers all the bases for a quick and hassle-free sale, by maximizing the marketability and sales potential of your home. Call me to learn more about this program.

With me in the photo are Vickie Kelley-VP Small Firms, Nicholle Dagata-2010 Pres and Linda St. Peter-2009 Pres following our induction. Great job Linda for a super leadership in 2009!

1980-1985 ---25%

1985-1990 ---------27%

1990-1995 ---25%

2000-2006 ----------------------------------------89%

SOURCE: REALTOR Magazine April 2009

What does this mean for Buyers?

Now is the time to invest in real estate! There is an excess of inventory on the market to choose from and prices are low. Don’t forget the Home Buyer Tax credit which was just extended to April 30, 2009.

The National Association of REALTORS has outlined the changes to the Home Buyer Tax Credit in this Article, Click here. They have also provided a list of answers to some frequently asked questions.

Please feel free to contact me with any questions regarding this new legislation. Now is a great time to buy!

Yesterday at 4pm I had a conference call with Senator Christopher Dodd who was in the Senate about to vote on the bill to extend the housing tax credit which has been a critical component of the recently improving housing market.

1.  Federal government will extend the tax credit to first-time buyers,  those who haven’t owned a home in the last 3 years
Credit is $8,000
Not recaptured if the owner resides in the property for 3+ years*
Binding contracts must be finalized by 4/30/10
Closing must occur prior to 6/30/10
Single Income cannot exceed $125,000
Combined Income cannot exceed $225,000
Property must be primary residence, 1-4 family
Maximum purchase price is $800,000 

*unless they are military or foreign service personnel


2.  Tax credit extended to move-up buyers:
Credit is $6,500  
all other rules apply!

Senator Dodd expected the house to vote quickly and President Obama to sign shortly thereafter!

This should continue to boost the housing market!

Fairfield County Real Estate Market Update

The positive increase in market activity we saw in August held true in the month of September.  We experienced a small decrease in the supply of homes active on the market and witnessed a smaller decline in unit sales this year versus the first 9 months of 2008.

There is a healthy, active inventory of 7,556 single family homes on the consolidated multiple listing service. To date, we have had 4,755 closed sales. This represents a unit sales decrease of 15% vs. the first 9 months of 2008. The result is a 14.3 month supply of homes currently on the market. The median selling price county-wide is $376,500, which is an over-all decrease of16% vs. last year. This number is down slightly from August. This is a county-wide number and not the case in every town.  Remembering that all real estate is local, there are definitely differences between towns within Fairfield County. It is very important to talk to your REALTOR® about the towns in which you have specific interest about the advantages of buying or selling at this time.

As has been the case over the past 9 months, sales among the upper price tier are slower than other price ranges. Sales over $2MM represent just 3% of homes that have sold but 9.5% of homes on the market waiting to sell.  Sales over $3MM represent less than 1% of the total homes sold but 5% of homes currently listed for sale.

There are 1000 properties with fully executed contracts waiting to close.  The median price of those homes is $350,000.

There are 565 properties with accepted offers.  The median list price of those with accepted offers is $394,500.

With the healthy inventory of homes on the market, we stress to our sellers the importance of making their home stand out above the competition. This includes staging as well as competitive pricing. Sellers should talk to their REALTOR® about steps they can take to help put their home at the top of the buyer’s list!

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. As a CDPE, Scott-Daniels can confidently guide sellers through a short sale process to avoid foreclosure, which can be devastating to homeowners. In fact, on average, CDPEs are able to keep homeowners in their home more than twice as often as losing properties to foreclosure. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In Fairfield County, more than 3,400 homes are currently in pre-foreclosure. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation is invaluable as I work with sellers and lenders on complicated short sales and foreclosures”, said Scott-Daniels. “It is so rewarding when I am able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that REALTORS^® such as Cheryl Scott-Daniels with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

"Obtaining this certification is just another reflection of Cheryl Scott-Daniel’s commitment to providing exceptional service to her clients," said Gene Amsel, Business Consultant, ERA Franchise Systems LLC.  “CDPE training teaches sales associates to be properly prepared, up to speed on the latest trends and have the skills necessary to be successful in this market.”

For more information about CDPE designation or to reach Cheryl Scott-Daniels, call at 203-341-0100

When buying a home, it’s important to think carefully about your offering price and your offering terms. In some cases, terms and conditions can represent thousands of dollars in additional value for home buyers—or additional costs.Terms may include inspections, requests for specific property repairs, or timing considerations, such as a conditional purchase clause.

Determining a price
Some home buyers mistakenly believe there is a predetermined formula for offers—that offering prices should be X percent lower than the seller’s asking price or the amount they are really willing to pay. In practice, your offer price actually depends more upon the basic laws of supply and demand. If many home buyers are competing for homes, then sellers will likely get full-price offers and sometimes even more. If demand is weak, then offers below the asking price may be in order.

How to make an offer
The process varies by state. In most cases, you complete an offer that your representative presents on your behalf. The owner, in turn, may accept the offer, reject it or make a counter-offer. Because counter-offers are common (any change in terms can be considered a “counter-offer”), it’s important that you remain in close contact with your representative during the negotiation process so that any proposed changes can be quickly reviewed.

Inspections
Inspections are common in residential realty transactions. Structural inspections are particularly important. During these examinations, an inspector evaluates the property for any material physical defects and whether expensive repairs and replacements are likely to be required in the next few years. For a single-family home, these inspections often require two or three hours. You should plan to attend too. This is an important opportunity to examine the property’s mechanics (plumbing, wiring, etc.) and structure, ask the inspector questions and learn far more about the property than is possible with an informal walk-through.

For more information please visit REBAC.net.