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Fairfield County Real Estate Market Statistics

by Cheryl Scott-Daniels

January is my favorite month for Fairfield County real estate market statistics because we get a clear view of how the real estate market over the past year compared to the year before which can be an indication of what to expect in the upcoming year. In 2010 we saw some very positive activity in the real estate market. Single Family sales on the Greater Fairfield County Consolidated Multiple Listing system were up by 11% from 2009 and the median sales price of single family homes was up by 9%. Those numbers translate in to great news for our market!

The most impressive change from 2009 to 2010 can be seen when we look at sales among the upper price brackets. Sales over $2MM increased by 35% and sales over $3MM increased by 49%.

We currently have a seasonally low active inventory of 5,742 single family homes on the Greater Fairfield County Consolidated Multiple Listing System with a median list price of $479,900. There are 305 single family homes with accepted offers and 829 homes with fully executed contracts just waiting to close. The median list price of homes with accepted offers is 20% higher than the median list price of those homes with fully executed contracts. This can be predictive of the latest market trend. From this the educated guess would be that the median sales price will be slightly higher over the first few months of 2011.

Now is a great time to contact a REALTOR for real estate market statistics specific to your town and neighborhood and for advice on when to list and buy. I encourage you to call me at 203-341-0100 or email me at Cheryl @csdgroup.com.

5 Tips to Better Navigate the Short Sale Process

by Cheryl Scott-Daniels

Unfortunately, with the economy’s slow recovery and still-high unemployment rates, many homeowners continue to confront difficulties in making their mortgage payments. If you’re one of these homeowners, know that you’re not alone and know that there are several options to explore prior to foreclosure, such as a short sale. A short sale occurs when the outstanding loan(s) against a property are greater than what the property can be sold for.

As you’ve probably heard, however, short sales can be a drawn out and complicated process. Here are five tips to help you create a successful short sale:

1. Get comparable sale prices and an estimate of expected closing costs to help verify the current market value of your home.

2. Determine the amount of all loans against the property. Subtract the total amount you owe on the property from the estimated proceeds of the sale.

3. Contact your lender or lenders. Insist on speaking with someone in authority about a short sale. Remember that you are asking the lender to accept less than the total amount you owe, so be firm but cooperative.

4. Be prepared to submit the necessary documentation, including a letter of authorization giving the lender permission to talk with specific interested parties about your loan. Include your name, address, the loan number, and your agent’s contact information.

5. Include a hardship letter describing how you got into a financial bind, and provide proof of your assets and income. You also may wish to include recent bank statements, with an explanation of any unusual deposits or withdrawals, and your broker’s competitive market analysis.

The short sale process requires patience—even after you find a buyer. But for many homeowners, it was well worth it. Be sure to work with a real estate agent who has experience in short sales.  As a Certified Distressed Property Expert, I have had extensive training in the area of short sales. Please do not hesitate to contact me with any questions you may have. 
 

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Displaying blog entries 1-2 of 2

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