May 2024 Market Update

The month of May is full of activities and events like graduations, First Communions, Mother’s Day, and Memorial Day celebrations.  Cinco de Mayo is this weekend and there are plenty of places to celebrate!  Check the link below for places throughout Connecticut, and don’t forget our other local places like Bodega, Senor Salsa, Tequila Revolution, and even Gruel Britannia in Fairfield, along with Tacombi in Westport and Park City Music Hall in Black Rock.

There’s a lot of information about United Illuminating’s monopole project in the news and on social media, and it’s not all accurate.  Empoweringfairfield.org is a grassroots movement that is advocating for the lines to be installed underground. Visit their website to learn why this project as it’s currently proposed is bad for town residents, even if you don’t live where the monopoles will be installed.  And click on the UI link below for a QR code that will send an email to our state legislators to show you support the reform of this utility project. You don’t have to live in Fairfield or Bridgeport to show your support!

Market Update

The Spring market is energetic!  We’re still dealing with historically low inventories across Fairfield County in general, but we’ve had a burst of inventory in Fairfield and strong performance in surrounding towns. Open House activity has increased and buyers are out and seriously looking.  Presentation matters!  Homes that are properly priced and prepped for sale are still seeing multiple offers over asking price.

We’ve all been seeing interest rates trending up since the beginning of the year.  The Fed chose not to raise the Fed Funds rate this past week, and rates finished the week lower.  Given the economic data, economists expect the Fed’s next move to be a cut instead of a hike.

Buyers, make sure your mortgage pre-approval and taxes are current, especially if you would like to use 2023 income to qualify.  A solid credit score and healthy down payment could improve your rate.

Buyers are out and actively looking, but because of the price inflation, are not always feeling the value on what they are bidding on. Presentation matters more than ever.  Sellers, consider small improvements like staging, a paint refresh, professional cleaning, and small fixes so your home looks, smells, and feels well cared for.  And take advantage of the spring blossoms to increase your home’s curb appeal.

There’s a lot of misleading information in the media about agency representation and commissions.  If you have questions, please reach out and let’s have a conversation. We’re hearing friends, family, and clients repeating things that aren’t accurate, so let us help clear up any confusion.

While this market can seem daunting at times, it’s still a very dynamic and energetic market! Let us help you see the opportunities instead of the obstacles.  Please reach out if you are considering buying or selling or are just curious about the value of your home.  We would love to hear about your real estate goals and discuss creative buying and selling strategies or answer any questions you may have.  Or just reach out to say “hi”.   We would love to chat.