Norwalk ct real estate — Bondi Realty Group

Spring Market Sales Update 2014

Spring Market update – First quarter sales are in!!

Happy Spring! The weather is finally matching the calendar. After a long and weary winter we are ready for sunshine and warm temperatures. Inventory is starting to increase, but more is needed as the buyers are responding to the change in seasons and Sunday open houses have a steady pace of activity.

The increasing activity has caused some price points to stabilize while others are starting to increase. Foreclosure listings are down, but short sales are still coming onto the marketplace, which can hurt values in neighborhoods or towns with an abundance of these listings.

Here are the latest statistics from Consolidated Multiple Listing system.

As we enter the spring marketplace, Norwalk’s housing market is showing lots of activity. The inventory is up compared to last quarter. We currently have 324 single family homes and 155 condos for sale at this time. Even though inventory is up, there are still many overpriced homes in poor condition for sale resulting in stagnant listings. Buyers are being very selective. It’s very difficult to purchase a home that needs work and have money left over to fix it up.

Norwalk home sales are down from last quarter. Sales from January 1 to March 31st are showing 101 single family and 50 condos sold. This is a direct result of the poor weather conditions over the winter combined with slower than normal listing inventory.

Westport’s active housing inventory is also on the increase. Currently, active listings are 331 single family and 14 Condos for sale. Sales numbers were down from January to March. Westport’s first quarter numbers are showing 63 single family and 9 condos sold.

Wilton’s current active inventory is close to last quarter. The numbers are showing 167 single family and 43condos for sale. Last quarter’s sales numbers are down with 34 Single family homes 5 condos sold.

We are finding there is still imbalance in the housing marketplace. Prices are inconsistent which is causing buyers to rethink their strategy. The importance of working with a seasoned experience Realtor comes into play for both buyers and sellers. We work hard to educate you so you can make the right decision for your family.

Betty Bondi
Bondi Realty Group LLC
203-899-9990

Spring Market Preview 2014

Blog

Spring Market Preview 2014

The winter weather has been brutal thisyear in so many ways. It has resulted in a negative effect on the local real estate market. The marketplace was busy into the New Year, but too many snow storms and frigid temperatures have cooled the housing market in our area and all along the northeast. Buyers are waiting for the weather to improve and sellers are holding down the fort hoping the spring market brings forth more activity.

Buyers should use this slow time to get all of their financing in order. I cannot stress enough, how important it is to have this done ahead of time. You may be very disappointed if your homework is not complete. Mortgage brokers have time to work with you right now and can give you a loan approval based on your financial criteria. All lenders are not equal, so shop around to find one that has a good track record with successful closings. It looks as though most of the buyers are searching for that perfecthome online although we have met buyers out there winging it on their own at open houses. This is a good way to start, but talking with a professional experienced Realtor is the way to go. They will educate and inform you when you are ready to purchase a home. You will be more successful working with an agent who understands your target area, wish list and budget.

Sellers are holding on, waiting for the weather to improve. This slowdown has affected housing prices and they are holding steady at this point. I don’tthink there will be much if any increase in property values this year. It is expected that inventory will increase which will result in a having more homes to choose from and increasing competition among listings. Sellers should use this time to paint, de clutter and make improvements and repairs so their home will shine far and above the other listings. Don’t forget to spring clean both inside and outside. This has a huge impact on how your home shows. One of the biggest trends we are seeing right now, is sellers overpricing their home. For example, if the appraised value comes in around $500,000, you shouldn’t mark it up to the point where the end result will be very little to no showing appointments. Buyers will pay market value for your home, but not more than that. There is so much information on the internet these days; they already have a pretty good idea of what your home is worth before they come through the door. Keep in mind the bank will consider recent sales in your neighborhood when completing an appraisal for anyone applying for a mortgage.

We are currently in the first quarter of the year and will have the closing sales numbers at the end of the month. Follow our suggestions and both buyers and sellers will be successful and happy with their housing transaction this spring.

Betty Bondi
Bondi Realty Group LLC
203-899-9990

Looking for a good real estate deal? Condos are the way to go!

Blog

Looking for a good real estate deal? Condos are the way to go!

This is the time to jump into the condo market! Single family homes are rapidly increasing in price and many buyers are frustrated because there is no good inventory for sale. You can get a good deal right now as there are many condos to choose from which are at bottom of the market prices.

Here are a few reasons why you should consider a condo.

Condos are usually much less expensive for similar square footage. The main reason is you will not be buying the land on which the complex sits. Condos are often the ideal choice for first time home buyers, people on a tight budget or looking to downsize.

You have fewer responsibilities when it comes to maintenance and repair. When you live in a condo, your common charges typically cover all the exterior and common area maintenance of your building. You can say good bye to shoveling snow and cutting the lawn!

Condominium complexes usually have several amenities, like a pool, club house, tennis courts and private gyms.

There are many popular complexes in Norwalk, here are three located in different parts of town.

Foxboro – built in 1991 is situated on the Wilton town line with a very convenient location to Route 7, I 95 and the Merritt parkway. There are several different floor plans in the complex. The smallest is a one bedroom with prices starting at 275,000 and the largest is a detached townhome with pricing in the $550,000 and up range.

Ledgebrook condominiums were built in 1972. They are located on Scribner Avenue towards West Norwalk area. It is a large complex with 220 units. The buildings are modern style with beautiful, lush landscaping. With prices starting in the mid $200’s, it’s a great bargain for the area.

Rolling Ridge is located at 50 Aiken Street. This complex was built in 1979 and has 150 units. The floor plans are all ranch style which is one level living. One of the best features is the beautiful stone walls and lovely landscaping plus a huge pool surrounded by lush trees and a pond. Prices here range from a $230 for a one bedroom up to $265,000 for a two bedroom two bath unit.

When you decide to purchase a condominium, make sure the complex is in good condition, check if the complex is planning any major maintenance or improvement projects. Ask if there are any current assessments or any coming up in the future. Some condos which are in need of major work such as painting or a new roof may result in an added cost per month to the common fee. Make sure the associations reserve fund is adequate for the complex, check to see how many of the units are owner occupied. This may affect your ability to get a mortgage. Most important, read thru the Home Owners Associations bylaws for the any rules and regulations placed on the complex.

Betty Bondi
Bondi Realty Group LLC -203-899-9990