5 Things you need to know about the Spring Real Estate Market
Is it spring yet? I know it’s not until March 20th, but everyone wants it right now! We have had enough of the cold and snow. Although it’s apparent that the buyers are trying to get a head start on the spring housing market, we can still use an influx of new listings for them to choose from.
Number 1
Prices are starting to increase in the housing market. They are creeping up bit by bit as buyers are making multiple offers on some of the more desirable properties. The seasonal inventory has been very low. The cold and snow have caused a slight decrease in available homes for sale. We are hoping to see a spike in inventory as the weather improves.
Number 2
Mortgage rates are at an all-time low. Smart buyers know this fact and are working the housing market trying to get a good deal and a new home that fits within their budget. There are many different mortgage loan programs to choose from. We do prefer and recommend the smaller banks. They have proven they are much easier to work with to get the deal done. It’s very disappointing when you find the perfect home for your family and then the bank says no. Stick with your agent’s mortgage banker recommendations so you can guarantee a smooth transaction and get the keys to your new home on closing day.
Number 3
NO one wants to hear that there are still short sales and foreclosures coming on the market. You would think this would all be over with, but it’s still with us and will be for some time to come. I’ve seen a decrease in short sales and an increase in foreclosed properties hitting the market. Most of the time banks give the listings to real estate companies. Many of the foreclosure homes are in pretty rough shape, with freeze damage and unlivable conditions. Usually homes in this condition cannot be purchased with a mortgage loan and require cash in order to close the deal. Sometimes however, the bank decides to clean up, repair and update the property. When a bank does this they sometime set a condition on the property which allows first time homebuyers the opportunity to bid over everyone else within a certain time frame.
Number 4
Multifamily homes are extremely popular in this area. There is plenty of interest and sales of multi’s are increasing all the time. It seems that this housing situation works well for extended families by increasing their buying power. Rental properties are also very popular with investors. This is a great way to provide income for retirement or everyday living expenses. Just be sure that you are ready to manage tenants. Being a landlord is not for everyone. You always have the option of hiring a property manager to help you out with this situation.
Number 5
Did you know most people in Norwalk support the new mall? Everyone we talk to is so very excited about the possibility of a new upscale shopping mall right here in Norwalk. The recent announcement that Nordstrom’s would be one of the anchor stores, showed a surge of support on social media. Many of our clients and friends were happy to hear the great news. A shopping destination such as this will bring recognition to our city and increase tourism here. It may also result in increased property values as more buyers seek out Norwalk as a place to raise their families.
So as we wait for the temperatures to rise and the snow to melt, let’s think about our spring real estate market. We know if you are working with Bondi Realty Group buying or selling a home, that your transaction will be smooth and stress free.
Betty Bondi
Bondi Realty Group LLC
203-899-9990
Norwalk Fall Real Estate Market Preview
The summer weather has been glorious this year! There was a short burst of activity from mid-April to the beginning of July. The beautiful weather sent all of the buyers and sellers on vacation and thoughts and visions of new home purchases went with them, which has resulted in a very slow local real estate market.
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 with low interest rates and a good track record with successful closings.
It looks as though most of the buyers are searching for that perfect home 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, help negotiate the deal and guide you through the process 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 have noticed the slowdown in activity and there has been quite a bit of drastic price reductions everywhere, especially in the over $500,000 price point. I don’t think there will be much if any further increase in property values this year as the market is constantly adjusting itself. Because the market got off to a slow start, we are hoping that Inventory will increase in the upcoming months 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 clean both inside and outside. This has a huge impact on how your home looks to potential buyers.
Buyers are enjoying the price reductions and are on the lookout for good values. Most buyers don’t have that extra money for improvements and are looking for homes already updated. Sellers need to take note of this. Buyers will pay market value for your home, but not more than that. If the home needs updating they will add that cost to the bottom line and want to make sure they are not over extended. 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 approaching the third 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 fall.
Betty Bondi Bondi
Realty Group LLC
203-899-9990
The Resurrection of SoNo
The Resurrection of SoNo
Norwalk has many reasons to celebrate its City. As a lifelong resident, I know what Norwalk has to offer. One of the most successful and popular spots in town is in South Norwalk also known as SoNo. From it’s heyday in the early 1900’s to its depressed state in the 70’s. SoNo has now been resurrected to a new grandeur.
SoNo represents the vibrancy of Norwalk. It’s a wonderful place to live, visit and relax. From its night life, boutique shops and art galleries to its waterfront activities there is so much to do here. It is definitely a destination for all.
SoNo has some great options for real estate. There are charming vintage buildings that have been renovated into luxury condominiums, to newly constructed modern buildings with all types of amenities. The exposed brick, large full view windows and water views are the reason why people love the architecture. These homes come in all sorts of price points starting in the lower two hundred thousanddollar range up to one million plus for penthouse suite overlooking the water. Buyers are flocking to this area as they know the value of these properties and what they have to offer. SoNo also has a mix of commercial and multifamily dwellings as well.
You can rent properties in SoNo too! At this time there is a real demand for apartments in this area. There are lovely rentals starting at $1350 and up depending on your space requirements. The rental market is bringing in many young professionals who are working in the area. They all want to live in SoNo as it is the only place to be and it gives them a SoHo like experience without being in New York City. All within walking distance to the South Norwalk train station, you can be in Manhattan in 45 minutes.
The website www.visitsono.com is a fabulous website which gives regular updates on all the latest news and happenings in the area.
One of the biggest tourist destinations in town is the Maritime Aquarium and IMAX Theater. You can see the local marine life, exhibits, and learn about the past too. It’s very popular and a great place to take the family. If you want to dine at some of the best and trendiest restaurants in town then this is the place to be. There is a food style for every budget and taste. Some of my favorites are The Spread, Barcelona, Strada 18, Quartina Trattoria and Local Kitchen. Need a cocktail and want to sit outside? Then head over to Harlan Publick or Washington Prime two recent additions to the area. There are quite a few local breweries if that’s your thing. Sono Brewhouse, The Gingerman, Guvnors Brewery or The Beer Garden should make you happy. Kazu offers some of the best Sushi around. If you need a chocolate fix then head on over to Chocopologie on South Main Street. My favorite chocolate treat is the caramel with sea salt. Yum!
A fun thing to do on a summer day is to take a boat ride out to the Historical Sheffield Island Lighthouse. You can pick up the boat at the Seaport Dock right before the bridge in SoNo. The Norwalk Seaport Association has a new 49 passenger ferry boat just waiting to be chartered. For more information please check out their website www.seaport.org.
As SoNo continues to grow with residential and commercial space it will only make our City more attractive and increase real estate values in the future.
South Norwalk is on the edge of coming back to life. There are so many good things happening at this time we need to embrace the change and make it work for our community. What will the new rental spaces, retail and restaurants mean for our town?
Density is a good thing. More people, more success in local economy and business. Walkability is necessary and oh so wanted at this time in our growing City. I grew up in Norwalk and still live here. I am a small business owner who wants to see our City grow properly so it can prosper. We are at a point in time where the decisions made will either make or break this City. Watching the improvements that are happening now is definitely a step in the right direction. Walk down Washington Street, meet your neighbors out dining and experience the positive vibe in SoNo.
Betty Bondi
Bondi Realty Group LLC
203-899-9990
The Quest for the perfect Mid Century Modern home
This is the story about our client and their search for the perfect home
Two and a half years later, working within their budget, a very small amount of showings, one outbid offer and a closing from 6700 miles away my clients have found and purchased their perfect house. The style of the house they were looking for is one of the rarest forms in Fairfield County. It’s called Mid-Century modern architecture. These homes are usually situated on great pieces of property and are small in size. This unfortunately gives a perfect opportunity for someone to knock the house down and build a much larger home in its place.
Mid- Century modern architecture is sometimes called “California Contemporary and usually defined as buildings constructed between the 1940’s through the late 60’s.Typically the features include clean lines, open floor plans, walls of glass and the feeling of living within nature. These innovative architects with their simplistic styles were considered ahead of their time.
It all started with a phone call. The person on the other line wanted to know how much I knew about Mid- Century modern architecture. I told him as a Mid-Century modern enthusiast, I have a great respect for the architects like the Harvard Five who fought to be accepted in a world of traditional Colonial styles. And this is how the journey began.
We would attend the New Canaan Historical Society’s modern house tour. We would trade ideas back and forth about how the homes were designed and how some owners and contractors would change the pure style of the home to reflect a more traditional colonial décor and style. Those changes would always upset my clients.
I would always keep them updated on any properties that looked promising. Our journey took us through several different towns like Stamford, Wilton, New Canaan, old Greenwich and Weston. We bid on the famous Michael Crichton house, designed by Lanasberg and built by Hobbs. This house was a very pure example of what Mid –Century modern architecture should look like. Unfortunately we were outbid and the price went over budget. The search continued into the next year with more showings. But we just couldn’t find that pure untouched house in the right location. Some agents would have given up, but I loved going to look at all the homes, even if my clients didn’t want to bid. Fast track to January 21st 2014 and there it was. I brought my clients to the open house of a pure, perfectly sited Mid-Century modern Thomas Flemming designed house in Weston. We bid over asking price on it that day, only to be out bid again. But we were not going to lose this one and after going back and forth and winning over the sellers, the closing took place on April 11th while my clients were away. I finally had the pleasure of handing Roger and Betty the key to their new home on April 29, 2014.
So the journey doesn’t end here. I have made two great friends and I will someday get that call again and someone on the other line will say to me “What do you know about Mid-Century modern architecture”?
My advice is to always work with a Realtor who not only knows the area but also knows a little about the architectural styles you are looking for. In the end you too will find the perfect house.
Peter Bondi
Bondi Realty Group LLC
203-899-9990
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