May Real Estate Market Snapshot

Ridgefield: The Year-To-Date real estate market for single family homes continues to showcase high demand. 86 single-family homes since January ranging from a $315,000 lake cottage to $24,000,000 for luxury equestrian property. Inventory has slightly increased, yet homes are still selling quickly. To date, there are 66 under deposit and scheduled to close in the coming month.

Wilton: 52 single-family homes have sold Year-To-Date ranging from a $400,000 ranch home to a mini estate selling for $3,258,000. Homes are still selling quickly and many with multiple offers. Several buyers are still in the market and interest rates do appear to be impacting our area. To date, there are 56 under deposit and scheduled to close in the coming months.

To download the latest Greater Connecticut Market Report, please click here.

To download the latest Fairfield County Market Report, please click here.

To download the latest Lower Fairfield County Market Report, please click here.

To download the latest Litchfield County Market Report, please click here.

Looking to buy or sell? Partner with us. What a spring it has been! At Karla Murtaugh Homes, we are excited to put our unprecedented market knowledge to work for you. No matter your price point, our team offers the same platinum level of service, and together with COMPASS – America’s #1 brokerage – we provide a forward-thinking approach to home ownership. Armed with the best in technology including instant access to COMPASS Search, a nationwide referral network of the most successful agents in the business, and extraordinary marketing, we are ready to help you make your next move. We recognize a home is your biggest asset, so whether you’re buying or selling this summer, don’t settle. Join us for an exceptional result!

Top Tips to Sell Your Home This Season

Selling your home can be a stressful and daunting task, but with the right preparation, you can ensure that your home is ready to sell and fetch the best price possible. It’s a fabulous time to leverage the busy spring real estate market. If you’re not sure where to start, here are some helpful tips on how to prepare your home to sell:

 

1. Declutter and Clean

The first step in preparing your home for sale is to declutter and clean it thoroughly. Remove any unnecessary items and clutter to make your home look more spacious and inviting. We love donating items to the Ridgefield Thrift Shop and ReStore Danbury, both very worthy causes that support the community we live in. Thoroughly clean all surfaces, including floors, walls, and countertops. Consider hiring a professional cleaner if necessary. We’d be happy to recommend one if you need!

 

2. Repair and Upgrade

Fix any minor repairs or upgrades that need to be done, such as leaking faucets or broken doorknobs. If your home needs major repairs or upgrades, consider hiring a professional to handle the work. Upgrades can include painting, new light fixtures, or landscaping to improve curb appeal. It can be overwhelming to try to find a contractor or handyman who can do the work in a timely fashion. We have several companies we’ve developed excellent relationships with over the years and they take excellent care of our clients.

 

3. Depersonalize and Stage

Remove personal items like family photos, collectibles, and personal memorabilia from your home. This allows potential buyers to visualize themselves living in the space, which is so important. Consider staging your home with neutral decor and furniture to create a welcoming and cozy atmosphere. This is just one of the services that Compass Concierge is proud to offer, which makes the selling process run so much more smoothly for our clients.

 

4. Price Your Home Accurately

One of the most important steps in preparing your home for sale is pricing it accurately. Research the local real estate market and work with a real estate agent to determine a fair and competitive price for your home. For over 20 years, the Karla Murtaugh Homes mission has been to provide a superior experience for our clients both through the utilization of our team’s knowledge and skills and by adhering to the highest standard of integrity. We have the experience to get you the best price for your home.

 

5. Market Your Home Effectively

We will work closely with you to create an attractive and engaging listing for your home, including high-quality photos and a detailed description. We will leverage cutting-edge Compass technology and national network to market your home effectively to potential buyers through online listings, social media, and other advertising channels.

 

6. Be Flexible and Available

Plan to accommodate potential buyers’ schedules and be available for showings as needed.

 

Getting your home ready to sell requires some effort and planning, but the results are worth it. With a little groundwork, you can make your home more appealing to potential buyers and ensure a smooth and successful sale.

 

If you’re thinking about selling, connect with us today at karla.murtaugh@compass.com or 203-856-5534. Happy Selling Season!

Celebrating Mother’s Day in Ridgefield

Run Like a Mother is a national 5K race series that happens across the U.S. on Mother’s Day Weekend. The mission of Run Like a Mother is to encourage, inspire and nurture our minds and bodies through forward motion whether it is walking or running. Now in its fourteenth year, it’s been an honor to watch the incredible evolution of this event celebrating the incredible moms of our community. I’m a proud sponsor and hope to see you there! You can still register the day of the race. Check out all the details: https://runsignup.com/Race/CT/Ridgefield/RunLikeaMotherRidgefield

 

Looking for a lovely Mother’s Day brunch option? There are so many fabulous restaurants in our area! Here are our top seven favorites:

The Lantern in Ridgefield: https://thelanternrestaurant.com/

Red Rooster Pub in Ridgefield: https://www.redroosterct.com/ridgefield

Redding Roadhouse: https://www.thereddingroadhouse.com/

Oak and Almond in Norwalk: https://oakandalmond.com/

Terrain in Westport: https://www.shopterrain.com/pages/westport-restaurant

McKinney and Doyle in Pawling, NY: https://www.mckinneyanddoyle.com/

The Inn at Pound Ridge: https://www.theinnatpoundridge.com/

 

A Look Inside the Spring Real Estate Market

Q: Is it too late to jump into the spring market?

A: Definitely not.

My phone is ringing off the hook. We’re in a lot of discussions about listing homes in the coming weeks. Many people realize there’s no better time than now if they’re going to jump in. Prices are holding and in some segments, they’re increasing because supply and demand is still driving this market. We’ve had a number of homes that just launched last week, a number of which received multiple bids. This demonstrates that there are still really good qualified buyers out in the market. This isn’t just in Ridgefield, either. Based on my discussions with Compass agents throughout Fairfield and Westchester Counties, they’re experiencing the exact same situation.

 

Q: Why is there such low inventory?

A: The dynamic we’re experiencing is called an “inventory-starved market.” There are a few reasons why. No one expected the impact Covid would have on the real estate market. Right before that happened, there were a lot of people who were getting close to the point in life where they would have had to figure out their next chapter and where they would want to move. Obviously, the pandemic had a huge effect on that nationwide, not just in our area.

This took a lot of people by surprise, and accelerated their decision on what their next move would be. For example, retirement plans were definitely affected for a lot of people and when they decided it was time to make a move, they ran into the same problem many people had. “Where do I go? What is the plan?” Many people are having this experience nationwide where there isn’t a lot of inventory including in destinations where people go from Connecticut, both points north and south, so it’s hard for people to move to different parts of the country as well.

People who migrated from New York to Connecticut didn’t know how long they’d be here for when they arrived. A lot of people predicted that once things went back to normal post-pandemic, those people would turn around and go back to the city. But we’re not really seeing that in Ridgefield. People love it here! So those houses aren’t coming back on the market the way some people thought.

 

February 2023 Connecticut Market Snapshot

February continues to find housing inventory a challenge. There are plenty of buyers and homes that are in good condition are selling quickly. At Karla Murtaugh Homes we are here to provide valuable insights so you can stay educated and informed when planning your next move. I’m pleased to share Compass’ February 2023 Connecticut Market Snapshot, highlighting the prevailing trends shaping the market. Connect with me for more information.

DOWNLOAD THE GREATER CONNECTICUT MARKET REPORT

DOWNLOAD THE FAIRFIELD COUNTY MARKET REPORT

DOWNLOAD THE LOWER FAIRFIELD COUNTY MARKET REPORT

DOWNLOAD THE LITCHFIELD COUNTY MARKET REPORT

Winter Break Staycation Guide

Winter Break is right around the corner! If you’re opting for a staycation this year, there’s plenty to do in our area.

The Prospector Theater always has family-friendly movies playing, and we love their snacks and drinks! Such a great place to visit all year round, especially considering their mission is to provide competitive and integrated employment to people with disabilities through the operation of a premium, first-run movie theater.

Sometimes we take for granted that our area is home to plenty of parks, museums and playgrounds that you can check out year-round. Here are a few of our favorites:

On Saturday, February 18, from 11 am to 12 pm, the Wilton Historical Society will hold its very own Maple Sugaring Workshop. Museum Educator Catherine Lipper will talk about the maple sugaring process while participants help to prepare their very own tasty snack of maple tarts. Don’t miss out on this sweet mid-winter treat! For details, click here.

A lovely Gift for your family on the weekend after Valentine’s Day: check out the Live Concert by America’s Tenor, Daniel Rodriguez; soprano, Angela Sbano; and bari-tenor, Frank Rendo. Concert begins at 1:00pm at St. Edward the Confessor Church in New Fairfield. For details, click here.

Drop in to St. Luke’s School in New Canaan and enjoy a facilitated series designed by artists, curators, and educators that invites families to think, play, create, and spend time together experimenting with sensory-rich materials and different modes of art making. For details, click here.

If you’re a chocolate-lover, you might want to check out the Westport Museum for History and Culture’s exhibit opening of “Bittersweet: Chocolate in the American Colonies” on Friday, February 24. For details, click here.

Grace Farms will host a free wintertime concert on Saturday, February 25! This family-friendly musical afternoon is curated by Music Director Marcus G. Miller and promises to bring warmth to a chilly February day. For details, click here.

Woodcock Nature Center in Wilton offers terrific hiking trails and camps. Have you ever heard of the Great Backyard Bird Count? This annual event on Saturday, February 18 encourages folks to come together over their love of birds and report sightings that help scientists better understand global bird populations. Woodcock educator Tommy McCarthy will be leading a guided walk for adults and kids to participate in the count and learn more about the event. For details, click here.

Ballard Park’s playground is fabulous no matter the weather and the gazebo looks beautiful even covered in snow (if we get any!).

Stepping Stones Children’s Museum and The Maritime Aquarium are both located in Norwalk with plenty of programs for kids of all ages.

A few of our other favorite things to fill a staycation:

Ridgefield Library will have a variety of activities including Story Times and STEAM Corner for Kids. For details, click here.

Deborah Ann’s Sweet Shoppe on Main Street will be open and is always an easy, fun outing way to get out of the house no matter how old your kiddos are! If you don’t feel like cooking, some of our favorite family-friendly restaurants are Gallo, 850 Degrees Wood Fired Pizza, Wooster Hollow Café, Dmitri’s Diner, Prime Burger, and BareBurger.

Several ski areas are close enough for a day trip, including Butternut in Massachusetts, Mount Southington in Plantsville, CT and Thunder Ridge in New York. For winter activities right here in town, check out daily open ice times at Winter Garden Ice Arena.

Check out the Ridgefield Hamlet Hub calendar for many more events happening on our area this week: https://calendar.hamlethub.com

Wishing everyone a fun and restful vacation no matter how you choose to spend it!

Where/What Are Millenials Buying?

Millenials are a massive group of people – about 72 million – who have entered the home-buying age as their careers take off, and they start to form families….and start accumulating savings. They will continue to grow their wealth over the next few years and many will be beneficiaries of gifts from parents and grandparents ……and inheritance, as the greatest wealth transfer in history – $68 TRILLION – happens simultaneously.

Every single day I’m seeing younger buyers being assisted by parents and relatives, at different levels of course, to assist them getting their foot in the door of a home in this high priced environment. The two common themes that I hear most regularly are:
1. If you get my money, use it on education or a home.
2. Don’t waste money on rent.

A recent report by Lending Tree listed the top metros in the US where Millennials are buying. They are: San Jose, Denver, Boston, Seattle, Austin, San Francisco, New York, San Diego, Los Angeles and Washington DC. Surprisingly, the sunny climes of Las Vegas, Birmingham, and Phoenix, meanwhile, make up the smallest share.

What do Millennials want in a home (NAR study)?
1. They love cities, but often buy in suburbs for the schools/more space.
2. They are often happy in smaller homes.
3. They want to spend less on a fixer-upper to spend it on redesigning. Many are semi-frustrated-HGTV-obsessed…..
4. Outdoor space and back yards matter lots.
5. Open floor spaces that connect kitchen, dining and living….to outdoor space are preferable to most. They love outdoor living spaces.
6. They love a sense of community, walkable neighborhoods and a short commute to work. Low crime and good schools matter. Gyms close by.
7. They love customization and personalization. Often a mix of traditional and modern. Home-based amenities like a gym or media room appeal.
8. 80% want a laundry room, hardwood floors and storage. An impressive kitchen with an island is at the top of the list.
9. They love home technology and want more energy efficient homes that are healthy and eco-conscious.
10. They want low maintenance.

While the vast majority of Millennials search online prior to buying, they seek the guidance of a professional agent to navigate editing, negotiations, get better insights and access, and understand all the subtle nuances no do-it-yourself internet Google search can deliver. If you have questions, let’s connect!

#COMPASScontent original article

The Murtaugh Minute in Hamlet Hub 02/08/2023

Read on as Karla answers the questions everyone is talking about!

Q: What is one of the misconceptions you’re hearing a lot?

A: A lot of people think interest rates are prohibitively high. But we’ve seen a slight reduction
and they aren’t where they were a year ago. Not only that, a lot of lenders are coming out with
very good programs to help buyers optimize during the mortgage process. They’re really
thinking outside the box, which is terrific for buyers. If you refer to national statistics, those are
showing that things are going in a positive direction. As Compass CEO Robert Reffkin, discussed recently on CNBC, there was a 25% increase in weekly mortgage applications three weeks ago, and an
additional 7% increase last week. Mortgage rates continue to move down to 4-month lows.

Q: Will we see a traditional spring market this year?

A: This will be the closest we’ve had to a traditional spring market since 2019. We certainly
didn’t have that in 2021 or 2022. An old wives tale in our business says it starts right after Super
Bowl but that’s not necessarily true. It usually begins late February or early March when you’ll
see more homes come up for sale, which should stay consistent until the summer. So if you’re
thinking of listing, there’s definitely still time. What’s in our favor is the mild winter. It’s easier
to navigate the town and show properties without snow on the ground! It’s also easier for
people to get here from other towns too if they’re considering a move into our area.

Q: Some people want to take advantage of the spring market and sell their home now, but how
do they do that if they haven’t found a place to buy yet?

A: Compass has an extraordinary network with agents throughout the country who can help
facilitate and give you insight into other areas of the country you may be considering. More
importantly, there are a lot of things we can do to support you through the process. The time is
now to get your home on the market. There are many ways to structure your sale that will
allow you to get the exposure you need for your home but also give you breathing room to find
what’s next. We love working with families and completely understand the need to work
around school calendars if you want your kids to be able to finish out the school year in their
current community. We can be very flexible and find a solution that works for your family.

Compass CEO Robert Reffkin on CNBC Closing Bell

“For the first time in 10 months, all the statistics I look at are trending positively.” – Compass CEO Robert Reffkin, CNBC.

Last week, Robert Reffkin was on CNBC’s Closing Bell to share his outlook on the real estate market and the initial positive signs we are seeing in 2023 (click here to watch the full segment). For the first time in 10 months, all of the statistics he looked at were trending positively.

  • There was a 25% increase in weekly mortgage applications two weeks ago, and an additional 7% increase this past week.
  • Mortgage rates continue to move down to 4-month lows.
  • There’s an increase in buyer interest, open house traffic, and offers.
  • In the last quarter of 2022, 42% of sellers were giving concessions to buyers at the closing table, a 10-year high.
  • Home builder sentiment improved for the first time in 1 year.
  • Pending closings were down 30+% at points in the fall, but over the last few weeks we have seen pending listings in most of our markets nearly flat year over year.