‘Fairhaven’ Is A True Fair Haven According To HOME Monthly Magazine

We were thrilled when HOME Monthly asked to feature our beautiful listing on 209 West Lane in Ridgefield for their November issue. From the minute we walked into the home, we knew it was something special and it seems, so did HOME.

Fairhaven – as it is known – is a wonderful mix of vintage and transitional design that encompasses the best in workmanship, flow and elegant features. Tucked away behind mature trees & setback from the road, it is a spectacularly renovated gem that radiates warmth & sophistication at every turn. Once the home of film star Geraldine Farrar, the floor plan gently meanders from one room to another, seamlessly blending the indoor & outdoor living areas to create a perfect entertaining space. The stunning breezeway, with amazing views of the private yard, connects the lower level pool house to the main rooms including a fabulous updated kitchen, formal living & dining rooms, a study, music room, covered porches & more. The gunite pool & multiple terraces, plus lovely open porches are surrounded by mature trees and fabulous perennial gardens. The home borders Silver Spring Country Club and you can be in NYC in just over 1 hour to. It’s truly exceptional!

Read more about what makes this home so special in this month’s HOME Monthly. If you are interested in purchasing the home or setting up a time to view it, please contact me.

Winter Is Coming! Is Your Home Ready?

It seems like just yesterday we were basking in the glow of a warm Fall, but make no mistake, these last few days have brought a definite chill to the air. If you haven’t already, here’s a small checklist of things you can do around the home as a quick check-up before the snow starts falling.

1. Seal It Up
Caulk and seal around exterior door and window frames. Look for gaps where pipes or wiring enter the home and caulk those as well. Not only does heat escape from these openings, but water, insects, or maybe mice can enter and may eventually cause other problems.

2. Give It A Check Up
View the roof for missing or damaged shingles. Winter weather can cause serious damage to a vulnerable roof, leading to a greater chance of further damage inside the home. Although you should always have a qualified professional inspect and repair the roof, you can do a preliminary survey from the ground using binoculars.

3. Clear It Out
Clear gutters and valleys of leaves, sticks, and other debris through the autumn months to keep the water moving. Consider installing leaf guards if your gutters can accommodate them – they are real time savers and can prevent damage from clogged gutters. Check the joints between sections of gutter and at the corners, as well as between the gutter and downspouts. Make any necessary adjustments or repairs.

4. Hoses & Spigots
Make a note in Outlook for the end of next month to drain the garden hoses and store them indoors to protect them from the elements. Shut off outdoor faucets and make sure exterior pipes are drained of water. Faucets and pipes can easily freeze and burst, causing leaks and potentially serious water damage.

5. Warm-Ups
Beat the rush and have the heating system serviced to ensure it’s in safe and good working order. Replace disposable furnace air filters or clean the permanent type according to the manufacturer’s instructions. Using a clean filter will help the furnace run more efficiently, saving you money and energy.

6. Light That Fire
If you enjoy the crackle of a wood-burning fireplace on a chilly fall evening, have the firebox and chimney professionally cleaned before using it this season. Wood stoves too! Creosote, a byproduct of wood burning, can build up to dangerous levels and cause a serious chimney fire if not removed.

Original article courtesy of Pillar To Post Home Inspection 2017

Ridgefield Market Report October 2017

October saw a decline in market activity, which is not uncommon given the usual frenzy that sets in as people start thinking about the Holidays. Encouragingly, the Median Value for single-family homes sold Ridgefield is up over the same time period last year, as were the number of properties that went under contract.

To see how October shook out in Ridgefield real estate , you can click for a snapshot of the market, or a breakdown by price.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was down over the same time last year with 28 properties selling as compared to 35 in 2016. This translated to a 20% decrease year-over-year. Overall however, 324 properties have sold compared to 304 by the same time last year, which represented a 6.6% increase. The Median Sales Price increased this month from $604,000 in October 2016 to $628,750 in October 2017. The year-to-date median value is on par with 2016 sitting at $640,000. Overall, all indicators point to the fact that it has been a steady year for real estate when compared with 2016.

PROPERTIES UNDER CONTRACT
The number of properties that went under contract increased over last year with 40 properties under contract compared to 27 in 2016. This represents a 48.1% increase. Overall, in 2017 we have seen an 8.4% increase in buyers jumping into the market, with 334 properties going under contract since the beginning of the year, compared to 308 last year.

DAYS ON MARKET and INVENTORY
We are still dealing with a shortage of properties available for sale this month. The months of inventory has decreased to only 7.9 months compared with 14.4 months last year. Forty new properties entered the market this month, compared with 51 last year, while the average days on market has decreased by 15% over October 2016 with homes spending an average of 149 days instead of 175 on the market before selling.

November and December are a traditionally slower time of year in the Ridgefield real estate market, but there are deals to be had if you’re looking to buy. If you’ve been thinking of selling, take this time to prepare your home by updating, cleaning and decluttering. Also, feel free to contact me for my complimentary Comparative Market Analysis to find out what your home’s worth in today’s market.

We continue to lead the market with the most comprehensive, proven marketing initiatives allowing your home to be in front of the widest audience possible on a local, regional, national and global level. We recognize your home is your biggest asset and both Buyers and Sellers experience an unparalleled level of customer service when working with us. Contact us today!

October KMM report

Who’s Buying and Selling Homes in 2017?

The National Association of Realtors just released the 2017 Profile of Home Buyers and Sellers survey which provides demographic insights into the real estate market nationally. For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey conducted by the National Association of Realtors® of recent home buyers and sellers provides insight into detailed information about their experiences with this important transaction. Here are highlights from the latest report.

First-time buyers made up 34 percent of all home buyers, a decrease from last year’s 35 percent.
Age for first-time buyers remains flat, but the age of repeat buyers continues to climb—now at an all-time high of 54.
Married couples continue at 3-year decline, while single females increased for the 3rd year.
Buyer and seller use of agent remains at historical highs, 87% and 89% respectively. FSBOs remain at an all-time low of 8%.
Drop in those who stalled their sale of the home because they were underwater to 10%, but it is still common among those who purchased 8-10 years ago at 26%.
Tenure (holding on to the same property) remains at an all-time high of 10 years.

In Ridgefield, we are seeing young families make the move to the suburbs, while empty-nesters are starting to downsize. While we may not have seen the gains in value that some of the country is experiencing, 2017 has been a strong year for both single-family unit sales and median home values. We hope to see this trend continue through the end of the year.

Source: “2017 Profile of Home Buyers and Sellers,” National Association of REALTORS® (Oct. 30, 2017)

Ridgefield Q3 Market Report

The third quarter of 2017 sees the culmination of an active summer market with median values increasing for the first time this year when compared to 2016, and the number of sales remaining constant.

Unit Sales
Incredibly, the number of sales of single family homes in Ridgefield remained the same at 116 units in both the third quarters of 2016 and 2017, however the total dollar volume sold in Q3 2017 amounted to $93,705,894, up from $86,206,720 in 2016. Overall, since January, 294 homes have sold in Ridgefield compared with 269 during the same time last year. This represents an 8.5% increase and reaffirms that we are experiencing a healthy real estate market.

Market Inventory
The number of homes listed for sale was lower every month during Q3 2017 when compared to Q3 2016, with an average of 282 homes available for purchase. The average months of inventory was only 6 months in July and August, but has risen to 14 months in September, which is to be expected as families settle into school, and less new homes come on the market.

Pricing
The median sales price for single family homes is currently sitting at $657,500 as compared to $637,500 during the same period last year. This represents a nominal increase in median values of 3%. The average sales price also saw a shift towards higher values with the return of upper end sales. It rose from $743,161 in Q3 2016 to $807,809 this year. Homes also continue to sell at an average of 96.6% of the listed price.

For a snapshot of of single family home sales in September, click here.

Remodeling Seen As A Good Investment For 2018

As homeowners gain more equity, they are expected to continue heavily investing in home improvement projects and repairs through the third quarter of 2018, according to the latest Leading Indicator of Remodeling Activity report released by the Joint Center for Housing Studies of Harvard University. The LIRA index projects annual gains in home renovation and repair spending of 6.3 percent for the fourth quarter of 2017 and up to 7.7 percent by the third quarter of next year.

“Recent strengthening of the U.S. economy, tight for-sale housing inventories, and healthy home equity gains are all working to boost home improvement activity,” says Chris Herbert, managing director of the Joint Center for Housing Studies. “Over the coming year, owners are projected to spend in excess of $330 billion on home upgrades and replacements, as well as routine maintenance.”

For homeowners looking to remodel for resale, the National Association of REALTORS® publishes a report looking at the costs of some of the top remodeling projects. Take a look at the 2017 Remodeling Impact Report.

As Realtors, we see the impact of a good remodel all the time. Painting the interior and exterior of your home in modern, transitional colors is a fairly quick and inexpensive way to make an immediate impact, as is removing heavy drapery and letting your windows shine. Upgrading bathroom vanities, tile and shower doors, as well painting or replacing outdated kitchen cabinetry, backsplashes and countertops is also a big hit. Decluttering – although not a remodel – goes a long way towards making your home feel fresh and new. If you want to learn more about how to get your home ready for sale, contact us for a consultation.

Welcome To The Porch

According to a Census data analysis from the National Association of Home Builders, more new homes are coming equipped with front porches. Sixty-five percent of new single-family homes started in 2016 included a porch. For comparison, in 2005, 54 percent of new homes had porches.

Certain regions of the U.S. are showing higher preference for porches. For example, the East-South-Central region of the U.S. had the highest share of new homes started in 2016 with porches at 86 percent.

The Census data from the Survey of Construction report does not indicate much information about the look of the porches. However, the NAHB reports that the Annual Builder Practices Survey, conducted by Home Innovation Research Labs, shows that front porches on new homes tend to be more common than side porches. Also, most new home porches are open rather than screened. The average size of a front porch on a new home is about 60 square feet, according to the report.

Front porches provide the best of both worlds: privacy and community, yet it also provides a “sense of separation” between the indoor living space and the street.

A front porch also provides ecological advantages. Because the windows are protected, you don’t have to close everything down to keep the sun out.

Like all home design, the range of styles runs the gamut, from traditional to contemporary and a lot of eclecticism in between. But one thing is for sure: There’s a desire to bring the indoors outside (with comfy furnishings) and let the cool breezes from outdoors waft inside.

Patio furniture has become more high-end and lighting has also improved – oftentimes with chandeliers or sconces making appearances. And besides being an aesthetically appealing architectural addition, renovating a home’s front porch can often boost both its curb appeal and sale price. So if you’re thinking of renovation ideas to tackle next spring, why not design and build a new porch?

Kitchen Remodels Offer Big Paybacks at Resale

According to Realtor.com, homeowners looking for a remodeling project may be smart to tackle a kitchen renovation if they’re looking for projects with the strongest buyer appeal and high returns on their investment at resale.

Kitchen renovations and upgrades are among the top remodeling projects most likely to add value to a home at resale and most likely to appeal to home shoppers, according to the 2017 Remodeling Impact Report, conducted by the National Association of REALTORS®. The report takes a look at the cost of the most common exterior and interior remodeling and replacement projects and gauges how much appeal they have to buyers at resale.

Fifty-four percent of REALTORS® surveyed reported suggesting to sellers that they complete a kitchen upgrade before attempting to sell. Twenty-three percent of real estate pros also said a kitchen renovation helped to close a sale.

The Remodeling Impact Report estimates that homeowners stand to recover 57 percent—or $20,000—of the $35,000 or so of the cost to take on a kitchen upgrade. The kitchen upgrade might include adding new energy-efficient appliances, sink, faucet, and vinyl flooring; repainting the walls and ceiling; and refacing cabinets with white paint/veneer and new hardware.

Kitchen upgrades don’t just offer the potential for some bang for your buck at resale but also have been found to make homeowners more happy. Eighty-one percent of remodeling consumers surveyed said they had a greater desire to be at home since completing their kitchen upgrade project, and 81 percent felt a major sense of accomplishment after the renovation.

The following interior projects REALTORS® ranked highest to lowest as remodeling projects that would appeal to home buyers (listed along with project estimate costs and the potential return on investment at resale):

1. Complete Kitchen Renovation
Cost estimate: $65,000
REALTORS® estimated cost recovered: $40,000
Percent of value recovered from the project: 62%

2. Kitchen Upgrade
Cost estimate: $35,000
REALTORS® estimated cost recovered: $20,000
Percent of value recovered from the project: 57%

3. Bathroom Renovation
Cost estimate: $30,000
REALTORS® estimated cost recovered: $15,000
Percent of value recovered from the project: 50%

4. New Wood Flooring
Estimated cost: $5,500
REALTORS® estimated cost recovered: $5,000
Percent of value recovered from the project: 91%

5. Add New Bathroom
Cost estimate of project: $59,000
REALTORS® estimated cost recovered: $29,750
Percent of value recovered from the project: 50%

6. Hardwood Flooring Refinish
Estimated cost: $3,000
REALTORS® estimated cost recovered: $3,000
Percent of value recovered from the project: 100%

7. New Master Suite
Cost estimate: $125,000
REALTORS® estimated cost recovered: $65,000
Percent of value recovered from the project: 52%

8. HVAC Replacement
Estimated cost: $7,475
REALTORS® estimated cost recovered: $5,000
Percent of value recovered from the project: 67%

9. Basement Conversion To Living Area
Cost estimate: $40,000
REALTORS® estimated cost recovered: $25,000
Percent of value recovered from the project: 63%

10. Closet Renovation
Estimated cost: $3,750
REALTORS® estimated cost recovered: $2,000
Percent of value recovered from the project: 53%

11. Insulation Upgrade
Estimated cost: $2,100
REALTORS® estimated cost recovered: $1,600
Percent of value recovered from the project: 76%

12. Attic Conversion To Living Area
Estimated cost: $75,000
REALTORS® estimated cost recovered: $40,000
Percent of value recovered from the project: 53%

Fall Is Great Time To Move

According to Realtor.com, a fall move may be just what you’re looking for. Less demand from families looking to get into a new home before school stars tends to open up the market a little bit, and the busy spring and summer season may motivate sellers to lower the asking price, hopefully avoiding the slowdown that inevitably sets in around the holiday and winter seasons.

Home buyers may also find attractive mortgage rates this fall. Mortgage rates are still under the 4 percent psychological threshold, which can be a luring incentive for borrowers. Freddie Mac reported last week that the 30-year fixed rate averaged 3.78 percent, holding steady at a 2017 low.

Studies have shown that fall can be the best time to buy. A study conducted by RealtyTrac in 2015 found that October was the best month for home buyers. Purchasers in October paid 2.6 percent below the estimated market value at the time for their home, according to the analysis.

Nationally, home sales in August started to decline heading into the fall season. Sales of existing homes fell 1.7 percent from July to August, but the National Association of Realtors mostly blamed the decrease on the limited number of listings for sale on the market – something we have also seen in Ridgefield.

To search all listings in Fairfield County visit our Property Search page or get in touch with us directly. There are deals just waiting to be had!