Westport, Connecticut Moves

The other day, I received yet another scam e-mail. It arrived via my AR contact address.  This latest e-mail was worthy of a Shakespearean drama.

The protagonist's mother dies, when she is only 6 years old.  She is lovingly raised by her father.  Her father, a successful businessman, travels abroad, on a business trip, with his uncle.  While on that trip, he is murdered, the result of a sinister plot that the uncle has master-minded.

Before he succumbs, the father manages to summon his secretary and reveal to him that he has stashed away $15.7 million.  It is in a (security?) box at a leading African Security company.  He instructs the secretary to deposit the funds in his beloved daughter's name.  He then scratches out implicit instructions, to his lawyer.  He takes his last breath, and dies.  CURTAIN...end of ACT I

The daughter, an innocent University student, is now an orphan and homeless.  She is totally on her own.  She does not know who to turn to, for help.  Whom can she trust, who will advise her, who will take care of her, where can she live?  She is depressed and disheartened.

A light dawns.  She knows what to do.  She will scan the members of ActiveRain.  After all, who is more trustworthy than a REALTOR®?  The funds are unimportant.  She will give this person whatever percentage of the money, he wants.  She rushes to her computer to find her victim saviour.  CURTAIN...end of ACT II

ACT III

If anyone is foolish enough to fall for this plot, he (she) will divulge all of his personal information, in order to transfer the funds.  He will end up losing his identity and everything he owns.

After all...it is a Shakespearean tragedy. 

 It's the call we all wait for.

"I saw your listing, at 123 Main Street and would like some
more information about it.   Please call me at fawtwonineohfawehto."

Now. I do understand - really.  It's your phone number, you've repeated it at least a thousand times and you know it really well.  But, I have no idea who you are.  You haven't left your name.  My caller ID is coming up "Name Unknown"  and your phone number, pronounced as a single word, was spoken at the speed of light.

Usually, after playing back the message six or seven times, I can discern all the numbers.  However, it would be a lot easier if you just slowed down, when leaving your phone number.

I wonder how many calls have not been returned, simply because the phone number could not be deciphered.

Next time you leave your number, pretend you are speaking to someone who has just learned the language.  Slow down and enunciate!  You just may get that call-back.

There have been 75 single family home sales, in Westport Connecticut, year-to-date.  That represents a 41% decline, over the same period, a year ago.  More than a third of those homes sold for under $1,000,000.  Clearly, it has been a great opportunity for buyers to move to Westport, who previously could not afford it.  But, is that trend coming to an end?

Currently, there are 51 properties, reported with a sale pending.  Only 16% of those homes are listed, under $1 milliion.  44% of the pending sales are for homes listed over $2 million.  This compares with 28%, sold in that price point, Y-T-D.  It is still a "Buyer's Market", and unit sales continue to lag behind 2007.  With, sale prices of comparable homes trending down from last year, the more traditional Westport buyer may be returning to the market. 

THIS DATA IS COMPILED FROM THE CONSOLIDATED MULTIPLE LISTING SERVICE AND MAY NOT ALWAYS BE ACCURATE. NO WARRANTY IS MADE AS TO THE ACCURACY OF THIS INFORMATION. YOU SHOULD VERIFY ANY INFORMATION THAT IS IMPORTANT TO YOUR BUYING

Inventories are up, prices have eased and interest rates remain near historic lows.  Clearly, it's a Buyer's Market. So, why aren't the buyers buying?

In my market, Westport, CT, activity appears to be picking up.  Listings are receiving showings and anecdotal evidence indicates that agents are not lacking buyers.  Yet, statistics, for the past two months (March and April), show units sales down, to half the pace of a year ago.

Certainly, some buyers are facing real obstacles:                          
   *Their current home may be on the market, but not yet sold
   *They may be having trouble arranging financing

Yet, that doesn't explain the whole picture.  Clearly, more factors are influencing the market.

The extensive reporting, on the collapse of the housing market, may have led buyers to unrealistic expectations. While the current environment certainly provides an opportunity for buyers to move to communities and/or purchase homes that were previously out of their reach,  it does not mean that properties are being given away.

More than once, I've reminded clients that "This is a Buyer's Market, not a Fire Sale".  The media has convinced buyers to make really low offers.  So even when prices have been significantly reduced, sometimes below market value, I've seen offers come in an additional 10 or 20 percent lower.  No matter how low the price, they've been conditioned to believe, they should pay less.

Some buyers are afraid to make a decision, because the market may go lower.   While they are trying to "time the market", they may miss out on some truly good buying opportunities.  Finding the bottom can only be done in hindsight.  By then, the house they wanted will no longer be available and prices of new listings will be higher.

If the house is right and the price reflects market value, the time to buy is now.