Remember practicing for those dreaded SAT analogy questions?   You know, the ones where they give you a set of words and ask you to pick out a pair that have a similar relationship.  Teaching us to find the correct answer was not only meant to help us score better on standardized tests, but was also meant to sharpen our thinking skills.  Here's an example:  (note: I cheated a bit and used phrases as well as single words)

Choose a lettered pair that best matches the relationship of the original pair.

JOB APPLICATION : EMPLOYER

a) real estate agent : homeowner
b) listing : buyer
c) house for sale : sales price
d) buyer : real estate ad

The correct answer is b. When you fill out and submit a job application, you are hoping the prospective employer will select it, giving you a chance to compete for the job.  Similarly, when a listing is presented to a prospective buyer, you are hoping they will consider your home, as one they might purchase. 

Taking it to the next step, perhaps the skill set employed in the job interview, can also be applied to getting your listing sold.  There are three basic steps recommended in most job interview guides. 

First, do your homework.  This includes finding out everything about the company and its competitors, thinking of questions that may be asked and knowing the answers, and checking the salary ranges for similar jobs, in the same city.

Second, do the paperwork.  Prepare a complete and professional looking resume.  If applicable, compile a portfolio of your work, as an example of why you are the best candidate for the job.

Third, make a great first impression.  Put your best foot forward by presenting a neat appearance and dressing for success.  Don't do all the talking.  Listen before you respond.  Be prepared to emphasize your assets and turn negatives into positives. 

NOW, LET"S APPLY THESE STEPS TO SELLING YOUR LISTING.

First, do your homework. Start with a trip to town hall to review all the physical and financial information, concerning the property.  You do not want to be surprised when a prospective buyer mentions there are current liens, on the property.  You want to know, ahead of time, if a potential offer price would put the property in a short-sale situation.  (In some locations, the initial search may be started online.)  Think about questions, buyers may have, and be prepared with the answers.  Does the property have wetlands?  What are the zoning regulations for setbacks?  Prepare a competitive market analysis (CMA), not only to establish the correct selling price, but also to familiarize you with prices at which similar properties have sold or are currently listed.

Second, do the paperwork.  Have copies of the listing, as well as signed property disclosures, available  for buyers to review.  Prepare a listing booklet, with pictures, lists of property features and improvements, and town and local school information. Where available, have marketing materials for local amenities, such as theaters, library programs, continuing education curriculum and sporting events.

Third, make a great first impression.  Make sure the property is in "company condition" when preparing for showings.  Dirty dishes should be cleared away.  Laundry belongs in the hamper, not on the floor.  Have the hedges trimmed and the lawn mowed.  Turn the lights on BEFORE the buyers arrive.  If you are the one showing the house, don't do all the talking.  Take your lead from the buyers.  Be prepared to turn negatives around.  For instance, if the house is on a main road, point out that it's one of the few streets with sidewalks.

Just substitute the components.  The job application is your listing.  The employer is the buyer.  The prize is landing the job - closing the sale.

Copyright © 2008 Marilyn Katz, All Rights Reserved, Selling Your Listing: Treat it like a job interview

Looking to buy a new construction home, in Westport, CT?  Now may be a great time to play "Let's Make A Deal" with the local builders.

Westport's new construction homes currently make up a disproportionate segment of the market.  Of the active listings, on the MLS, 92 are identified as some form of new construction.  These listings include proposed, under construction and completed properties, as well as torndown and rebuilt homes.  This represents 28% of total active listings.  Looking at 2008 sold properties, year-to-date, 19% of Westport's single family home sales, were new construction.  In 2007, new construction accounted for only 17%. 

If we annualize the year-to-date sales, we can project a twenty (20) month inventory of new construction homes, currently active, on the market.  This compares with a fourteen (14) month inventory, overall. 

Within the new construction segment, some price points are faring better than others. 

Westport, Connecticut
Single Family New Construction Homes
2008 Y-T-D

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 DECISION.                        

So far, this year, approximately one third (32%) of new construction homes had sale prices under $2 million, another third (34%) sold between $2 million and $3 million, with the final third (34%) represented by the over $3 million sales.  Some downward pressure on price is evidenced by a shift in those segments to 36%, 35% and 29%, respectively, for active listings.

Further analysis suggests that many of the homes currently listed between $2,500,000 and $2,999,000, will require price reductions, to be sold.  This price point has not performed well, this year.  There are 19 active listings, in this group, with only 3 sales, so far, this year.

Copyright © 2008 Marilyn Katz, All Rights Reserved, Westport, CT - New Construction Homes

The other day, I received instructions for using the new voting system being
used in Connecticut, for this year's presidential election.  It was described as "An instructional pocket guide to using the New Optical AccuVote-OS^TM Voting System."  The title, itself, sounded daunting."  

The mailer was a tri-fold.  When opened up, it presented a wordy, five-step explanation of the process for casting your vote.  The guide was sent from the Office of the Secretary of the State.  The immediate knee-jerk reaction to anything requiring that amount of explanation, was that voting, this year, will be difficult.

In truth, the system is quite easy.  For anyone checking it out online, The State of Connecticut Secretary of State posted a website, which offers a simple, single paragraph explanation of this year's voting process.

Voters will be given a paper ballot and a privacy folder.  They will take both into a privacy booth, where they will fill in their choices.  The ballot will then be fed into a scanner.  Simple!

Unfortunately, the voters who are most likely to be put off by the printed voting guide, are the least likely to check out the instructions, online.  Hopefully, the "helpful" guide won't scare off too many voters.

Is a new system being used in your state?  How is it being presented to the voters?

Copyright © 2008 Marilyn Katz, All Rights Reserved, 2008 Voting Systems - Will Voters be Scared Off?

Back in May, I wrote a tongue-in-cheek summary of another scam e-mail, I had just received.  That e-mail was signed by Miss Rita Linus.  Well now, in an amazing coincidence, that exact same tragedy has befallen another young university student.  This time her name is Miss Jessica.   For those of you who missed the first letter, here is her sad story.

Really, the perpetrators of this garbage should at least keep a database of which scams they send to which targetsrecipients, so as not to duplicate their appeals.  Up until now, I have been congratulated on the release of funds which were programmed into my Bank of America (yes, they used one of the largest American bank names) ATM card.  I have been asked to expedite the transfer of funds from another country.  I have been requested to act as an agent for valuable imports.  These are just a sampling of the "beyond belief" nonsense, I've received.  

Most of these messages come to my own e-mail.  However, the two identical "tragic" e-mails, both came through my AR contact.  The IP address of this latest one, shows it originating in Ebene, on the island of Mauritius.  The first one originated in Amsterdam, Netherlands.  No matter which country is mentioned, they are usually all part of the Nigerian Scams.  And yes, people do fall for them, to the tune of millions of dollars.  With all the information shared on this network, however, we seem like unlikely dupes, to fall for these scams.  I don't know if the AR powers that be, can filter these e-mails or take some other action to stop them.  I guess all we can do is shake our heads, ignore them and hope some other "tragic" soul doesn't get taken in by them.

Copyright © 2008 Marilyn Katz, All Rights Reserved, Westport, CT- Amazing Coincidence - Identical tragedy strikes twice

After a disappointing spring, single family homes sales, in Westport Connecticut, provided an encouraging note, for the housing market.  When compared with the previous year, July sales posted gains in average sold price, median sold price and overall dollar volume.  Number of transactions was flat, with 38 units sold in July 2008, compared with 39, in 2007.  During the previous four months, unit sales had posted losses between 44 and 57 percent.

While the increased number of monthly transactions was good news, it does not necessarily mean that the market has rebounded.  One possible explanation for the surge in sales may have to do with the psychology of the market. 

During the traditionally strong spring months, March through June, the public was being told about the fantastic opportunities in the "buyer's market."  There were reports of sales at 30, 40 or even higher percentages off asking price.  These reports, however, reflected national averages.  In Westport, there was some softening, but average sales price never collapsed.  Buyers stayed on the sidelines, waiting for prices to come down.  As the summer approached, those families that wanted to be in place, before the new school year, realized that prices were remaining fairly steady and it was time to pull the trigger.

It will be interesting to see if Westport can continue to match last year's pace, in the coming months.

Copyright © 2008 Marilyn Katz, All Rights Reserved, Westport, CT- July home sales - Best month year-to-date

During the 2nd quarter, the housing market, in Westport, CT, continued to be soft.  Although not a dramatic drop, average sale price, of a single family home, fell 6%, compared with the comparable period, a year ago.  Unit sales slowed to less than half the 2007 pace.  Condominiums maintained their selling price, actually climbing 3 percent,  Unit sales, however, dropped a whopping 67 percent. 

There are currently 23 condominium units for sale in Westport.  The average asking price remains steady, at $825,957.  If buyers are looking for bargains, they are not finding it in the Westport condominium market.  Perhaps, that, in part, explains the precipitous drop in unit sales.  If the current unit sales rate continues, there is more than a years supply of inventory.

Westport, CT Sales,  Closed  April 1 - June 30 *

    Single Family Home                                                   

                                       2007                        2008

Number Sold                   152                            74                

Average Sale Price     $1,750,867             $1,654,203

Days on the Market         101                           104     

                                       2007                         2008

Number Sold                    15**                          5**                 

Average Sale Price     $808,700                 $832,000

Days on the Market         104                             98                          

** MLS data reflect 17 sales in 2007 and 6 sales in 2008.  Those sales figures include condominiums with Westport addresses and Norwalk amenities. 

For additional Westport market statistics, please visit my website at http://WestportCTProperties.com

*LISTING INFORMATION COMES FROM VARIOUS SOURCES AND MAY NOT ALWAYS BE ACCURATE. NO REPRESENTATION OR WARRANTY IS MADE AS TO THE ACCURACY OF THIS INFORMATION. YOU SHOULD VERIFY ANY INFORMATION THAT IS IMPORTANT TO YOUR BUYING DECISION.

Mention the beach, in Westport, and everyone knows you're referring to Compo Beach.  During the Revolutionary War, it was where the British landed, as they prepared to march on Danbury.  In 1920, it was where F. Scott and Zelda chose to enjoy their summer.  Today, it is where Westporter's go to enjoy the sand and surf of Long Island Sound, to picnic or explore the playground, to try out the skate park or the ballfields, to windsurf or launch their boats.  But, Compo is not the only beach in Westport. 

Just up the road, you will find Old Mill Beach.  Old Mill Beach is open to the public, but, in-season parking is restricted to local residents.  If you need a place to rest, after enjoying a walk along Hillspoint Road, there are benches, from which you can enjoy the scenery.  However, swimming is at your own risk.  There are no lifeguards, on this stretch of beach.

Just off of I-95, exit 18, you will find Connecticut's oldest state park, Sherwood Island State Park is open to the public, but charges a daily fee for parking, from Memorial Day to Labor Day.  The park encompasses one and a half miles of beach.  There are also fishing areas, picnic grounds and a concession stand. 

Perhaps, the least known beach in Westport, is Burying Hill Beach.
 

The beach is in the Greens Farms section, of Westport.  Access to the beach is down a narrow, inconspicuous road, situated along a salt marsh. 

Burying Hill Beach offers a quiet spot, away from the hustle and bustle, usually associated with the beach.  The beach is small, but there is a lifeguard, on duty, in season. 

Burying Hill offers a tranquil spot to picnic, observe the wildlife, and enjoy the scenery.  Adjacent to the seawall, there is also a wonderful pebbly beach, to explore. 

Who knows, you may even be able to catch a couple of the local crabs (crusteans, that is.)

I moved to Connecticut in October, 1973, just in time for the oil crisis.  The crisis was the result of an oil embargo by Opec member nations, plus Egypt and Syria, to punish those countries that had supported Israel, during the Yom Kippur War.

The immediate effect was not only a spike in prices, but a shortage of available gasoline, at the pumps.  "Filling up" became a carefully planned event.  If you had an odd-numbered license plate or a vanity plate, you could purchase gas on odd-numbered days.  Even-numbered plates could purchase on even-numbered days.  The 31st of the month was open to all.  In addition to knowing which day you could buy gas, you would also have to be prepared to wait in line for as long as two or three hours.

In February 1974, the government proposed Project Independence, a plan to make the United States energy independent.  In March, the embargo was ended by all the participating nations, except Libya.  Gasoline prices, which had averaged 35 to 38 cents/gallon, during the spring of 1973, surged to 55 cents/gallon, in June 1974.  With the lifting of the embargo and the rise in price, the gas shortage disappeared.  Apparently, so did our plan for energy independence. Prices spiked, again, in 1981, as a result of the Iran Iraq War, but it was not accompanied by a gas shortage. 

From the mid 1980's, until September 2003, the inflation adjusted price of crude oil was under $25/barrel.  After that, there was a steady rise, to just over $99/barrel, by Nov 2007.  During the first half of 2008, oil prices continually set record highs.  Prices touched an all time high of $147.27/barrel, on July 11,  Prices have abated, somewhat, and the national average for regular-grade gasoline is expected to average $3.84, in 2008.

Although average prices vary from state to state, one thing is certain.  Higher prices are here to stay.  Connecticut gas prices are the second highest, in the country, behind California.  Driving away from the pump, with a tab for $50, $60 or even $70 is taking a toll on everyone. 

Higher gasoline prices appear to be having an effect on how real estate business is being conducted.  Fewer agents are going out on Broker Tours.  Agents are coming into the office, less frequently. Many show up only when they have phone duty, need to file paperwork or attend a meeting.  Some agents are reluctant to service rental clients, instead referring them to the listing agent. Yes, I know, those renters may be next year's buyers, but this year's low ROI is the more immediate problem.

REALTORS® are more discerning about the buyers with whom they choose to work. Driving around with tire kickers is just too expensive.  In some cases, agents may be demanding that their buyers be pre-qualified, before getting in the car.  For sure, agents still have a fiduciary responsibility to do the best job possible, for their clients.  However, nowhere does it say they must work with every Tom, Dick and Harry.

Perhaps, we as agents will start to conduct our real estate activites, more like a business, which it is.  Certainly, the use of our cars is an integral part of our business.  We still need to service our listings, putting on keyboxes, hosting Open Houses, checking out new competitive listings and sometimes meeting with our homeowners, to review and counsel them.  We will continue to conduct town tours, for our relocation clients.  We obviously need to drive our buyers, to see the homes they want to visit. Perhaps, however, by honing our upfront interview skills, we can do a better job of selecting the homes to see and spend less time viewing inappropriate properties.   

Ultimately, if the cost of doing business becomes too high, our ranks may diminish.  What's happening in your market?

Copyright © 2008 Marilyn Katz, All Rights Reserved, Active Rain - High Gas Prices- its effect on the real estate business

Downtown Westport will be a hotbed of activity, this weekend.                                                  

The Friends of the Westport Library will present the 15th Annual Westport Library Summer Book Sale.  The sale will open on Saturday morning, at 9 A.M. and run through Tuesday afternoon. at 1 P.M. 

Both new and used books, will be sold, including some special collections.  Tables will be arranged by category and there will be a separate tent for children's books.

   
Another tent will feature audio-visual materials.  Audio books will be available in CD and tape format.  For  those of us who remember what a record is, there will be a collection of 78's.

In all, there will be over 70,000 books for sale, with prices starting at 50¢.  Admission is free and there will be no sales tax.  Visa and Master Card will be accepted.  On Monday, everything will be marked half-price and Tuesday, items will be free, with cash contributions welcome.  Proceeds will benefit the Library.

After you make your book selections, you can wander over to Parker Harding Plaza, where the Westport Downtown Merchant's Association will present the 35th Annual Westport Fine Arts Festival.  In addition to displays of artwork by 140 artists from the United States and Canada, there will be live music and dance performances, throughout the day.  The festival runs from 9 A.M. - 6 P.M., on Saturday and 10 A.M. to 6 P.M., on Sunday.

 After you feed the mind and soul, you don't want to miss the opportunity to feed the tummy.  This year, the Westport Farmer's Market has expanded its schedule to two days a week.  In addition to Thursdays, the market is now open on Sundays, from 10 A.M. to 2 P.M., in the Imperial Parking Lot, at the Senior Center.

Local vendors offer organic fruits and vegetable, fresh eggs, cheese, flowers and herbs and fresh oysters from Long Island Sound.

Rest up!!  It's going to be a busy weekend, in Westport

According to anecdotal evidence, there were lots of consumers house hunting, in Westport, CT, during the spring market of 2008.   However, half-year sales statistics do not reflect that activity.  Perhaps, expectations were too high.  Buyers, armed with media stories of puchases, 25, 30 or more percent, off asking price, came ready to buy their Westport dream homes, at bargain prices.  Instead they found moderating prices but no huge discounts.  Others could not move forward, on their purchase, because their current home had not sold.

Prices remained stable, when compared with the comparable period, a year ago.  Average sale price of a single family home rose less than one percent in 2008, to $1,690,810, compared with $1,677,291 for the first half of 2007.  Median sold price also remained flat, down less than one percent, during the first half of the 2008, at $1,339,000 vs. $1,350,000 in 2007,

Unit sales, however, painted a much different picture.  Only 121 single family homes sold, from January through June 2008.  That represents a 44 percent drop, compared with the first six months of 2007.  There are currently 357 active listings of single family homes, in Westport.  If the current sales rate, persists, that's an eighteen month supply of inventory.  Logically, that should exert pressure on sales price, but we haven't yet seen a precipitous drop.

Westport, Connecticut
     January-June  
      single family home sales