The first step in making this market work for you is being proactive, not reactive. Real estate and interest rates have become an indicator of many aspects of our economic environment. Throughout the past five to seven years, rates and pricing have significantly impacted consumer spending.
Even though times have changed, buying a home is commonly the largest investment a person will make. When considering a home purchase, buyers need to be fully equipped.
Choosing an agent
Finding the right real estate agent for your needs should be the first step in your home sale or purchase. Gigliotti & Walsh Fine Properties advise that buyers and sellers begin discussions and planning in advance as much as possible. It is not too early for buyers to begin talking to their agents one to two years before they plan to move. This enables our buyers to be truly “ready, willing and able” in a market that is rewards for this type of buyer.
“When considering the ever-changing real estate atmosphere, buyers (and sellers alike) need to have a keen understanding of the inventory, mortgage programs and market statistics,” said Denise Walsh, principal, Gigliotti & Walsh Fine Properties. “An agent that can recommend a reliable group of vendors, support you through your preapproval process and help educate you on long-term market value is essential.”
Financing your home
Once an agent is chosen, a buyer should begin preparing financing. Often times, people have a very good understanding of their financial status, but need the direction of a mortgage broker to guide them in their purchasing power, preparing their credit standings and their debt-to-income ratios in order to know what they can comfortably afford.
The days of a 10-minute preapproval are long gone. Banks require a more detailed explanation of a buyer’s financial situation to offer a valid approval. This means that buyers should be ready to gather a lot more paperwork in advance. Buyers need to be extremely cautious about making any large deposits, large withdrawals, any significant purchases (including cars, furniture, vacations, etc.) or noticeable changes to any bank accounts. Banks check your employment, bank accounts and changes to your spending habits just days prior to approving a loan.
Let the home-finding process begin
With a legitimate preapproval in hand, the home-finding process can begin. This market can be tough, for both relocating and local buyers. Statistics say that the majority of people move within 12 miles of their current home. In the current climate many buyers are initially considering several towns. Therefore, knowing a market area and the nuances of each neighborhood is becoming more valuable in understanding long-term value.
Local buyer trends
In recent years, we have seen a resurgence/revival to the beach and in-town market area of Fairfield. There has been a tendency of homeowners moving away from larger lots that are often farther from town and trending toward the convenience of an active, walk-to-town, walk-to-train and walk-to-beach lifestyle.
New construction is being gobbled up in the fringe beach areas such as Pratt Street, Howard Street and South Benson. We are seeing the popularity of areas just north of the Post Road, like Winton Park, also gaining.
The custom Colonial home at 91 Avalon Court shown within this story, this trend and then some. It offers the best of every aspect of this lifestyle with a perfect combination of sophistication and comfort, nestled on a quiet cul-de-sac off the Old Post Road.
Uncommon to the area, this home offers a larger first-floor footprint, moving away from the constricted, vertical style of many beach-area homes of this size. Without giving up the convenience of in-town living and vicinity to all amenities, a buyer gets a more full-bodied home, typical of Greenfield Hill. “The Court” boasts privacy and neighborhood amidst the hustle and bustle of in-town living.
There are eight rooms, which include four bedrooms, and there are three full bathrooms. This home is listed at $1,049,000. For more information, contact Gigliotti & Walsh, 1873 Post Road, Fairfield, at 203-255-1116, 203-451-0040 or 203-650-1583.
Visit www.raveis.com and search for 91 Avalon Court for more information.