August 2024

AUGUST 2024

Hello to August! As I write this, August 17th is days away, the big day when all the real estate changes resulting from the $418 million settlement between the NAR and the DOJ come in to play, affecting all brokers and realtors across the USA.

The main takeaways as of now:

1. Agents' compensation cannot be included on the MLS services any longer. Buyer's agents cannot tell from a listing whether the seller will be compensating them for their services if their buyer purchases the home. Buyer agents can be compensated by negotiating with the seller to pay the commission, buyers can pay it themselves or a combination of the two. Even though this cannot be shown on the MLS it can advertised elsewhere or discussed between the listing and selling agents directly.
2. Buyers will have to sign a buyers's agency agreement with their agent before the agent can show them any properties. The compensation has to be discussed upfront for transparency and buyers are made aware that if the seller does not intend to pay a commission they will be liable for it or it can be worked into their offer to purchase the property.
3. The state of CT requires all buyers or people attending open houses to receive a disclosure statement outlining all the types of agency involved in real estate transactions.

CT and 17 other states in the USA have been using buyer agency forms, CT for the last 15 years so agents in those states are very familiar with them. I intend to conduct my real estate business in the same professional, transparent and reliable manner I have done in the past. If you have any questions about these new changes please don't hesitate to reach out to me.

Sellers should still consider selling if they feel they want to. Stats point to increased median sales prices and low inventory. Buyers are in a more challenging position. If they can focus on areas where prices are not so high and there are more listings they will get more for their money. In the highly sought after towns, they should be prepared to pounce quickly once a home they want comes on the market and be prepared for multiple bids in some cases. I'm here to help you find the right house at the right price. If you have any questions or need any help please call me and please follow me on instagram at jillian.klaff.realtor

Whether you want to sell, build or purchase a new home, right now is the time to do it. If you want to get the best deal, there is no time to waste so CALL ME NOW!

Get the process going by scanning the QR code below to see how much your home is worth.

SCAN TO SEE WHAT YOU CAN SELL YOUR HOME FOR

august addendum

WESTPORT SCHOOL DISTRICT - First Day of Scholl - August 27

WESTOBERFEST EARLY BIRD SPECIAL - Special Pricing through 8/31

WESTPORT DOWNTOWN MUSIC ON CHURCH LANE CONCERT SERIES - 6/1 - 9/28

LEVITT PAVILLION: Tickets are on sale now for an amazing lineup of summer concerts!

7 DAWN DRIVE, WESTPORT

6 BD | 8 BA | 8641 SF

206 Good Hill Road, Weston

5 BD | 4 BA | 3149SF

461 Tahmore Dr, Fairfield | 3BD, 3BA, 2612SF

UC 5 | Close 13 | Multiple Over Offers

4 Ferry Lane E.

6 BD | 6.5 BA| 6700 SF

15 Burr Famrs Road

6 BD |6.5 BA | 9000 SF

4 Lyndale Park

4 BD | 3.5 BA |4258 SF

45 Clapboard Hill Rd

7 BD | 6/4 BA | 12,000 SF

2.19 Acres | Spectacular Park-like Property

See all the Westport property transfers for the weeks of July 1-5, July 8-12, July 15-19, July 22-29

We have even more exciting new listings on the way! Go to jillianklaffhomes.com and check our listings tab on our website for updates and details.

MARKET SNAPSHOTS

WESTPORT

WESTON

FAIRFIELD

WILTON

MARKET TRENDS

WESTPORT

WESTON

FAIRFIELD

WILTON

WESTPORT MARKET TRENDS:

The real estate market currently has a low supply of inventory, with only 32. months worth of homes available for sale. This indicates a high demand for housing in the market. Additionally, there have been a significant decrease in the months of inventory over the past year , with a change of -16.67%. This further illustrates the competitive nature of the market and the limited availability of homes.

Homes are selling relatively quickly, with a median of 26 days on the market before being sold. This shows that buyers are eager to purchase homes, leading to fast turnaround times for sellers. Furthermore the list to sold price percentage is high at 103.3%, indicating that homes are typically selling above they listing price. This suggests that sellers have the upper hand in negotiations and are able to command higher prices for their properties.

The median sold price in this market is $1.98, showcasing the high value of homes in the area. Buyers should be prepared to pay a premium for properties in this market, while sellers can expect to receive strong offers for their homes.

Overall, these metrics paint a picture of a competitive real estate market with high demand, low inventory, quick sales and rising prices. Both buyers and sellers should be aware of these trends when navigating the current market conditions.

As I utter every August, "I can't believe how quickly summer has flown by." There is still time however to enjoy all that Westport has to offer such as soaking up the sun at beautiful Compo or Burying Hill Beach, hit the links at our own Longshore Golf Club. Why not grab your friends for a late afternoon pickleball match? Then spend an evening dining al fresco with outdoor music on Church Lane and stroll over to the Levitt Pavilion for more music and entertainment under the stars.

We are entering that time of the year when our routines shift from lazy hazy summer days back to the real world of school and schedules. It can also mean the time for new changes and new things...... new classrooms, new teachers, friends, timetables and new filled calendars.

Wishing all the new freshmen good luck at college for the first time! And good luck to students of every age returning to school and college. Also, good luck to the parents who are empty nesters for the first time!

All the changes that this time of year brings, can seem hard and scary -- but change is also good! Like moving to a new home or a new neighborhood. And I can make it seem less scary whether you are buying selling or building so contact me for any advice and assistance!

As we enter the final lap of the Presidential Election, I'd like to include an interesting fact I learned at a recent office meeting.......Home sales went up after 9 of the last 11 presidential elections, no matter what political party won. Now that is a positive ending note to my newsletter!

No matter what the season, I am always here and always available to you around the clock to help with any and all of your real estate needs. I value excellent service and efficiency meeting my client's every need. Call, text or email me today! I have the real hard facts for really smart moves!

All the best,

Jillian

JILLIAN KLAFF | TOP PRODUCER CB GLOBAL LUXURY