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Wishing you all a happy, healthy and successful New Year. It's important to look back at what happened with real estate in Westport and Fairfield County in 2024 and try to predict what 2025 will look like.
2024 was a challenging year for sellers, buyers and real estate agents, all for the same reason, a scarcity of inventory. When homes for sale are scarce they become more valuable ( supply and demand) and that is why we are seeing high prices in Westport and in most towns in Fairfield County. Houses that are priced according to market realities, show well and are marketed properly benefited from multiple offers and quick sales. Despite the high prices, scarcity in inventory and higher interest rates, the demand for homes is there. People want the lifestyle that Westport and similar towns in Fairfield County offer.
Not all homes listed faired so well. Overpriced homes that need work and are in challenging locations take longer to sell. Buyers attitudes have changed, they are more selective and don't rush to buy but when the right home for them becomes available they are ready to move forward quickly.
The market trends statistics are shown further down in the news letter.
What lies ahead for the real estate market in 2025? No-one has a crystal ball but according to industry experts the sellers and buyers who will be successful are those that are able to adapt to reality.
The trends for 2025 that are predicted are:
- Inventory will still be scarce, despite some gradual improvements in supply levels, but they will still be far below what we experienced before the pandemic. It will still be a sellers' market for homes that are move-in ready and located well.
- Pricing will be important. If buyers perceive value they will buy but they are not willing to overpay. Sellers who take their agent's advice as to how to price their home strategically and how to present their homes ( eg: staging) will succeed.
- Buyers expect certain things in the homes they buy. Beyond price and square feet they favor locations that are near town amenities, smart and energy efficient homes, home offices and good outdoor space.
- Experts believe that we will see more deals taking place with homes that are not listed on the MLS. Who you work with will be important in this scenario.
- Even though Fairfield County seems to have fared well up to now, global and economic trends, interest rates and inflation will have an effect on the market's success in the future.
- Technology is expected to play a larger role in how buyers and sellers look at the market. It will help them navigate in real time such things as pricing shifts, neighborhood trends & buyer demand. Expect AI to have a role as well.
I don't know about you, but I am ready for a new year! I am gearing up with re-energized motivation for personal and professional success! I am also ready to look outside my own little world and think bigger. I believe it's time for all of us to get involved with creating a more sustainable future for Westport. Sustainable Westport is an organization with a mission to inspire support and connect residents, organizations and the Town of Westport to make changes and commitments to the future of our town with focus on progress in Community, Building, Energy, Transportation, and Resources & Waste Management. Click here to see how you can get your organization involved or donate your time/resources.
January is actually the start of the Spring Market. If your house is "ready" to hit the market, showtime is now. If you are thinking of selling this year, I am available to guide you as you get your house market ready, and also to help you strategize the best listing price so that you can maximize your investment. I am a phone call away and have + 30 years of experience , an excellent track record and recommendations from past clients to make you feel comfortable with me as your real estate advisor.
If you are thinking of buying, I can help you get pre approved,, determine what you really want in a new home and educate you on our market so that when the right home presents itself you are ready to act decisively.
Please don't hesitate to reach out to me anytime. I would love to help you get your house in order if you are thinking of selling, buying, or building. Right now is the time to make a move, if you want to get the best deal! There is no time to waste so CALL ME NOW! And follow me at jillian.klaff.realtor on instagram for my latest listings and real estate tips.
Get the process going by scanning the QR code below to see how much your home is worth.
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