Fab Real Estate Blog

I completed my monthly statistics for homes sold in Danbury, Connecticut during the month of November, 2007.

On average, homes sold in 170 days, and closed for 95.4% of their most recent list price.  This is fairly typical for our area.

Several homes, however, sat on the market between 300 and 500 days before selling.  This is far too long for a home to sit without selling in our market.  So, I looked a bit further at these homes:

On average, these homes sold for only 77% of their list price.

That is too low.  Why did they sell for so much less than their list price?  Why did they sit on the market for so long before selling?

Because they were overpriced.

Pricing your home for sale for anything above its current market value will not sell your home.  No matter how much money you want to sell your home for, it will only sell for its current market value.  If you overprice your home, you will then be faced with a very long marketing time, as is indicated above, and most likely a much lower price than you would have received originally.  Buyers see price reductions and long marketing times as desperation by the sellers.  They will try to take advantage of that.

Want to sell your home?  Price it right.

I've written about this before.  Take a look:

The Importance of Price

Days on Market: It's a Matter of Price

Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
CT Home Group
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale

New Milford, Connecticut Real Estate Update
November, 2007

Closed home sales in New Milford, Connecticut:

Single Family Homes:
There were 24 single family home sales closed in New Milford, CT.
List Prices ranged from $224,900 - $1,400,000.
Closed Sales Prices ranged from $224,900 - $1,350,000.

The average closed real estate sales price for single family homes in New Milford was $441,850.
The median closed sales price was $379,500.
On average, these homes sold for 94.8% of their final list price.
Days on Market ranged from 28 - 870 days, with the average being 184 days of market time.

This compares to 27 single family homes closed in November, 2006, with an average closed sales price of $391,877 and a median closed sales price of $387,000.

Condos:
There were 7 condominium sales closed in New Milford, CT.

The average closed real estate sales price for condos in New Milford was $212,045.
The median closed sales price was $195,875.
On average, these homes sold for 95.9% of their list price.

This compares to 8 condos closed in November, 2006, with an average closed sales price of $169,075 and a median closed sales price of $156,500.

Currently available homes for sale in New Milford, Connecticut:

Single Family Homes:
Currently, there are 237 single family homes for sale in New Milford, CT.
List Prices range from $172,500 for a small fixer to $4,200,000 for a restored 1800's home on 65 acres.

Condos:
Currently, there are 77 condos available for sale in New Milford, CT.
List prices range from $74,900 for a studio unit to $539,900 for a detached unit in an active-adult community.

New Milford, Connecticut, is the southernmost town in Litchfield County and is known as The Gateway to Litchfield County.  The town borders the northeastern shores of Candlewood Lake.  Several lake communities surround its Candlewood Lake shores, and typically offer a private beach for residents, boat docks and other amenities.  New Milford enjoys a population of about 28,000 residents.

Brookfield, Connecticut Real Estate Update
November, 2007

Closed home sales in Brookfield, Connecticut:

Single Family Homes:
There were 15 single family home sales closed in Brookfield, CT.
List Prices ranged from $199,900  - $849,000.
Closed Sales Prices ranged from $175,000 - $775,000.

The average closed real estate sales price for single family homes in Brookfield was $429,733.
The median closed sales price was $385,000.
On average, these homes sold for 93.7% of their final list price.
Days on Market ranged from 14 - 532 days, with the average being 136 days of market time. 

This compares to 24 closed sales in November, 2006, with an average sales price of $517,075 and a median closed sales price of $502,000.

Condos:
There were 2 condominium sales closed in Brookfield, CT.
The average closed real estate sales price for condos in Brookfield was $200,000.
The median closed sales price was $200,000.
On average, these homes sold for 95.9% of their final list price.

This compares to 3 closed sales in November, 2006, with an average sales price of $204,166 and a median sales price of $212,000.

Currently available homes for sale in Brookfield, Connecticut:

Single Family Homes:
Currently, there are 133 single family homes for sale in Brookfield, CT.
List Prices range from $229,000 for a ranch in need of work, being sold in as-is condition to $1,799,000 for an 18th century colonial on 5 acres.

Condos:
Currently, there are 29 condos for sale in Brookfield, CT.  List prices range from $174,900 for a one bedroom unit to $589,000 for a spacious new unit.




Brookfield, Connecticut, is located between Candlewood Lake and Lake Lillinonah, creating a multitude of water recreation opportunities in the town.  Several lake communities border Candlewood Lake, and typically offer a private beach for residents, boat docks and other amenities.  Brookfield enjoys a population of about 16,000 residents.

This Market Report prepared by:
Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
CT Home Group
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale

Data compiled from the Consolidated MLS and believed to be accurate.

Danbury, Connecticut Real Estate Update
November, 2007

Closed home sales in Danbury, Connecticut:

Single Family Homes:
There were 19 single family home sales closed in Danbury, CT.
List Prices ranged from $259,900 - $879,900.
Closed Sales Prices ranged from $247,500 - $860,000.

The average closed real estate sales price for single family homes in Danbury was $392,068. 
The median closed real estate sales price was $345,900.
On average, these homes sold for 95.4% of their most recent list price.
Days on Market ranged from 23 - 499 days, with the average being 170 days of market time. 

This compares with 48 closed sales in November, 2006, with an average closed sales price of $393,133 and a median closed sales price of $368,500.

Condos:
There were 27 condominium sales closed in Danbury, CT.
List Prices ranged from $82,000 - $539,000.
Closed Sales Prices ranged from $77,000 - $510,000.

The average closed real estate sales price for condos in Danbury was $263,809.
The median closed sales price was $237,900.
On average, these homes sold for 95.8% of their most recent list price.

This compares with 35 closed sales in November, 2006, with an average closed sales price of $278,415 and a median closed sales price of $250,000.



Currently available homes for sale in Danbury, Connecticut:

Single Family Homes:
Currently, there are 241 single family homes for sale in Danbury, CT.
List Prices range from $79,000 for a summer-only as-is cottage in a lake community to $4,400,000 for an 1840's home on 55 acres.

Condos:
Currently, there are 231 condos available for sale in Danbury, CT.
List prices range from $82,500 - $850,000.

Danbury, Connecticut, a former military depot during the American Revolution, is a diverse community of about 78,000 residents that borders New York State to the west and the southern shores of Candlewood Lake.  Several lake communities border Candlewood Lake, and typically offer a private beach for residents, boat docks and other amenities.  Danbury enjoys a convenient commute location to lower Fairfield County and Westchester County, New York.  Danbury is situated just about an hour by car to Hartford, Connecticut and New York City.

This Market Report prepared by:
Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
CT Home Group
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale

Data compiled from the Consolidated MLS and believed to be accurate.

Sherman, Connecticut Real Estate Update
November, 2007

Closed home sales in Sherman, Connecticut:

There were 2 home sales closed in Sherman, CT.
List Prices were $425,000 and $499,900.
Closed Sales Prices were $407,500 and $500,000.

One home was on the market for only 15 days, while the other was on the market for 876 days.  That home sold for only 74% of its original list price - once again, we see how overpricing can ruin a home's sale.  There is no need for a home to be on the market for nearly three years. 

This compares to 1 home that closed sale in November, 2006, which had a list price of $2,200,000 and sold for $2,275,000 (this was a new construction, and the reason for selling over list price was due to upgrades the buyer chose).

Currently available homes for sale in Sherman, Connecticut:

Currently, there are 48 homes for sale in Sherman, CT.
List Prices range from $329,000 for a circa 1900 farmhouse to $3,250,000 for an 18th century colonial on 37 acres.

Sherman, Connecticut is a small semi-rural community of about 4,000 residents that borders New York State to the west, New Fairfield to the south and hugs the northwestern shores of Candlewood Lake.  Several lake communities border Candlewood Lake, and typically offer a private beach for residents, boat docks and other amenities.  The northernmost town in Fairfield County, Sherman is often cited as being the fastest growing town in Connecticut per capita, yet still retains its rural roots and charm.

This Market Report prepared by:
Don Fabrizio-Garcia, REALTOR
Real Estate & Appraisals
203.746.1199
Connecticut Real Estate and Homes for Sale

Data compiled from the Consolidated MLS and believed to be accurate.

New Fairfield, Connecticut Real Estate Update
November, 2007

Closed home sales in New Fairfield, Connecticut:

There were 9 home sales closed in New Fairfield, CT.
List Prices ranged from $209,900 - $2,295,000.
Closed Sales Prices ranged from $209,900 - $2,195,000.

The average closed real estate sales price for New Fairfield was $801,316.
The median closed real estate sales price for New Fairfield was $398,200.
On average, these homes sold for 96.7% of their final list price.
Days on Market ranged from 40 - 890 days, with the average being 277 days of market time.

This compares with 15 closed sales in November, 2006, with an average sales price of $479,401 and a median sales price of $422,000.


Currently available homes for sale in New Fairfield, Connecticut:

Currently, there are 89 homes for sale in New Fairfield, CT.
List Prices range from $199,900 for a two-bedroom fixer  to $3,660,000 for a two-home waterfront compound.

New Fairfield, Connecticut is a small community of about 14,000 residents that borders New York State to the west and Candlewood Lake to the east.  Several lake communities border Candlewood Lake, and typically offer a private beach for residents, boat docks and other amenities.  New Fairfield enjoys a convenient commute location to lower Fairfield County and Westchester County, New York.  New Fairfield is situated just over an hour by car to Hartford, Connecticut and New York City.

This Market Report prepared by:
Don Fabrizio-Garcia, REALTOR
Real Estate & Appraisals
203.746.1199
Connecticut Real Estate and Homes for Sale

Data compiled from the Consolidated MLS and believed to be accurate

Last night at our office holiday party, I was given the "Most Amusing Agent of 2007" award.

I think it was a compliment.  At least a back-handed compliment.  Though, I'm really not sure.

I guess I need to work on my repertoire for 2008.  Now they may be expecting to be amused more often...

Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
CT Home Group
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale

The Danbury News Times printed an article yesterday about Danbury homeowners having their homes reassessed to to today's values.

Danbury's last revaluation of homes was done in 2002.  According to the article, single family homes in Danbury are seeing an increase in their assessments of about 35%, while condos are seeing their assessments rise 50-55%.  These increases are in proportion to the property value increases we have experienced in the five years since 2002.

Homeowners are upset because they fear such large increases in their homes' assessments will increase their property taxes in a proportionate manner.  This is incorrect.  Property taxes are determined by both the town and school budgets, and the town then sets a mill (tax) rate based on the dollars needed, as dictated by those budgets.

With higher assessments town-wide, and assuming a nominal budget increase, then typically, mill rates drop dramatically after a revaluation.  As such, though your assessment will be much higher, the mill rate should be much lower, and taxes will remain relatively stable (with the exception of any budget increases).

There is an exception to this rule, though:
What if your home's new assessment is higher than its true market value? 

If the new revaluation results in your home being assessed for more than its current market value, then you will be taxed at too high of a rate for your home.

How to fight being over-assessed?

To fight an over-assessment, you must file an appeal with the town's assessment board.  In order to successfully appeal your assessment, you will have to prove that your home has been assessed at a value higher than its market value.

If your home has been over-assessed, then an appraisal of your home from a local appraiser will greatly increase your chances of the assessment board reducing your assessment. An appraisal from an independent appraiser should suffice as proof of your over-assessment.

Concerned about your tax assessment?
Call today to schedule an appraisal of your home.  We will gladly inspect your home and prepare our appraisal report for you to utilize when appealing your assessment.  An appraisal of your home is an affordable way to verify - and correct, if needed - your home's property assessment.

Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
CT Home Group
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale