May brought us into Ridgefield’s Spring real estate selling season. We continue to see a decline in the number of closed transactions from the previous year, down by almost half compared to May, 2007 and down about 35% year-to-date. After a few months of decline, one measure of price levels, price-per-square-foot, has rebounded to $287 on average - back in line with historical levels of the past couple of years. . Buyers are still in control but they are generally taking a long time to make decisions and are most nervous about a market decline. Although sales are down, luckily Ridgefield has not experienced a huge erosion in property values mostly due to how desirable people find....
I am about to share with you one of most important, yet most elusive, real estate market statistic: Days-On-Market (DOM).
No one can miss the media hype about crashing real estate markets, the sub-prime lending mess, and foreclosures. What we’ve seen here in the current Ridgefield, CT real estate market, however, doesn’t really match any one of these headlines.
The Ridgefield real estate market has not crashed, in fact we conducted 3.7% more sales in 2007 than in 2006 with just a minor softening of prices. The sub-prime mortgage situation has only indirectly effected our business in that lenders now require more documentation from borrowers. And we’ve only seen a handful of foreclosure sales, nothing extraordinary.
So what has changed? It can’t be business as usual, can it?
Many people who are looking for a home in Ridgefield, CT choose to start their search in popular South Ridgefield. Aside from the close proximity to Town Center, South Ridgefield is sought-after for the following reasons:
1) South Ridgefield is close to other popular towns like Wilton, Westport and New Canaan in Connecticut and Bedford, Pound Ridge and South Salem, in New York.
2) South Ridgefield is very convenient for NYC commuters. It is the closest point in Ridgefield to I-684 and the Merritt Parkway for driving to New York City. The Katonah and Branchville commuter train stations are also close by.
3) For golf lovers, Silver Spring Country Club is located in South Ridgefield.
Every Ridgefield kid is offered one of the best public educations in Conecticut.
Our schools help make Ridgefield Connecticut’s #1 Town year after year. As a town, we’ve got the optimal number of students (~1800 in the high school, ~5600 total) to provide a balanced education rich in curriculum, sports and additional learning opportunities. Our students consistently score high in standardized tests and our graduating seniors enroll at the top colleges and universities. Read this report: Strategic School Profile
Our Board of Ed makes every effort to assure a top quality education for each student in the system. Here’s a rundown of the school system, the Ridgefield Board of Education, and some additional resources to acquaint you with the school system.
When you are looking to buy Real Estate in Ridgefield, “Ridgebury” is a section of town you should not miss!
Located in the northwest corner of the Town of Ridgefield, Ridgebury is one of the most beautiful sections of town. Homes here are spread out amongst rolling hills, working horse farms, and historic churches.
This section of town borders Danbury and North Salem in Westchester County, NY. There is a rural feeling to Ridgebury as you drive up Ridgebury Road between the High School, and I-84 in Danbury. You should drive around and take in some of the scenic, winding country roads like Chestnut Hill Road, Mopus Bridge Road and Spring Valley Road.
Ridgefield, CT is serious about youth sports. Organized youth sports is key to keeping your children on the path to success. Development of our kids’ teamwork, sportsmanship and leadership skills brings benefits across many aspects of a young person’s life.
Additionally, fresh air and athletic activity are proven ingredients to children’s long term health and happiness. As a town, Ridgefield recognizes these needs and provides an abundance of opportunities for young boys and girls to participate. Our excellent playing fields, gyms and other sports facilities are in constant use.
Data, data everywhere! Like any active market, there are thousands and thousands of data points generated each year about every square foot of every house sold in Ridgefield. The MLS (multiple listing service) is very efficient at storing all this data and spitting out listings (see our MLS search page to find the home of your dreams).
But to really understand what’s happening, we’ve got to mine this mountain of data for the nuggets that unlock the true essence of value in Ridgefield Real Estate.
Most markets are complicated. Ridgefield real estate is no different. But when properly armed with the best information, you will master the market, protect the value of your real estate assets and benefit from market insights that others just don’t have.
Come visit and taste the sublime as we post from our office in Ridgefield, CT. We're writing about all things relating to Real Estate and life in Ridgefield, Redding and Wilton in Fairfield County, Connecticut.
We look forward to seeing you soon!
-- Rob --
The Kimmelman-Gutman Group Keller Williams Realty Ridgefield, CT 06877
This is a great time to Trade-Up in Ridgefield Real Estate... Here's why:
Sell your existing home for a little less:
Sell for a realistic price
It's OK to sell for less than it could have last year, it's money you never had anyway
You been in it long enough to see great gain nonetheless
Buy you dream home for a lotless:
Tremendous price savings on the trade-up cost
Current inventory level provides great selection
Many listings are lingering providing below-market opportunities
I hear everyday from my clients how they want to move into a better house but they're not taking any chances. They'll sell their existing home first; before they commit to the next one. I say "That's a great idea!, You are so smart to take advantage of the current market conditions. This is a fantastic time to trade up."
Well, so many times the discussion kinda ends right there for a reason that makes no sense. What happens is that when we start talking specifics, the client loves that their dream home is now $50,000 cheaper than it would have been last year. The problem is when I tell them what they could likely get for their existing home. Well, that is very upsetting news because that price drops w/ the market as well. Client says "I can't sell for that LOW!!". Just sell your house for the current market value so you can TAKE ADVANTAGE OF THE BEST TRADE-UP MARKET we've seen in a long, long time. Here's how it works...
We all know that locally, things have slowed a bit in 2007. The last few years have seen crazy demand for homes and price appreciation. We've moved into a more normal and sustainable market. Houses take longer to sell and there's many more to choose from. The current inventory level makes it like going to Nordstrom's for shoes - what a great selection!
Let's say prices flatten out or have dropped by 3%-5% or so. Home values drop on you house and your dream house as well. The difference is that the more expensive the house, the more the price drops. As soon as you understand this and price your home for sale, you're all set to take advantage of our great trade-up market.
Another force working in your favor is what we call days on market (DOM). Houses that linger on the market too long sell for below-market prices. So all those other owners in denial with overpriced houses (not you because you priced yours to sell) sitting on the market are desperate for an offer and they'll take less than they ever expected. Bingo, you win again!
One more thing. I have taken my own advice and my family is thrilled. We just traded up to a fantastic house for a great price. We totally took advantage of the current market and fell great about it.
Contact me with question or to learn more. I am here to assist in any way I can.
If your selling or buying a home right now and you have heard all of the opinions of everyone who knows everything about the current market...here's yet another take. If you need to sell your home or need to buy a new home this is the PERFECT time!
Let's start with selling your home...first off a home is a home not a stock or a typical investment whose sole purpose is to be a vehicle for future financial earnings. A home is a place to live...it is shelter and one of life's necessities. You NEED a place to live whether you own or rent. When did we start to look at a home as something that once purchased has an obligation to make us money in the future? The good news is that, historically, a real estate investment, has made a lot of people a lot of money. But if you bought your present home within the past 5 years or so, when the market was at its peak and climbing, having to sell is disappointing at best. That being, said, we cannot put our heads in the sand and pretend that the boom in Real Estate is, for the time being, over. It will turn up again, it has to, but we do not know when. The key to selling in this market is to price your house according to today's value, not last years, not two years ago, but today's. What are similar homes on the market priced at, and what have similar homes sold for within the last 60-90 days. It is then important to be one of the 3 best priced homes in your price range.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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Ridgefield, CT is serious about youth sports. Organized youth sports is key to keeping your children on the path to success. Development of our kids’ teamwork, sportsmanship and leadership skills brings benefits across many aspects of a young person’s life.
Data, data everywhere! Like any active market, there are thousands and thousands of data points generated each year about every square foot of every house sold in Ridgefield. The MLS (multiple listing service) is very efficient at storing all this data and spitting out listings (
