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Market Update with Stamford Moms
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As real estate trends show a shift from densely populated urban cities to the suburbs, Staci Zampa, a real estate agent with Compass who leads The Staci Zampa Team, says she expects to see the Stamford real estate market rebound significantly. Data shows s
ingle family home sales are up 15.6%, closed sales are up 9.8% and the average sale price is up 7.5% since the same time last year.The townhome and condo market are also on a uptick. Staci points to a recent
NY Times article that "people are moving to the burbs!”
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So, what does that mean if you’re interested in selling your home? “It’s an incredible time to sell. Searches for single family homes have gone up 40%,” Staci explains. Compass has the capability to perform a market analyses and virtual home evaluation to find out what your home is worth in today’s market. Based on Compass being built on a technology platform, we are well ahead of the curve in digital solutions.
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On the buy side If you’re looking to purchase a home, interest rates are at historic lows which means you get more house for your money. "Although there’s never a perfect time to buy a house, it all comes down to personal circumstances. Do you want to be in a new home by the start of the school year? Are you looking to relocate to a bigger house with a pool? Then based on interest rates alone, now is as good of a time as any to buy", she says.
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When you're ready to start the process, Staci recommends getting a pre-approval as the first step to find out what your financial comfort level is. “You want to make sure you know exactly how much you need for a down payment, what your monthly costs will be when taking taxes into consideration and if you’re buying a condo or townhome your HOA fees as well.” She goes on to say, "there are many different mortgage programs to take advantage of based on your profile that a qualified mortgage broker can help you with."
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As a next step, Staci suggests that you reach out to a local real estate expert to get set up a home search “I can Zoom with a client or jump on a call to find out exactly what they're looking for and from there I can create a tailored Compass search based on their needs and wants. After identifying properties that interest them, we can do virtual walk throughs and start a comparative market analysis (CMA) that we can review online.”
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Per Staci, virtual and Matterport and 3D tour
showings are also invaluable tools.
"Once the initial search is narrowed, we can still physically show homes, albeit in a different manner than usual. Buyers need to have solid pre-approval as well as sign a health form in order to enter homes. All consideration then turns to safety; home owners typically open all doors and lights, buyers are required to wear booties, gloves, and masks with a no touch policy."
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According to Staci, North Stamford is going to be a new “HOT” area!
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"Searches for outdoor space have doubled, searches for pools have tripled and minimum square footage is up 6% since SIP. When you add on the proximity to Metro North/NYC and low taxes it’s a great place for buyers!”
Staci’s biggest piece of advice right now, “Transactions are harder to navigate, but deals are getting done. I can’t stress enough the importance of finding a knowledgeable, full time real estate expert to help guide you.
The more you know the easier the process becomes.”
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© Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass Connecticut, LLC is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
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