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Tuesday, May 06, 2014

Real Estate Report: Market is Competitive

By Judy Szablak

Buying a home in Westport hasn’t been this competitive for quite a while. It seems that just a short time ago, sellers were aggressively vying for the few buyers in the marketplace, but that is not necessarily the case any more— especially in a few choice “price pockets” in town.

WestportNow.com Image
This home at 30 Burr Farms Road is listed at $3,395,000.  (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside/ Westport New Homes.

Currently, the most competitive price ranges in town are between $1-1.1 million, $1.5-1.6 million, $2-2.25 million, and$ 3-3.5 million.

The number of available homes in these ranges as compared to deposit and sale ratios dictates that buyers interested in relocating to, or moving within Westport should be financially and emotionally prepared before embarking upon their home search if their parameters dictate those particular price points.

Being prepared to place a viable offer on any home, and especially homes in these price ranges will make all the difference as to whether your offer gets accepted,  countered or rejected—and that means being pre-approved through a bank, or being able to produce proof of funds for an all cash purchase at a moment’s notice.

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