By Judy Szablak
Special to WestportNow
One very important safeguard for Westport homebuyers is commonly referred to as a “final walk through.”
Featured Home: This home at 26 Clinton Ave. is listed at $699,900. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport
Yet many purchasers do not necessarily realize just how important the ramifications of its timing can be.
The intended purpose of a final walk through is for the buyer to ensure that the home is in the same condition as it was when the offer was originally made, that any items that were supposed to stay have remained, and verification of the absence of items that were to have been removed.
It is understood that what remains and what goes can seem somewhat trivial in scope to some, however there are other reasons for the walk through that should not ever be overlooked.
Many days pass between the time one initially puts an offer in on a home, and the day that title actually transfers, otherwise referred to as closing day.
While it may be more convenient to conduct a walk through a few days before, or the night before closing, it also leaves more time for something to break or cease functioning without a buyer knowing it.
Among other things, last minute glitches can include a heating system that is not operating, other mechanicals or appliances that are not functioning, and frozen pipes especially at this time of year.
All of this can turn out to be a homebuyer’s nightmare if not caught before money exchanges hands.
Once you close on the home, any of those issues become yours.
Before closing, the seller needs to fix items that are not in the same condition, with reasonable wear and tear excepted, and for that reason, it is highly recommended to conduct that walk through immediately before closing on the property.
Market Stats
There are now 239 homes that are actively on the market, which have been listed for an average of 143 days, with a cumulative market time of 247 days. The average list price is now $2,207,660 and the median price is now $1,798,000.
A home at 114 Beachside Ave. is the highest priced property for sale at $28 million, and the lowest available priced single family is a three-bedroom home on Oakview Circle for $249,000.
Twenty-one new listings came on the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Ten properties had a price change.
Eleven properties have gone under the initial deposit stage, which we call CTS or Show, and another four properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of those four pending properties was $1,421,750. There are currently 28 homes in CTS/Show status throughout Westport, and another 30 properties scheduled to close townwide, with an average price of $1,634,700.
Closings: There were eight single family homes reported as sold in the last week, and they were listed on average at $1,335,162 with an average market time of 129 days. There were 65 status changes in the last seven days.
Condos: There are 12 condominiums that are available, and they have been listed an average of 66 days, with a cumulative market time of 135 days.
Their average listing price is $754,234 and the median price is $606,975.
The highest priced condo in town is listed at $1,249,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Bridge Street for $254,330.
There was one new listing this week, and no homes came back on the market. There was one price change, and no property went under the initial stage of deposit. One property entered pending status.
There are no properties townwide that are currently in CTS/Show status, and one property is currently scheduled to close.
One sale was reported during the last week, and was listed at $699,900. There were four status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 72 homes or apartments available. The median price is $5,175 per month and the average price is $5,758 per month. These year round rental opportunities have been on the market an average of 117 days.
There are 57 short-term rental opportunities that are available, and they have been on the market an average of 102 days. Their average price is $10,814 and the median price is $6,463.
Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.
Source — Market data is compiled from the SmartMLS and represents activity through our statewide MLS system. Private sales are not included in these statistics.
Featured Home
This home at 26 Clinton Ave. is listed at $699,900.
This sun-filled and move-in ready 2,400-square foot split-level home is in a commuter friendly location.
Set back from the road, this nine-room home has an open style floor plan, and has been lovingly maintained and thoughtfully updated.
The formal living room has a fireplace with wood stove insert, and opens to the dining room.
The kitchen was fully remodeled just last year, and boasts new cabinetry, stainless steel appliances and Corian counters. A door leads out to the 512-square foot deck that overlooks a private and level .40-acre yard.
Upstairs, the master bedroom and two additional bedrooms share a recently remodeled and stunning bath with twin sinks.
The finished lower level with private entrance is quite versatile, and offers two additional bedrooms as well as a third room that is currently used as a dressing room/craft area, and all have hardwood flooring.
In addition, there is a full bath, and a family room with a crisp white beamed ceiling; all of which could easily be converted or utilized as an in-law suite.
Another unique feature seldom found in this style home is a full basement for storage.
Extras and items to note — Four to five bedrooms, two full baths, fireplace, oversized two car garage, full basement storage, public water connected and public sewer in street, room for pool.
Annual taxes are $8,120.
Listing/photo courtesy of Coldwell Banker Westport.
(Editor’s Note: Judy Szablak of Coldwell Banker Westport — Riverside, Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her online at http://www.CThomesAndRealEstate.com.
