6 Tips for Buyers in Fairfield County’s Changing Real Estate Markets

Fairfield County is a lovely place to live–just ask the large number of local and out-of-state real estate buyers who are scooping up properties in the area. New residents and investors have been moving in on Westport, Greenwich, and Stamford real estate, creating a highly competitive market environment. Fairfield County has developed into a hot destination for affluent buyers seeking their slice of both a vibrant real estate market and a beautiful area. Here are six tips to keep in mind as you embark upon your search for a piece of Fairfield County’s elegant and luxurious real estate.

On a long-term scale, real estate is a fairly easy market to understand. As time goes on, the value of property tends to rise. Real estate stands out among investments because it is both practically useful as well as financially valuable. In the short-term, however, real estate can be an incredibly complex, volatile, and unpredictable market. Prices and inventory can fluctuate as the dynamics of supply and demand shift. It is important to be aware that economic variables such as mortgage rates, inventory levels, and job growth can affect the real estate market.

Market data for Fairfield County shows how home values have spiked since the 2020 real estate boom, likely spurred by low interest rates. At the same time, the active inventory of home listings for Westport, Greenwich, and Stamford real estate has decreased during this period, as surging demand has taken many properties off the market. Meanwhile, the population of the area has steadily increased over time. These factors have contributed to a heated market in Fairfield. By understanding where the market is today and preparing for future volatility, you will be best equipped to invest with confidence and stay level-headed.

As a real estate buyer, you have many options, not only as to the type of property but also in terms of what you wish to do with it. You can buy a primary residence, vacation home, or investment property. Investment properties can be used to generate rental income, renovate and resell, buy and hold, or some combination of these strategies.

If you are interested in living in Fairfield County, you have a lot of great areas to choose from. To live in a more populous and highly developed area, check out Stamford homes for sale. Stamford is the second most heavily populated city in Connecticut, with a robust downtown area populated with numerous large employers. You can also check out Westport or Greenwich to find a slightly more secluded residence. Greenwich has some of the lowest property tax rates in the area and some of the best public schools in the nation, which also helps to explain the surge in real estate investment that Fairfield County has seen. A local real estate agent can help you to better understand the current dynamics of the market for Westport, Greenwich, or Stamford homes for sale.

You need to be ready to move decisively in Fairfield County’s hot market. At times, inventory can be rather tight. In addition to the many locals looking to get into homes in the area, many individuals and families from out of state are relocating to Fairfield County. In a competitive real estate market, it is important to be decisive about properties in which you are interested.

A real estate agent can help you to better understand strategies for dealing with a hot market. For instance, when submitting an offer on a home, you could include an escalation clause — also referred to as an escalator clause — along with the offer. When you use an escalation clause, your bid is automatically raised in response to competing bids, but no higher than your maximum. In some cases, placing a maximum bid with an escalation clause can improve your chances of closing the sale. If you choose to go this route, make sure that you are comfortable with the amount of your maximum bid.

If you don’t get the first property that catches your eye, be ready to find another great Fairfield property. It is a good idea to have a second and possibly a third choice in mind. This will allow you to move with maximum agility in a hot and uncertain market. The more flexible you are, the easier it will be to find your way to closing on one of the great available Westport, Greenwich, or Stamford homes for sale. Fortunately, Fairfield County has many beautiful homes in a variety of neighborhoods and municipalities, so those who are serious about closing on a home will eventually get there.

One of the best things you can do to get into a home faster is to take care of some financial planning prior to making an offer on a home. Before shopping for real estate, it is a good idea to talk to a mortgage provider and get preapproved for a mortgage, especially in an environment of rising rates. As with other forms of financing, mortgage preapproval expedites the financing process once you have selected a property that interests you. This can give you an important edge, as it will allow you to move in quickly on a property once you have determined that it’s right for you.

If you’re serious about buying a property in Fairfield County, you likely still have questions about the area, the market, or the process of closing a real estate sale. The single best tip that you can use in order to have a great experience of investing in Fairfield County real estate is to employ the expertise of a seasoned local realtor. Lisa Migliardi is a Fairfield County realtor and lifelong resident who knows the area exceptionally well. Lisa specializes in Westport, Stamford, and Greenwich real estate. Check out Lisa Migliardi’s website to see her portfolio of properties for sale, learn about Fairfield’s premiere neighborhoods, and view exclusive listings by filling out the contact form. Lisa can help you to navigate Fairfield County’s changing real estate market confidently and decisively.