This time last year we were dealing with more than two feet of snow — now we just have to get through January and February and we are into Spring. It seems like the real estate market is happy about this as well. I have been selling real estate in Westport since January 1994, and I have never had such a busy holiday with showings on all my listings throughout the entire season. I hope this is a sign that the 2012 market will be a strong one for housing sales (Check out my detailed reports on all Fairfield county towns.)

What the Experts Are Saying
The Wall Street Journal last week stated: ”With home sales starting to improve, and with prices now possibly forming a bottom, real estate could well be the asset class that represents the best low-risk buying opportunity out there today.”

Donald Trump was just quoted saying: ”I’m pretty sure this is a great time to go out and buy a house. And if you do, in 10 years you’re going to look back and say, ‘You know, I’m glad I listened to Donald Trump’.”

John Paulson, a multibillionaire hedge fund operator and the investment genius who made a killing betting against housing a few years ago, is now bullish on residential real estate market. He recently said: ”If you don’t own a home, buy one. If you own one home, buy another one. If you own two homes, buy a third. And, lend your relatives the money to buy a home.”

A recent Gallup Poll showed that 67% of Americans think that now is a “good time” to buy a home. The Gallup Organization went on to say: ”Overall, there is good reason for most Americans to think now is a good time to buy a house. Interest rates remain near historic lows. Home prices are down sharply, providing many incredible buys.”

Mortgage Rates Hit a New Low
Last week mortgage rates hit a new low. Freddie Mac said the average for a 30-year, fixed-rate loan was at 3.91%. Or you could do what many of my high-end buyers in the financial industry are doing. They are taking a 10-1, at 2.5% on jumbo loans. As they explain it, it really seems to make sense . . . but speak to a mortgage broker or other financial advisor about this one. With rates this low, you would really be surprised at how low your monthly payment can be. I spoke to a mortgage broker just the other day who said he disliked giving rules of thumb, but basically give or take with the current fixed rate jumbo loans you can figure your payment is about $478 per hundred thousand. So a million-dollar mortgage would be $4,780 per month (give or take). I didn’t even ask what it would be on a 10-1!!

Westporters Can Reevaluate Taxes Till the end of the Month
This is the one time a year that you can reevaluate your tax assessment — and you only have until the end of the month (depending on your town) to file the paperwork for a hearing sometime in March. Keep in mind that each town is reassessed every five years per Connecticut law, so for example, Westport and Fairfield residents were reassessed in 2011 and will be again in 2016. But even if you have not been reassessed, there are many reasons why you can appeal your taxes. If you want to know if your taxes are fair, call me. I am a CPA, an expert in reading the assessments, and can advise you as to how to appeal.

As always, I will be tracking the Fairfield county residential sales market very closely and would welcome the opportunity to answer any questions you may have about the reports or the market in general. I can always be reached on my cell phone at 203-247-5000 from 7 a.m. to 7 p.m. or email me at judym@optonline.net.