Tag Archive | "westport ct rentals"

Rental Market In Westport Connecticut Is Moving

Rental Market In Westport Connecticut Is Moving


The rental market is off to a fast start for Spring and Summer!

Now is the time to list your home for rent! Our tenants have been active in February searching for yearly, beach and seasonal rentals. Inquire about our current inventory and what listings we may have coming on the market.

Our Westport Rental Group is a team of highly qualified agents who understand the rental process in Fairfield County Connecticut and have extensive resources to assist you, whether you are a landlord or tenant. A member of this team will work with you to deliver the highest customer service to ensure that you understand the rental process and have a positive experience.

Also ask us about our HomeEfficient Services with a single point of contact who can assist you with connections for phone, electricity and home heating. This is a free service that is focused on the client in providing all of the resources you will need to settle into your home. We also provide a list of vetted home improvement vendors that can be utilized.

Our agents will work with you to explore all rental options with you in Westport, Weston, Wilton, Norwalk, Fairfield, Easton or any other area in Fairfield County. Our team works with you on short-term, long-term, and seasonal rentals. We also have access to listings throughout Fairfield County Connecticut.

Contact us at (203)253-9222 to begin the rental process or for assistance with any questions as a landlord or tenant. Or, email me at melissabrownriley@gmail.com.

Posted in Condominums, CT Real Estate, Fairfield County Real Estate, Weston Connecticut Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Westport CT RentalsComments Off on Rental Market In Westport Connecticut Is Moving

Westport CT’s Yearly Rental Market

Yearly rentals always seem to be in demand in Westport, CT and as of November 25th, we have 76 of them available. The low rental listing price is $1000/month in Greens Farms and the high rental listing is on Minute Man Hill at $16,500 per month. The average rental listing price is $5515/month and the median listing rental price is $4500/month. There are currently 23 listings at $3000/month or less.

Well-priced rental listings are still moving quickly and tenants should have their credit checks completed and references ready before beginning their search. In Fairfield County, many landlords offer to pay the commission to the listing and rental agent, so no commission fee is charged to tenants. Contact me to ask about our Westport Rental Group, our highly-specialized team of agents and how we can provide you with the information you need. We can assist you whether you are searching for a rental in the Westport area or if you are a landlord.

Posted in CT Real Estate, Fairfield County Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Westport CT RentalsComments Off on Westport CT’s Yearly Rental Market

Buying Versus Renting

Buying Versus Renting

With pressure on pricing in Fairfield County, Connecticut, the question of buying versus renting needs to be asked. Jeff Jensen, our Mortgage Officer from Connecticut Home Mortgage covers some compelling reasons to own:

Every once in a while it is wise to briefly re-visit the age old question, “Is it better to rent or to buy?”  Having just experienced a significant correction in housing prices, now is a good time to compare.  On the surface there are some apparent benefits for each choice.  I have listed a few below.

Renting Advantages

  • No need for large cash to put down
  • No costs to maintain the property
  • No equity losses
  • You can move at the end of the lease without having to wait to sell
  • Do not have to come up with tax payment during the year

Renting Disadvantages

  • No tax benefits
  • No equity gains
  • No control over annual rent increases
  • Possibility of eviction
  • You may be limited in making changes to décor, paint colors, etc.
  • May have to live with other tenants
  • Reliant upon landlord for repairs and upgrades

Buying Advantages

  • Property could build equity and wealth
  • Mortgage interest is tax deductible
  • Property taxes are tax deductible
  • You are free to decorate as you wish
  • You may choose your own exterior plantings and design
  • You don’t have to get approval to make repairs or upgrades
  • Your monthly payment is fixed with a fixed rate loan and will not go up every year

Buying Disadvantages

  • You have to pay the property taxes when due
  • You have to pay for any maintenance and repairs
  • Your insurance will be higher
  • In order to move you will have to go through the process of selling the house or carrying two places to live
  • You are fully at risk for the value of the house.  You could lose equity.

For analysis of renting, one should consider that prior to arriving at the asking price for the monthly rent, a landlord will consider the ongoing costs of the property.  Initially he/she will make sure that the rental income covers the “monthly nut” which typically includes the mortgage payment, monthly property tax and monthly insurance.  Then most landlords add an allowance for maintenance based on their experience with rental units over the years.  The result is that, although the tenant is not paying for the property tax or the homeowners insurance or maintenance and repairs per se, those items are essentially being included in the monthly rent.

Historically property values have risen in this country at a rate far greater than inflation.  Each property is unique and has its own value attributes and shortfalls.  Property values trend differently on particular streets, sections of town, towns and cities and sections of the country.  Despite the recent “bubble”  in housing prices, most homeowners who purchased their homes in 2003 and earlier have built equity in their homes.  For homeowners with modest incomes and without the benefit of substantial savings or investment accounts, home ownership may be their greatest opportunity to build wealth for their families and/or their retirement.  Downsizing is a popular trend which allows homeowners to realize gains in property value providing funds for retirement while reducing their monthly costs.

Now that homes appear to have stopped  losing value in many areas of the country, a great opportunity has been created.  With homes at their lowest values in year and interest rates at their lowest levels ever, the argument for homeownership is compelling.  There are programs available which allow buyers to purchase homes with as little as 3.5% down and even with “0” down for special category loans.  Those who have 20% of more to put down can purchase without the need to pay monthly mortgage insurance.  Look at the comparison below to compare owning and renting a $300,000., 1,400 square foot house.

 

Buy Rent
Monthly Payment $1,146.00 $1,950.00
Monthly Property Tax $450.00 $0
Monthly Insurance $80.00 $40.00
Down payment $60,000 $0
Interest $0 (50)
Net Total Payment $1,676.00 $1,940.00
Amount Deductible $14,923 $0
Net Tax Savings $3,730 $0
Monthly Savings $310.83 $0
Net After Savings $1,465.17 $1,940.00
Extra Monthly Cost $0 $574.83 x 12=$6,897 per year

 

The example above assumes a buyer in the 25% tax bracket.  Thebuy figures do not any allowance for maintenance but an annual savings of over $6,000. should more than cover any maintenance costs encountered.  With home prices as low as they are currently, the argument for buying over renting has never been stronger.

Posted in CT Real Estate, Fairfield County Real Estate, Weston Connecticut Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Westport CT Rentals, Wilton ConnecticutComments Off on Buying Versus Renting

The Accidental Landlord

The Accidental Landlord

No doubt the Westport real estate market has shifted in some many ways over the past two years. The process has become more complicated and regulated than ever before. Leverage is with the buyers and there continues to be overall downward pressure on pricing and a build-up of inventory. Even though we are seeing the “discretionary” seller virtually disappear, many sellers are still motivated to sell due significant life changes including a need to scale down due to retirement, divorces, and deaths. With limited buyer activity in some price points, many sellers are also listing their home for rent, and becoming “accidental landlords”. Knowledge of what it takes to be a landlord becomes an overriding need. It’s important not to take it lightly. Gaining some knowledge will give you a better sense of control in this new realm of being a landlord. Start by working with a real estate professional who understands Connecticut Tenant/Landlord Law and can guide you correctly through the marketing process, appropriate pricing and give you assistance with tenant selection. Clearly, involvement from your local attorney is encouraged to make sure you and your home are protected during the term of the lease. Here are some resources to check out prior to making that big decision.

The state of Connecticut has some resources that are available to you.

Here is a link for landlord/tenant law: http://www.jud.ct.gov/LawLib/law/landlord.htm

Here is some additional information on how security deposits should be handled. http://www.jud.ct.gov/LawLib/law/securitydep.htm

Some frequently asked questions that will help guide you. http://www.jud.ct.gov/faq/landlord.html

Posted in Westport Connecticut Real EstateComments Off on The Accidental Landlord

Westport Real Estate is “Hyper Local”

Westport Real Estate is “Hyper Local”

The real estate market has become very “hyper local”. I frequently hear people making comments about how bad the market is, or how good the market is. The best characterization of the market is “it depends”. It depends if you are a buyer or seller and what price range you are referring to.

So, you have to dig into the market to truly understand what is happening.  When we break down the price ranges, we identify where buyers have leverage and where (believe it or not) sellers have leverage. This analysis is a reflection of available inventory and running sales rate in the price range. Read more on my article on the Westport Patch.com http://westport.patch.com/articles/westport-real-estate-is-hyperlocal

Posted in Westport Connecticut Real EstateComments Off on Westport Real Estate is “Hyper Local”


Buying, Selling Or Renting In Fairfield County Connecticut? Contact Us At (203)253-9222

FreshPickedRealEstate.com is known as "Fairfield County CT's Favorite Real Estate Blog". We feature market statistics, community events and interesting happenings in and around lower Fairfield County Connecticut, including Westport, Weston, Wilton, Norwalk, Fairfield and Easton. Look for real estate tips with a focus on "green living" in the area.
Contact me at MelissaBrownRiley@gmail.com or at (203)253-9222 for info on all real estate services, including buying, selling or renting in Fairfield County, Connecticut or in any other county or state through our national network. We also specialize in buying or selling "short sales" and foreclosures.

Search Like An Agent For A Home Or Rental

Do you think online marketing makes a difference in exposing your home to the market?

According to the National Association of Realtors, 91% of all buyers begin their search on the internet. As a seller, having a definitive online strategy creates a differentiation to maximize your exposure to the right target market. I offer 31 years of real estate experience with a strong technology twist and focus on utilizing Google to attract attention to your listing. Find out how we can create an advantage for you.

Investors from New York Searching In Fairfield County

Are you an investor from New York looking for well-valued properties in Fairfield County? We will pair you with an experienced agent who can assist you in your search. Melissa Riley (203)253-9222. Berkshire Hathaway HomeServices-New England Properties

Luxury Rental Listings Are Needed

Fairfield County, including the towns of Westport, Weston, Fairfield, Easton, Wilton and Norwalk are highly desirable towns for rentals.
We are experiencing a lack of quality luxury rental listings in lower Fairfield County. We have tenants looking for rental properties that fit their needs.
We will assist you with establishing the rental value on your home and helping you through rental process. Proper representation is the core of our business and I we zero in on your needs no matter if you are landlord or tenant.

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