Want to buy a house in Westport CT

Reader
Home Buyer
Farmington, CT

I have a job contract for 21/2 years in Farmington, CT where I am renting a house for $3,000. After the the contract, I will be relocate in Wesport,CT for a permenent position . Should I continue to rent the house in Farmington for the period of my contract , wait until the end of it and buy a house in Westport OR buy a house in Farmington and resale it when my contract is finished ? I can afford a house between 1M and 1,3M.
Second option could be to buy the house now in Westport and rent it for the 2 years1/2? how is the renting market in Wesport?

Answers (5)
Betty Stroll
Agent
Westport, CT

Hi..
I am a licensed realtor from Westport CT.
My suggestion would be to look for a place now in Westport. There are many foreclosed homes in the area or perhaps a place that may need some rehab. When the project is completed, either you can lease the house out or relocate here and make the commute to Farmington daily.
Our rental market is strong.

There are many options for you.

Please call me at 203-628-4327

Betty Stroll, ABR,GRI,CIPS,SFR
William Raveis Real Estate

Tue Nov 24 2009, 10:45
valellan
Agent
06897

Westport,Ct is a very desirable town because of many attributes including length of commute to NYC, Long Island Sound, Arts, Schools and more. Westport is on the high end of the market so now that the market is very soft would be a great time to buy but you have many decisions to make before you are ready to jump right in.
If I can assist you further don't hesitate to contact me .
Ninfa Valella
203-216-7102
valellan@raveisre.com http://www.raveis.com/ninfavalella

Wed Nov 11 2009, 07:07
Candace Lipira
Agent
Fairfield County, CT

There are so many variables. Buying anything in this market and then planning to sell it in 2.5 years would be risky. The market may climb, but not at the rate for you to make a decent return if any. I feel it would be smart for you to explore the Westport market, if you feel you will be in this area 2.5 years down the road. Once we compare the pricing for what the home would rent for, then you can make a more informed decision.
If you would like, please contact me. After chatting with you, we maybe able to narrow down your options.

I look forward to hearing from you.

Candace Lipira
203-856-8501 C
203-544-9786 O
candacelipira@prudentialct.com

Sun Oct 11 2009, 10:06
Donna Katz
Agent
Westport, CT

Now is the perfect time to buy in Westport CT. There are many options for you here. I would be very happy to meet with you to discuss your plan of action. You can contact me by phone at 203.895.4171 or e-mail me at donna.katz @cbmoves.com...I be very happy to set up some time to discuss all your options. NOW IS THE TIME TO BUY IN WESTPORT,CT.

Donna Katz
Coldwell Banker
Residential Brokerage
305 Post Road East
Westport, CT 06880
203.227.1269 X230
203.895.4171 CELL

Web Reference: http://www.donnakatz.com
Sun Oct 11 2009, 09:20
Marion Filley
Agent
06897
FIRST ANSWER

First off if you are only going to be in Farmington for 2 1/2 years I suggest you continue to rent. We have no idea what the next couple of years will bring. I tell my buyers today to plan on living in their homes at least for the next 5 years before reselling.

Secondly, if you are definitely planning on living long term in Westport you should educate yourself to pricing before making any decisions. The number of available rentals are definitely up as our the number of renters (I have done 15 rentals this year where normally I do one or two....) If you were to purchase and not find a tenant immediately will you be able to carry both Farmington and Westport? You should take a close look at the numbers and see whether it makes sense to you.

None of us can truly tell where the bottom of the market is until 6 months later when the market has improved. Listening to all the news and looking at the numbers you hear we are at the bottom and we have further to fall so I would say it is anyone guess!

If you are looking to find out about Westport and would like to discuss current market activity please feel free to contact me (Marion Filley) at 203 515-1387. Check out my profile if that is helpful and the testimonials on my website.

Sun Oct 11 2009, 09:20

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