Judith Dominguez Provides Effective Strategies for Buying and Selling Houses in Norwalk’s Hot Real Estate Market
In episode two of the Real Estate Roundup, Managing Partner Eric Bernheim interviewed Judith Dominguez, a residential realtor with WEB Realty. Judith, who lives and works in Norwalk, CT, shared her insight on the residential real estate market, and how she advises sellers and buyers to achieve their desired outcomes.
The residential real estate market in Norwalk is a sellers’ market. Predominantly fueled by the pandemic, people continue to relocate from New York City to Fairfield County to take advantage of the county’s proximity and transportation to the city, amenities, and space that the suburbs offer. Inventory is low, pricing is high, and houses are selling on an average of 58 days, from beginning to closing. This applies to all product types: single-family homes, condominiums, and townhouses. There is also limited inventory of apartments, which have become an interim solution for buyers unable to secures new homes, making the new multi-family developments soon to come online a welcome relief.
Since Judith represents both buyers and sellers, her strategies for each are very different. For buyers, she suggests: 1) looking for homes below their upper price limit to provide cushion if a bidding war ensues, 2) forgo contingencies, like inspections, from the process, and 3) write a personal note to the seller to emotionally compel them to choose you to buy the house.
For sellers, Judith advises 1) asking a few thousand dollars below the desired sale price to generate greater interest, which will lead to a bidding war and a final sale price above asking, 2) making modest improvements so the house shows well, and 3) removing personal items so it looks less “tethered” to the current owners. Since buying a house is an emotional process, having a lot of family photos and other personal effects can make it harder for prospective owners to see themselves in it.
To learn more about Judith and the residential real estate market in Norwalk, we encourage you to listen to episode two of the Real Estate Roundup.