W
estport's housing market is in a state of flux, with inventory at an all-time low. In January, only 14 sales were recorded, a 30% drop from the previous year. This scarcity has left many potential buyers and sellers scrambling to navigate the complex landscape.

    According to KMS Team at Compass, the reasons behind this phenomenon are multifaceted. With people working longer and having more financial means, they're choosing to stay in their homes rather than downsize or relocate. Many are opting for a winter escape instead of abandoning their long-time residences. As Laurie Morris notes, "Why leave a house you love when your kids have flown the coop?"

    Family dynamics have also shifted, with adult children and grandchildren frequently visiting, making downsizing an unappealing option. Kim Harizman points out that Westport's central location makes it an ideal spot for families to stay connected.

    For buyers, this means acting quickly is crucial. Karen Scott advises, "Don't wait for the perfect home or the lowest interest rate – life is short, and time marches on." Mortgage pre-approval can help speed up the process.

    While inventory may eventually rise, KMS Team identifies five consistent drivers of real estate transactions: "diapers, diplomas, diamonds, divorce, and death." These life changes often necessitate a move, making housing inventory ebb and flow unpredictably.

    For buyers looking to purchase, consider homes that need work. Don't overlook gems with prime locations just because they require renovation. With some TLC and vision, you could end up with your dream home.

    When it comes to renovation, KMS Team offers the following advice:

    1. Identify essentials and nice-to-haves separately.

    2. Create an overall plan for renovations, tackling projects efficiently and cost-effectively.

    3. Research prices and materials to avoid overspending on high-end fixtures.

    4. Make a detailed budget by itemizing costs and assigning guesstimates.

    5. Know the pros' charges (10-20% of project costs) and hire reputable contractors.

    6. Get multiple bids and evaluate the cost of renovation versus moving or rebuilding.

    Ultimately, Westport's housing market is a complex beast, influenced by various factors. By understanding these dynamics and taking proactive steps, buyers can navigate this challenging landscape and find their dream home.