How Much is Your Home Worth?
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Stamford, Connecticut offers a blend of suburban serenity and urban sophistication, making it an ideal place to live, work, and play. With its diverse neighborhoods, excellent schools, dining options, and accessible transportation, Stamford has something to offer everyone, from families to young professionals, seeking a vibrant community by the water's edge.
Search for top amenities in each area and learn more about the history, schools, neighborhoods, attractions, and Stamford houses for sale in the map-based guide by The Tri-Star Team at Corcoran.
The Stamford housing market is very competitive. Homes in Stamford receive 6 offers on average and sell in around 42 days. The median sale price of a home in Stamford was $638K last month, up 12.4% since last year. The median sale price per square foot in Stamford is $313, up 5.4% since last year.
Median Sale Price
# of Homes Sold
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Stamford is a picturesque coastal city nestled in Fairfield County, Connecticut. Located just 30 miles northeast of New York City, Stamford's prime location along the Long Island Sound offers residents beautiful waterfront views and easy access to major metropolitan areas. Its proximity to major highways, including Interstate 95, makes it a convenient hub for both work and leisure.
Stamford is a diverse and welcoming community that offers a mix of suburban charm and urban amenities. The city hosts a wide range of cultural events, festivals, and community activities throughout the year, fostering a strong sense of belonging. Neighborhoods like Springdale, Glenbrook, and Shippan are known for their family-friendly atmosphere and tight-knit communities, while the downtown area attracts young professionals with its vibrant nightlife and cultural scene.
Stamford boasts a thriving culinary scene, with an array of dining options to satisfy every palate. Downtown Stamford is a food lover's paradise, offering everything from upscale steakhouses to cozy bistros and international cuisine. The city's waterfront restaurants provide a scenic backdrop for dining. Don't forget to explore the local farmers' markets for fresh, seasonal ingredients.
Stamford is home to excellent educational institutions, making it an attractive place for families. The Stamford Public School District offers a range of K-12 options, including magnet schools and programs for gifted students. For higher education, the University of Connecticut Stamford campus and several private universities have a presence in the city. Stamford's commitment to education is evident in its libraries and cultural institutions, like the Stamford Museum & Nature Center.
Stamford offers a diverse housing market with options that cater to various lifestyles. Whether you prefer a historic Victorian in the West Side or a modern apartment in downtown Stamford, there are housing choices to suit your needs. Some neighborhoods, like North Stamford, offer larger homes with spacious yards, while others, like Harbor Point, provide luxury waterfront apartments. The city's real estate market offers both rental and ownership opportunities.
Stamford is well-connected by transportation options that make commuting and traveling a breeze. The Stamford Transportation Center is a major transit hub, providing access to Metro-North Railroad, Amtrak, and several bus routes. Interstate 95 and the Merritt Parkway connect the city to surrounding areas. Stamford's walkability and bike-friendly infrastructure also make it easy to navigate the city without a car.
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There are two accurate ways to perform home valuations:
with a Comparative Market Analysis and an appraisal.
Here is how the two differ:
A Comparative Market Analysis (CMA) is a tool used by real estate agents to value a home. It evaluates similar homes that have recently sold in the same area. Agents find comparable sales and use them to conduct a sales comparison. In most cases, an agent will find three homes that have recently sold and are as similar to and located as close to the home being valued as possible. Each one is then analyzed to pinpoint differences between it and the home being valued. Once these differences are priced out, the price of each comp is adjusted to see what it would cost if it was identical to the home being valued were it to be sold in the current market.
An appraisal is an unbiased valuation of a home based on a professional’s opinion. They are usually what mortgage companies use for home purchases and refinances. A lender usually orders a home appraisal and the cost of the appraisal, sometimes up to $500, is paid by the homeowner. An appraiser does a complete visual inspection of the interior and exterior of the home as well as taking into consideration recent sales of similar properties and market trends. The appraiser then compiles a detailed report on the home, including an exterior building sketch, a street map showing the home and any comparable sales, photos of the home and street, an explanation of how the square footage was calculated, and any other relevant information.
Though getting a valuation in order to sell your home is the most common reason to get a home valuation, it’s not the only one.
Here are some more situations when a home valuation may be necessary:
Lenders base the amount of their loans on the value of your property and usually allow you to borrow a maximum of 75% to 96.5% against your property. Knowing what your home is worth allows lenders to calculate your equity in the home. The more equity you have, the better terms you will receive on your refinance.
If you’re doing home improvement projects to increase the resale value, you want to make sure you’re not pricing it out of the market. If your home is already priced on the high-end for your neighborhood, making too many improvements could make it more difficult to sell. When you get a valuation, you can see how your home compares with others in the neighborhood and let this guide your home improvement decisions.
If you want to borrow cash against your home, getting a Home Equity Line of Credit (HELOC) could be a good option. To qualify, you must have a certain level of equity in your home. Most lenders require at least 20%. Getting a home valuation will help you determine if you qualify and will be used by the lender to make a decision on your loan.
Though it’s not a necessity, simply knowing the value of your home is good information to have. It will help you plan for the future and deal with unforeseen circumstances when you might be in a position that requires extra money or a quick relocation. Knowing how much equity you have in your home and how much you may be able to borrow against it or sell it for will help you respond to any financial curveballs that life throws at you.
With several decades of combined experience in real estate, the The Tri-Star Team at Corcoran Centric Realty was founded in 2019 to provide superior service to its clientele. Contact us now to schedule a showing.