Connecticut Real Estate Newsletter

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Stamford CT Real Estate | Greenwich CT Real Estate | Darien CT Real Estate | New Canaan CT Real Estate | Norwalk CT Real Estate | Presented by Leo Cardoso REALTOR® at William Raveis Real Estate

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You are here > December 2007 CT Real Estate Newsletter

Wet Basements

A wet basement is a very common problem in Lower Fairfield County. This is something that frequently worries buyers when selecting a new home. It is also an issue that sellers have to deal with, and should disclose to potential buyers. However, this usually can be fixed. Before putting their house on the market, sellers should attempt to correct the problem.

The first step in attempting to fix basement water problems is finding out the source of the water. Typically, water can come from leaking pipes, from outside sources such as rain and snow, or from underground. The method for waterproofing a basement will depend on the source of the water.

If water is present in a basement due to a leaking pipe, there is an easy fix. By identifying the location where water accumulates, a plumber can find surrounding pipes and inspect them for holes, cracks or loose connections, and then fix the leaking pipe. This is not a very expensive fix and will save sellers a lot of trouble during a sale.

If water is coming from outside sources, such as rain, homeowners should take measures to prevent water from getting too close to their foundation. There are a couple of options. Homeowners should inspect their gutters to make sure they are clean, and directing water away from the house through their downspouts. This is typically a problem during the Fall when leaves can accumulate inside gutters and clog them. Homeowners can always extend the downspouts further way from their house, minimizing the chances that water will come in. If your home is on a slope, where water could be coming towards your home from a driveway or even from the street, then you might need to grade your property in a way to prevent water from coming in. This is a more complicated solution and you may need an engineer's opinion.

If water is coming from underground, the solution can get a bit more expensive. The best way to correct this problem is to install a drain system under the basement floor or around the perimeter of the foundation. This is easier to do if a home is under construction. For existing homes it means breaking the basement floors or digging a lot of dirt around the home. This could be costly and messy. This drain system will direct water to a sum pump inside the basement, which in turn will pump the water out. This job should be left for a professional. Homeowners should hire a basement waterproofing company.

Regardless of the source of the water in a home's basement, it can usually be fixed. Homeowners should consider correcting the problem before marketing their home for sale. Water problems will discourage buyers from selecting your home, and can ultimately prevent you from selling. If a homeowner can't correct the problem, they must disclose it to potential buyers. They must inform buyers of this problem, including the frequency and amount of water present in their basement. Buyers interested in a house with water problems shouldn't necessarily be discouraged from buying. They should consult with a good home inspector and a waterproofing company. Then get an estimate of the cost to correct the problem. With this estimate in hands, potential buyers can negotiate with the sellers for either a credit at closing or a reduced sale price. Once buyers take ownership they can fix them problem themselves.

Recent Local Market Data

	Stamford	Norwalk	Westport	Fairfield

Homes Sold Nov 2007	85	73	24	39
Homes Sold Nov 2006	108	101	23	65
Homes Sold Nov 2005	130	117	28	57

Average Days to Sell Nov 2007	121	102	121	94
Average Days to Sell Nov 2006	85	84	116	96
Average Days to Sell Nov 2005	66	61	90	65

Average List Price Nov 2007	$730,968	$492,431	$1,674,533	$940,135
Average List Price Nov 2006	$597,878	$631,548	$1,552,161	$793,492
Average List Price Nov 2005	$646,132	$522,286	$1,536,607	$725,912

Average Sale Price Nov 2007	$692,194	$476,754	$1,579,271	$892,977
Average Sale Price Nov 2006	$578,785	$606,299	$1,439,913	$750,932
Average Sale Price Nov 2005	$630,730	$502,205	$1,457,375	$706,527

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January 2008

December 2007

Leonardo Cardoso

REALTOR®, CT Licensee

William Raveis Real Estate
1022 Long Ridge Road, Stamford, CT 06903

Phone: 203-653-5633
Email: cardosol@raveisre.com

All information is believed to be accurate but it is not warranted. You should verify all information independently. Equal Housing Opportunity

If your home is currently listed with a REALTOR®, it is not Leonardo Cardoso’s intention to solicit other brokers’ listings.
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Residential properties sold include only single family homes, condominiums and co-ops.
These statistics do not include multi-family homes, commercial properties or vacant land.
Disclaimer: Not all properties were sold by Leo Cardoso or William Raveis Real Estate.