Bloomfield CT Market Report for November 2011

Posted on December 10, 2011 by Peggy Chirico

homes for sale in bloomfield ctThere were 13 homes sold in Bloomfield CT during November 2011.  This compared a bit unfavorably when compared to November 2010 which showed 17 homes sold, but 13 is the most number of homes sold in one month in Bloomfield CT since June.

The median price for November 2011 was up from last November ($192,500 for November 2011 vs. $180,000 for November 2010).  Here is a recap of homes sold and median price by month for 2011 so far:

Month # of Closed Sales Median Price
November 13 $192,500
October 12 $145,000
September 8 $228,950
August 10 $186,875
July 11 $175,000
June 16 $174,500
May 12 $182,500
April 11 $167,000
March 8 $184,950
February 4 $350,000
January 7 $214,000

All in all, the real estate market in Bloomfield CT seems to be picking up.  Another positive sign is that there are 11 homes under contract and 21 homes under deposit, so let’s hope that Bloomfield closes out the year with another increase in homes sold.

Here are the homes which sold in November, with list price, sold price, and days on market (DOM).

Address List Price Sold Price DOM
11 Malone Drive $49,900 $42,000 70
432 Tunxis Avenue $46,000 $57,900 118
104 East Harold Avenue $139,900 $139,900 6
22 Hoskins Road $169,900 $148,000 180
1 Briar Lane $149,900 $155,930 99
26 Quail Run $189,900 $178,506 35
9 Sycamore Road $204,900 $192,500 170
13 Old Village Road $199,900 $195,000 79
58 Brown Street $200,000 $195,000 22
2 Hiram Lane $199,900 $205,000 160
247 Duncaster Lane $239,900 $205,000 45
29 Valley View Drive $249,900 $233,000 175
289 Juniper Road $399,000 $350,000 7
 

 

If you are looking for a home in Bloomfield CT, there are currently 125 on the market, ranging in price from two-bedroom, one-bath, 768 sq. ft. ranch for $79,900 to a four-bedroom, 4.2-bath, 2899 sq. ft. colonial on Gillette Ridge Golf Course with four acres for $1.2 million.  The median price is $199,000.  As you can see, Bloomfield offers a wide range of homes for sale in many great neighborhoods, close to town or out in the beautiful countryside.  Please let me know if you would like help with your search.

 

Peggy Chirico, REALTOR®
Serving the Greater Hartford Area
Prudential Connecticut Realty

If you are buying or selling a home in Hartford County or Tolland County, please call me at 860-748-8900, , or use the Contact Request Form.  I would be happy to help you with your home search or answer any of your real estate questions.

Find your dream home now!

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South Windsor CT Market Report for November 2011

Posted on December 6, 2011 by Peggy Chirico

The weather following our freak snowstorm on October 29 was wild and crazy, but the real estate market was pretty tame in South Windsor CT during November 2011.  There were 13 homes sold compared with 14 homes sold in November 2010.  The total homes sold per month were at the lowest since March 2011.

In November 2011, the median price was $240,000, compared with a median price of $281,950 in November 2010.  Here are the properties that sold in November 2011 in South Windsor CT, showing the list price, sold price, and days on market (DOM).

Address

List Price

Sold Price

DOM

294 Hilton Drive

$135,000

$125,000

2

595 Strong Road

$164,900

$151,200

149

261 Skyline Drive

$189,000

$172,000

80

35 Brook Street

$184,900

$181,000

9

92 Hillside Drive

$219,900

$217,500

101

154 Pine Tree Lane

$229,900

$222,500

33

22 Pintail Circle

$249,900

$240,000

97

86 Judy Lane

$259,900

$260,000

155

45 Rugby Lane

$279,900

$280,500

115

15 Drake Court

$309,900

$295,000

9

200 Clinton Drive

$359,000

$340,000

179

795 Chapel Road

$349,900

$345,000

13

112 Bridlewood Road

$469,000

$480,000

120

 

The median price also took a hit when compared to the past few months.  Here is a recap of the number of closed sales and median price by month for 2011 to date:

Month # of Closed Sales Median Price
November 13 $240,000
October 14 $275,000
September 16 $313,385
August 25 $240,000
July 20 $285,900
June 21 $259,900
May 20 $218,500
April 17 $220,000
March 8 $237,250
February 7 $305,000
January 14 $251,500

On a brighter note, however, there are 6 homes under contract and 22 under deposit, so we will have to wait and see how many properties close by the end of the year.

The South Windsor CT has always been a desireable real estate market, and buyers hoping to find their next house in South Windsor only have 77 homes to choose from.  They range in price from $14,900 for a two-bedroom, one-bath 700 sq. ft. mobile home to $1.3 million for a six-bedroom, two-bath, 3054 sq. ft. farmhouse on 75 acres.  The median price of homes on the market is $269,900.

Given the inventory, the absorption rate for South Windsor is 8.08 months.  Of course, with such a wide range of prices, buyers need to realize that there are quite a bit fewer homes at their preferred price point. If you are buying or selling a home in South Windsor CT, please contact me if you would like more information about the South Windsor CT real estate market.

 

Peggy Chirico, REALTOR®
Serving the Greater Hartford Area
Prudential Connecticut Realty

If you are buying or selling a home in Hartford County or Tolland County, please call me at 860-748-8900, , or use the Contact Request Form.  I would be happy to help you with your home search or answer any of your real estate questions.

Find your dream home now!

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East Hartford CT Market Report for November 2011

Posted on December 5, 2011 by Peggy Chirico

East Hartford CT Market Report for November 2011

Homes for sale in East Hartford CTMuch of central Connecticut was dark and cold the first week of November because of massive power outages from Storm Alfred, but the housing market in East Hartford was sizzling hot!  The number of closed sales in November 2011 was DOUBLE the number of closed sales in November 2010 (32 closed sales vs. 16 closed sales).

The median price also rose over last November, with this November being $147,750 and last November being $134,450.  Closed sales ranged from $22,000 for a two-bedroom, one-bath, 852 sq. ft. mobile home to $245,000 for a three-bedroom, 2.1 bath, 2320 sq. ft. colonial.  People may finally be realizing that there are bargains to be had both in the price of homes and low mortgage rates!  Here is the breakdown by price range:

Price Range November 2011 November 2010
Under $100,000 7 2
$100,000-$149,999 10 11
$149,999-$199,999 11 3
$200,000-$249,999 4 -
$250,000-$299,999 - -
$300,000-$349,999 - -
$350,000-$399,999 - -
Over $400,000 - -
Total 32 16

November 2011 also compared positively to prior months in 2011.  November was the second highest month for closed sales for the entire year to date and the median price was the highest of the last four months.  Here is the recap of the year:

Month # of Closed Sales Median Price
November 32 $147,750
October 23 $134,900
September 34 $136,750
August 31 $125,900
July 25 $160,000
June 23 $145,000
May 25 $152,000
April 23 $162,500
March 27 $149,000
February 14 $134,000
January 18 $127,500

There are also 24 homes under contract and 40 homes under deposit, so the positive trend should continue.

If you are looking for a great house at a great price, you should check out East Hartford. There are currently 229 homes on the market ranging in price from $22,500 for a two-bedroom, one-bath, 600 sq. ft. mobile home  to $289,900 for a three-bedroom, two-bath, 1362 ranch on almost two acres with a pond, a 60-foot barn, and three-car garage, which would be perfect for a car enthusiast (among others).  The median price is $149,900.

With the current inventory, the absorption rate in East Hartford CT is 9.16 months. Although this shows that it is a buyers’ market, sellers who price their homes to sell will still sell quickly.  If you are buying, let me help you find your perfect home; if you are thinking about selling, I will help you sell it quickly for the best price possible.  Give me a call!

 

Peggy Chirico, REALTOR®
Serving the Greater Hartford Area
Prudential Connecticut Realty

If you are buying or selling a home in Hartford County or Tolland County, please call me at 860-748-8900, , or use the Contact Request Form.  I would be happy to help you with your home search or answer any of your real estate questions.

Find your dream home now!

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Manchester CT Market Report for November 2011

Posted on December 5, 2011 by Peggy Chirico

Homes sold in Manchester CTConsidering that most of central Connecticut was out of commission the first week of November and we had a major holiday as well, the number of closed sales in Manchester CT was remarkable.  There were 30 closed sales compared to 18 closed sales for November 2010.  Quite a difference!

 

The median price for November 2011 was $152,500 compared to $189,950 for the prior November, so the median price is significantly lower.  I always caution that the median price is the midpoint of all the sales, so if a lot of lower-priced homes sold, the median price is going to be lower.  There are bargains out there, and people are buying them.  The houses sold this month ranged from $63,500 for a two-bedroom, one-bath, 850 sq. ft ranch which was a short sale to $399,900 for a four-bedroom, 2.1-bath, 2800 sq. ft. new construction craftsman style home.

Here is the breakdown by price range:

Price Range November 2011 November 2010
Under $100,000 2 2
$100,000-$149,999 12 -
$149,999-$199,999 9 9
$200,000-$249,999 - 2
$250,000-$299,999 4 4
$300,000-$349,999 - -
$350,000-$399,999 3 1
Over $400,000 - -
Total 30 18

It’s interesting to note that there were more homes in the upper price ranges that sold this November compared to last November, which is a positive thing.

In comparing November to the previous months in 2011, November’s closed sales were the highest since July although the median price was the second lowest of all the prior months.  There are, however, 18 homes under contract and 32 homes under deposit, so the next months’ closed sales should remain steady.  Here is a recap of closed sales and median price for 2011 so far:

 

Month # of Closed Sales Median Price
November 30 $152,500
October 26 $147,750
September 25 $179,000
August 24 $174,450
July 32 $167,500
June 43 $177,500
May 33 $155,000
April 23 $155,000
March 25 $175,000
February 10 $189,000
January 17 $170,000

If you are looking for a home in Manchester CT, there are currently 239 homes on the market, ranging in price from $64,900 for a four-bedroom, one-bath 1610 sq. ft. colonial to $759,000 for a four-bedroom, 3.1-bath, 4000 sq. ft. colonial built in 2010. The median price of all active listings is $179,900.

With the current level of inventory, the absorption rate in Manchester CT is 9.6 months, which is still a buyers’ market.  However, homes are still moving quickly if they are priced right for the condition they are in.  So whether you are looking for a fixer-upper or a home in pristine condition, Manchester will offer you many choices. And, sellers, if you are wondering if you should list your home during the holidays, you will find there are plenty of reasons that you should.

If you are looking for a home in Manchester CT, please give me a call. I would be glad to help you with your search!

 

 

Peggy Chirico, REALTOR®
Serving the Greater Hartford Area
Prudential Connecticut Realty

If you are buying or selling a home in Hartford County or Tolland County, please call me at 860-748-8900, , or use the Contact Request Form.  I would be happy to help you with your home search or answer any of your real estate questions.

Find your dream home now!

Posted in For Buyers, For Sellers, Market Reports | Tagged , homes for sale in Manchester CT, , market report, | Leave a comment

Should I Put My House on the Market During the Holidays?

Posted on November 28, 2011 by Peggy Chirico

putting your home on the market during the holidaysEvery year, right around Thanksgiving, I am asked the same question:  Should I put my house on the market during the holidays?  Actually, people usually say something more like:  Now isn’t the best time to put my house on the market, is it?

Of course, sellers have already assumed that the holiday season is NOT a good time to try to sell their homes, and they are looking for agreement from me.  I don’t agree with them, and here is why:

Less Competition

Many people don’t want to be bothered with showings around the holidays so they take their homes off the market.  As a result, inventory levels drop.  So if you do decide to sell, you will have less competition.

Relocations in the New Year

People accept new jobs starting right after the first of the year, and they will need to find housing before hand.  Those who transfer into an area must get settled, and that often means that they will be out looking at houses during the holidays.  They could be looking at yours.

Serious Buyers

Casual buyers and career lookers suspend their viewing activity during the holiday season, so the buyers who are out there are more serious.  You may not get as many showings, but those who do schedule a showing are more serious.  They are looking because they have to.

Holiday Ambience

Everyone knows that people buy the house they can see themselves living in–in other words, they buy a home.  Nothing makes a house seem more like a home than tasteful holiday decorations.  Soft lighting, holiday fragrances, and beautiful decor will help them envision themselves there for the next holiday.  Sellers can take advantage of the nostalgia during the holiday season.

Flexibility in Showings

Many sellers are worried that someone will want to see their home when they have a holiday gathering planned.  Buyers and their agents know that holidays can be busy times in general,  and they tend to be more flexible about showings.  Sellers should know that it is OK to work with buyers’ agents to schedule a showing that isn’t disruptive. 

Avoiding the Spring Rush

Spring is, hands down, the most popular time to list a home.  Those who choose to put their homes on the market now will beat the spring rush.  Inventory levels are high in the spring, competition is fierce, and the lookers come out in droves to check out landscaping ideas.  You will avoid all that if you put your home on the market during the holidays.

 

Of course, now is not the time for everyone to list, but if you need to sell now, don’t be fearful of putting your home on the market during the holidays.  The holidays offer some great advantages.  People do buy homes during the holidays, and yours may just be one of them.

 

Peggy Chirico, REALTOR®
Serving the Greater Hartford Area
Prudential Connecticut Realty

If you are buying or selling a home in Hartford County or Tolland County, please call me at 860-748-8900, , or use the Contact Request Form.  I would be happy to help you with your home search or answer any of your real estate questions.

Find your dream home now!

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Baby Boomer Series ~ Hey, Baby Boomers! Have You Had Enough Yet?

Posted on November 16, 2011 by Peggy Chirico

Too Much YardworkFirst, let me say that I am a bona fide Baby Boomer so I can relate.  Second, let me say that I spent the entire weeked raking up leaves from my yard and debris from my garden.  Third, let me say that all this yard work is getting really old.

I, for one, have had enough!  I am ready to let someone else do it all.  My house has become too much of a burden, and my prized garden that I spent a lifetime creating is ridiculously labor-intensive.  I don’t even want to look at it anymore.

Lest you think I am a decrepit old fogie, I want to assure you that I am not.  But I would rather spend my free time, what little of it there is, on other pursuits, like bike-riding, hiking, traveling, babysitting for my granddaughter, and other fun things.  Raking leaves, shoveling snow, pulling weeds, mowing the lawn, etc. are not fun.

I always thought I would stay in my house up to my dying day, but now I am thinking about moving.  I would really rather have a smallish, newer home with enough room for visitors and where I can spend time relaxing, entertaining, or whatever instead of spending every last waking free minute on maintenance chores.

If you too are thinking that it’s time to let go of all the drudgery, there are plenty of options for baby boomers.  Here are a few questions to think about:

Maintenance

You can decide how much work you want to do. Maybe you just want a very small yard–something that is manageable–and you are willing to do some work.  Or maybe you want someone to take care of all the exterior work.  Both options are available; in general, the more work that the association takes over, the greater the association fees.  If you are still a gardener at heart, you might prefer a tiny yard that you can manage or that you can hire someone to help you take care of it.  Be sure to check with the association to find out exactly what is covered.

Privacy

If you have lived in a single family home all your life, you might not be ready to give up your privacy by living in a densely-populated condo complex.  There are many single-family homes in associations or attached villas that will still give you the privacy you are used to and still give you the maintenance-free living you are looking for.

One Floor Living

If you are just looking for one-floor living, you have ranch-style condos, single-family homes, and two-story homes (attached and detached) with a master bedroom on the first floor.  You will still have plenty of room and visitors can always take the bedrooms upstairs.

Amenities

How important are social activities to you? Some complexes have everything you need within walking distance, including fitness centers, swimming pools, recreational facilities, and meeting rooms.  You have to decide if you are the type of person that would take advantage of the amenities or are you simply paying more for something you won’t use.

Age-Restricted or Not

Are you ready to live in an active adult community or do you enjoy having people of all ages around you?  There are communities for people over the age of 55, over the age of 62, or of all ages.  In recent years, some the the communities built for active adults have actually been converted to non-age-restricted, so don’t think they are all age-restricted.

Here or There

You might be ready to give up your yard; you might also be ready to give up winters as well.  Moving out of a life-long home is never easy, and it requires a careful decision-making process to find out where your next home will be.

If you are staying right here in Connecticut, I can provide you with information on maintenance-free living so you can see what your options are.  If you are thinking about relocating, please talk to me as well. I can recommend reputable REALTORS® that will take good care of you and help you find your next home.

 

Peggy Chirico, REALTOR®
Serving the Greater Hartford Area
Prudential Connecticut Realty

If you are buying or selling a home in Hartford County or Tolland County, please call me at 860-748-8900, , or use the Contact Request Form.  I would be happy to help you with your home search or answer any of your real estate questions.

Find your dream home now!

Posted in Baby Boomer Series, For Buyers, For Sellers | Tagged , , baby boomers, , | 2 Comments

Thinking About Putting Your Home on the Market This Winter?

Posted on November 5, 2011 by Peggy Chirico

Putting your home on the market in the winterHave you been thinking about putting your home on the market this winter?  Maybe you have to sell now; maybe you want to beat the spring rush.  If you live in the colder climates, you know that winter is a challenging time to sell a house.  And if you have experienced our recent freak October snowstorm that brought thousands of homeowners to their knees with massive power outages, you are painfully aware that it won’t be easy to make someone fall in love with your house in the winter.

But, if you are thinking about putting your home on the market this winter, you can improve your chances of luring buyers by playing up the features everyone will appreciate–especially after the last snow storm.

Whole House Generator:  With more than 800,000 people out of electricity, a whole house generator will appeal to anyone who had to endure loss of power.  People who are relocating to Connecticut may be particularly fearful of being at the mercy of Mother Nature.  A whole-house generator will ease their fears; however, any type of generator will be appreciated.

Fireplace:  Fireplaces have long been seen as romantic, but when the power goes out, they become life-saving.  Whether it’s a woodburning fireplace or a gas fireplace, a fireplace as a heat source will allow a certain degree of comfort in extreme conditions.  Gas fireplaces have an extra advantage in that they burn cleaner than wood fireplaces and may be more energy efficient.

Underground Utilities:  While this won’t prevent all power outages, underground utilities will improve the chances that your home will be operational when power is restored to the area. 

Gas Stove:  Again, gas stoves have long been in demand, but they become even more desireable in areas that are prone to power outages.  They are not just for gourmet cooks; you will be able to cook whatever is in your freezer before it spoils in a power outage.  And with a stove top coffee maker, you will be sure to have your favorite beverage available.

Extra Insulation:  Houses that hold heat better have an advantage during a power outage.  Your fireplace will keep the indoor space warmer longer if the warm air is not escaping through the walls.

Energy-Efficient Windows:  New windows will be more energy efficient than older windows because of new technology.  However, insulating correctly around the windows is just as critical in keeping heat from escaping.

Public Water:  As anyone with a well will tell you, when the power goes out so does your water supply.  Without water, you are not able to boil water, fill the dog’s bowl, or flush the toilets.  When the power goes out, people with public water will still have this vital resource.

Gas Water Heater:  If you have public water and a gas water heater, you can still wash dishes, take a shower, etc.  Big plusses during a power outage.

Snow Blower:  If you are thinking of making the move to warmer climates, you might want to entice buyers by including your super-duper snow blower as a package deal with the house.  Snow will fall; minimize the effects by providing an easy way to remove it.

If you are thinking about putting your house on the market this winter, focus on these features to improve your chances of selling.  If you don’t have any of the features listed, you might want to consider installing some of these to make your home more attractive to potential buyers.

Remember, people still have this storm on their minds and they will want to have their fears allayed.  Do whatever you can to lessen their fears, and you will have your home sold before the next snow storm.

 

Peggy Chirico, REALTOR®
Serving the Greater Hartford Area
Prudential Connecticut Realty

If you are buying or selling a home in Hartford County or Tolland County, please call me at 860-748-8900, , or use the Contact Request Form.  I would be happy to help you with your home search or answer any of your real estate questions.

Find your dream home now!

Posted in For Sellers, Home Improvement | Tagged , appealing to buyers, how to sell your home in the winter | Leave a comment

Bolton CT Market Report for September 2011

Posted on November 2, 2011 by Peggy Chirico

Bolton CT Market Report for September 2011

What’s going on in Bolton CT? Bolton is a small town with rural character; as a small town, there is usually not much activity in real estate sales in Bolton. It’s not uncommon to see two or three closed sales in a month. But in September 2011, there were 9 closed sales, with a median price of $265,000; in September 2010, there were just 2 closed sales, with a median price of $216,750.

 

So what’s is going on in Bolton? Is word getting out that it’s a great place to live? Bolton has easy access to Hartford, the University of Connecticut, and Eastern Connecticut State University; it is also close to all the shopping conveniences of Manchester and South Windsor. Yet people who live in Bolton enjoy the peace and quiet of rural living. It’s the best of both worlds.

Is it because people are hearing about the school system in Bolton, which is known for quality education, small student population, and the close-knit relationships? Bolton recently completed an addition to the high school which vastly improved space and facilities–further evidence of Bolton’s commitment to education.

Whatever the cause, nine closings in one month in Bolton is remarkable. What else is remarkable is that there are only 28 homes on the market with a median price of $276,900. There are also two houses under contract and six houses under deposit, which means that there is just four months of inventory in Bolton. This is very good news for sellers.

As a recap, here is the activity by month for the year so far:

Month # of Closed Sales Median Price
September 9 $265,000
August 2 $289,500
July 7 $255,000
June 6 $278,600
May 2 $384,000
April 3 $287,500
March 3 $239,900
February 3 $234,900
January 1 $340,000

If you are interested in seeing what is on the market in Bolton, you can enter your criteria when you search for homes in Bolton CT. Please give me a call if you would like help with your search.

 

Peggy Chirico, REALTOR®
Serving the Greater Hartford Area
Prudential Connecticut Realty

If you are buying or selling a home in Hartford County or Tolland County, please call me at 860-748-8900, , or use the Contact Request Form.  I would be happy to help you with your home search or answer any of your real estate questions.

Find your dream home now!

Posted in For Buyers, For Sellers, Market Reports | Tagged bolton ct homes for sale, , market report, | Leave a comment

Tolland CT Market Report for September 2011

Posted on October 27, 2011 by Peggy Chirico

Tolland CT Market Report

It was a stunning September for Tolland CT real estate. Posting the highest month in 2011, September came in at 20 closed sales with a median price of $297,575. This September also showed significant gains over last September, which had 10 closed sales with a median price of $234,000.

 

Here is the breakdown by price range:

Price Range September 2011 September 2010
Under $100,000 - -
$100,000-$149,999 - -
$149,999-$199,999 5 1
$200,000-$249,999 2 5
$250,000-$299,999 4 1
$300,000-$349,999 3 1
$350,000-$399,999 2 2
Over $400,000 4 -
     
Total 20 10

What was behind this jump in sales? We can only speculate, but Tolland has always been prized for its school system and it was named one of the top places to live by Money Magazine. Did people read that and decide to take the plunge? Or were people just trying to get settled at the start of the school year? Or is this truly a turnaround for Tolland real estate? We will have to wait and see what the next few months show; however, there are currently 9 homes under contract and 14 under deposit.

Median prices have shown great variability, but the past several months have seen fairly stable levels–and good ones at that (from sellers’ perspectives)! Here is a recap of closed sales and median prices by month for 2011:

Month # of Closed Sales Median Price
September 20 $297,575
August 9 $312,000
July 10 $337,750
June 12 $281,000
May 7 $225,000
April 7 $168,000
March 4 $344,750
February 10 $220,000
January 3 $209,900

There are currently 105 homes on the market, ranging in price from $115,000 for a three-bedroom, 1.1 bath split level to a $1.3 million six-bedroom, five-bath colonial/cape with 4500 sq. ft. The median price is $299,900. Given the current levels of inventory, the absorption rate in Tolland CT is 6.4 months, which is clearly a neutral market. This is great news for sellers in Tolland CT. If you are interested in finding out what is on the market in Tolland CT, you can enter your search criteria and see for yourself. If you prefer, contact me and I will be glad to help you with your search.

 

Peggy Chirico, REALTOR®
Serving the Greater Hartford Area
Prudential Connecticut Realty

If you are buying or selling a home in Hartford County or Tolland County, please call me at 860-748-8900, , or use the Contact Request Form.  I would be happy to help you with your home search or answer any of your real estate questions.

Find your dream home now!

Posted in For Buyers, For Sellers, Market Reports | Tagged , homes for sale in Tolland CT, , Tolland CT real estate | Leave a comment

Advice for Sellers: The One Question You Must Ask Your REALTOR®

Posted on October 27, 2011 by Peggy Chirico

If you are thinking about putting your home on the market (or maybe you already have your home on the market), there is one question you must ask your REALTOR® or any agents that you are interviewing for the job:

 

What do you think my home will sell for?

 

Notice I didn’t say,”What should I list my house for?” but “How much will it sell for?”  You will get (hopefully) an honest opinion of the most likely price for your house.  It may not be what you want to hear, but you will be saving yourself a lot of grief and aggravation in the process if you approach it from a realistic viewpoint.    A REALTOR® who knows your market will have a good idea of what you will get for your house, and that’s where you should list your house.

 

Why? The greatest disservice an agent can do is to lead you with false hope in order to get the listing.  When you price your home over market value, you will not sell it,  you run the risk of having no one look at it, and the listing will expire unsold unless you price it correctly.

 

“Well,” you say, “let’s start high and leave room for negotiation.”  You won’t get to negotiation because you won’t have a contract, and you won’t have a contract because people won’t even look at your house.  It’s better to start with a realistic price to get buyers in the door.

 

“But,” you say, “someone can always make an offer and we will consider where to go from there.” WRONG! By overpricing your house, buyers are already thinking you are inflexible.  Some may take the bait, but most will move on to something they can afford from the get-go.  In addition, when your home is overpriced, it will stay on the MLS a long time; the longer the time, the more stigma it will amass.  The first thing people will say after seeing that it has been languishing on the market for six months is “What’s wrong with the house?”

 

“We can’t afford to sell it for less than this amount,” you say, “so we will have to hope that there is someone out there who will pay what we want for this house.”  This is so unlikely, but even if one person HAD to have your house and was willing to overpay for it, the house won’t appraise and then you will have the appraisal nail in the coffin.  The buyers (who HAD to have it) are now going to renegotiate the contract.

 

“Well,” you say, “if it doesn’t sell, we will just take it off the market and try again next year.”  If you aren’t serious about selling your house this year at the right price, then wait until you are serious about selling your house.  Many of our market areas have high inventories now, and the situation will improve if the non-serious sellers take their homes off the market.

 

Only you can decide if you are ready to sell, but if you are, price your house to sell.  Find a REALTOR® who knows your area, will give you an honest answer about the market value of your home, and will do everything possible to help you get to the next step in your life.  You will be on your way, sooner rather than later or never.

 

Peggy Chirico, REALTOR®
Serving the Greater Hartford Area
Prudential Connecticut Realty

If you are buying or selling a home in Hartford County or Tolland County, please call me at 860-748-8900, , or use the Contact Request Form.  I would be happy to help you with your home search or answer any of your real estate questions.

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Posted in For Sellers | Tagged , list price, market value, what will my house sell for | Leave a comment