83 Kenyon St, Hartford’s West End

83 Kenyon

Excellent opportunity to own a Scoville designed West End Victorian! The home includes many period details, while offering 4 bedrooms and 2.2 baths over 2,556 square feet.

A charming front porch welcomes you and leads through a double entry into an open foyer. Off the foyer, the formal living room has a wood burning fireplace and built-in bookcase. The formal dining room is a large space that makes entertaining a breeze. Connected to the dining room is a neat and clean kitchen with stainless steel appliances and a blackboard wall. The first floor is completed with a mudroom and updated half bath.

On the second floor you’ll find an oversized master bedroom with walk-in closet and updated half bath. There are two additional bedrooms and a remodeled full bath.

The third floor has a spacious family room with built-in bookshelves and a small kitchen area. There is also another bedroom with a renovated bathroom.

Outside, the patio and yard are large enough for play or gardening. An oversized shed holds all of your outdoor equipment, and there is off-street parking for 3 cars in the driveway. Stay warm all winter with a high efficiency gas furnace.

Don’t miss this great home in an amazingly convenient location!

83 Kenyon Street is offered at $250,000. If you’d like to see this home, please have your agent arrange a showing, or call me at 860-655-2922 to schedule a visit. More details and a photo tour are available.

Two Bidding Wars

2017-02-06 Bidding War

As recently noted, the local real estate markets were very competitive in January. I had clients involved in two bidding wars during the month. They were quite different experiences.

Property #1 was in a premier location, with an excellent layout, but it needed a considerable amount of updating. The asking price was set rather low, and it attracted a lot of interest immediately. My clients liked the home, and agreed that the asking price was too low, so they quickly submitted an offer well over asking.

Property #2 was in good condition but had been on the market for a long time. The seller had done a price reduction about a month before, but still wasn’t seeing much interest despite the home being quite large and in a good location. Its challenge was that it had a big addition that gave it a non-traditional layout. My clients liked the home, but not the price. After being told that someone else had submitted a bid, they decided to make an offer below asking just in case their competition valued the home even lower than they did.

When people hear that there is a bidding war, they usually assume that the winning offer is above the asking price. That’s not always true. Sometimes a property can receive multiple offers with all of them below asking.

The key to navigating a bidding war is information and confidence. First, you have to have a strong understanding of the current value of the home. You need to know if the asking price is fair, too high, or too low. Next, you need to decide what the home is worth to you. Based on those two factors, you need to feel confident about the offer you submit.

Buyers only get one shot in a bidding war. If they win, they need to feel they paid a fair price. If they lose, they can’t have any regrets about their offer. The best way to gain that confidence is to pay close attention to the market, and learn about the pricing environment. Having a knowledgeable real estate agent on your team can help quite a bit, but you need to be paying attention to the market too. Buying a home is a team effort, and that’s especially true during a bidding war.

So, which property do you think my clients have under contract, property #1 or property #2?

January Contracts: More Buyers than Sellers

2017-02-03 Hartford County Single Family Contracts in January 2017

Hartford County began 2017 with 636 single-family homes going under contract in January. The total represented a 4% increase over the total from January 2016.

The market is currently imbalanced in favor of sellers in most price bands. Because most owners target listing their properties in the “spring market,” the number of available properties does not grow quickly in January. Buyers have been eager to start their home search this year, and are currently outnumbering sellers by a meaningful margin.

Months of Inventory is the metric that we use to compare the activity level of buyers to the number of homes available for sale. Inventory is currently at 3 months, which is a low number for Hartford County. Buyers have even fewer options at price points below $300,000s, which was the strongest portion of the market in 2016.

We are expecting the real estate markets to be active this year, perhaps even building on the gains in the number of deals observed from 2014 to 2015 to 2016. The best opportunities we see right now are for homeowners looking to move up to a larger home. Most markets are much stronger at the lower price point (where the move-up buyer would sell) than they are at the upper price points (where the move-up buyer would buy).

As always, we’re here to help with your real estate needs. Feel free to reach out to us at any point.

2017-02-03 Hartford County Single Family Contracts in January 2017 by Town

105 Newbury Street, Hartford

105 Newbury

You’ve found just what you’re looking for with this move-in ready Colonial in Hartford’s Barry Square neighborhood.

The first floor architectural details remain with original woodwork, French doors, and hardwood floors throughout. The formal living room has a wood burning fireplace and opens to the formal dining room and heated sunroom. The kitchen has been fully remodeled with plenty of cherry cabinets, granite counters and updated appliances. A renovated powder room and mudroom complete the first floor.

The second floor features four bedrooms and an updated full bathroom. A nicely sized master bedroom has a walk up to additional finished and heated third floor space. One of the smaller bedrooms conveniently houses the laundry in its closet.

The home has a high efficiency gas boiler, newer gas hot water heater, and replacement windows throughout.

Both the front and back yards feature mature perennial beds for lovely blooms throughout the growing season. There is plenty of parking, as well as a storage shed.

105 Newbury Street is offered at $199,000. If you’d like to see this home, please have your agent arrange a showing, or call me at 860-655-2125 to schedule a visit. More details and a photo tour are available.

2016 Single-Family Sales by Town

The other day I posted the County level stats for sales activity and pricing. The big picture view gives a good sense of high level trends, but doesn’t provide much insight into the markets of individual towns. The reality of Greater Hartford real estate is that each town is its own market, and there can be very different dynamics at play.

Here is a summary chart showing the activity and price changes in each of Hartford County’s towns. This continues to be for single-family homes, which represent the majority of the housing stock in most towns.

2017-01-06 Hartford County Single Family Sales in 2016 by Town

How did your town do last year? If you’re interested, send me a quick note at KyleB@KyleB-RE.com and I can send you our town report to get deeper into the data.