Archive for the 'Buying' Category
West Hartford to Glastonbury
Many of the buyers I work with are hell bent on living in West Hartford. Well, at least they start out that way. West Hartford is attractive as a town for many reasons. It provides fairly good highway and major road access for commuting to Hartford and other towns. There are several shopping areas sprinkled throughout town that offer just about any store or restaurant cuisine you could want. There are lots of parks. The neighborhoods are walkable. Many buyers like the school system and just the feel that the town offers.
Then we start looking at houses in their price range, whatever that may be. We look at house after house and they determine that they can’t get one or two of the major things that they want in their price range. A family room. Or a larger yard. Or two and a half bathrooms. Or an updated kitchen. Or a 2-car garage. Or air conditioning. They start to feel like they can’t get what they want for the money they can spend. What to do? Typically they ratchet down their house expectations or give up on West Hartford and try to find a similar town where they can get more for their money.
And the town I find that competes the most with West Hartford when folks are in this situation? Glastonbury. Over the past few years I’ve seen this occur time and time again. My buyers pound their fists on the table that they’re so excited to buy in West Hartford. They eventually get depressed when they can’t find a house that meets their expectations and their budget. A colleague tells them that they live in Glastonbury and they should look there. So we do. And they end up buying in Glastonbury.
Glastonbury is similar to West Hartford in many respects; good road access for commuting, shopping and restaurants in town, walkable neighborhoods, nice parks. It is geographically larger than West Hartford (51 square miles versus 22 square miles) so more driving here and there is usually necessary. But typically it seems you can get more house (and a larger lot) for the money in Glastonbury. The average price per square foot for 2009 in Glastonbury was $163, compared to $167 in West Hartford. Property taxes are generally lower for houses of a similar size with similar amenities.
I’ve found this interesting over the years and am still seeing it today. Has anyone out there had similar experiences during their search?
Questions from the Home Buying Workshop
Last weekend I did a Home Buying Workshop at the Connecticut Convention Center in conjunction with the CT Home and Remodeling Show. It was a very interactive discussion, and attendees asked many interesting questions. Here are two questions we covered that will hopefully be relevant to a larger audience:
How do I find out about open houses?
There are a few places to check to find out about the open houses in the Greater Hartford area. The Hartford Courant’s Sunday real estate section is usually a good place to start. It’s easy, however, not everyone gets the Courant.
Online resources are the other main option. Agents should be updating the Multiple Listing Service (MLS) listing for their properties to note the open house. This pushes the data out to websites far and wide. As an example, the Raveis website has a section that lists all the known open houses for the coming weekend (no matter which broker is the listing agent). The Raveis houses actually show the listing agent’s name, while the competitor’s listings are more generic. Since not all agents know to update their MLS listings with information about the open house, you may be able to find out about more opportunities by searching each of the local broker’s websites individually.
Can I have multiple agents?
You officially “have an agent” when you sign a buyer contract. The contract specifies the time period and geographical area that you have hired them to help you with. If you have not signed a contract, then you do not legally have an agent.
With that disclaimer out of the way, can you have two agents at the same time? Yes, you can legally have two agents as long as there is no overlap in the geographical region. However, there are certain times when this makes sense and others when it really doesn’t.
If you are looking in two dramatically different areas, then you should have different agents. The specific question during the seminar was from a buyer looking in Simsbury and Clinton. Although I suppose it’s possible, it’s unlikely that you are going to find a single agent that is truly knowledgeable about two towns so far apart. It would be in your best interest to pick a Simsbury agent and a separate Clinton agent that are each active in the individual town markets. And you should make sure both agents understand your plan.
What doesn’t make sense to me is having two agents help you in a single town, even though it’s possible through careful structuring of the contracts. Buyers sometimes think that getting two agents to compete against each other will get them better service. But the incentives for the agents are to send you as many properties as possible (even if they doesn’t exactly meet your criteria) and then give you the hard sell so that you actually buy one of them. In effect, they’re working for the various sellers since they just want to get a deal done. If they don’t get you to buy with them, then they don’t get paid for all their effort, so they’re more likely pay attention to you sporadically when they are not working with their “real” clients.
That may be your idea of “better service,” but the idea behind hiring a buyer’s agent is to have someone in your corner, looking out for your best interests. Working with a single agent allows them to learn about your preferences and help you find a home that you will truly enjoy. They’ll be more likely to identify concerns with the properties you tour, making sure you have a good sense of both the positives and negatives of the home itself and how it compares to others on the market. And when you get to the negotiations, they’ll be far more comfortable negotiating aggressively because they’ll know that if you can’t reach an agreement on this home that you’re still serious about buying and will continue working with them to find other opportunities. A good buyer’s agent will work just as hard for you, but on a more consistent basis.
If you have things that you’re curious about, please feel free to send questions along via email. We’re always happy to help and there’s a good chance that someone else is wondering the same thing.
3 Regent Street, Hartford’s West End
This fantastic American Foursquare in Hartford’s West End is move-in ready with numerous updates. The home offers 4 bedrooms and 1.5 baths over 2,671 sqft.
An enclosed porch across the front of the house welcomes you to 3 Regent Street with its rich architectural details. Inside, a foyer with stained glass and marble tile leads you into the oversized living room complete with fireplace and original moldings. The large dining room is perfect for entertaining and features a built-in cabinet, stained glass window, and sliders to the outdoor entertaining area on the rear deck. Completing the first floor is an updated kitchen and half bath. Upstairs, the second floor offers a large master with two closets and stained glass, two additional bedrooms, a remodeled full bath with Jacuzzi tub, and a separate walk-in closet. The third floor has been completely finished into a single large room that could be the master bedroom, family room, or take on numerous other uses.
Outside, the grounds have been meticulously landscaped with Belgian block lined gardens, slate walkways, and full fencing. The main seating area on the rear deck can be covered with a retractable awning. Finally, the oversized garage has additional space in the back.
Most of the home’s mechanical systems have been recently updated, including a new furnace, central air, roof, windows, and 200 amp electrical system. It is a unique opportunity to step into a fully updated historic home in Hartford’s West End.
3 Regent Street is offered at $339,900. If you’d like to see this home, please have your agent set up a showing, or call me at 860-655-2125 to schedule a visit. Both floor plan and photos are available.