Greater Hartford Real Estate Blog

I make my living by helping people move. But at times, I have to advise them that it may make more sense to just stay put.

Here’s a recent example…

A few weeks ago, I met a nice, older couple at an open house. They have been thinking about moving from their house to a condo. Right now they have one floor living, a garage, and central air. They have around 1,100 square feet and would want a condo around the same square footage. Finally, they have no mortgage on their home, so their only recurring monthly housing expenses are their taxes, insurance, and utilities.

I suggested that I could help them understand what their house is worth so they could make sure they were looking in the right price range for condos. They thought that sounded like a good idea and invited me to their home.

I toured their house, went home and did a market analysis, and came up with a potential selling range. I also created a Net Sheet to help them understand what they would take away from a sale. The Net Sheet takes the projected selling price and subtracts out the estimated commission, state and town conveyance taxes, attorney fees, and other miscellaneous expenses.

Based on their need for single floor living, a garage, and the towns they were considering, there were about 10 condo options available. When we took into account the condo fees at the complexes, taxes, insurance, and utilities they would pay, it turned out to be cheaper to stay in their current home.

Luckily they currently live in a ranch, so they don’t need to deal with stairs, and that made my recommendation to stay where they are much easier. They also have adult children in the area that can help them out with plowing and mowing, when needed.

While I do enjoy helping people sell their homes, sometimes it’s in a person’s best interest to just stay where they are. If you’re thinking about moving to reduce expenses, it’s important to understand your current monthly housing budget.

When looking at condos, don’t forget to take into account the monthly Homeowners Association fees and what they include. They may make it more attractive to just stay in your house.

Here’s a great opportunity to own a spacious 3 bedroom, 2.5 bath townhouse in West Hartford. You’ll have plenty of room with 1620 square feet and additional potential in the partially finished basement. The kitchen has been updated and features lots of cabinet space. An open living room and dining room lead out to the deck for entertaining. Upstairs you’ll find 3 large bedrooms, walk-in or double closets in each room, upstairs laundry, and two full baths. You’ll also enjoy an attached 1-car garage and central air. Convenient to the West Farms mall area and easy I-84 access.

If you’d like to see this home, please call me at 860-655-2125, arrange a showing through your agent, or stop by the open house on Sunday, June 22 from 1:00-3:00.

Market report time! All data is pulled from the Multiple Listing Service as of today and is deemed reliable, but not guaranteed.

There are currently 233 single family homes for sale in West Hartford. Here’s a graph of how the inventory breaks down.

There are also 168 homes currently under contract, waiting to close. Those homes are not included in the graph above because they are no longer considered “available.”

As you can see, if you’re a seller in the $200K-$250K range, there had better be something special about your house or your agent better be doing some aggressive marketing to make it stand out from the competition. Because you have a lot of competition.

If you have a house in the $351K-$400K range, will you please call me so we can put it on the market? There are a lot of buyers in this range, but they don’t have a heck of a lot to choose from. As a seller, you’d be in a good position to negotiate and get a good price for your home. Thank you.

Comparing single family home sales for May 2008 to May 2007, the number of sales was down 38% (47 in 2008 vs. 76 in 2007). The median price dropped by 2% ($307,500 in 2008 vs. $313,700 in 2007). Days on market actually improved, 45 days for May 2008 vs. 50 days in May 2007.

My take on all of this? The market is bifurcating into quick deals and more exhaustive searches.

There are still multiple offer situations in price ranges with low inventory, with houses that show extremely well, and with specific neighborhoods and streets. I was involved in one this week and continue to hear from other agents in my office that they are too.

On the other hand, buyers with many options are taking much longer to find a home because they are looking at all properties available. They feel there is no rush because often there is more than one option that meets their needs, they are just looking for a good deal.

On to Condos…Currently there are 88 condos listed for sale in West Hartford.

There are also 30 condos currently under contract, waiting to close. Those homes are not included in the graph above because they are no longer considered “available.”

Because there is so much new condo construction going on in West Hartford, it tends to skew the data as far as days on market and median price. However, the number of sales is still relevant. Comparing May 2008 to May 2007, condo sales were down 50% (10 sales in 2008 vs. 20 sales in 2007).

If you’re looking to buy a condo in West Hartford, make sure your agent does a through analysis of comparable sales when writing an offer. If you’re looking to sell your condo, make sure you understand all of the competition in your price range and price accordingly.

The data presented in today’s market report raised some new questions for me. Be on the lookout next week for a more in-depth analysis on certain price ranges and buyer and seller behaviors.