8 Garden City house

More Darien Single-Family Homes on the Market This Past August Than a Year Ago

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While the 225 single family homes that were for sale in Darien in August represented a 13.5 percent decrease over the previous month of July, they represented a 19.7 percent increase in homes for sale over August of 2017. The seasonal decrease in homes for sale is not a surprise, as the number typically peaks in May and decreases through August. The increase in the number over last September is more telling, and should warrant some attention by sellers. Increased inventory and more competition make it all that more important to price a home correctly the first time, and to make sure a home stands out in its price range. An important thing to note is that the best way to sell a home in a timely manner and for its highest selling price is to price it correctly from the beginning.

17 Lake Drive Darien Real Estate

July Real Estate Stats in Darien: Fewer Homes Sold, on Market Longer — But Prices Up: Farrell on Real Estate

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With summer winding down, but August not quite over, we can take a look at some July real estate numbers in Darien. The median sale price of single family homes increased by 16 percent over July of last year and the average sale price increased by 12.6 percent over last year. The median sale price for a single family home was $1,525,000 while the average sale price was $1,682,764.  

Thirty-four homes have sold, a 6.3 percent increase over June 2018, but a 27.7% decrease over July of 2017. Darien homes were on the market for an average of 117 days (a significantly longer time than in 2017) but sold at almost 95 percent of sales price.

25 Brush Island

Here’s Why Home Buyers Should Have an Agent: Farrell on Real Estate

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While some buyers think that they can purchase a home on their own, without representation by a buyer agent, there are plenty of reasons why they shouldn’t. One solid reason is that, although they may think that they are saving money on commission rates, it can actually end up being more costly in the end. As a buyer, if you have signed a buyer’s representation agreement, you will be treated as a client, receiving a higher level of service. Your Realtor will now be representing you, forming a fiduciary relationship with you, and pledging loyalty to you. Agents are bound by common law to act in their client’s best interest through a buyer’s representation agreement.

40 Swifts Lane Diane Farrell on Real Estate

A Darien Real Estate Buyer’s Market in the Second Quarter of 2018: Farrell on Real Estate

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The second quarter of 2018 in Darien reflected a continuing trend toward higher inventory and a lack of urgency on the part of homebuyers. There was a 17.4 percent increase in the number of homes for sale, with 22 fewer closings than in 2017 for the first half of the year. There was also a 12.5 percent decrease in pending sales for that same time period. The average sales price for a home in Darien increased by 7.4 percent in the first quarter of 2018 versus the same time period in 2017, from $1, 777,058 in 2017 to $1,907,749 in 2018. Sale prices averaged 96 percent of list prices, a 1 percent drop over last year.

Swimming Pool Real Estate Diane Farrell

Will Having a Swimming Pool Help You Sell Your Home? Farrell on Real Estate

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After living through our recent heat wave here in Fairfield County, one might seriously contemplate installing a backyard pool (or perusing one of the 60 homes on the market in Darien with a pool). There is no denying the appeal of stepping out your back door for a cool refreshing plunge on a 90-degree day without the need of packing the car with towels, sunscreens and umbrellas. And a beautiful pool can certainly add a “wow” factor to a home. But aside from the subjective good and bad of pool ownership (which can include newfound popularity and extra maintenance), what does it mean for your real estate value? There is no easy answer to that question and a pool may or may not add value to your property.

Diane Farrell Houlihan Lawrence head shot thumbnail 18-01-10

When the Price is Right in Selling Your Home — and When It Isn’t: Farrell on Real Estate

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Despite many homeowners wanting to price their beloved homes at the highest price point possible, fair and accurately researched pricing of their homes actually works out best in the end for them. In reality, the best way to sell a home for its highest selling price is to price it correctly from the beginning. And, with today’s generous inventory of homes, it is vital to price a home competitively for a good result.

When a house hits the market as a fresh listing, it is in the most desirable position and the competition will be the highest. Assigning a competitive price to a property reduces time on the market and actually increases the percentage of realized value. Buyers will be eager to put in what they feel is a “fair” price.

A Look at the Darien Rental Market: For Those Not Looking to Buy, Limited Choices: Farrell on Real Estate

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While there are 389 single-family homes for sale in Darien currently, there are only 35 rental opportunities for those not willing or ready to buy. At the low end, there are apartments renting for $2,600 per month on the Post Road, while at the high end, there are much more luxurious homes asking as much as $45,000 per month in rental fees. For those looking for apartment life, choices on the Post Road range from one-bedroom units in the downtown area ($2,600), to a three-bedroom apartment above Chipotle ($3,500) to new one bedroom construction above retail space in the Noroton area ($3,250 to $3,400). Other apartment rentals include several new two-bedroom units (for those 62 and older) at the Pemberton 16 condominiums on Leroy Avenue ($3,950 to $4,700). These rentals include a ground-floor gated garage with assigned parking. The 22 single-family rental homes on the market range from $3,500 per month for a 1,368-square-foot, three-bedroom home on Tokeneke Road and $3,750 for a 1,538-square-foot, three-bedroom home on Hoyt Street, to the 9,000-square-foot, six-bedroom home on Brookside Road for $22,000 per month and the 6,870-square-foot, six-bedroom waterfront home on Nickerson Lane at the top of the rental market, going for $45,000.

Park gazebo Diane Farrell

Parks Make Darien a Nicer Place To Live and Can Help Property Values

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After driving through Cherry Lawn Park recently, on one of our seemingly rare sunny spring days, I was struck by the park’s beauty, and felt so lucky to live in this town of many beautiful parks (11, in fact). Our beautiful outdoor spaces add immeasurable value to our community. I thought about the value that these parks make to our real estate values in town. It is well known that waterfront homes can be worth significantly more than their landlocked counterparts. And on Long Island Sound, that can mean many millions.

63 Edgerton 5-21-16

First Quarter of 2018 Shows Buyers’ Market in Darien Home Sales: Farrell on Real Estate

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The first quarter of 2018 in Darien reflected a trend toward higher inventory and a lack of urgency on the part of homebuyers. There was a 3.3 percent increase in the number of homes for sale, with 12 fewer closings than in 2017 for the same time period. And although there were 12 fewer homes selling during the first quarter, there was an increase of 16 pending sales for that same time period. The average sales price for a home in Darien decreased by 6.5 percent in the first quarter of 2018 versus the same time period in 2017, from $1, 596,367 in 2017 to $1,492,622 in 2018. Sale prices averaged 95 percent of list prices, a 1 percent drop.

Home staging Diane Farrell column

To Stage or Not to Stage: That Is NOT the Question in 2018

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In the ever-evolving world of real estate, home staging has become quite popular. In fact, the positive effect that it can have on a sale makes it feel quite essential in today’s market. As a homeowner, you may question the value of home staging, particularly when considering costs and the inconvenience of relocating your own furnishings, but time and time again, the behavior of prospective buyers has proven to clearly be influenced by appearances. Staging has proven to help a home sell faster and for a higher price, making for a larger return on investment. In past years, home stagers focused primarily on de-cluttering rooms and tweaking the arrangement of a homeowner’s existing furniture and décor into more attractive groupings.

40 Swifts Lane Diane Farrell on Real Estate

Historic 18th Century Home with a 20th Century Story in Darien: Farrell on Real Estate

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A historic home can offer a one-of-a-kind experience for a buyer who can appreciate it. When you walk through the doors of this house for sale at 40 Swifts Lane in Darien, you realize that you are being transported back in time, to an age when things were tremendously different. Entering its main living room, with its enormous fireplace, you wonder what life was like back in 1719, when the home was built. To give you a frame of reference, 1719 was the year that Moses Mather, the first ordained minister of Darien’s first parish, was born.  

As you take a look around at its multiple stone fireplaces, wood paneling, wide-planked chestnut floors and large wooden beams overhead, you can’t help but wonder what this 5,000-square-foot house has seen. Part of its history came in the early 20th century, when the house was actually moved to Swifts Lane from its original Southington location in the mid 1920s.

Flower Diane Farrell

Looking to Sell? Some Outdoor Improvements Bring Returns on Investment — Some Won’t: Farrell on Real Estate

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Despite our recent bouts with wintery weather, spring really is on the way. And if you are dreaming about getting outdoors and doing some planting, you will be happy to know that landscaping improvements bring big returns on investment for the homeowner. In fact, outdoor projects have been shown to get back well over a 100 percent return on investment and many times, much more. The ever-important value of curb appeal, which is largely dependent on your landscaping, can add significantly to your home’s overall value. Easy and low-cost gardening improvements include adding color with annuals, perennials or flowering shrubs in beds or in pots.

17 Sunnyside Ave

Sell Now or Later? Some Things to Consider: Farrell on Real Estate

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With spring on the horizon, you may be considering if 2018 is the year to sell your home. One of the most compelling reasons to put your home on the market this year is that current interest rates, just above 4 percent, are still low by historical standards. They can help make a transaction easier for both the buyer of your home and for your next home purchase. Rates are predicted to rise and the current low rates can serve as an impetus for potential homebuyers to purchase sooner rather than later. Another factor to consider is that with the passing of the Tax Cuts and Jobs Act at the end of 2017, there may be added interest from people moving from areas with higher property taxes, such as nearby Westchester County.

Curb appeal lawn

Top Ways to Spruce Up Your Home If You’re Gearing Up to Sell It: Farrell on Real Estate

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Despite Punxsutawny Phil predicting six more weeks of winter, you may be giving some thought to selling your Darien home in this spring’s real estate market. Making your home as inviting and attractive to buyers as possible should be a priority when putting it up for sale. Traditionally a time of higher demand for homes, spring may present the right opportunity for you to sell, but may also bring increased competition among sellers. And although Darien is much sought after for its school system, easy commute and beaches, you will undoubtedly be best served by making your home stand out as the best in its price range. Removing clutter and organizing storage spaces is an important place to start.