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. Assigning a competitive price to a property reduces time on the market and actually increases the percentage of realized value.
Overpriced listings start to lose momentum as newer, more competitive homes come up for sale, and get passed by, even when prices are lowered later. Additionally, when a house stalls on the market, neighbors and potential buyers begin to think something is “wrong” with the property, further diminishing interest in the home.
Needless to say, making a home as inviting and attractive to buyers as possible is vital. Worthwhile endeavors for sellers include removing clutter, organizing storage spaces and cleaning out the basement, attic and garage.
Half-full closets will show best and enable the buyer to see how much storage space is in a home. One of the least expensive and most worthwhile improvements to the interior of a home, particularly for resale, is a fresh coat of paint that replaces brighter or darker colors with lighter neutral tones.
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Sellers will want to maximize natural light for a brighter and cheerier environment and may consider removing heavy window treatments and increasing the wattage of light bulbs.
Small repairs and improvements like fixing leaky faucets and cleaning grout are beneficial for creating that all-important first impression. Many buyers are looking for no deferred maintenance and a home that is move-in ready.
Curb appeal also increases significantly with a neatly kept exterior and a welcoming entrance. Landscaping, colorful flowers and an inviting front door will impress buyers before entering a home.
Competitive pricing and an extensive job of preparing a home for the market can make the difference that buyers are looking for, and ultimately result in an expedient and efficient sale.
Diane Farrell is a realtor with Houlihan Lawrence in Darien. A 20-year town resident, she is a board member of the Tree Conservancy of Darien. Her marketing and public relations business, Farrell Marketing and Media is based in Darien. You can reach her at email@example.com or (203) 984-0644.
- Charlotte Felt of Halstead CT Named ‘2018 Realtor of the Year’ by Darien Board of Realtors (Sept. 14)
Farrell on Real Estate:
- July Real Estate Stats in Darien: Fewer Homes Sold, on Market Longer — But Prices Up: Farrell on Real Estate (Aug. 29)
- Here’s Why Home Buyers Should Have an Agent: Farrell on Real Estate (Aug. 2)
- A Darien Real Estate Buyer’s Market in the Second Quarter of 2018 (July 18)
Darien & Rowayton Real Estate Reports:
- Darien & Rowayton Real Estate Report: Aug 30 to Sept 6 (Sept. 14)
- Darien & Rowayton Real Estate Report: Aug 30 to Sept 6 (Sept. 6)
- Darien & Rowayton Real Estate Report: Aug 23 to 30 (Aug. 30)
Darien home sales:
- Lake Drive House Goes for $1,540,000 and Other Darien Home Sales (Sept. 6)
- Maple St House Sells for $856,000 and Other Darien Home Sales (Aug. 30)
- Noroton Ave House Goes for $1.5 Million and Other Darien Home Sales (Aug. 23)
Correction: The headline (written by an editor) in an earlier version of this article was incorrect in saying more homes were sold this past August than a year before, information which the article itself did not support. More homes were put on the market this August than last August.