What is happening in the Stonington Real Estate Market?
By Kevin Bowdler, EDC
If we were having BBQ’s and dinner parties, we would all be discussing the current real estate market in Stonington. The EDC decided to talk with some of the leading real estate brokers in our area to get their views on what is going on right now — and how long it is going to last.
Greg Broadbent says “We have many out-of-town buyers looking to live in our exclusive neighborhoods for second homes on the water. We also have clients who are retired looking for single level homes. We have people looking for just about everything right now.” Safety and security are key attributes that buyers are looking for according to Judi Caracausa. “While no one takes safety and security for granted, we are fortunate in Stonington to have a minimal crime rate.” Bridget Morrissey says that “home buyers are looking at the Stonington community, the New England charm, yards with space and recreational opportunities.” “People are definitely looking for larger outdoor spaces, bigger yards and things like pools and finished basements. Buyers want home offices, and the trend for a nice large, updated kitchen is always a plus” according to what Rene McCammon is hearing from her clients.
Our Poll of the Month: What do YOU think of Stonington real estate?
There are several trends that are occurring at present. We have retirees looking to downsize and they often have cash and are prepared to pay a little more for their ‘forever-home’, according to Greg Broadbent. Bridget Morrissey says that “The biggest trend is people realizing they do not have to commute to work. Working from home has become accepted. Why spend outrageous amounts of money in the big city for a closet sized home when you can have a home office, a classroom, a yard and a community?” Stonington with it’s proximity and mass transit connection to major metro areas became a go-to choice.
Pam Johnstone says “our biggest issue right now is the lack of inventory, and in my view the best thing we could do is to build more viable housing alternatives for those who want to downsize and age in place. This would get the 'real estate ladder' moving, allowing buyers to upsize into the homes sold by those looking to downsize. This, in turn, would result in more small homes hitting the market for first time home buyers.” There are many existing homeowners in Stonington who would like to either upsize or downsize. Greg Broadbent says many of his clients want to buy the right home for them but also need to sell their current home. “People don’t want to be homeless. Buying while selling is a careful balancing act in this market. Sellers are afraid to list their house because they won’t have a place to go if it sells quickly,” says Broadbent.
If you are thinking of selling your home, all the top brokers offer the same advice. Declutter, freshen up with paint and fix all the obvious things that have been annoying you for ages. You should use a trusted real estate professional who can give you guidance on pricing and how to prepare your home to gain maximum value. You do not want to be in the middle of negotiating multiple offers with buyers or navigating situations that could end up in a lawsuit.
The big question is how long this sellers’ market will last and what happens next. Judi Caracausa says she is “fresh out of crystal balls... but I would suspect for at least one year”. The view is that inventory levels will rise as existing homeowners take advantage of the current market conditions. There are plenty of buyers but if the supply of homes for sales increases quite rapidly, we could see the market stabilize. Pam Johnstone says that “it’s important for the EDC to research ways in which we can add housing to Stonington without negatively impacting our beloved green space.” We all agree that we need diversity of types of housing and to provide affordable housing options in Stonington. The Town has been conducting a Housing Study that will be completed in the next few months. It is analyzing the current housing situation and will make recommendations as to how Stonington could provide affordable housing for all people who would like to live in our wonderful town.
How do YOU feel about living in Stonington, and what do you think could make it better? Take the short “Help Plan Your Town” Poll here: