By John Engel
Why do some houses sell in a weekend while others linger? It’s not interest rates or inventory. It’s about pulling the right lever, and we only have three: Price, Presentation, and Time.
Sellers often justify prices with what they’ve spent or point to unsold neighbors, but the market doesn’t care about your sunk costs, and active listings are just that: still active. The market speaks through sold data, and trend lines reveal which levers to pull.
LEVER 1: Price
When Less Is More
When a house gets showings but no offers, it’s probably the price. Did it show beautifully in the photos and then disappoint? When we can’t improve presentation, we cut price, typically at the 25-35 day mark. In Fairfield County we wait longer; the pattern is between 30 and 50 days.
Case Study: The $3M Stall-Out
A high-end colonial launched in the low $3 millions, drew interest, and got an accepted offer above $3M, but inspection issues killed it.
Showings slowed, but because he saw an offer over $3M, the owner stayed with the old price for months. At last, a cut to just under $2.9M revived activity and sparked multiple bids, closing at $2.8M. Price was the block.
Case Study: Condos and Clarity
In larger condo complexes, we have enough sales history to set clear pricing benchmarks. Twenty-eight condos have sold in New Canaan this year, same as last year, very predictable. Like single family houses, condos have been averaging less than 20 days on market for the last five years. They sell for 100% of asking price more consistently than do houses, and they do so after 8-10 showings, while houses average 12-14. Where an efficient market exists, price is the decisive factor.
LEVER 2: Presentation
When the Product Needs to Change
When price fits but offers don’t come, even though showings are steady, presentation’s the problem. Buyers want to feel some excitement with their new purchase, and often that hinges on presentation. It’s hard for an owner to see the problems, harder still to address them with urgency, “Nothing wrong with a brown dining room, it’s always been brown.”
NAR reports that 36% of agents recommend painting the interior in every listing, and 53% of sellers repaint at least one room. Why not paint? Cash-strapped sellers skip presentation upgrades, seeking liquidity and speed over ROI.
Case Study: From Tarp to Bidding War
We priced the property at around $2 million. The blue tarp on the roof, half-finished cottage, and some outdated spaces were a half-million dollar problem, and most sellers don’t have the luxury of time, energy, and money.
Well, this client attacked it with gusto. After a new roof, kitchen, bathrooms, garage, staging, and details, the house was magazine-ready. It sold over asking in a bidding war, $800,000 over our initial projections. Presentation won.
LEVER 3: Time
When the Market Isn’t Ready
When price and presentation are solid but the house sits, time’s the lever. Agents favor speed, but with inventory tight in some areas, waiting often beats slashing.
Case Study: Patience in a 1940s Ranch
A modest, original ranch has been on and off the market for nearly a decade. The seller rejected $2.0M offers, holding out for land value. No changes, no price drops, no painting. The property recently sold at full asking, unrenovated, over $2.6, and nearly double its tax assessment.
Case Study: The Midcentury Modern That Waits for a Match
A restored midcentury modern has lingered for over a year. Midcentury moderns often do. If priced right and presenting well, the theory is that the home’s niche appeal will find a buyer; it just needs more time.
Moderns are tougher to price, coming in and out of style, relying on abstractions like pedigree and authenticity, and they are a far more emotional sale. My study of 50 midcentury modern sales reveals few patterns: a market often behaving independently of the typical real estate cycles; a market where it is possible to sell a house sight-unseen.
Case Study: The Landowner’s Long Game
When one New Canaan landowner holds 11 of the 14 active land listings, it results in prices staying firm or rising, because cutting devalues the portfolio. Consider the Forst family in Nantucket, owners of 60% to 70% of downtown commercial storefronts. Consolidated ownership stabilized rents for decades. Recent sales to Blue Flag Partners between 2019 and 2023 has upended the market, igniting debates over the island’s affordability and character.
Market Timing as a Signal: When to Wait, When to Cut
Decide based on conditions. Rising inventory with flat pendings? Cut price. Low supply with no showings? Wait.
Examples: In Wilton, early 2024, supply rose while showings fell; price cuts worked. In New Canaan, early 2025, supply dipped and pendings slowed; waiting until April paid off. In Westport, spring 2024, low supply and strong pendings rewarded timed listings; latecomers cut prices. Track the data. The market sets value, not your past costs.
Darien, July: A Case Without a Clear Lever (Yet)
At mid-year, Darien’s inventory is low, favoring sellers, but the peak season has passed. A well-staged, right-priced property hasn’t sold. Feedback highlights outdated paint and cosmetics. With steady traffic, the cash-limited seller faces a choice: invest in presentation, cut price, or wait. A small refresh could work. If traffic drops, which it should, price may need adjusting.
Conclusion: Strategy Begins With Context
Price, presentation, time: each fits a moment. Showings but no offers? Adjust price. Visitors but no bites? Fix presentation. Nothing moving? Wait. Sellers ignoring market signals — clinging to expenses or unsold listings — miss the point. Watch the data, and pull the right lever.
As of June 30, 2025, the month’s supply is 20% lower than it should be, and homes-for-sale is 24% lower, while sales volume remains unchanged and price-per-foot rises. All this is encouraging seller resolve.
Notes from the Monday Meeting:
June and July were record months for our team, at over $20M. Agents are reporting strong activity: showings, offers, and sales.
Governor Lamont did the right thing, vetoing HB 5022, but New York’s democratic primary results shook things up a bit, making phones ring in Connecticut and Florida.
Canadian tariffs and a dip in foreign travel are killing the NYC and Florida gulf coast markets. Canadians represent 13% of foreign buyers of U.S. real estate, and we saw their April visits to Florida drop 35.2%. New York City will experiencing 800,000 fewer tourists this year, a 17% drop. But New Canaan might build a hotel for 40 of them. Stay tuned.
One last thing:
In last week’s column, I included a chart of many of New Canaan’s non-profits. New Canaan Nature Center boardmember Tom Turrentine sent me the following note:
Great article in NC Sentinel, your data supports what I’ve always sensed. I have one nit to pick:
New Canaan Nature Center, oldest nature based pre-school in US and environmental center, doesn’t “support artist and cultural events” (unless you include Fall Fair and Maple Syrup production in that category). Just sayin’…otherwise, great chart!
Thanks for the gentle reminder, Tom!
John Engel is a broker on The Engel Team at Douglas Elliman in New Canaan, and his daughter just got engaged. Back in the old days, engagements were not photographed. John bent the knee in Mead Park but you’ll have to take his word for it; only the geese and Melissa saw it.
July feels like it should be a good month for weddings, but it doesn’t even make the top five (October 16%, September 15%, June 13%, May 11%, and August 10%).
Susan Engel got married 60 years ago this week, sporting a pill box hat and a suit she made herself. Of course.
