Recent Sale Shows That Buyers Are Out There Last week I listed 822 E. Pioneer Rd in Grafton. The seller had purchased the home through me 8 years ago and had done a LOT of renovations. His wife had put a modern touch into the decor and it showed like a new home.
Still, it is a bit off the beaten path, so some families wouldn't like the location. And it is on the small side - with a mound system and private well - all things which could affect buyer interest. But it is on 1.24 acres and is move in ready.
We did a little staging/decluttering and updated some paint colors - most importantly the brown exterior to light khaki - and priced it "right," ie. a little less than the competition, so it wouldn't sit on the market too long. (The seller is transferring to Colorado.) I took over two dozen beautiful photos and video, created a floor plan and uploaded it to the web.
We did a little staging/decluttering and updated some paint colors - most importantly the brown exterior to light khaki - and priced it "right," ie. a little less than the competition, so it wouldn't sit on the market too long. (The seller is transferring to Colorado.) I took over two dozen beautiful photos and video, created a floor plan and uploaded it to the web.
Within a day I knew we had priced it right (and agents said their buyers were also drawn by the gorgeous photos I took) because 15 showings were scheduled through the weekend! By the end of day two, we had 3 offers on the table. By the next day, another had arrived. I hadn't seen a flurry of offers like this (on a non-foreclosure) in a couple of years! (Although, my well-staged listing on 78th got competing offers within a week or so, too.)
I began to wonder if we hadn't UNDER-priced it! I even went back to the MLS and checked recent sales to see if there was anything I had missed and to make sure it would appraise for the price it actually sold for. Nope, the comps said $210k - $220k and we priced it at the $210k to be competitive. (It also doesn't hurt when the seller has equity available to price it right.)
Then I remembered that it's pretty hard to underprice a house - the market will always bring it to where it should sell. Sometimes a house will sell for more if you price it a little lower, but if you had started at THAT price, it wouldn't have recieved so many offers and may actually have sold for LESS. (I know, that's confusing!) And of the 15 showings, not all wrote offers and two even gave feedback that the house was priced above market value. The buyers - a young, engaged couple - had been looking for the perfect house and lot for months and this was it for them. So, it was simply priced RIGHT - especially since it's a first-time buyer house and those buyers are out in droves right now!
So, it was a matter of the sun, moon and stars all aligning themselves perfectly - with a little staging, photgraphy skill, updating, decorating, pricing and luck to help! But it shows that doing the right things when selling your home make all the difference in the world and buyers ARE out there willing to pay- so listen to what your real estate consultant advises - and remember: it's almost impossible to underprice a house!
Then I remembered that it's pretty hard to underprice a house - the market will always bring it to where it should sell. Sometimes a house will sell for more if you price it a little lower, but if you had started at THAT price, it wouldn't have recieved so many offers and may actually have sold for LESS. (I know, that's confusing!) And of the 15 showings, not all wrote offers and two even gave feedback that the house was priced above market value. The buyers - a young, engaged couple - had been looking for the perfect house and lot for months and this was it for them. So, it was simply priced RIGHT - especially since it's a first-time buyer house and those buyers are out in droves right now!
So, it was a matter of the sun, moon and stars all aligning themselves perfectly - with a little staging, photgraphy skill, updating, decorating, pricing and luck to help! But it shows that doing the right things when selling your home make all the difference in the world and buyers ARE out there willing to pay- so listen to what your real estate consultant advises - and remember: it's almost impossible to underprice a house!
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