In a hot real estate market, the phrase "sold over asking" has become all too common. I wanted to share with you the real life story behind what those 3 words really mean to a young couple I recently represented.
As first-time sellers, Jess and David were understandably nervous about the whole process. They had young kids, busy careers and not enough hours in the day to live their life and get their home ready.
Planning The Work...
Our first task was to develop a pre-list plan that would fit their busy lifestyle, alleviate their anxieties, but would be comprehensive enough to produce an extraordinary outcome.
The checklist was E-X-T-E-N-S-I-V-E, covering everything from installing a new backsplash and fresh coat of paint, to landscaping and LOTS of decluttering.
Staying on schedule was a struggle.
Working The Plan...
Babysitters were called in, lots of takeout dinner but my clients were determined to get their home in showroom condition. Overall, approximately $5,000 was spent in repairs and upgrades.
Once the home was ready, my team moved in to clean, furnish, photograph and market the bejeezus out of the property. We listed the home at $779,000, which was a price that would generate multiple offers while still being high enough to save my clients from being overrun by showing requests from buyers lacking the budget to make a competitive offer.
The End Result
To Jess and David's delight, seven offers were submitted and all of them were for above asking!
Accepting the best offer of $863,000 meant that the couple could complete the renovations on their new home that they had previously thought would have to wait a few years.
How Others Compare
Fast forward a few weeks and the same model home only 9 doors down from my client's came on the market. Same floor plan, similar finishes and sold for $750,000 which was $113,000 LESS than I got for my clients only a few weeks earlier.
They used the same pricing strategy we did, similar wording in their listing and got much different results.
We told a story to buyers that this home was perfect for a young family and it resonated. Prepping your listing properly takes the guesswork out of the equation and in this case, it netted my clients an additional $113,000!!
The phrase "sold over asking" has become almost ubiquitous. But for this wonderful, hardworking couple, it meant the ability to turn their new home into their forever house.