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Case Study: 5524 Ashworth Ave N
There are a few things that stand out for me in this project. They are:
- The importance of a good process
- The importance of a good team to implement that process
- Standing firm on price when appropriate, and
- The importance of managing the appraisers visit
As I left this property after meeting with Angie and James about listing it, I called my wife, who calmly said toward the end of our call: “Well, I think it is going to happen tonight.” It was the birth of our son, Tommy. It turned out that he wasn’t born until the next day, but…Holly’s labor sure happened that night. Thankfully, I have a process, and a great team to support me, so we were able to get the property listed and enjoyed great success.
We had considered listing at $1,400,000 based on other local inventory, but decided to push the number based on the premium we felt the home deserved. We considered lowering the price at two weeks on the market (the sellers had their own infant at home so showings were inconvenient, and also wanted the proceeds for a home they were under contract to purchase), but decided to hold the line on price, as we still believed in the value. We soon heard of one offer coming, and were able to use that offer to encourage another party to get off the fence which…encouraged that first party to make their offer better.
We sold at $1,665,000 and created what I call “an appraisal problem.” It is a goal of mine to create this dynamic whenever I represent sellers; a house that is under contract for more than the appraiser is likely to see the value for. I met the appraiser at the house with my version of the “comps” for the property. She pointed out that the actual square footage of the home – per her calculations – was less than the city record. I argued that that it didn’t matter; that the quality of the property stood firm, and shared an example of a smaller-sized home that had recently sold at a similar price (across town). The appraiser agreed and the sale closed. The family moved closer to their extended family and we all smiled.
View listing details here.
Congratulations Terry & Nancy!
Terry and Nancy Beckham came to me in November with a great studio condominium to sell at The Concord. The home was perfectly tuned (staged!) and ready to market. We held the listing until a few days after Thanksgiving, and then hit the market. Just over two weeks later, the first offer came…and one day later the second arrived. We were able to use the strength of the second offer to keep the first position buyer on-track with an all cash, end-of-year closing. Everyone stayed focused as title policy confusion arose and was handled by the sellers, title, and escrow.
Congratulations Joe & Brenda!
Joe and Brenda contacted me in early November to discuss moving from a great waterfront home that I had helped them purchase a couple years before. We had not yet sat down for a formal strategy session before Brenda identified the next dream home. They wrote a contingent offer on the new home and did great work to prepare and stage their home for market. We took great photos and within a few hours of listing it received a call from the party that would ultimately purchase it. That party wrote an offer that allowed Joe and Brenda’s purchase offer to work, and…Joe and Brenda closed escrow on the two homes and were moved to the new one within seven weeks of our initial discussion.
