Embarking on a real estate journey can be unpredictable, and my recent experience with a listing left me astonished. In this blog post, I share four unexpected revelations that unfolded when my listing went under contract in just 24 hours. From pricing strategies to market dynamics, each revelation offers valuable insights for buyers, sellers, and real estate enthusiasts. Join me in uncovering the surprising elements that contributed to this swift success, providing a fresh perspective on the intricacies of real estate transactions. Whether you’re a seasoned professional or someone contemplating a property sale, these lessons might reshape your approach to the real estate market. Don’t miss out on the intriguing discoveries that emerged from this whirlwind 24-hour journey in the world of real estate.
Last week I listed a piece of residential real estate in Anderson, SC…1704 E Park Drive. I launched all the marketing material: the custom web page, the virtual open house, a video showing the peacefulness of an afternoon on the back porch, and more. By Friday I had three showings and by Friday afternoon, I had an offer.
You’re probably thinking, ok, what’s the big deal, you have a home under contract. Well, the big deal is that I have already experienced a few things in the last few days of this real estate transaction that I think will be helpful for you or that you can share with anyone deciding to buy or sell…especially in a price range under $250,000 or so.
1. PRICING IS KEY
I strongly believe that our pricing strategy played a significant role in the three showings within 24 hours and receiving an offer within the same timeframe for this home. Following my approach with all sellers, I presented two options: (a) a market value range along with my recommended list price, aiming to sell the home within the average time frame – in this case, about 60 days, with an expectation of being under contract within 30 days, and (b) a suggested list price range higher than market value, acknowledging that it might extend the time on the market but could be worthwhile if the seller is not in a hurry. In this instance, the seller opted for option (A) to facilitate a timely sale.
As it turned out, the process moved faster than the average. Conversations with interested parties indicated that the asking price was perceived as spot-on. I’m confident that pricing the home appropriately played a crucial role in expediting the contract process.
2. STRONG OFFERS MAKE A BIG DIFFERENCE
Certainly, we all aim to maximize our savings, right? However, presenting a robust offer on residential real estate upfront can significantly increase your chances of securing the desired home. I’m not suggesting offering above the asking price or handing everything on a silver platter to the seller, as seen in recent years. Still, a strong sales price can be a prudent approach. Additionally, asking for closing costs is no longer considered taboo, so don’t hesitate to go for it – especially when accompanied by a robust sales price offer.
In the particular case mentioned, the strong offer played a pivotal role in the buyer successfully acquiring the house. If the offer had been weaker, my advice to the seller would have been to extend the exposure of the house in the market to explore the potential for a higher offer. Ultimately, the decision rests with the seller, and as the listing agent, my duty is to work in their best interest, which often involves seeking the highest offer. Fortunately, due to the strength of this offer, there was no need to recommend prolonging the market exposure, and the buyer secured the property for herself.
3. NICE & NEAT CAN BE JUST AS APPEALING AS FANCY & DESIGNER
Allow me to begin by emphasizing that while buyers often expect luxury and designer features in higher-priced homes – and rightfully so – the dynamics change for homes priced under $250,000. In this case, I firmly believe, and this transaction serves as evidence, that it’s entirely acceptable not to exhaust your budget on upgrades that may not yield a significant return in the end.
Take, for example, the residential real estate in Anderson, SC located at 1704 E Park Drive. While it may not boast granite countertops, white cabinets, or hardwood floors, it stands out as a well-maintained residence. The existing features, including carpet, wood cabinets, and laminate countertops, are all in excellent condition. Sometimes, good condition can be equally appealing. Moreover, the exterior is meticulously cared for – the yard is regularly cut, trees are trimmed, and the overall curb appeal is commendable.
4. Lower priced homes seem to move the quickest in this slower time of year
In this quieter season, lower-priced, residential real estate appears to sell more swiftly. Although the average days on the market for properties in December was 61 days (statistics not specifying price ranges), my observations from October to the present suggest that homes priced under $250,000 tend to move even faster than this average. Notably, our recent listings under $250,000 have all entered into contracts within a week. While various factors contribute to this trend, it’s valuable information for anyone contemplating selling their property.
