When I worked up the market analysis for this classic craftsman, I found only one comparable sale in the previous 9 months!
The pace of sales in this charming, historic town about eighteen miles south of Eugene is positively glacial. I knew it would take a combination of optimal condition, aggressive pricing, and dynamic marketing to get it sold in a reasonable time frame so the owners could move forward with their life plans. Even with all these factors aligned, I anticpated a market time above my average of forty one days between listing and sale.
Condition
Fortunately, the home showed great pride of ownership. Improvements consisted largely of de-cluttering - minimizing small items on flat surfaces, taking down personal family photos, and moving infrequently used items into storage. The owners paid for their own home inspection in advance, and promptly made repairs to the few items that would be required as a condition of funding for prospective buyers.
Marketing
My philosophy on marketing my listings can be summed up in one word: overkill. Since more than 80% of buyers find their homes online, a heavy focus on popular national and local real estate websites is essential. Quality and quantity are both important. As with all my listings I used a professional photographer, virtual tour to capture buyer leads, extensive feature lists and descriptions of the home and community, and an additional slideshow of the home and surrounding amenities. Color flyers, directional signage, and frequent postings on craigslist are a part of the campaign to attract attention and communicate value.
Pricing
Getting this element right is far and away the most critical factor in getting a home sold in a reasonable time frame. Or getting it sold period. Often, sellers try to base their initial asking price on the idea that they need bargaining room. "I need to get X amount of money for my home, so let's price it five, ten, or twenty percent above that figure and negotiate downward if necessary." While that may seem logical, it's important to remember that you can't negotiate if you don't have an offer from a buyer, and if your home is priced above market value, you probably won't get one! In this case the sellers had good equity in the home and were able to price at market value.
Results
After seven days and three showings, we had an offer within five percent of list price. I helped the seller negotiate up to 97% of list price, inspections are complete and accepted, and we are proceeding to close. The sellers have been able to proceed with the purchase of their next home and are highly satisfied with my service, and I have a new perspective on selling homes in outlying areas!
If you are considering buying or selling a home, and want expert assistance in getting results like this, please get in touch for a no-obligation discussion of your options
Bobby Stevens, Broker 541 225-8081
Eugene’s Alternative - REALTORS®
1553 Oak Street, Eugene, OR 97401
office: 541 302-5999 | office fax: 541 349-9616
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