Just Sold: Four Bedroom Carriage Home in Morris Farm
Earlier this week I was telling you about the three bedroom carriage home I sold in Morris Farm at 14346 Broadwinged Drive. Today I sold the four bedroom carriage across the street at 14347 Broadwinged Drive. You can imagine how confusing it might be when you have two files open, both listing around the same time, going under contract close to one another, closing the same week and with similar address with only one number off. Thankfully, they were friendly neighbors. In fact the neighbor at 14347 Broadwinged recommended me to the neighbor at 14346 Broadwinged. Still remember how easy it was to walk from one listing appointment right across the street to the other.
Of course, while these homes were right across the street from one another, they had entirely different sales experiences. That has to do with price point and size. The three bedroom sold quickly and had multiple offers. Tough to find a three bedroom home in Gainesville, VA. When it comes to four bedroom homes, not so much.
When the owners of 14347 Broadwinged and I first met, there wasn't much on the market. That was about a month or two before they hit the market. We picked a price of $448,000, which would be doable assuming inventory in the four bedroom homes remained low. Wouldn't you know as soon as we listed on April 5th (2017), all kinds of four bedroom homes in the price range started popping up.
After a little over a month on the market with lots of showings and no offers, but competitors snatching up the buyers, it was time to re-evaluate the list price. What was realistic with no competition was no longer realistic. The sellers lowered their price to $439,000, hoping one of the two buyers tire kicking would jump off the fence and make an offer.
On May 22nd, they went under contract with buyers who were driving by and happened to see the yard sign. Accompanied by their agent, they knocked on the door and requested a last minute showing Thank goodness my sellers accommodated.
Today, June 30th, those very thankful buyers closed the deal with my sellers at $435,000 and all of the closing costs paid by the seller.
When you list your home, it's important to keep an eye on the surrounding market. What was true when you first listed, may no longer be so. In this case, increasing competition made it very clear that $448,000 not acceptable to buyers. Maybe our market has crested with values. Maybe not. Only time will tell. If you want your own free market analysis of your Gainesville, Virginia home, call me at 703-402-0037. We'll check the market when we first meet, and again before you list. And we'll continue to do so until you are under contract.
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