Why do some properties go under contract faster than others? Recent blogs have discussed contributing factors that influence quick sales and/or multiple offers. When I listed my condo for sale, there were several other available units in the same building. Some had even been on the market for months. And, although the units were located in various spots throughout the building, they were otherwise comparable in square footage and floor plan design.
I received a full price offer in less than 30 days. Was my condo priced too low? No. It was priced in line with other similar units. Was it staged in a manner that was aesthetically pleasing, uncluttered, and inviting to potential buyers? Yes. Personally, my lifestyle dictates a more minimalistic environment. So, I tend to furnish my space in the same way I've staged other properties throughout my rehabbing and remodeling career. Buyers need a positive vibe. Properties decorated to highlight architectural design and the best use of space will typically appeal to more buyers. And, as we all know, you only need one buyer.
Okay … so my oven still had the Owner’s Manual attached to the inside rack. Yes, it’s true. I don’t cook much and in fact, my microwave and I are BFFs. Yet, although my condo received bonus points for having an unused oven – that was just the icing on the cake. Essentially, my condo was competitively priced, staged well, in good condition – and oh yeah – it met the exact needs of the new buyer.
You still have to find the right buyer at the right time. In my case, the buyer had just sold his condo and was looking for a 1031 Real Property Exchange. He was seeking a 1 BR/1BA condo, with parking, in my neighborhood, at precisely the same time I was looking to sell. A fairly priced property, well staged, in great shape – together with the right buyer – all working in unison like a well-oiled machine. A swift and painless sale was created and executed. You might say the stars were aligned perfectly. Perhaps it was a match made in heaven. All I know is that it took approximately 60 days from offer to closing. And, everybody was happy.