Inventory in metro Atlanta is very low right now. It's a great time to be a seller, particularly if you have a property to sell that is in great shape and in a desirable area. Often homes that are move in ready and priced well will sell for considerably higher than asking price, resulting from multiple offers and the competitive bidding that takes place in that situation.
I recently listed an older home in Mountain View High School district. The home was well maintained and the seller had made some significant improvements, i.e., higher end tile in the master bath, including removal of the one piece fiberglass shower and installation of new mosiac tile shower, updated kitchen with reburbished cabinets, granite countertops, new stainless steel appliances, recent carpet, hardwoods in good shape, recent roof, new windows, gorgeous landscaped yard with two level flagstone terraces adjacent to an oversized deck in a fenced back yard.
None of these items were done in preparation for sale, at least, not to my knowledge. These were things that the seller did while occupying the home. These were improvements made for maintenance or lifestyle reasons but they all contributed greatly to the desirability and value of the property.
The home was listed and we immediately had 1 agent preview within 24 hours, I showed it myself on the 2nd day, there were 2 or 3 other showings on the third day and by the weekend we had seen 4 offers, and I still had agents calling to say they would be showing until my sellers accepted a cash offer Sunday morning.
I know it's hard for buyers and buyer agents. I work with buyers. It happens to me. You see the listing, you send it to your client (a potential buyer) and before you can sync schedules to see the property it's gone if it's a good one. For buyers the best advise I can give is patience. Prices and rates are still fantastic. We are in that not so enviable place right now where the moon and stars are not exactly aligned for you so it is quickly turning to a seller's market. Just move on. . .I received nasty emails from buyers who found me online and emailed their "opinions" about how unfair it was that they never had a chance to see the property before we placed it under contract. The house was on the market for nearly a week. . .I don't know what to say about someone not having a chance to see it.
For sellers it can be confusing. On the one hand a seller with this kind of success soon after listing might think that they inadvertently listed their property at a price that was too low. But, that is not usually the case, and was definitely not the case in our situation. In fact, the sellers and I reviewed comparable sales data and we actually listed above the recent sales but no so high that we would need to be overly concerned about appraised value.
Cash sales will help values in the residential real estate market move up faster than if we had to rely solely on sales that involved financing. Cash sales rarely involve an appraisal. An individual or an investor paying all cash will often make a determination of value and place their offer. A buyer who must rely on financing doesn't have the same luxury. The seller, the buyer, the listing broker and the buyer's agent all know that if the appraised value determined by the lender required appraisal doesn't meet or exceed the contract price there is the potential for the sale falling out and the buyer losing the property.
Did we list to intentionally attract only cash offers? Definitely not, it just worked out that cash offers with no contingencies were received on this property, giving the seller an opportunity to sell for higher than the comparable sales in the neighborhood, without having to be concerned about appraised value.
Desirable location, well maintained property, demand and market timing - it all came together for this seller and could also help you to capture more of your equity when you are ready to sell. As a seller you cannot control the market, you can't move the house to make the location better. What you can do for yourself is to have the home in move in ready condition with features that are often expected in your market and price range, i.e., fresh carpet and paint, granite countertops in the kitchen, and a high level of maintenance.
If you are ready to sell, give me a call and let's discuss your market position.
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