I did some research recently, and I was pleased to find that I've found a measure of success in selling homes with single-car garages in St. Joseph and Lakeshore School districts in Southwest Michigan. When I list homes with single car garages, I always share my concerns with the sellers. I tell them that we might have to expect buyers with more than one car to be turned off. Because most families have 2, 3 or even 4 cars these days, the lack of garage space might be a barrier to a quick sale.
One of the first things I do is check with the municipality about setbacks and requirements for adding a second bay. I want to know if the problem can be overcome. Can a carport be added? Can it be attached to the main house structure, or does it have to become an auxiliary building? If I can do to find solutions in advance, I try to check it out. I like to provide solutions for the sellers, and prospective buyers.
In the past year, I have the distinction of listing and getting the highest price for a 3 Bedroom, one bath, one car garage home in each the Lakeshore School District, and the St. Joseph School district. I am the king! (Of this one category, anyway. I like the sound of that - I admit it!)
It took work. In both cases, the sale actually took place about a week after my 6 month listing ran out. Time was necessary to find the right buyer. In both cases, the sellers wanted top dollar, and I got it. Everyone had to be patient. I had to do a lot of reassuring that the right buyer would come along. Fortunatley, both homes were in very good condition, and showed well. The sellers were cooperative on both counts. They were also very loyal to me.
One of the homes was my next door neighbors' home. They did make some concessions, but not much. Small plumbing repairs prior to closing sealed the deal, and my new neighbor is a wonderful person. By all accounts, everyone is happy.
The other home, however, was more difficult. The selling agent tried to negotiate every aspect of the sale. I appreciate negotiations, but this started to get crazy. First, they wanted $3,000 of the sale price. Easy enough. Then, the buyers wanted the seller's living room couch and love seat. Not to buy it. They wanted the sellers to give it to them. They also wanted their gas grill, and a table. This started things out on the wrong foot, and it was difficult to keep my sellers attitude arrested throughout the rest of the deal.
The buyers wanted $3,000 to replace the kitchen appliances and install a dishwasher. They wanted $1,000 furniture allowance when we refused the couch and love seat. They wanted the seller to pay their closing costs. They wanted the sellers to pay off a drain assessment of $1,500, which amounted to $120 per month on their taxes. They wanted us to pay for a survey.
After the home inspection, they wanted the sellers to upgrade the electric box, and to replace the furnace. The furnace was old, but working fine. We offered a Home Warranty, to cover the furnace. We upgraded the electric box. We Gave them some of what they wanted. We negotiated a reduced Appliance allowance.
The sellers had closed on their new house during the negotiation of the sale, so they had special motivation to work with the buyers. But they felt that the buyers were really taking advantage of the situation. Our final deal left my sellers having had grossed the highest amount for any similar house in the area, but the concessions affected the bottom line. In the end, they netted as much as my estimates of the third-highest net for a similar home in the area.
They were happy to have sold, especially given the market conditions. And the new owners are planning to erect a carport for their second car.
Comments(1)