Can you put in order how fast each of these will sell and if a price reduction was needed?Harder still, with our slowing market, how long will it take to get an acceptable offer?A 4394 sq foot 6
The Tale of 3 Houses
Dated: September 2 2022
Can you put in order how fast each of these will sell and if a price reduction was needed?
Harder still, with our slowing market, how long will it take to get an acceptable offer?
A 4394 sq foot 6 bedroom on .31 acres listed for $1,200,000.
A 1760 sq foot 3 bedroom 2 story home built in 2000 on .12 acre lot listed at $494,900.
A 1676 sq foot 3 bedroom ranch with partial basement on .25 acres listed at $460,000.
The most affordable started at $460,000. as rates skyrocketed and ended up taking 90 days to sell after several price reductions. The list price when an accepted offer occurred was $405,000. Large lot but it lacked updates.
The newest, built in 2000 was listed at $494,900. was reduced to $484,900. when an offer was accepted and it took 19 days to sell. Lots to like but some buyers wanted a larger lot or a one level.
The most spacious home and largest lot at .31 acres was listed at $1,200,000. and sold the quickest at 14 days. No price reductions prior to the offer. What I learned was several of the buyers who went through were looking specifically for that specific neighborhood.
Did you guess correctly?
Every home has features that draw some buyers, and other features that cause some buyers to not be interested. Some negative features can be improved or modified, others such as neighborhood can not.
The one influence the seller and real estate broker have no control over, are the interest rates which are related to affordability and supply and demand.
If as a seller you do everything right in prepping your home to sell, and your home is properly marketed, are you willing and able to adjust your price to where a buyer will make an offer?
As a buyer, you may hear that the real estate market is crashing but most sellers would not agree with you.
Become a student of your local real estate market.
What you want from a buyer or seller doesn't matter. The key is whether they are motivated to agree to what works for you.
I have had the privilege of helping buyers and sellers in both Oregon and Washington for over twenty years. My wife Patti is licensed in Oregon as that is the state she was born in. Technology i....