Anatomy of a Sale
There are two consistent questions we
are regularly asked:Â â€œHowâ€™s the market?â€
and â€œWhat does it take to get a home sold today?â€Â Regular readers of this newsletter know we
have begun to answer the first question by looking at the statistics.Â The answer to the second question is not
simple.Â Many times the key to selling a
home is asking the right price.Â But, it
be condition, location and other factors.Â
We thought we would take a look at a few recent transactions to see what we might discover.
that are hard-to-show are hard-to-sell.Â Take for example the recent sale on Fleming Circle
which sold for $340,000.Â It was
purchased as a second home and then converted into a yearly rental in 2007.Â With four bedrooms, three and one-half baths, a first floor master, lots of upgrades and a close-to-beach location, we thought it would go quickly.
However, the tenants were not always co-operative about showings.Â The house wasnâ€™t always in â€œshowingâ€ condition.Â Itâ€™s difficult to say how many prospective buyers did not get in.Â In addition, there was a legal action against the builder, and that didnâ€™t help (but it did get cleared up and dropped).
So after losing potential showings and with time marching on, the ownersâ€”now more motivated than everâ€”dropped the price to reflect all this.Â An offer came in and the sale closed almost as the tenants were moving out.