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Once a Seller is Under Contract to Sell…

Once a Seller is Under Contract to Sell…

Ever wonder what would happen if you were under contract to sell your home, but you changed your mind and wanted to stay put? Unfortunately, it does occasionally happen that sellers will be under contract with a buyer and have a change of heart. Does a seller have any outs in the Residential Sales Contract used in Northern Virginia? That’s a question every seller should ask of every listing agent they interview.

The contract used in our area, written by the Northern Virginia Association of REALTORSĀ®, primarily focuses on the rights buyers have to void (get out without penalty) the deal. Unless a seller has a contract with the “Contingent on the Seller Purchasing Another Home” clause, sellers have no avenue to unilaterally void a contract. And even in the case of the home purchase contingency, if a seller is working with a listing agent that isn’t watching the calendar, the contingency dissolves at the deadline, obligating the seller to sell. A seller definitely wants to know when that home purchase deadline is up.

If a seller does NOT have a home purchase contingency in place and finds their desire to sell has changed, there is little more they can outside of pushing back on any requested home inspection repairs or price reductions due to low appraisal that their buyer requests. The ultimate hope here is that the buyer, in the absence of the seller’s willingness to do anything in the buyer’s favor, would void the contract. Obviously, that is a poor strategy and reliant on the buyer having significant repair requests that would trouble them immensely if not done, or the property having a significantly low appraisal that the buyer can not cover.

In my business, I have never had a seller-client that wanted to halt the sale of their home while under contract. Of course, my sellers are counseled on exactly what they are getting themselves into when accepting an offer on their home. My seller-clients also have in me, someone who can read non-verbal communication very well and will address it out right. If I get the vibe a seller is having second thoughts, I am going to ask about it.

In representing my buyer-clients I have come across situations where sellers are wanting out of their home sale. In particular was a buyer-client of mine who happened to be the seller-client of another agent. Every time we went house hunting, there was remorse that they should not be selling their home. It started before the home was even listed. Naturally, not being my clients on the home sale, all I could do was encourage them to talk to their listing agent.

As time went on and they were under contract, the seller’s remorse became stronger. By that point in time, their buyer was past all of their contingencies and ready to close. What does a seller do then? They either a) ask the buyer kindly to release them from the contract, b) hire an attorney and discuss their options, or c) suck it up and sell their home as much as they hate doing it. Again, all I could do was tell them to talk to their listing agent. They ended up sucking it up and selling their home, which made me very sad for them.

The most recent buyer-client I had that encountered a suddenly reluctant seller happened about ten days before closing. The seller, through their agent, begged to be released them from the contract. In mulling it over, my buyer decided (with other factors at play that had not been discovered) to let the sellers out. The sellers were so relieved that we were able to work out reimbursements for my buyer-client from them to cover out of pocket expeneses incurred for inspections, appraisal and survey.

The bottom line message to sellers here is that if you are listing your home, you should be ready and willing to sell under the terms agreed upon in the sales contract. You can not rely on buyer’s being empathetic and kind enough to let you out of the deal, especially in a low inventory market. Have a back up plan if you can’t find a home you want to purchase next. Start by hiring a listing agent that isn’t invested solely in getting you to closing, but whose business is relational. Agents like that…like me, are going to care more about what is in your best interest and not the pay day at the end of the deal.

“Was Anyone Ever Murdered or Did Anyone Die Here?”

“Was Anyone Ever Murdered or Did Anyone Die Here?”

With Halloween coming up and skeletons seemingly around every corner in October, it is a great time to address a rather macabre subject that ocassionally comes up with buyers as they narrow down their home selection. It happened just this afternoon that a buyer asked, “Was anyone ever murdered or did anyone die here?” Her friend, a former client of mine, told her that sellers didn’t have to tell you unless you asked. Let’s unpack fact from hearsay.

Just because you ask a seller this question does not mean they have to answer it. Sellers are required to disclose material defects to the property, but not events that transpired there. The Virginia Residential Property Disclosure Act specifically states:

Purchasers should be aware that neither a seller nor a real estate licensee is obligated to disclose facts or occurrences which have no effect on the physical structure of the property, its physical environment, or the improvements located thereon, or the fact that the property was the site of a homicide, felony, or suicide.

The thought that someone may have died in a home they are contemplating purchasing is not the only thing that can cause a buyer anxiety. It was actually a closing just days before Halloween 2019 when sellers and I, as their Listing Agent, were accused of violating the Residential Property Disclosure Act. Buyers were doing their final walk through and noticed the neighboring lot was an old family cemetery. While the idea of living next to a cemetery may freak out some buyers, that’s just as much a non-disclosure for sellers. All a seller is held to is disclosing any material defects of which they are aware within the boundaries of their own property. Deaths, murders and suicides are not among them.

Navigating the Northern Virginia real estate market can be complicated on many levels. I would love to help you if you are looking for a place to call your own. Investing in yourself vs. a landlord is the first step to building wealth. Give me a call and let’s get started find you a house that YOU can haunt for years to come.

There is More to Consider Than SOLDS

There is More to Consider Than SOLDS

The fall real estate market in Northern Virginia is changing, just like leaves on our deciduous trees are undergoing a transformation. Many had become used to the frenzied pace of extreme buyer demand that stormed in during 2020 and lasted through 2021, that had sellers setting record high sales prices and collecting multiple offers. Those for whom that was a baseline for the real estate market are left feeling the market is a buyer’s market now that the frenzy has quieted down. That is not at all the case.

While buyers are enjoying the fact that they no longer have to make rushed decisions and waive every contingency, they are left feeling pinched by rising mortgage interest rates that have doubled since the start of 2022. Combined with housing prices that are still trending up, though not on as steep a trajectory, buyers are acting more deliberately. In a lot of cases, they are requesting seller subsidy to help buy down their mortgage interest rate. These factors that have slowed buyers down, has not changed the lack of housing supply to meet buyer demand. We are NOT in a buyer’s market. Believe it or not, the market still favors sellers.

Being in a seller’s market, however, does not mean multiple offers or always selling above list price. Real estate markets are defined by the absorption rate of available homes on the market. We could still have four months of inventory to sell and be considered in seller favored conditions. Our inventory in Northern Virginia, and particularly my primary service area of Bristow/Gainesville/Haymarket has not seen available inventory measured in months for a long time.

The current seller’s market is one where those looking to sell their homes will be advised to consider more than the most recent SOLD listings to figure out a suitable list price. Yes, sold listings are comparables. However, as we begin to build a bit of inventory, home sellers need to also look to a number of other types of listings.

COMING SOON AND ACTIVE

Looking at the available inventory there is to purchase will help a seller to figure out how to price competitively. Just because there are four comparable sold listings at $450,000 doesn’t mean that is the place you should price, or higher, as you would have in 2020 or 2021. Looking at active listings and those coming soon with similar features to your home is critical. If you have three similar competitors on the market priced at $450,000 that have been on the market for a few weeks and aren’t getting chosen, that suggests $450,000 is no longer a reasonable list price. If it were, those home would be under contract. So what competitors have been chosen?

UNDER CONTRACT

Competing listings that have gone under contract were chosen by the marketplace. Those list prices are much more valid, if all things are equal from a value proposition, than solds. Maybe the solds are at $450,000 and the three actives are at $450,000, just sitting there, but there are two under contract that were listed at $430,000. Do you think pricing at $450,000 or $430,000 is a better play? Clearly $450,000 isn’t working for the three sitting on the market.

WITHDRAWN, EXPIRED & CANCELED

As we build inventory, there are also clues in the listings that have been pulled from the market. If there is a withdrawn listing at $460,000 that was on the market for sixty days, that is a big hint that if you were just looking at sold listings, going higher is a no-no. The listings not chosen are as full of valuable information to choose your placement in the market as those active and under contract.

PRICE REDUCTIONS

Suddenly we are seeing price reductions in the market, where they were unheard of in the previous two years, with the exception of sellers who were really taking the frenzied buyer demand for granted and placing exorbitant list prices on their homes. There are sellers in every market that expect their inflated feelings of values to pan out on the market. It can be crushing when they don’t. Buying into an unfounded value as a list price can also be costly in a market undergoing a shift. Wasted time when a market is building inventory means wasted buyer opportunities and inviting more attractively priced competitors. Looking at who is lowering their prices and still lingering on the market is informational as well.

The buyer frenzy has subsided, but market conditions still favor sellers.

The real estate market is still favoring sellers, but that doesn’t mean sellers are seeing ten percent lift above their list prices or are getting buyers willing to waive contingencies. As the insane pace of the previous two years is slowing to a more measured pace, sellers are still likely to get under contract quickly and with reasonable terms when their homes are priced right, properly prepared and professionally marketed. Buyer demand is still high and inventory is still not enough to meet it.

Tread carefully when deciding how to present your home to the market of interested buyers. Overpricing is a real pitfall that will lock up sellers unable to grasp that the market dynamics are changing. Partnering with a full-time professional agent with experience beyond a seller’s market where the highest and best offer is chosen from a pile of offers is highly recommended. Skills that encompass all kinds of market conditions are not a given just because someone hold a real estate license. The soft skills to start the conversation that leads to getting an offer are absent in those that thought being a listing agent was putting a sign in the yard and collecting offers. Hire your listing agent wisely.

I have been at this since 2005. Making deals that put my sellers ahead of market conditions is what I do, no matter the current dynamics of the market. My listing process starts with detailed analysis of the market and listing preparation advice that will lift buyer enthusiasm. Combined with professional level marketing, sellers go under contract faster and walk away with more money than their competing listings. It would be a pleasure to help you do the same.

When Going Under Contract is Not Immediate

When Going Under Contract is Not Immediate

Not every home goes under contract immediately. It is still a seller’s market out there. I have recently negotiated deals from Bristow to Woodstock and last night, Middletown. What is happening in the market is a shift in buyer behavior. They are no longer prone to acting in a frenzy. Their actions have become far more deliberate as rising mortgage interest rates, coupled with the steady increase in home values, have pinched affordability. Buyers just entering the market are looking for smaller homes than they were a year ago, or homes further out.

The home pictured above at 6717 Middle Road took forty-two days to go under contract. (pause for reader gasp) Hold on there. That’s not all that unusual. Looking back to my listings to January 1, 2021, I found one that had higher days on market at fifty-two. The next highest below Middle Road was a home at thirty-one days. Mind you, my average days on market in that time frame is nine days. Median days on market is four. What takes some houses longer to go under contract than others?

PRICE

Price is usually the first, sometimes the only culprit to remedy when a property is not going under contract. If a seller does everything you tell them to do and the home is showing in immaculate condition, the price is the problem. Newer agents, licensed during the seller’s market boom since the pandemic, may not even realize that price can be a problem. They may give you feedback that the home doesn’t have a finished basement or the high level finishes expected. When their buyers pick higher priced houses with those traits and don’t pick yours, that means the price needs to come down. Let’s face it, there is zero sense in finishing a basement vs. lowering price to compensate for not having one.

TIMING

Sometimes, selling a home too soon after a purchase gives buyers two feelings. The first one is, “What’s wrong with the house?” Two of the sellers I have helped with the highest days on market owned their houses less than eighteen months when they listed them with me. In both cases, life circumstances precluded holding onto the homes. One was meant as a second home, but the owner wasn’t able to utilize it as much as she had hoped due to life circumstances. The other was a job transfer right after it was purchased.

The other feeling buyers had about these homes was about time owned in conjunction with list prices. “They are asking too much. They only bought it eighteen months ago.” Despite HUGE value increases during those times, buyers felt they were the judge and jury of how much these sellers should make for their short time of ownership. This feeling is pure jealousy and has nothing to do with market value. They will often feel value has solely to do with what an owner has done to improve the home. In the crazy market we have experience since 2020, demand alone was enough to justify high value increases.

CIRCUMSTANCES BEYOND YOUR CONTROL

Sometimes there can be a combination of factors contributing to high marketing time, not the least of which are circumstances beyond the seller’s control. Maybe you list a property in winter and you get snow storm after snow storm. Maybe you have a vacant home with, unbeknownst to you, poor drainage, live out of the area and experience torrential rain storms twice a week that leave puddles in your basement. You only find out because of agent feedback. Yikes! Middle Road had a timing issue (lots of judgement over how much the seller was asking having only owned the home eighteen months) and then water in the basement in puddles. Despite the latter being disclosed, then corrected to not be a problem, buyers were hesitant. To buyers who had been squeezed out of areas with newer homes not prone to such issues having different foundation structures, there was a bit of panic. What did the seller do? First she lowered the price. Then she hired a home inspector to do an entire property inspection and posted the very run of the mill, ordinary results for buyers and their agents to read. Now, they had a resource above either of our heads, to discuss the findings. Guess what? That’s when it went under contract. And without an inspection contingency because she had done the inspection for them.

Some homes just take longer to sell. Understanding the dynamics at play and being able to bring considerable experience and skill to the table to help my sellers work around whatever the market throws at them is where I shine brightest. Not every home sale is going to be prep it, photograph it, market it and review offers. There is often more skill and nuance in marketing it.

No matter what the process entails, I’m here to lead the way and make it as stress free as possible. Not all paths to going under contract are short or well worn, but having an experienced and skilled agent on your side that can help you work with the market, not against it, is critical to success.

Selling With or Without Tenants in Place

14443 Macon Grove Lane in Gainesville Sold for $352,400 on July 22, 2022

Selling With or Without Tenants in Place

Seems like every time I meet a seller who is hiring me to list a property they have rented, I get very anxious reactions about the suggestion to list after the tenants have moved out, or to financially incentivize them to be part of the process. (The latter usually means offering them a free month’s rent or discount on rent if they comply with showing requests, leave the home neat and the house is under contract quickly.) Landlords are quick to become fixated about the cost of such ideas.

In the case of the Parks at Piedmont South Condo pictured above, the landlord-seller was very smart. When attempting to first list the home with the tenant in place, she cleaned the home herself and put the tenants up in a hotel for the weekend. Nothing was going to stop buyers from hemming and hawing about the condition. The tenants had painted some loud colors, left the carpet a disaster and the walls in the stairway were very marked up. It felt shabby. And because the condo didn’t go under contract during the weekend the tenants were out, we dealt with limited showing availability and deteriorating show condition. It was no surprise when the buyer under contract to purchase got cold feet and bailed, having been in a competitive situation with three other buyers. That’s when the seller went down the track of improving the home once the tenants were out and listing again…$25,000 higher.

Having a conscientious seller that cared about the condition of the home was a blessing. The market had cooled since the initial listing at $325,000. Listing at $350,000 with new carpet, fresh paint, a new refrigerator and punch list items fixed, my next step was to do some light staging and order another set of professional photos. We wanted the fresh face of the improved listing to lead the way.

Even with all that, buyers seemed to want to tire kick more than usual. While this was literally the only property with three bedrooms available to buyers under $400,000 in Gainesville or Haymarket, buyers wanted to will a market crash into existence. Buyer agents chimed in with the verbal lowball offers from their clients. Then, one savy agent stepped up to the plate with his ready, willing and able buyer. While lowballers were circling, the serious buyer made a deal and today, they went to closing. The property sold for $352,400. The additional sales price more than made up for the less than $2,000 the buyer requested in closing cost help. Did I mention one of the lowballers wrote an offer at $280,000? Yikes. Talk about trying to will a market crash into existence.

When the time comes to sell your tenant occupied home, my advice is to get the tenant out, improve the home and then list for the best result. The money saved in attempting to dovetail a sale with the end of the tenants lease is usually not equal to what you would net in a higher sales price even with additional costs. Get in touch and let’s talk.

Staging a Home Makes a Difference

Staging a Home Makes a Difference

Getting a property ready for the market is not a task to be taken lightly. In order to generate buyer enthusiasm, a home needs to feel inviting. In the case of an occupied home, personal items need to be minimized. Walking into a home that feels like the owner is still very much there, is not helpful. Whether they realize it or not, buyers are trying to imagine themselves in the space. If they see your family photos, recognition plaques, diplomas or degrees, they are seeing you. They need to see a blank slate.

This topic is top of mind for me again today because I am about to step out and help a seller warm up her home with what I call fluff. The seller has cleaned and de-cluttered, but needs a tad of flair in the now bare surfaces. Of course, none of the flair ever conveys, but it sure does make a difference in how a buyer sees the space they are touring. Staged homes get chosen faster and make more money.

For my occupied listings, I take listing preparation very seriously. It is never a waste of my time to make sure a home is properly primped. And if there is a need to fill with some fluff (plants, paintings and the like) I am happy to provide whatever I have to make a more welcoming statement. Sometimes, a family room mantel just needs a pop of color. Or maybe bookcases need straightening up and items of interest. The more generic, the better.

In the case of a vacant home, it is very hard to visualize how big a room is, or feel any warmth in a bare setting with just four walls. Light staging is a complementary service I offer my vacant listings. A dining area would receive a table and chairs and some place settings and a centerpiece. Bathrooms are fluffed with towels and kitchens are warmed up with cookbooks and the like.

Making the best impression on buyers in the market is essential whether there is limited inventory or you are competing with twenty homes. How enthusiastic buyers are about your home will determine how high your offers go in a seller’s market or how quickly you are chosen in a buyer’s market.

When you are ready to sell, it is never too early to engage my listing services for the absolute best advice on the preparation that will make a difference in the market. The staging is the icing on the cake.

Under Contract in Parks at Piedmont

14443 Macon Grove Lane in Gainesville

Under Contract in Parks at Piedmont

Every once in a while, a property is able to be marketed twice and the second attempt is for a higher amount. This stacked townhouse condo with a one car garage in Gainesville’s Parks at Piedmont South at 14443 Macon Grove Lane is one of those instances.

Originally listed on April 30, 2022 for $325,000, this condo had been tenant occupied at that time. While the seller did everything in their power to make sure the home looked fantastic by de-cluttering and cleaning, even getting the tenants a hotel room for the first weekend on market, the level of wear and tear on the carpets and walls left the buyers that had gone under contract with it feeling remorseful. At least that’s the conclusion that the seller and I came to after those buyers voided their contract over a gas fireplace not igniting that cost less than two-hundred dollars to fix. After that, the seller waited for the tenants to vacate, had the home painted and new carpet installed. They fixed the fireplace and even ordered a new refrigerator. Those improvements warranted an improved list price as the home was in move-in ready condition. On June 23rd, it hit the market again at $350,000.

No seller of mine hits the market under prepared, relying solely on conditions to get their price. They get preparation advice, light staging and professional photography. Even though professional photos had been done during the first listing period, new photos were ordered AFTER light staging to increase buyer enthusiasm on the improved offering. It is not my business practice, even in a seller’s market, to do what is easy or cheap.

Even with the mortgage interest rate increase that buyers have had to cope with, they still find themselves in a seller’s market. There is no real estate crash on the horizon, despite some buyers making offers that are trying to will it in to existence. Inventory is still not meeting buyer demand. In fact, at the time that the first offer came in on this Gainesville condo, it was the only non-age restricted condo on the market in Haymarket and Gainesville below $400K. The only competition it had was a one bedroom condo. Yet, buyers still called with low offers and one made a written offer so low it made me think their agent had made a typo.

A serious buyer whose agent was advising them of the true market conditions and not a pipe dream of a buyer’s market coming to fruition made an offer that, with mild tweaking from the seller, hit the spot. On this 4th of July holiday, my seller is celebrating that she is under contract and is on track to close before another condo fee or HOA fee is due.

The hard reality for buyers is that, while many have been priced out of the market due to the continued rise of home values and now the steep increase in mortgage interest rates, there are still many buyers out there that can afford to buy. Affordability is not the problem of a seller. Smart buyers who hire experienced agents know that. They are making deals and taking advantage of what are still, historically low mortgage interest rates.

If you are a seller looking to sell in seller market conditions, don’t listen to the doom and gloom the news feeds you day in and day out. Get in touch with me. I’m a full-time licensed agent that has been at this since 2005. I have seen market crashes and know the signs. Buyers are more deliberate now, but there are still not enough homes to meet the demand in most Northern Virginia locations. My seller consultations are free and carry no obligation. Let’s talk!

Buyers: Let’s Talk About Escalation Clauses

Buyers: Let’s Talk About Escalation Clauses

Having been a full-time real estate agent in Northern Virginia since 2005, I have experienced more than the intense seller’s market of 2020-2022. Seller market conditions had been present in 2019, but the market was not as difficult to navigate as it became in 2020 and 2021 for buyers. Escalation clauses became very commonplace in the last two years and right now, they are still present in the market. Unfortunately, the market conditions, while still favoring sellers, is chilling out a bit. Competition is still present, but more limited and buyer actions more deliberate. What concerns me is the buyer and buyer agent perception of how escalation clauses actually work.

When you write an offer with an escalation clause, you are writing an offer that can speak in your absence. I have written about the appropriate use of escalation clauses before which focuses on situations that would call for them. This post is not to rehash that, but to talk about how shifting market conditions are chaning how sellers react to escalation clauses.

The risk to a buyer in writing an escalation clause is that they are showing the seller exactly how much they are willing to pay for a property. In the absence of other offers in hand, a seller is well within their rights to remove that escalation addendum and counter at a higher price, possibly to the max of the escalation addendum. Buyers and their agents tend to think that is not fair, but I am here to tell you that fair has nothing to do with it. When you have shown your upper limit, you need to be prepared for the consequences.

Just in the past month I have represented two sellers who had escalation clauses in offers. Neither had anything above list price when the offer with the escalation addendum arrived. One had multiple list price offers, the other no offers, but lots of traffic. Both buyers were stunned when the seller countered removing the escalation addendum and countering their offer. Cries of, “You can’t do that,” and “That’s not fair,” were made. Well, the seller can and who said life was fair. Mind you, in the ultimate act of fair negotiations, both sellers went midway between the max escalation and list price with their counters. Yet, the buyers were left feeling taken advantage of.

These buyers didn’t seem to understand, that in a market with not enough inventory, sellers still have the advantage. What sense does it make to say you would pay twenty thousand over list, but only if someone else was willing to pay a little less? Do you want the house? Do you want to lock down the deal before a better offer comes in? Especially on properties that you know will get other offers, it is a dangerous game to say no to a counter at a price you would pay otherwise. And if a buyer in this situation has not waived appraisal, there is no way they are going to be forced to pay above appraised value. From even a buyer’s agent perspective, it is hard to see rejecting a counter offer at a price a buyer would be willing to pay.

There is risk to a seller in removing an escalation addendum. Once a buyer’s offer is countered, the first offer that buyer made is no longer valid. It has been altered. This is very important for buyers to understand because their offer with a escalation, once countered by a seller, is not automatically going to best another within a certain range.

Understanding that bold statement above, let’s say Buyer A made an offer at list price, escalating above other offers in increments of two-thousand dollars to a max of twenty-thousand above list. Seller counters Buyer A removing escalation addendum with a sales price of ten-thousand above list price. What is wise for Buyer A to do? If Buyer A was worried that other offers may get higher than that since their original escalation was twenty-thousand above, they would be wise to take the counter. However, if Buyer A wants to counter the seller one escalation above list from their original offer at two-thousand above list, meanwhile Buyer B enters the scene at five thousand above list, Buyer B is now the highest offer. If the seller takes Buyer B, Buyer A will be kicking themselves that while they wasted time trying to get a few thousand lower, they could have locked in a deal still well below their max escalation.

When representing buyers I always make sure they understand the worst that could happen when including an escalation clause in their offer is that they get countered to their max escalation. And common sense says that if they were willing to pay that to begin with had other buyers been present with offers on the table, why wouldn’t they want it in a counter offer?

As far as I can tell from the listing side, buyers seem to think escalation addendums are a way of playing a real estate version of The Price is Right Showcase Showdown. They can best another buyer and be minimally out of pocket. Sellers are under no obligation to take the highest offer. In fact, sellers often times will take the buyer that appeared the most serious from the beginning, even if it costs them one-thousand dollars. An example would be Buyer A bringing in an offer at twenty-thousand above list with no escalation and Buyer B bringing in offer at list, escalating five-hundred above another to a max of twenty-thousand five-hundred above list. Buyer A swung for the fences with their offer. They didn’t need to know another buyer wanted it for just as much. That speaks volumes to a seller.

If you are serious about a home and you are worried enough about other buyers wanting it to include an escalation, try reframing a possible counter from a seller as a positive thing. You may just lose the house you wanted because your perception is that there are no other buyers interested. Better yet, write the max offer you are willing to make without an escalation and get sellers to act vs. waiting a day or two for an offer to escalate you. Buyers are still facing markets with not enough homes to go around.

How Many Days Does it Take to Sell in Spring 2022?

14443 Macon Grove Lane in Gainesville listed for $325,000 on April 30, 2022

How Many Days Does it Take to Sell in Spring 2022?

With the two percent increase in mortgage interest rates since the beginning of the year, you may have heard whispers of our Bristow and real estate market changing. Certainly, interest rates increasing have pinched buyers even more when rising home prices were already making it tough to afford a home. However, to declare that the market has measurably shifted from a seller’s market would be wrong.

In late April, dealing with the same interest rates, I placed a single family home in Bristow on the market. It was hottly contested and had multiple offers in a matter of four days. This past weekend, after having been on the market for just over one week, 14443 Macon Grove Lane had three offers at the same time. Multiple offers did happen, but not quickly. It was a rolling situation that left one of the four offers pulling out and moving on. What’s different between these two homes?

9477 Cromarty Court in Bristow listed for $584,000 on April 22, 2022

The single family home at 9477 Cromarty Court was owner occupied and updated to the nines. It also had a sought after water view. The downside of this property was the compact size of the rooms on the main level. However, the sellers had left no detail unnoticed. When it was time to the hit the market, the professional marketing drove up buyer enthusiasm and the coziness of the main level was not an issue.

Water view at 9477 Cromarty Court in Bristow

While the condo at 14443 Macon Grove did hit the market a week later, it was not owner occupied. Tenants in a home never have a vested interest in a successful outcome. They are losing their rental home. In this case, the landlord realized this was an issue. She was by far, the most savvy landlord I have dealt with in my seventeen years of selling homes. She cleaned up the property herself. She decluttered the property before showings herself. She even put the tenants up in a hotel for the weekend while showings were happening. The only problem was, the weekend we really wanted to list the house was unavailable to us as the tenants had plans. That meant a hasty rush to market.

Macon Grove, cleaned and decluttered by the landlord.

A professional photo shoot with great pictures that truly represented what buyers would see in the straightened and cleaned home, happened the day before it was to go active. I am here to tell, buyers and buyer agents do not make appointments until they see listing photos. Unfortunately, the photos didn’t hit the MLS until Saturday morning of our two day showing free-for-all. Showings picked up after the photos had been in a few hours, but the real activity wanted to happen Sunday through Friday. The tenants were unable to accommodate showing requests except for three hours in the evening, and one evening was taken off the table completely. (sigh) Even with showing restrictions and showing condition dwindling after the return of the tenants, the condo in Gainesville got multiple offers. It just took eight days to get there.

Fresh & clean owner’s suite at 14443 Macon Grove Lane

We are still in seller market conditions in Bristow and Gainesville. Of course, what matters most is what has mattered all along–how your home is prepared and marketed. An unprepared home is not going to create buyer enthusiasm. And even if it does, if buyers can’t get in to see it, that is a problem. If buyers are seeing poor listing photos, you are sunk.

Proper listing preparation and professional marketing get sellers to the top of the market no matter what their condition. And when there are issues you can’t work around, having a skilled negotiator representing you as a seller is critical. These two properties are great examples of how the market is influenced by condition and marketing. Stay tuned for their final sold prices. Until then, if you want to investigate the 2022 sale of your Bristow or Gainesville home, get in touch with me for a no obligation market analysis.

Just Listed: Gainesville Townhouse-Style Condo

14443 Macon Grove Lane Listed for $325,000 on April 30, 2022

Just Listed: Gainesville Townhouse-Style Condo

In late January 2022, I listed a Parks at Piedmont South condo for $315,000 at 14530 Kylewood Lane. At the time, $315,000 was on the high end for what a condo there would get in a sold price. Imagine how delighted my sellers were to get $335,000 when they sold. That leap up $20,000 over list price in sold price got the attention of the seller of my latest seller at 14443 Macon Grove Lane.

With tenants in place through June 30th, the owners had to make a quick determination. Do they list before the lease is up, for fear that rising interest rates may hinder a future sale, or list with tenants in place? Knowing that no two scenarios in real estate are the same, I advised the owner that if they listed with the tenants in place, it would behoove them to somehow get the tenants to buy into the process. Tenants in a listing have nothing to gain and their residence to lose. How do you get them to help with showings and make the house neat?

After deciding to move forward with listing sooner, the owners took the listing preparation on themselves as any other seller would have to do in the sale of an owner occupied home. They went in and took care of patching and painting, decluttering and cleaning. Best of all, they graciously paid for the tenants to have a weekend in a hotel during the first weekend of showings. Buyers and their agents are able to see the home this opening weekend from 10am-8pm with ease.

This three bedroom condo is the same floor plan as 14530 Kylewood. The floor plan is simply reversed and with different finishes. The floors on the entry and main level are hardwood, with the exception of the kitchen. There you find ceramic tile floors and granite counters.

The open main level floor plan, located on the second floor of this Linden model condo is the top feature of this home.

The second best feature is the owner’s suite on the third floor. It is an expansive space, large enough for any size bedroom set. Attached owner’s bathroom offers double sinks, oversized soaking tub, separate shower and water closet.

The fourth level is where a loft living area separates the second and third bedrooms from each other. It also offers a second full bathroom.

With a one car attached garage and convenient Gainesville location, close to many shops, restaurants and major commuter routes, this condo is sure to please. If a buyer closes on this sale before June 30th, the monthly rent of $1,930 will be pro-rated or paid in full to the buyer, as they will become the temporary landlord. If a buyer does not to deal with tenants for even a month, the settlement would have to occur in early July.

Community amenities in Parks at Piedmont include a community pool, playgrounds, basketball courts and walking trails. Condo fees include snow removal, trash removal, road maintenance, exterior building maintenance and master insurance policy for the structure. Owners need only a condo insurance policy to cover everything from the walls in.

If you are interested in this home, don’t hesitate to reach out.

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