Heritage Hunt Under Contract in Two Days

7065 Heritage Hunt Drive, Unit 103, Gainesville, VA 20155

Heritage Hunt Under Contract in Two Days

On April 24th, 7065 Heritage Hunt Drive #103 hit the market, reasonably priced at $338,000. Having hosted three former condo listings in this very same condo building since 2018, I have seen quick sales and listings that sit on the market a bit longer. It’s been a seller’s market the entire time with demand out pacing supply. So while I expected this to be a fast sale with the corner unit adding a ton of natural light, I didn’t expect my seller’s to be displaced for nearly two days with showings. Nonetheless, that is what happened.

Day one, we had our first offer and the sellers reacted by setting an offer deadline to try to accommodate all the pre-scheduled showings. However, when the second offer arrived, higher than the first and with a very sizable signing bonus to ratify the day before the deadline, all agents were notified the game had changed.

As a side note, it is amazing the amount of time’s a listing agent can hear that something isn’t fair. Well, for those of you paying attention, the listing agent’s job is not to work for anyone’s best interest by the seller’s. When a seller gets an unbelievable offer with its own deadline, all bets are off. The free market is at work and you either offer up or miss out entirely.

Not all agents in the market can write an offer on four hours notice. The job of a real estate agent, representing the best interests of their clients above their own, is not something the best agents out there take lightly. Then again, not all buyers are motivated enough to make a quick decision or write sight unseen. The 2021 spring market is brutal. Rather than ice capades figure skating, this is a professional league hockey game where you need to throw elbows. Doesn’t mean you need to be rude, but you need to be prepared to act and do it with conviction.

This Eastport model in Heritage Hunt will sell on May 24th (2021.) Will keep you posted on final sold price. Until then, if you have been thinking of selling your active adult condo, get in touch with me. Let me show you what professional marketing combined with expert level market and contract knowledge can do for you.

Just Sold: Heritage Hunt Active Adult Condo for $310,000

7065 Heritage Hunt Drive #101, Gainesville, VA Sold for $310,000 on April 22, 2021

Just Sold: Heritage Hunt Active Adult Condo for $310,000

Not all listings sell in a matter of days, even in this intense seller’s market that we are experiencing in Gainesville, VA. When I took the listing for 7065 Heritage Hunt Way, Unit 101, I was familiar with the unit. I had sold it for the prior owner in 2019. However, while comps revealed the likelihood of increased price, they also indicated that it may take a month to go under contract. One condo in the comps actually took nearly two months to go under contract. Perhaps it was pandemic phobia, being in a building with lots of common surfaces. Or just the idea that you may be quarantined in a building. Somehow or another, condos seemed to be experiencing a different ebb and flow than the surrounding market.

This particular unit faced its own challenges. It was first floor, apparently a problem for some people who wish to be higher than ground floor. It faced north, so it never got direct sunlight. And three, it faced the parking lot. I dealt with all of these objections the first time I listed it for the former owner in 2019. At that time, pre-Covid, condos moved faster. Post-Covid, not all do.

To me, the home offered fantastic space and the unusual feature of having engineered hardwood flooring throughout all but the bathrooms and second bedroom. That was a really nice upgrade. So after losing about three serious buyers, we upped the ante and staged. It warmed the place up and most importantly, brightened it up.

Never underestimate the power of staging to draw in a buyer.

The unit originally hit the market priced at $315,000 on February 1st (2021) and then endured one month of crappy winter weather. After just over one month on the market, the price was improved to $310,000. Just two and a half weeks at the improved price saw improved traffic and it went under contract with a buyer that was purchasing it for his mother.

There had been a buyer floating about that had his agent making verbal, low offers on the home. He had never seen the unit and was a cash buyer. Like most cash buyers, he felt that entitled him to a cash discount. It’s all cash to the seller in the end, and that’s where a lot of cash buyers lose out when they don’t see the value in their cash. They don’t need to go through appraisal and can offer list price or higher in a seller’s market. While he had his agent calling every hour on the hour, he insisted he wasn’t desperate. Well, he sure didn’t get the condo.

As it turns out, settling at $310,000 with $4,500 to a buyer with a conventional loan was still higher than that cash buyer was willing to verbally offer. Clue number one, buyers aren’t very interested when they don’t make written offers. Clue number two, they want it more than they are willing to admit when their non-verbal doesn’t match their verbal.

I imagine that cash buyer is still out there, trying to negotiate low deals in a market with rising prices. Yes, even condo values are rising. This one even appraised at $310,000 despite that cash buyer’s thoughts on market value. Just taking some of them longer to sell, that’s all. Limited inventory is still limited inventory.

When you are ready to sell your Heritage Hunt condo, get in touch with me. I have experience getting the job done and realize it may take longer than a weekend to sell some condos. And crazy low prices may not be the answer. Sometimes staging makes a difference, as it did here. Sometimes it is simply having patience.

Not All Listings Take Just a Few Days to Sell

Not All Listings Take Just a Few Days to Sell

When I first heard that the buyer of a former listing of mine at 7065 Heritage Hunt Drive #101 from the fall of 2019 was planning on selling, I was so pleased to be considered for the job. It’s not often I get to sell the same property twice, but it happens. And having expertise in this particular active adult community and condo building helped.

As with any market with intense buyer demand, our market values have gone nowhere but up since she purchased. And when my new seller decided to list for $315,000, it was hard to argue. She had purchased for $290,000 eighteen months earlier. At that time, the condo was only on the market a handful of days. Since the time the new owner had purchased, COVID changed the landscape of condo marketing. Living in a high density environment with commonly touched surfaces like community elevator buttons and door handles is now a daunting prospect.

The comparable SOLD listings showed eighteen days on average for marketing time. However, the PENDING sales showed an average of seventy-seven days. The pendings were the most recent to be chosen, so I prepared the seller that it was not likely to be a quick sale.

After one month on the market, we had endured two snow storms and realized we needed to highlight our positives more clearly to take advantage of the fewer showings we were getting. A new photo shoot and some updated staging did the trick. Showings increased. Not hard to do when you are the only active adult condo listing on the market.

That was when a market vulture made an appearance. Couldn’t be bothered to see the home in person, but wanted their agent to call and bully my seller into accepting a lower offer than what she had purchased the home for in 2019. On and on that went for about a week. Verbal offers thrown about, but nothing in writing. On and on we were told, “You’re on the only active adult condo on the market,” as if that meant we were priced too high. Hmm. That’s WHY we were priced where we were.

Nonetheless, other agents that did take the time to show the listing gave valuable feedback that left my seller re-evaluating her price. A small reduction to $310,000 was in order. Eighteen days after that price reduction, the condo went under contract…fifty-seven days on the market after listing. Not bad considering that the most recent chosen condos took an average of seventy-seven days to go under contract when we listed.

A seller’s market has high buyer demand and limited inventory. That doesn’t mean that every listing flies off the shelf. Make sure you hire a professional who knows how to interpret the market statistics to not cost you money lowering your price by leaps and bounds when what you need may be more time.

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