I met the owners of 2619 Countryside at an Open House on 809 Grouse. Sean and Megan Frank were out for the day checking out Open Houses and stopped by Grouse after watching the video I made on the home.
809 Grouse wasn’t the right home for the Franks, they needed a few more square feet, but we struck up a great conversation that day as they shared with me their real estate goals for their family. Today, Megan teases me that they only chose me to be their Realtor because she liked my socks, but jokes aside she told me when we met at Grouse she was impressed with all the marketing I’d done for the home, from the video to all the “Special Feature” cards highlighting the homes key features, to my knowledge about the local area, to the staging we’d done on the property. Sean and Megan shared with me they had a “diamond in the rough” they’d like me to see and maybe help sell. We set an appointment.
The Frank’s bought 2619 Countryside in 2008 as a short sale for $135,000. It needed a lot of work. Rather than spend all their future savings on the home, they made some simple upgrades and then it served as a roof over their heads and a place to call home while they saved up for their dream house. So a home that needed work in 2006, as you might imagine needed even more help in 2016. One of my areas of expertise is helping Sellers maximize the return on their investment, working with them to asses what remodeling/improvements can/need to be done to at minimum double the return on any expenditure. In current condition, I assessed the listing price at $190,000. With about $10,000 in upgrades, we could sell it for $220,000.
$10K spent would make an additional $20K – triple your money. No brainer if you had $10K in the bank.
With the help of my trusted contractor, here’s what we did:
- Exterior paint
- Partial interior paint
- New carpet
- Painted kitchen cabinets
- Added knobs to the cabinets
- New countertops in kitchen and bathroom
- New backsplash
- New vinyl tile flooring in kitchen and baths
- New furnace (not expected, but needed)
- 5-6 hours of staging.
Watch the before and after videos.
It took about 2 months to get everything done, sadly there was a death in the family for the Franks during the renovation process, but the Sellers soldiered on. Just before listing, based on just how incredible the home now looked and ever-improving market conditions- we agreed to increase the listing price from $220,000 to $239,000. Based on the price per square foot, if it sold at $239,000 it would be a record sale for the community.
The plan is always to post the home online on a Wednesday, with the first showings on Thursday. This stops the “madcap” rush to see the home and gives buyers and realtors a chance to really look at the home online, watch the video and review the comps. Thursday morning my clients leave town for the weekend, that way they can relax, and not worry about the stress of getting the kids and dogs out of the house for each show. The home is then vacant for Thursday, Friday, Saturday, and Sunday – with Open Houses on Sat and Sun. It is clearly posted in the MLS that all offers must have a response time of no earlier than Monday at noon, however, on Sunday evening Sellers return to review offers, but have until Monday morning if needed to make a decision.
We had over 35 showings in total 11 offers. When a home receives multiple offers I use a specific strategy to help the Sellers decide which offer is not only for the most overall money but is offering the most attractive terms. Which offer provides the most assurance, and is the least of a headache for the Sellers.
The winning offer was for $265,000 and we had pre-negotiated any potential inspection or appraisal offers with the buyer. With a reputable agent on the buyer's side, this was the golden offer.
Selling at $211 per square foot, still the record sale for this neighborhood by the end of 2016. $65,000 more than the Sellers would have made if they’d had just hired a realtor to put a sign in the ground and “put it on the web.” Congratulations San and Megan, and congratulations on the new home you purchased in December 2016 – it was a pleasure to help you with that too.
Cheers.
