Our listing. As with all of our deals, we learn with each one. Yes, even after 16 years in the business.
Post-mortem
We originally represented the buyer, when she acquired the property a few years ago. As the adjacent neighborhood was developed, traffic increased on the access street behind the house. Although still not a busy location, this removed a portion of potential buyers from the pool of those considering the property. Buyers would need to weigh the positive benefits of being on a cul-de-sac, across the street from a park. We highlighted this in our marketing.
Another takeaway is that when facing pressure to get it on the market quickly, or risk missing the peak selling season, it's sometimes better to slow down for proper preparation. In this case, the home showed better in person than in the photos - the opposite of what typically occurs. There is a cost to moving too fast and I think we could have done a better job of informing our seller of the tradeoffs.
The last takeaway is that we analyzed pricing throughout the duration of the listing, which gave the seller the confidence to ignore low offers. Each few weeks, we also revisited the analysis to make sure the market had not changed. We created and shared an MLS alert to notify us if new competitors emerged. When you know it's priced right, you just have to wait for the right buyer to come along.
It hit the market in July at $599,000, after the peak of the summer selling season. It sold last week for 1.2% below our asking price.
Post-mortem
We originally represented the buyer, when she acquired the property a few years ago. As the adjacent neighborhood was developed, traffic increased on the access street behind the house. Although still not a busy location, this removed a portion of potential buyers from the pool of those considering the property. Buyers would need to weigh the positive benefits of being on a cul-de-sac, across the street from a park. We highlighted this in our marketing.
Another takeaway is that when facing pressure to get it on the market quickly, or risk missing the peak selling season, it's sometimes better to slow down for proper preparation. In this case, the home showed better in person than in the photos - the opposite of what typically occurs. There is a cost to moving too fast and I think we could have done a better job of informing our seller of the tradeoffs.
The last takeaway is that we analyzed pricing throughout the duration of the listing, which gave the seller the confidence to ignore low offers. Each few weeks, we also revisited the analysis to make sure the market had not changed. We created and shared an MLS alert to notify us if new competitors emerged. When you know it's priced right, you just have to wait for the right buyer to come along.
It hit the market in July at $599,000, after the peak of the summer selling season. It sold last week for 1.2% below our asking price.
Osman Parvez is the Founder and Employing Broker of House Einstein. Originally from the Finger Lakes region of New York, he lives in Boulder with his wife and their Labrador Retriever. He has been a Realtor since 2005.
Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. For more information, click HERE.
Fresh Listings | Our review of the most compelling new listings to hit the Boulder real estate market.| Subscribe
Thinking about buying or selling and want professional advice? Call us at 303.746.6896. Your referrals are deeply appreciated.
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. House Einstein strongly recommends conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
