By Living Room Realty, October 1, 2019
People tend to have an emotional attachment to their homes. And, as you might expect, this gets tied into their perception of value. My client Howard really liked this home in Wilsonville. He knew the area very well (mostly because he had a rental on the same street) and felt that it was overpriced. The comps and time on market confirmed his instincts. We put an offer together that was fair market value in my opinion. The sellers were so insulted that they didn’t even counter. Oh, and I forgot to mention that they purchased the house just 18 months prior and put a ton of money into it. Yes, it was much more livable than before, but the improvements were not exactly dollar-for-dollar in actual value.
We let it rest for a week or two and then followed up with another offer slightly stronger than the previous to get the contract locked up. At the end of the transaction, it was a win-win for all parties…it just took us a little extra time to get there. The moral of the story: don’t put a bunch of money into your home if there is a risk that you may have to move in less than 2 years. There are exceptions, of course, but that it a good rule of thumb.
