Tell Me What You Want (What You Really Really Want!)

What do you really really want? Are you a buyer trying to find a home that that zig-a-zag-ahs all the boxes? Are you looking for a unicorn of a house?

What about you, sellers? Do you want to sell your home, but really need certain things? There’s price (obvs), but what if you need to find a new home before you can move? Or a fast closing?

Buyers – Tell me what you want

Buyers sometimes beat out the competition for their dream house because they made the highest offer, but sometimes it’s more about the terms. Alyssa and Stephen had a very specific home they were looking for, in a few specific neighborhoods. They loved some of the older neighborhoods in the West Hills and Beaverton, and were looking for:

  • a split level home
  • with a short commute to work
  • energy efficient
  • has been updated but without taking away the original character of the home
  • newer windows
  • a shop
  • a big yard for the dog
  • an open layout
  • an office area separate from the living space
  • main systems of the house to be updated, but not completely remodeled because they want to put their personal touches on it

After missing out on one because we didn’t have our pre-approval ready yet, we went out to tour a few houses. On our second tour, there were four houses on the list Well, the one they said they were least interested in seeing, turned out to be the unicorn! Whoo Hoo! The only problem is that once they made the decision to write an offer we learned that this home checked a lot of boxes for many other buyers too.

Sellers- What do you really really want?

Alyssa and Stephen wanted this house. It was the one for them! So, what did we do to beat out the competition? Well, we knew that people would be offering a little over asking, so we did that to match nearby comps. But how to make us stand out? I gave the listing agent a call and talked it over. My goal was to help them write an offer the sellers would be happy about and didn’t cost Alyssa and Stephen more than necessary.

We learned that the sellers hadn’t found their next home yet, and may need to stay in the home after closing. This worked out just fine for Alyssa and Stephen because they were in no rush to move. They were renting and were going to need to break their lease anyway, so waiting a little while was a-ok with them. We offered the sellers a free month in the house after closing so they could have time to find their new home. To make it extra sweet, we also offered to let them stay longer than a month if needed, and just asked that they cover the cost of Alyssa and Steve’s rent if they decided to extend.

Zig-a-zag-ahhh

The sellers happily accepted and Alyssa and Steve didn’t pay more than they needed to and got the house of their dreams.Their flexibility in timing is what ended up sealing the deal for them! They just closed on the home, and learned that the sellers have an accepted offer on on their next home, so they may not need to extend their stay after all. đŸ™‚

A little communication goes a long way when you’re buying and selling. Tell me what you want and need and I’ll look for the common ground with the other side. Finding out what everyone really really wants and learning how to make all sides happy is fun, sometimes tough, but rewarding!

Alyssa and Steve sign for their new home!

Congrats Alyssa and Steve! I can’t wait to see what you do with your new home.

Importance of not over pricing your home

I’ve shared with my clients over the years that there are three ways to price a home. One, the highest price possible. Two, at market value. Three, just below market value. Every agent has their own pricing strategies. These have worked for me, and I’ve found pricing at a sweet spot below market value can bear a final price higher than both market value or the highest price possible. Once we’ve reviewed the recent sales of the neighborhood, we decide which strategy to use based on the home specifics, most importantly the condition and location. Its important to understand the state of the market and know pricing your home in the “old” real estate market is not the same now in the “new” real estate market. It’s also important to understand how buyers shop in the “new” market. Buyers are smart! Buyers have been researching homes, neighborhoods, and determining the value of your home before they’ve hired an agent to represent them.

I’ve found that many homeowners cannot grasp the idea that pricing their home competitively(slightly below market value) will create more interest and yield a higher sold price. If a homeowner has not sold/purchased a home in many years, their expectation is to receive an offer under their listed price, then to further negotiate. Their idea is that they’ll have to negotiate lower than their listed price to begin with, finally settling on a price below the “highest price possible”.  With the examples I’ve copied below, you’ll see that the majority of homes that sold below the listed price, were also on the market for a longer period of time. Time is money. Time is an extra mortgage payment, utility costs, and may also deter a buyer from choosing your home over a hot new listing priced competitvely. Your real estate broker will know when the home is an exception to this situation. When a listing enters the market at a competitive price(with all things considered-price, location, and condition), you open the door for multiple offers, escalating price, and attractive terms for the seller.

If you’re thinking about selling and need some guidance, contact your broker or give me a call. I’d love to review the selling process with you and help you determine what you can list and sell your home for in today’s real estate market. -Julia

Julia Robertson | Broker licensed in Oregon & Washington

Living Room Realty

541-505-1111 | julia@rebyjulia.com