Client snapshot: March, 2021
- Owners decide to take advantage of opportune time to sell and low interest rates to buy and they choose to scale up from a starter home to a forever home
- Owners prep house and price it strategically to attract multiple offers
- A deadline is set for offers
- Multiple interested parties call to inquire if there’s a price that the sellers will accept so the buyers can avoid multiple counter offers going out
- Property sells for $175,000 over the asking price with solid backups in place
- Owners whoop so loud their baby wakes up and it becomes a family celebration
- Owners open escrow on their forever home
There’s a shortage of housing at the moment with overwhelming demand for houses that are turnkey and move-in ready and there’s not enough supply to meet the demand. Because there’s so much more demand than supply, buyers who are missing out on multiple houses are at some point aggressively going after a house they find amazing and paying a premium to beat the intense competition.
The city is mostly shut down and still working super slow so it’s very hard and time consuming to get permits at the moment. Construction is a hard process for the unfamiliar to navigate. Given low interest rates and people’s motivation to move since we stayed home in Corona, it makes sense that houses that are attractively remodeled with permits are selling at a premium now. And houses that need remodeling have less competition and are selling for a lower price.
There’s a unique opportunity right now for owners with turnkey homes to sell at a premium. If those owners are okay buying a house that they will remodel at a later date when Covid ends and the city is back, there’s an opportunity to buy low and sell high.
It’s interesting to observe that like most things in life, buying or selling a house is a true scenario of feeling all the feelings. Many people are attached to their houses and it’s hard on some level to separate from “home” and to move. Getting a house ready and primed to sell for top dollar is a big endeavor for most people, even if not so much actually needs to be done. Packing and moving is a big job too. Juggling full time jobs, kids, regular life, and a house sale is legitimately hard. For people who live in their house while they sell, it’s disruptive to get the house ready for showings and to have strangers walk through personal space. But, to get to the part where you whoop with joy so loud that the baby wakes up you need to go through the whole course to get to the finish line.
I’m in absolute awe of the remarkable owners we get to represent as sellers. I’m continuously inspired by the experience of working with people who are trusting but smart, busy but committed, honest and ethical, so accommodating even while juggling so much at once, and ultimately such awesome partners in a joint endeavor. My constant pursuit and dream goal is a client whooping for joy at the end of their transaction. I feel so blessed to experience that with dedication on all sides, dreams come true.
Have an awesome weekend!