The Sold Journeys E#3..... or 4...
- Bold decision in 2018
- 2 days on marker
- 20 groups through
- Multiple offers
- Sold over asking
This week our SOLD JOURNEY is a little different. This Sold Journey is for 147 West 19th Avenue. This week we have Sold Journey Episode #3 which is our first Sold Journeys episode for a Sellers Journey as opposed to a Buyers Journey. And I love this house and everything about it!
This very special journey began way back in 2018 just after the second phase (+15%) Foreign Buyers Tax was introduced. Our Seller purchased this Lot back at the end of 2017 just before the market drastically changed in the beginning of 2018 with the implementation of the Tax. This was a very different time within the Vancouver markets climate. The sky was falling after a very long upswing in the market. Everyone thought the day had come that things would get no higher and that it was all going to come crumbling down. At that point in the market our client decided to push forward and take the huge financial risk to develop this Lot. This is truly where this amazing sold journey began, with a lot of risk and uncertainty!
Fast forward two years and we are now in the tail end of the sales process! Once the home was completed by PTL Design & staged by Flow home staging (amazing work… again!), We proceeded on with the decision to test the market and price the home slightly above where we believed the market value to be. Naturally in a turbulent market this was looked at (at the time) as potentially risky. But we decided to go with this path in efforts to offer some room to negotiate the price. Although we did have the piece of mind that there was absolutely nothing comparable on the market and this nis one of the hottest pockets in the market at the moment, and has been for a number of years now. Additionally however the sellers had made the decision that if the home was not sold within the first 30 days that they would simply move into it and ride out the market. Sooooo as you can imagine, from our perspective, time was very much of the essence! So we needed to get the ball rolling asap!
We went through our usual marketing check list and got everything taken care of asap to get going as time was running out towards Christmas.
After 2 Days into the listing going live on MLS we had gotten 20 groups through the home. We were showing the home day and night to these groups to try and generate enough momentum to get an offer and ideally more than one (as usual)! The home got one offer off the bat which had some interesting verbiage in it that was definitely not an advantageous position for or seller to enter. But that aside, the pric was not where it needed to be or where it deserved to be for that matter considering the quality of the home and the volume of attention we were receiving. Then the second day we received two more competing offers. One was the obvious choice even though there were both strong offers… Both offers still had subjects but we were not worried about that considering again the quality of the home that our clients had built. And with that the home sold o0ver asking to a very happy new buyer.
The moral of this story is that there are many ways any individual offer can provide a good or bad deal for your sellers. Experience is key when it comes to reading through with a fine toothed comb the clauses within every offer. This can really make or break an offer, far above the typical price & dates that people mostly focus on.
With that we were accepted and sold firm a couple of days later. This was a busy but smooth transaction / process from start to finish where we got out client everything they wanted in a uncertain time. Stick to a plan that is proven and works in all environments. This is the plan we have created and been critiquing since 2007!
With that please follow up with us direct with any questions from this Sold Journey & watch the Story on our Yourtube.com/mcinnesmarketing or listen through our podcast (McInnes Marketing Minute) found on all podcast platforms!
Happy Buying & Selling, until next time!