[Days on Market]
In Contract: 9/28/2012
When I first met Patrick and Masami (not real names) at their home, there were 10 other houses for sale in the sub-division. Seven of them were on the market for 2-7 months. I showed two houses which their home would be competing against once they list theirs. That experience gave them an idea of practical listing price and what needs to be done to have potential buyers say “Wow!” when they walk into their house.
Initial Price Positioning
According to a CMA that I ran, there was a similar house sold in June for $188,900 in the same sub-division. It was originally listed for $192,900 and took it 39 days to sell at the price. We decided to list the house for $188,900. However, Patrick and Masami were concerned that a same size new build house was listed for $184,900 and it had been on market for over 4 months.
Minor repair and Staging
The new build was empty and did not give a feel of “home”. Also, none of the “For Sale” houses in the area had the kitchen updated. The plan was to give an outstanding “Wow!” look to the kitchen and make potential buyers feel right at home when they walk in. We called in a contractor, Scott Zimmer(614-769-2074) to brighten the kitchen up with smaller expense and to fix the basement wall. Katy Fineman-Jones from My English Touch, Ltd. (www.MyEnglishTouch.com)came in to stage the house.
Patrick and Masami still suggested me to drop the listing price by a few thousand dollars. So I suggested them back to buy new stainless steel kitchen appliances for the price they were willing to give up.
And… look what happened 8 days later… In Contract at 99.25% of their asking price!!!
【Comment from Akiko】Strategy is different between homes, but you always have to know your enemy (competition) and do a little homework before you list your house. If you have a friend or family member who would love to sell their home in 30 days for their asking price, please feel free to share a story or two from this site. I’d be happy to help them, too!
【Comment from Masami and Patrick】Received the comment below by email from Masami in Japanese and I translated it into English.
Akiko did her best work on the sales of our home and purchase of our new home. It is reflected in the results. Her response by email or phone is very quick. She precisely advised us in various occasions what needs to take place in order to bring the result we wanted.
Our house got sold at the speed that my husband and I never expected. We were also able to move into a house that we love. It took only four weeks from the listing of the house to the closing of both houses. It all went smoothly because Akiko coordinated the team of a lender, stager, and contractor.
The stager and contractor did especially great work and Akiko’s lender put us ahead from the other clients (in order for us to close quicker). I feel we received special treatment from them because we were Akiko’s client. I do not believe any other person could have brought these great results in such a short time.
About remodeling/repair work and staging）
From the result we got, it was well worth spending the money (on staging and updating). If we sell our house in the future, we will do the repair and staging again.
As Akiko suggested to us, the proper price positioning and upgraded kitchen caught the buyer’s eyes. Three showing appointments came in a matter of week. (The offer came in from the first showing!) Our next door neighbor listed their house before us. I know they only had two showings in the first two months. Their bathroom was updated, but kitchen appliances were old. Their house was not staged, either. Initially, we were concerned about competition, but we realized that there was no reason to worry.
Akiko took us to similar “for sale” houses in the area. I have never heard of any realtor taking sellers to their competing “for sale” houses. Seeing is believing. After that tour, we decided to list the house for the price that Akiko suggested. We are very happy to be able to sell our house for the price which was very close to our original offering price.
It went into contract in 8 days at 99.25% of original listing price.）
In the negotiation process, we thought about agreeing to a lower price offered by the buyers. Akiko said, “The CMA shows that this house is worth the listing price and you just put the house on the market.” Immediately after that conversation, the buyers agreed to our price and a signed contract was delivered. That successful negotiation is result of Akiko’s experience and skills.
In Reynoldsburg, there are many REO (Bank-owned) properties and in our area, it was common that houses stay on the market for 6 months to even over a year. So my husband and I were not confident on our home sale when we initially met Akiko. However, she told us right away that the house could be sold. We are very glad that her word came true.
This is our experience of sale and purchase of our two houses. If this helps you when you are deciding who to represent you, that would be our pleasure.