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The holidays were just around the corner when Astrid and Matt Horine reached out to my colleague Dorothy Driver and I about listing her Mount Baker Townhouse, which she had been renting out for some time.
The home was bright and spacious and nestled perfectly between the desirable Mount Baker and Columbia City neighborhoods, within walking distance to shopping, dining, nightlife, light rail, buses, parks and seasonal farmers markets.
Astrid had been impressed by our super successful sale of her neighbor’s home at 4735 South Hudson Street in the Southeast Seattle neighborhood of Lakewood, where the sellers were blessed with a final sale price 16% more than list price, but that house had been listed in May 2018 and the market had changed a lot in just a few months.
It was clear that we needed to manage the Astrid and Matt’s expectations.
The truth is that from late May 2018 until now, the market has become more favorable to buyers due to rising interest rates, the many new apartments that have become available, unsettled financial markets, and frankly, buyer burnout. The result has been much more housing inventory. This has allowed buyers to get properties without competing in most cases, and being able to have all of the normal contingencies in place, such as financing, inspection, title, etc. As a result, homes are staying on the market much longer as buyers are able to be more picky.
Lucky for us, Dorothy is an amazing researcher and produced a significant amount of data to support our position. With that in mind, we helped Matt and Astrid set a realistic sales price and expected outcome. We also helped them determine the necessary improvements, find contractors, and manage the whole process.
They received two offers.
One offer was less than asking price, and the other was at asking price with an escalation addendum. However, the escalation addendum couldn’t be used because the competing offer was less than asking, so we went back to that buyer’s agent and let them know that we had another offer that included an escalation addendum. We asked if they would like to change anything with their offer, and they submitted a new offer at asking price. This allowed us to use the other buyer’s escalation addendum, so–when all was said and done–Astrid and Matt were able to get more than list price.
We vetted both buyer’s lenders to ensure that the selected buyer had solid financing, so that we had a smooth transaction, and all in just 11 days.
Astrid and Matt were thrilled. Congratulations, you two!
Do you need help selling your home? My mission is to help you achieve your life goals. Contact me today at 206-250-7291 or donkoonce@windermere.com.
