Appraising a house situated on a Main Road isn’t easy. There are many factors to consider, for example access and noise.
After thoroughly researching recent home sales nearby we came up with an estimated selling price in the range of $950,000 to $1,025,000.
The vendor, after getting some further advice requested a list price of $1,025,000. This was above what we did recommend and was against our advice.
After a few “open homes” with modest attendance from buyers we were regularly providing buyer feedback to our client.
We did manage to have the asking price adjusted after a couple of weeks to $950,000 to 990,000 with time running out in the critical 1st month, we were able to get another price adjustment to $890,000 to $930,000.
Once this adjustment was made, we received offers from 2 buyers of $890,000 & $910,000. When competition is created, we can then use our negotiation skills to increase the price. This property recently sold for $930,000.
The moral of this story once again is to set a sharp, accurate asking price from the first day of marketing. This especially applies to “Main Road” properties which can sometimes take a bit longer to sell.
Would you like to learn more? Please contact Christopher or Michael Arnold your Residential Sales experts.
