A Goldilocks Sale – The Homeowners Who Needed to Get this One “Just Right”
It was one of the most difficult set of circumstances I’ve dealt with in a while. A couple was divorcing, and they needed to sell their home quickly. They needed to get as much money for their home as possible, because their mortgage balance wasn’t much lower than my highest comparable sale. It was going to be tough to get a high enough sale price to be able to pay off that mortgage balance. But the home couldn’t sell for more than was reasonable, because the home still had to appraise for the selling price.
Compounding an already difficult situation was the fact that the home needed some repairs which would have to be disclosed to the new Buyer. The basement was unfinished, and the bedrooms were small, the master bathroom was very dated. One of the questions I had to ask myself as their Realtor was-could I make this work?
Given the challenges, could I list and market this home to get an offer that was neither too high to cause an issue with the appraisal, nor too low to leave the homeowners unable to pay off the mortgage?
With this particular home, I felt that I could. I began by developing a marketing plan that focused on the positive features of the home:
- It was located in Howard County, with Howard County Schools
- It had a Great Room Addition with a new Kitchen, large Breakfast Bar, updated cabinetry, built-in office workstation, seating area and dining area, with high ceilings and sliders to the rear yard
- It had an attached carport with storage and a shed
- It had a very large lot, nearly half an acre, with a fenced in back yard and play set, and a multi-level deck that spanned the rear of the home with built in seating
You might have heard the statistic that 95% of home buyers begin their home search online. And it’s true. But what those statistics don’t tell you is that those Buyers begin their home search-on average-18 months before they actually buy a home.
Most Realtors know how to use the Internet to market your home. They know how to get your home on all of the important websites, and they know how to advertise to all of those internet Buyers who might be as much as 18 months away from purchasing a home. Here at the McIntyre Team, we do all of that too. But we add our own marketing system to target highly motivated, highly qualified Buyers-we call it Convergence Point Marketing.
The Convergence Point for Buyers happens when the Buyers needs and wants converge with their ability to purchase a home. If you’ve ever bought a home, you can probably remember your Convergence Point. You probably casually looked at homes, whether online or at open houses, for quite some time so by now you had a very good idea of exactly what it was that you wanted in a home. You then took the step to get pre-approved with a Lender, so you had the ability to pay for the home. And so your needs and wants met up with your financial ability to pay – you were ready to make a decision and put in an offer when the right home came along. That was your Convergence Point.
For most Buyers it is a short period of time between the Convergence Point and an actual home purchase. Those were the Buyers we wanted to target for this home-Buyers who knew exactly what they wanted, and were ready to move forward with an offer.
My Team and I applied our Convergence Point Marketing for this home. We used eye-popping high definition photography to highlight the Great Room and the amazing Rear Yard. Our remarks not only needed to tell the story of the home, Potential Buyers needed to actually picture themselves in the home-cooking a meal in the large kitchen in the Great Room while family or friends gathered at the Breakfast Bar, Sitting Area, and Dining Area. Picturing themselves, their family, and their guests seated on the back deck watching younger ones play in the rear yard.
We crafted search engine keywords and built them into the property – so that when the Buyer went to search, and couldn’t remember the address, his keyword searches would lead him directly to our Seller’s property. We have extensive keyword research, and we know how to direct traffic so that a Buyer’s internet keyword search will be funneled to our Seller’s home.
We syndicated the listing to more than 550 websites to get the greatest exposure possible, but we ensured that the listing had the rich detail that our Convergence Point Buyers would be searching for-schools, crime data, maps, community information.
We did extensive research on the competitive homes in the area, and provided the Seller with the data necessary to determine a list price that would be high enough to pay off the mortgage, but low enough to appraise.
We listed the home on a Friday. Over the weekend the home had multiple showings. The feedback the Seller was getting was exceptional: • Dream home • Fantastic addition • Lovely rear yard • So much space • Dream home • Dream home • Dream home. The story we crafted for this home had worked.
The home was under contract by Monday, to the great relief of the homeowner. Not long after, the home appraised and closed. The Sellers not only were able to pay off their mortgage in entirety, they had a little bit of money left over to move forward with.
My experience marketing homes helped me deliver the “Just Right” Solution for these homeowners.
If you’re thinking about selling your home in Maryland, and if you are wondering how to sell your quickly, does your Realtor’s experience matter to you? I bet that it might not. But what your Realtor can accomplish with his experience – in this case, a very quick sale – does matter to you, I’m sure. And here at the McIntyre Team we know what’s most important to you. And what matters to you, matters to us.
This is a blog series about why a Home Seller should care about hiring an experienced agent. There are four ways an experienced Realtor can help you benefit from the sale of your home:
Please read more about our experience helping Sellers get their homes sold, for more money, and in less time. And when you’re ready to give us the opportunity to sell your home, give us a call at 443-250-6618.-Tim McIntyre, Realtor Howard County, Carroll County, Baltimore County For more information about A Goldilocks Sale – The Homeowners Who Needed to Get this One “Just Right”, fill out the form below. We're happy to answer your questions! [contact-form-7 404 "Not Found"]
A Goldilocks Sale – The Homeowners Who Needed to Get this One “Just Right” 2013-11-25 10:22:10
Tim McIntyre, GRI, Ellicott City Realtor, Catonsville Realtor
Helping Clients Buy, Sell and Invest in Howard County, Carroll County and Baltimore County for more than 25 years.