In short YES! We implemented the right pricing strategy in combination with the right home improvements to sell this Noe Valley home for $500K more than their previous agent.
Let me walk you through the importance of pricing a home correctly. Can you under price a home? Can you over price a home? What are the repercussions if you do one of those things?
In San Francisco homes sold below $5 million are typically priced at teaser prices. What does this mean? It means that the agents recommend pricing it low and then it gets bid up. Buyers get driven a little crazy by this because often it’s very difficult for them to decide if they can afford a home without the assistance of a Realtor because where the home is priced and where it sells can be very, very different.
Recently we took on a listing in Noe Valley that was previously listed by another agent. The home was listed a few months ago for $2.5 million and it was on the market for 60 days. The seller received a few offers on the home, the highest offer being $2.3 million. They did not want to take that offer. So they took the listing off the market. They called me and asked for a consultation.
I went into the home and I recommended some updates. It has a sprawling backyard. Backyards have become very, very important to people so we decided to spend some money on the backyard. They spent around $12,000 to make it really beautiful. We also made some changes to the home. We staged it. The home was not staged prior. We also updated some lighting and we changed the countertops in the kitchen.
And then get this, we priced the home at $1.65 million. Yes, that was priced very, very low. How did we know to price it this way? We looked online at homes that were currently under contract that achieved the numbers that the sellers desired for similar styled homes and we saw a very clear path to success. After a renewed pricing strategy, staging and prepping the home, we received 10 offers with the highest offer being $2.8 million.
Needless to say, the seller is very, very happy they chose to work with my team.
I could not do all of this with out my incredible team. Every listing we sell has a full time project manager so our vendors can be carefully managed and our vision properly implemented. We have a vetted list of vendors that do projects on time and on budget with very careful oversight. Our sellers just hand over the keys, sit back and wait for the proceeds to hit their bank account.
It’s easy to think that properties sell themselves but stories like these show that thoughtful property preparation, correct pricing and solid marketing make a huge difference in the final outcome.
If you have questions about pricing, staging, prepping or marketing your home, feel free to contact us. I’d be more than happy to help you get your home sold for the highest possible price.
We’d love the opportunity to help you (or someone you know) sell your home for top dollar.