This Cow Hollow condo was originally priced at $2.95M. After digging in to the comps it was clear to me that it was priced optimistically and the right price was closer to the $2.75M – $2.85M range.
Armed with our in-depth knowledge of where the condo market was trending that week and the unique condition of this property, we decided to move swiftly. We presented an offer $200K below asking within the first few days the home was listed.
I knew it was unlikely the seller would accept a lower offer at this time. The home was in need of a new kitchen and two new bathrooms and I knew this may deter other buyers in this current market. This keen insight allowed us to gauge the property’s appeal and predict potential interest accurately.
As expected, the seller countered at list price which told us that they were not ready to come to the table and work to even find a middle ground. But we weren’t discouraged. We continued to monitor the property and kept in contact with the listing agent to ensure our presence in the conversation. The buyer had the stomach for patience even though they still wanted the home.
A week later the seller lowered the price by $150K – just $50K above from our offer. We made the strategic decision to wait few more days, let the reduced price breathe on the market and then we resubmitted our original offer of $2.75M. And the seller signed!
This successful sale underscores the significance of having the right guidance and a thorough understanding of market dynamics. By strategizing effectively, monitoring the situation patiently, and making informed decisions, we were able to secure this condo for our buyers.
“We’d been passively looking for a house for quite a while. We finally found a place we loved, and only then got around to getting a Realtor®. We probably should have done that in the opposite order, but Lauren from Ruth Krishnan was up to the challenge.
Working on a short schedule, she got us in touch with all the professionals we needed to close the deal. The loan officer she recommended not only was an amazing person to work with, he got us a better rate than we found shopping around on our own. We had to do some fancy financial footwork to get a rate discount and he helped us work through it, pushing everything along to complete underwriting with no days to spare. Same thing with the insurance agent. He was super helpful and got us a better rate than we found on our own. We needed advice from a contractor, and the folks Lauren put us in touch with were incredibly helpful.
Throughout the process, Lauren communicated very clearly, so that we always knew what was coming next and what all the documents we were working on meant.
Before this process we had no idea how much of a team effort it takes to close a purchase. Lauren has a great network of people who like working with her and want to do the right thing for her clients. With Lauren’s guiding this great team, closing was much less stressful than it had any right to be.”
If you have questions about the market or the buying or selling process. Please reach out to us, we’d love to help.