Franklin Crossing Home Sells at Record Price in Elk Grove
All it takes is that one highest sale to close in Franklin Crossing and a new comparable sale comes into play, setting a new benchmark. This is not to construe that one comp an appraisal makes, because that’s not how it works, but it does have a major affect on other sales in the same subdivision. It becomes a measuring stick. I just closed yesterday a sale that went into escrow on June 27th. It was contingent but the buyer’s pervious home was only a week away to closing. Although the offer was contingent, it also made the offer all-cash after the exiting home closed. No financing. Which meant no appraisal.
Franklin Crossing is a unique community because it’s comprised of homes in a subdivision that broke ground in 2011 and most of the homes are much newer than it’s closest counter part on the north side of Bilby. This particular home sat across the street from the new George Park, which is now being constructed. The park will feature play areas, horseshoe court, bocce ball, half-basketball, an edible garden, adult fitness and of course, trees and grass for picnic areas, and water options.
The drawback is there are no granite counters in this house, just white tile. Not very many upgrades like some of the other homes in Franklin Crossing. When I met with the sellers, we discussed all of the comparable sales and reviewed identical models. The highest price at that time was $379,900, which was a pending sale (and still is), so we listed at $379,900. We were a little worried about the fact that the back yard was surrounded by towering two-story homes, but given this hot market at the moment, not overly so. Drawbacks like this usually go unnoticed when buyers are in lust.
By day four on market, we had six offers on the home in Franklin Crossing, all exceeding list price, which tells me that buyer’s agents in Elk Grove are in tune with the market, unlike some agents in other parts of Sacramento. Our highest offer was $391,000, but that involved an appraisal. The cash offer was very appealing to the sellers due to no appraisal requirements. They were about to accept the offer when I asked if they would like to issue a counter offer. I think that suggestion surprised them a bit. But that’s what I do as an Elk Grove listing agent. I look out for my client’s interests.
The sellers asked: What if they reject the offer? What if we make them mad? I asked: how much risk can they absorb? Would they be happy with one of the other 5 offers? Just how risky is it? I also pointed out that sometimes I might need to be reeled in because I love to negotiate. I will just keep on negotiating all night until a seller tells me to stop. If I see money on the table, I feel like it’s my responsibility to point it out and not walk on by.
How much more do you you think we could get?
Five to ten grand, I suggested, with five being very likely.
All righty, then. The sellers took the leap, countered the $390K offer at $395K and the buyers accepted. We sold AS IS, of course; it’s in the contract. The buyers were a little bit upset, I heard, that we refused to clean out the gutters nor replace the tile in the hallway, but when it comes time in the future to sell, I would not be surprised if they call me. That’s often how it happens. They’re really upset with me when I’m the listing agent and they’re the buyers, but down the road, buyers come to appreciate what I do as an Elk Grove listing agent. They recall the experience with different eyes. Those of a seller. I’m an agent they want on their side.
And yet, there are still sellers who don’t see the value in hiring an experienced Elk Grove Realtor. They want a cheap agent. Boggles my mind. An experienced Realtor doesn’t cost money, she often returns part or all of her commission to the seller through performance. It’s almost like hiring a free agent and striking gold.