This Elk Grove Agent Sold a Home $40K Over Comparable Sales
Rumor has it that this seller’s market in Sacramento started this spring, but from my perspective, it began last fall with the September market. We have two very strong markets in Sacramento: Spring and Fall. If you can’t make the spring market, sometimes it is better to wait until fall. Although, in this seller’s market, anytime seems to be a good time to go on the market because all the guidelines and rules and everything you know about real estate have been tossed out the window.
For example, we have been taught since day one to examine the comparable sales when pricing a home. But the comparable sales mean jack squat today, which is why appraisers are having such a tough time trying to appraise. Sales from 3 months ago are not relevant to the market today. It’s the pending sales and the active sales that are predicting which way the wind is gonna blow in this marketplace. That, and a little bit of fairy dust mixed in.
When a seller called me last winter to list her home in Elk Grove, she was concerned that it might not sell right away because it was so close to Christmas. She didn’t live in the home, so it wasn’t upsetting HER Christmas, so it made perfect sense to put it on the market. I looked at the comparable sales and with my then-innocent eyes said: “Oh, look, they substantiate a price of $240,000. Tops. The market movement will let us stick $20K on top and we should do it to see what happens!” The seller liked that strategy. $20K over the pendings was a little risky. We put her home on the market for $259,000.
I did my usual marketing. Promoting that home everywhere that is conceivable online. Shot impeccable photos. Networked the listing like crazy. Within a week, we received an offer that the seller accepted for $275,000! But a few days later, the buyers developed cold feet and canceled. Buyers are a little wobbily right now, I’m finding. This isn’t the first buyer to cancel on one of my sellers due to cold feet or due to writing multiple offers, which is unethical if not against the law.
You will hear agents say that the first offer is always the best. That’s another widely accepted real estate axiom that doesn’t necessarily apply to our present market. The following day, the day before Christmas, we received a second offer of $290,000. It involved financing. The buyers, upon hearing their offer was about to be accepted, changed it in haste to all-cash at $280,000. See what I mean about buyers being a bit unsteady? But $280,000 and all-cash was still better than the first financed offer of $275K.
This Elk Grove home closed in January at $280,000, all cash.
The seller told me when we closed that she was very happy she chose me as her Elk Grove Agent. Even though I don’t live in Elk Grove, I sell a lot of homes in Elk Grove, and I know the Elk Grove neighborhoods very well. Because I am a top producer in Elk Grove, I routinely pop up on those lists from outside referral companies. They look for agents who sell the most homes in any given area, so they have something of value to offer to their sellers.
Well, you can get something of value by calling me directly: Elizabeth Weintraub, 916 233 6759. You can trust that I’ll always give you the straight scoop and put your interests first.