If you think that pricing your home over the market, in the hopes of catching the big one – forget it – it’s like salmon swimming upstream.
If you haven’t read the memo, or your realtor just takes orders, you should know that buyers want a value, or they just want to move in. They are not settling for anything less. If it’s not relevant inside, the price will have to be attractive…with a few cheap fixes, you’ll get better photography, more showings, and at lest the odds will stack up a bit better for the seller.
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Take 27 Khakum Wood Rd – lovely location, with prices that support the asking price – just got a million dollar reduction. Starting at $5,900,000 in April 2013, it sat at this price for 6 months. The biggest problem with this house as I remember, is that the floor plan is not ideal…the kitchen if I remember is off to the left – on the other side of the stairway – and it’s a small space…..so you’re looking at a major renovation without even going upstairs, or having to remove wallpaper everywhere….then upstairs is typical of many older homes, with small bedrooms. In this case the master is a suite, but not in the scale that buyers expect at this price.
As handsome as the exterior is, and as lovely as the lot is (oversized in RA2)…I predict that this will sell for something closer to $4m even slightly under that. Buyers are factoring in the cost of renovation when making an offer…with consideration of course to the location. If it had started closer to $4,595,000, it perhaps could have fetched $4.3. As you can see from the interior, every room tells a story, albeit an old one…
