Happy New Year!
It looks like we’re in for an INSANE spring market, so to start out the year, here’s my favourite spring market story!
It was fifteen years ago in 2006, but unless something dramatically changes (which is entirely possible in this crazy world), the market conditions are remarkably similar right now.
My clients were looking to make a significant upgrade. They lived in Signal Hill in a decent house, but they wanted something bigger and quieter (they were on a busier street).
We started talking in the fall of 2005 and planned to list in the early spring. This gave them plenty of time to get their home ready for sale, with the help and advice of my Certified Staging Professional.
(I was the first REALTOR® in Calgary to offer this as a standard FREE service. At the time, most people didn’t even know what ‘home staging’ was.)
Very early in the New Year (right around now), it became apparent to me that prices (for both their existing and future homes) were likely to increase dramatically over the next few months.
Most agents will tell you, if you’re buying and selling in the same market, it makes no difference what the market conditions are.
I beg to differ…
I recommended that we get out and look for in their new home FIRST, try to negotiate an extended possession date, and delay listing their home for as long as possible. You’ll see why in a minute…
They were nervous because they needed the proceeds of their sale to close on their new home. But I knew in my bones that the sale of their house would be a slam-dunk. After all, it was a good house in a good location, in a HOT market.
As it happened, in early March, we found a great home in an incredible location, backing south directly onto the ravine in Strathcona Park. The price was at the high end of the sellers’ budget, but this was a rare opportunity, and luckily, the sellers didn’t mind having a long possession date. We negotiated the closing for mid-July and a price of $615,000.
Sold!
The perfect scenario, as far as I was concerned.
Now we just had to sit back and allow the market forces to drive up the price on their existing home.
They were nervous! I had to reassure them a few times that everything was going exactly according to plan, and patience was the best course of action.
We waited almost two whole months and then listed their home at the absolute peak of a crazy spring market. The result? Nine offers! And one was the clear winner.
The price? — $615,000!
That’s right. My clients sold their house for the exact same price that they paid for a massive upgrade.
This was accomplished by strategically leveraging the market. Of course, we got a little bit lucky too, but there’s nothing like a well-devised strategy combined with a smidgeon of good luck.
I’ve got many stories similar to this, but this one is my fave!
And, without trying to sound too much like a braggart (honest!) it’s just a single example of how an experienced and skilled agent can deliver extraordinary results.
Maybe it’s about time we had a serious chat about your situation?
Here’s to a fantastic 2022!
-Ted