CLIENT CASE STUDY: Phinney Ridge Craftsman

It's common knowledge that the Seattle market has been the hottest real estate market for the past five years or so. But, with a recent Q4 2018 correction (King County prices fell ~13%), delivering multiple offers to Seller is becoming less and less frequent.

 

We recently listed this charming craftsman home in Phinney Ridge (which we also sold four years prior). It's a 1760 sqft, four-bedroom, two-bathroom home that sits on a small lot with parking in back and a shared easement driveway. As you can imagine there are many desirable attributes, but also challenges from a sales perspective.

 

To overcome some of these "challenges" ERH took the following preparation steps:

 

Hello, curb appeal!

 

We strategically requested that our sellers put a fresh new coat of paint to give a refreshing welcome to potential buyers. 

ERH also welcomed spring buyers with fresh flowers on the street, front porch steps, and door. These little changes make a buyer emotionally gravitate to the home. 

Privacy please

 

This home offers one of the most charming front porches you could feast your eyes on. The challenge is the neighbor has the same (less tidy) front porch directly next door. ERH equipped the porch with chic privacy curtains that buyers swooned over as they add privacy but also character. 

 

ERH prefers to stage every property we represent. Good stagers are worth their weight in gold. We work with five different staging companies as they all vary in style - like every home. We selected a stager that brought in items to compliment the existing charm of the 1916 Bungalow while mixing in modern elements to appeal to our target audience. Staging has a way of making a small home feel much larger. We were thrilled with the final product, but more importantly, it clearly spoke to our potential buyers. 

Oh, about the backyard

 

This home was unique because the backyard - which is small, to begin with - was made into a parking pad as the Seattle street it sits on has limited parking. We knew this would be our bigger buyer hurdle. Luckily we were able to create a diagram to assist with visualizing the space with grass rather than asphalt. Some buyers struggle to see the potential, it is our job to help them take that leap to see what they could create with it. 

It's all about lifestyle

 

This listing is a short distance to some of the best shops, restaurants, and coffee that Seattle has to offer. It's a walkers paradise. ERH knew this lifestyle was as - if not more - essential to sell than the actual home. We took to social media - where over 53% of buyers find their homes - and showed the potential buyers all that the neighborhood had to offer.

 

Luckily our seller did an excellent job at maintaining and bettering their property during their four years of ownership. New kitchen and bathroom finishes, refinished hardwood floors, and fresh exterior paint go a long way in the buyer's eyes.

 

In the end, we listed the home as a hair below market value, posted an offer review date, and brought seven offers to our seller to choose from. The range of offers was mind-blowing, but I will save that rant for another post. Our sellers were able to select the right buyer and then it was our job to negotiate with that buyer to the highest price possible.

 

Flash forward a short three weeks later, and we have extremely happy sellers (and buyers). Win/win! Now on to the next one. If you are ever considering selling, ERH provides complimentary pre-market preparation recommendations and price opinion. Never hesitate to connect with us!