I’ll be honest. When I heard the news stories talking about this being “a seller’s market”, I was thinking when it came to my involvement that would mean a “Peter Sellers market.”
After all, when I bought my Bothell home back in 2006, I was watching house prices escalate at a phenomenal rate. Part of my inspiration to buy was the feeling that if I didn’t buy now, it wouldn’t be long until I wouldn’t be able to afford a house in Seattle.
So, when my real estate dude Bruce Fulton found this little 3-bedroom home backed up against a greenbelt in Bothell, I made a run at it. And, to make sure we got it, I gave them an offer $3,000 over the asking price of $367,000.
It was right after the ink dried on that contract that the signal was given for the economy to crash and the housing industry to bust unlike it had done in the last 100 years.
But, no worries. I was in this for the long haul. Eventually house values would come back up. I would just sit on the back deck, listen to the birds chirping, watch the rabbits dash through the yard and just take it easy.
Then I met a girl, fell in love, and we decided that little home wasn’t big enough for my new family configuration, so we bought the closer-to-Seattle home where we now live. I turned the Bothell residence into a rental. I only enjoyed living there for a year.
Luck was on my side, as I managed to get two great renters over the past 8 years. When the latest renter informed me she was no longer interested in buying the home and was moving south, it was time to make a run at selling it.
As poorly timed as the purchase was, the selling apparently was the complete opposite. Bruce said we should have no problem getting $369,000 for it. That was much welcomed news, especially since Zillow had two “values” posted for the home, the highest only $323,000. (just this week, there was an online news story about Zillow and their unreasonably lower values)
To make sure that it sold as soon as possible, I pulled out all the stops. Tweaked the inside to perfection with new carpeting and touched-up the painting. Put in a gravel path on the side yard, re-stained the deck on the two dry days in January. I had already put on a new roof this past year, repaired the garage door, replaced the front porch. Around $4,000 of freshening up later and the house was ready.
Oh wait—the smart money suggested “staging” the house. You’d think that wide-open rooms would look big, but having the right furniture in them makes all the difference and helps buyers with limited imaginations see how the house could look.
Another $1,700. (estimates were as high as $2500) OK, now we’re ready.
Day 1: On Thursday, the home’s first day on the market, one of the first people in the house made an offer–at full price, but they wanted me to cover the $5K in closing costs. With an open house scheduled for Sunday, we decided to wait and see what happened.
Day 4: 30 couples came through Sunday afternoon, between 1-4pm. At the end of the day, there were 3 offers on the table, two above asking price. We looked at each of the buyers and when all was said and done, I was signing documents Sunday night at 8 for a $378,000 real estate deal. Yep–$9,000 over asking price.
It’s been a long road and I still won’t recover what I put in, but the journey is almost over. There’s a couple that is going to get a great house they’ll enjoy for years to come and that part of my life is now about to close.
As much as I enjoyed Peter Sellers, I’m glad it has become a good old-fashioned seller’s market. If you’ve even thought about selling in the near future, current market conditions and the low interest rates pretty much say, “Do it now!”