Area Real Estate News & Market Trends

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Feb. 18, 2020

Good 'ol Rocky Creek

2007 Rocky Creek Lane

I like to add value. I guess I think about value with unusual, maybe even abnormal frequency. I think about how to understand it, measure it, predict it, and mostly how to create it.

When the opportunity arises to sell someone's home value is the first thing we think of. I can only hope all real estate professionals would do that.

Twice in the last month we have been surprised by competing listings that were cheaper on paper then the ones we were preparing to list. There are few 11th hour surprises more horrifying to a residential listing specialist than the sudden appearance of a competing home at a lower price.

2007 Rocky Creek Lane in Western Henrico was one of those unnerving occurrences.

We do our typical research and analysis - linear and anecdotal - determine how best to promote and sell the home; and my number one rule, make sure every qualified home buyer out there has a chance to see it.

Then, horror of horrors, a competing listing pops up the night before we plan to activate in the multiple listing system. Whats worse it is a LARGER home for less money.

Oh well, real estate is a marketplace, stuff happens.

In the morning I tried to schedule a preview of the home to check out the competition and low and behold it is already about to accept an offer. I was frankly a little stunned. There are only a couple of reasons to prevent as many buyers as possible from seeing a home, especially in such a popular location. There was already an agreement in place and the agent was called in to facilitate. This would be the most understandable.

So this is good and bad for us. The home is under contract at a lower valuation; but it is no longer competition.

So unencumbered by competition, and in an extremely popular location with virtually no other communities quite like Stony Run and "Good Ol' Rocky Creek, I move forward with a plan.

It took a little longer; but eventually we received an offer. Honestly it was in the ballpark not great. Fortunately, while in the middle of that negotiation, surprise surprise, another stronger offer arrived to save the day.

Stony Run is, in my opinion, undervalued as a community and neighborhood. When you have an undervalued property in an appreciating market I prefer to price on the trend not the comps. In most cases I will hold a final price until the 11th hour. 

In the end, seller wins, buyer wins and in most cases the community - such as Stony Run - wins as well. Experiences like this one are why I continue to be passionate about what i do and how I do it.

Home owners in neighborhoods like Stony Run may be surprised by what their home's valuation is or could be. Curious? Me too. Give me a call:804-359-7653 or send a messagel:fossinc@kw.com; and I'll be happy to help you figure out your home's true value. 

MFB

Posted in Market Updates
July 31, 2017

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