White Paper on the Sale of 560 Jerusalem Road, Cohasset
The story of selling 560 Jerusalem Road, Cohasset
A case study that examines why it took the 6th agent to sell this home.
TABLE OF CONTENTS
1. EXECUTIVE SUMMARY
2. TIRING HOUSE SALE PROCESS
3. REASONS HOUSES DO NOT SELL
4. STORY OF 560 JERUSALEM ROAD
5. SELLING HOUSE THE RIGHT WAY
6. FASTER WAY TO SELL YOUR HOUSE
7. REFERENCES FOR THE CASE STUDY
- EXECUTIVE SUMMARY
The homeowners of 560 Jerusalem Road in Cohasset failed to sell their home working with 5 different agents. They were able to accomplish their goals after working with their 6th!
Some real estate markets favor sellers, some favor buyers. There are factors that dictate what type of market a community is in. Once you start to understand how your market works and the market conditions, you can do the extraordinary. Which is ultimately accomplishing your goals.
There are several factors that influence the time it will take when it comes to selling a house. There are some aspects of the house sale process that help sell properties faster and for top dollar.
This white paper sheds light on the notable problems house sellers face and the factors that may cause trouble.
An interesting case involving the sale of the house at 560 Jerusalem Road in Cohasset will be discussed in the middle of the document. Included will be important points that help sell properties faster and for top dollar.
2. TIRING HOUSE SALE PROCESS
Selling a house is not an easy task. You will have to invest time and energy to the sales process in order to achieve your objectives
A number of challenges for house sellers have been identified in different research studies. Learning from these studies and other people’s successes as well as failures will increase your chances of a successful sale.
Traditionally, when people sell a property, they place ads online, beg friends to spread the word and let their friends know about their house, place classified ads and host an open house.
These traditional means alone have a low rate of success. The main issue is with a lack of exposure as well as buyers who lack the qualification and sincerity of a true ready, willing and able homebuyer.
In the upcoming sections, we are going to discuss many ways that reduce the chances of a timely house sale.
3. REASONS HOUSES DO NOT SELL
If you are not able to sell your house despite trying again and again, it may not be just a coincidence.
In many cases, minor issues can devalue a property and cause a delay in the sale of a house or create a lesser value on the property then the true market rate.
There can be a number of barriers but here are the main reasons behind failed house sales:
- Unattractive Exterior
- Outdated Condition
- Lack of Accessibility
- Contract Parameters
- Picking a poor or unexperienced Realtor
- Inefficient Communication
- Flawed Real Estate marketing strategy
4. STORY OF 560 JERUSALEM ROAD
Every house has some unique features to be highlighted and flaws that need to be taken care of. A seller should understand such unique factors to limit market time and get top dollar.
This section discusses why five attempts to sell the house at 560 Jerusalem Road in Cohasset failed and the 6th attempt succeeded. And it turned out, price was not the main factor for the delay.
The sellers did reduce their price with their 6th Agent from $999,000 to $995,000. But with such a minor price drop in this price range, this factor alone was not enough to impede the sale. There were other issues that were impeding this sale.
The higher elevation of this home added an additional flight of stairs to the property. This limited the pool of buyers that could utilize this home due to physical constraints that many buyers had or expected to have as they become older.
It is true that different people look for different appeals but some factors attract a majority of buyers. For example, the curb appeal is the first impression of a home and ultimately is cited as one of the most important factors by buyers as a reason for buying a home. The curb appeal of 560 Jerusalem Road is stunning.
It is a stately Victorian home that has stayed true to its time period. This more than 100+ year old house allows a homeowner to connect with Cohasset History as this house was actually part of the historic Black Rock Hotel.
A negative stated by many perspective house buyers was the front yard. The front yard would flood due to a recent paving and regrading of Jerusalem Road. This minor and correctable flaw scared a lot of potential buyers away.
Depending on a sellers goal, it may make sense to take care of such issues before putting a property for sale. By correcting the issue, you could increase the pool of buyers interested in the home which is increasing demand and could have a positive effect on the house value! In this case, the fix was to bring in necessary fill as well as re-grade the front yard. This relatively simple fix would correct this potential buyer deal killer.
This seller did not need to perform this job due to their real estate agent being able to negotiate that the buyer was to spearhead the project after they close on the house. The seller provided a credit for the work to be done at closing. This scenario was actually crafted before the property even went on the market and became a win-win for both parties involved. An experienced agent can make a world of difference.
The condition and accessibility of the home were also a matter of concern for many buyers. This particular home was perched higher than other neighbors to provide a better water view from all front-facing windows throughout the home.
The home was also setback further on the lot which made for a non-existent backyard. This setback was a win-lose as it allowed for more privacy off the main road, but made for no backyard. Some potential buyers appreciated the setback, however other buyers found this to be a negative that was too large to overcome. These were two issues that we would never be able to ‘correct’. We ultimately needed to wait for the right buyer that would appreciate this beautiful home for what it was.
Like many homes, the condition of the home was updated to the previous owners’ taste. They went through great lengths to keep the home in its traditional sense to keep with the historical charm of the property. This included replacing all the electrical in the house while keeping the old switches (adding a huge expense) as well as replacing all the gutters with more original looking wood gutters. They even replaced all the windows in the home with a very expensive high-end Anderson Antique window. This home was unique.
When we earned the responsibility to sell this house, we carried out a 360-degree analysis on the home and adjusted the marketing approach. In the end we had two buyers interested in this unique house creating a multiple offer situation.
A bidding war pursued and the sellers of 560 Jerusalem Road accomplished their years-long goal of downsizing while maximizing their sales price. While price is often a major reason behind why a home does not sell, it is not always the only reason. An experienced agent with an aggressive and customized marketing plan may be the difference between a seller achieving their goals and one that does not.
5. SELLING A HOUSE THE RIGHT WAY
People will save for what seems like a lifetime in order to buy a home. There is more to the American Dream then just having a place to sleep at night. Owning a home offers a person more than just the pride of ownership, but will most likely become their largest financial asset.
Selling a house promptly and at the market rate can become easier if home sellers learn some of the “rules” to the game.
Experts who have no emotional ties to a property are able to better evaluate that property. The following guidelines can assist in selling a house timely and to maximize the sales price.
- Depersonalize the house
- Set a market- competitive rate
- Make the house feel bright and airy
- Repaint to a neutral color scheme
- Rely on quality professional photographs
- Clear excess furniture and clutter
- Clean and make any necessary repairs
- Ensure the house is accessible to buyer
- Consult an experienced agent
6. FASTER WAY TO SELL A HOUSE
Putting a sign in the yard is not enough to achieve most people’s objective of maximizing the sales price and minimizing market time. Sadly, this is most agents marketing philosophy. That and putting it on the MLS while doing a little praying (We call this the three P’s – Put a sign in the yard, put it on the MLS and Pray!).
Having an experience agent with a proven track record, a customized marketing plan and the resources to implement can help you sell faster and for more money.
Our philosophy at the Chubb Realty Group is to Make Moving EasierTM. If you are thinking about buying or selling a house, we are here to provide you with the relevant information and answer all of your questions to make for a less stressful process that allows you to accomplish your goals.
Whether you are just in the information gathering stage or are making plans, then we are here to provide you with the market knowledge you need to make the best decision throughout the process.
- Why does it take so long to sell a property? Financial Times, June 1, 2018
- 8 Reasons Your House Isn’t Selling. Forbes Magazine, June 28, 2016
- 10 Secrets to Selling Your Home Faster. US News, August 2, 2019
- 5 Ways to Sell Your House Fast. Entrepreneur Magazine, May 2, 2019