Multiple offers in Baltimore MD for a fixer upper property. It happened so fast we had to cancel the open house. The house went "under contract" in three days for significantly higher than our list price. This is the story of 2208 Sulgrave Ave Baltimore MD 21209, a classic colonial built in 1941 in the heart of Baltimore’s Mt. Washington neighborhood. My wonderful seller-clients have owned this home for over 45 years. They don’t build enough houses like this today; brick and slate with masonry walls and hardwood floors throughout.
The first thing we did was empty the house. If you want to sell a fixer upper for top dollar it is imperative that you completely empty the house. People need to be able to clearly see the potential in the home without distraction. If everything needs to be addressed than everything should be shown. This is not a time for staging.
After the house was emptied we addressed a few key issues; we touched-up the paint and fixed a few holes in the walls, we installed a new dishwasher to replace a broken appliance, and we fixed a shower in the basement. By our calculation potential buyers might want to move into the property before they began the renovation work, so we made sure everything was in good working order.
Next I had my clients fill out the Maryland Disclosure document. This is information that is provided to potential buyers to give them an overview of the maintaince and care of the property. In Maryland sellers need to either complete the disclosure or the disclaimer document (which allows you to simply sell "as is"). The sellers had taken reasonably good care of the property over the years including recent work on waterproofing the basement and repairing the roof. We wanted to make sure this good work was known to potential buyers who were calculating their renovation costs.
What do you think of the master bedroom and en suite bath? While I do have more attractive photos of the property I could use, I'm selecting some of the more challenging views to demonstrate a point. Besides with multiple offers I don't need anyone else calling me to see if I'm accepting back-up contracts. As you can see from these images if this house wasn't priced right, it would have been ignored by buyers who wanted a property in turn-key condition.
The only room that had remaining furniture was the basement recreation room (future man-cave) I love how retro it is and knew buyers would smile to see the wet bar with green felt accents and playboy club beer steins. It looks like you could film an episode of "That 70's Show" down here.
Finally we had the home professionally cleaned and photographed - a must before attempting to sell real estate. I let my sellers know that professional photographs are the most critical component of selling a residential property, even more significant than selecting the right price. (I know some of you are going to debate me on this issue). If your agent is shooting the pictures themselves to save money, than they are not professionally marketing your property. Judge for yourself and check out the virtual floorplan tour.
To achieve multiple offers in Baltimore MD you need a compelling price. The combination of a compelling price and a hot new listing is the perfect storm to sell with sizzle. By our calculation our competition was priced around $224,000 +, and that's if we were willing to compete against granite counters and central air conditioning. We selected $219,000 after a careful analysis of the market and feedback from agents in my office.
As the real estate market improves this summer in Baltimore Maryland, I'm starting to think that nobody knows the true value of real estate anymore. I polled interested parties as to their sense of estimated market value and the range was almost a $100,000 swing.
Creating visible competition is your greatest advantage as a seller. Our first day on the market I had over 8 showings. The second evening I was there I saw interested parties touring the property at the same time. Does it make a property more desireable when you can demonstrate more than one person wants it? Absolutely.
If your home is professionally presented and priced to sell you can achieve multiple offers in Baltimore Maryland. Thats what we did and we managed to nicely surpass the list price of $219,000. My sellers and I were not expecting to sell above list. We did not intentionally price it low as a strategy. We knew that selling in the first 30 days is the best time to achieve close to 100% of the list price. If we had tried the market at $250,000, than this blog would be about me trying to get you to consider purchasing this property and my hope that I could convince my sellers to take a price reduction. Once we complete settlement, I'll post the final numbers.
***Update**** we completed settlement.
Our sale price was $235,000, that's $16,000 above list.
Broker / Owner Guerilla Realty and
Vice President Tranzon Fox Auctions
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