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The Science Behind the Sale
Time To Wait LaDoris and Steven Puryear needed four months to sell their house in Springfield, but they were in no hurry and got the original list price.
(Buyer's Advantage)
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"We weren't really getting any traffic. . . . My gut feeling was that no one was looking."
The couple offered a $5,000 cash incentive. When that didn't work, "we drastically lowered the price" and drew a buyer in February, Winder said. Because the contract hasn't settled yet, he said, he wouldn't reveal the final price.
Winder, who owns two ice cream and candy stores in Frederick, was reluctant to lower the $499,900 price on his own 2,500-square-foot rowhouse. The century-old brick end unit "was in excellent condition," having been remodeled by the previous owners. The historic exterior is charming; the landscaping is new. Inside, it has the high-end features buyers say they want, including granite countertops, upgraded appliances, and central heat and air conditioning.
Winder thought he had sold it in October, when he accepted a contract from a Washington couple. But that contract was contingent on the couple selling their house in 45 days. When the 45 days passed, he said, "we pulled the plug on that deal."
Winder said he believed that it was just a matter of time before the "right buyer" would come along, so he stuck with the price and with repeated open houses, which continued to draw lookers. Another couple seemed very interested; they even brought in an architect. Still, no offer.
Early this month, another couple "visited for the first time" and made an offer. Negotiations led to a contract, which is expected to settle in late May.
Having three mortgage payments has been painful, Winder said. To sell, "it just had to be the right person at the right time."
He thinks the key was that the buyers came in with an agent who knew the neighborhood. "He knows the house and the structure of the building. And he knew it was a good house."
Getting Real
Debbie Sittnick's Ashburn townhouse went under contract in 48 days.
The key, she said, was that she was realistic about the market and thus flexible about the price.
Although her agent thought the 19-year-old, three-bedroom property could sell for $365,000 because it has a walk-out basement and a water view, Sittnick said she knew that a neighbor's house lacking those features had recently sold for only $350,000.
So when no offers had come in after a month, Sittnick agreed to drop the price by $10,000, then another $5,000. She also agreed to pay $4,000 in closing costs, another incentive for cash-starved buyers.
