An Unexpected Profit in Rhode Island | Stories Behind the Sale

Because we believe it’s important for you to see the other side, we are launching a series of posts so that you can learn the ins and outs of the real estate industry. We’ll get into the details as to why some homes sell when others don’t, what agents do behind the scenes, and what homeowners do that benefit – or sometimes destroy – the transaction.

These are the Stories Behind the Sale.

Buyers First

In February 2018, Lucy Uchalova worked with her buyers to find a home in Rhode Island. This particular house had been on the market for months, and the photos didn’t make it look like anything special, but the buyers knew the area and wanted to have a look.

Once inside, they knew they could incorporate their own style to make it feel like home. Lucy remembers, “When they bought is it had been sitting on the market for a while, so we were able to help them get a better price.”

That price was $380,000.

Preparing to Sell

Fast forward to March 2019. Just one short year later, and life circumstances meant Lucy’s buyers had to move. In the year they lived in the home, they didn’t complete any major upgrades, but did paint, clean up, and refinish some of the floors.

When Lucy told her clients they could list at $425,000, they were excited, but unsure if it would sell at that price. Remember they had, just one year ago, bought this house for $380,000, and didn’t put much money into the home throughout the year. But Lucy showed them the comparable sales in the area, explained the marketing plan that One + Company provides, told them what they could do to make their home look amazing online, and gave advice about listing their house at the most opportune time.

Lucy’s clients got their home ready for listing photos. “They have a nice style and had cleaned up the place, so it was easy to photograph,” Lucy says. The listing photographs, taken by a trusted professional, came out beautifully.

The home went live on the MLS on a Monday in early March for $425,00. It wasn’t long before the calls came in.

Immediate Interest

Lucy had several showings on Tuesday, just one day after the home was listed.

“Between our professional photography, floor plans, and marketing, we gained a lot of interest right of the bat,” Lucy explained. “We went under contract in under 48 hours.”

Under 48 hours? The same home that sat on the market without movement for months. The same house that was bought for $380,000 one year ago. How could this home, with a substantial increase in price, be immediately flooded with interest and put under contract in less than two days? 

Factors to the Sale

Lucy attributes the sale and price jump to several factors. First off, the marketing at One + Company gets the home the exposure it needs. The traditional, oversized cape is what a lot of buyers are looking for, making the home appealing to many people. Plus, her clients cleaned up the house over the year with fresh paint and refinished floors. Lucy said last year, when her clients were looking to buy the home, it was priced higher than $380,000, but it wasn’t believable – not in the photographs or in person. With minor updating, some staging, and photos done right, the home appealed to many buyers in the area.

The most significant factor to the fast sale is most likely attributed to the timing of the listing. Wakefield continues to be a desirable location in Rhode Island, and, at the time of the listing, had very low inventory for homes in this price range. Lucy knew the best option was to get the house on the market before a rush of listings came in. Had Lucy’s clients waited for the booming spring market, there would have been more options for buyers, which would have slowed the process down for Lucy’s clients.

Under Contract

So, the day after 34 Christopher Street went live, Lucy lined up the showings. One of the first couples to see the home sent their agent back to the house that same afternoon to deliver a written offer.

“In addition to that, I received two other offers. That made it ideal for my clients because we could ask for highest and best in a multiple offer situation,” Lucy said.

This allowed the home to not only go under contract in less than 48 hours but to also get an incredible offer. Lucy’s clients were hoping to get near $425,000, but wanted to be realistic and were expecting negotiations. What they didn’t realize was that the negotiations would be for MORE than their initial listing price.

That final price? $445,000.

 

Lucy Uchalova
Real Estate Broker | One + Company
William Raveis Real Estate
e: lucy@oneandcompany.com
c: 860-917-5837

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