When it’s all said and done, this is the phrase that every Folsom home seller seeks – JUST SOLD. In fact, most sellers would define success by those two little words – JUST SOLD. Sometimes however, JUST SOLD means something all together different. If a sale that should have taken 90 days, expands to a real estate marathon of 473, JUST SOLD becomes the painful cry of a tortured seller.
It doesn’t have to be that way
In seeking to understand the Folsom market, I study the SOLDS. This week I came across a home that JUST SOLD as a FSBO – For Sale By Owner. Now this is not a blog to convince sellers that they should use a real estate professional. That’s for another day. It’s a cautionary tale of any seller that seeks to fight the market place. You see in any market, good or bad, a home seller will always increase their chances of success if they price their home fairly. Pricing your home fairly indicates to buyers that you are a serious seller – one that will negotiate a fair market price, and work towards a successful sale.
Remember our definition of success – JUST SOLD
The Folsom Seller below began their selling adventure by pricing their 2950 sq ft home at $495,000 in September of 2010. That’s a per foot cost of 168 per ft. As a point of reference, Folsom homes between 2500 – 3500 sq ft were selling for $158 per ft during that time. So the seller was seeking a $10 per ft or $29,500 premium to the Folsom ave.
Fast forward to August of 2011, after investing 11 months in the process, the seller reduced the price of their home to $459,999 or $155 per foot. The Folsom per ft ave for 2500 – 3500 sq ft homes had shrunk to $148 per ft. The seller had now reduced their price by $35,000, yet remained $7 per foot higher than the new Folsom average.
Here is where the story ends
Finally, in December 2011 the seller reduced their price to $419,999 or $142 per foot. The Folsom per foot ave for 2500 – 3500 sq ft homes was now at $146 per ft. The seller was now at a $4 per ft discount to the market. Within two weeks the seller went into contract, and finally sold the home for $412,000 or $140 per ft – AFTER 473 DAYS ON THE MARKET!
So I ask you, if the seller had gone in at $159 per foot back in September of 2010, do you think they would have had a reasonable chance to sell around $450,000? In hindsight do you think they would have seen that selling price as a success? Do you think they would have liked $39,000 more for their home? Pricing your Folsom home at a fair market value indicates that you as a seller want to have a success.
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JUST SOLD in Folsom isn’t always a success