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After testing market, JP seller hits a home run

Posted by Scott Van Voorhis July 18, 2012 06:33 AM

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When we met "Josh" this spring, he was trying to figure out whether to sell a rental property in Jamaica Plain that has been in the family for decades.

The plan was to bolster his parents' retirement income through the sale of the two-family, but Josh wasn't sure whether it was the right time to sell.

The house is in a great location, between Centre Street and the Jamaica Way near an elementary school, but Josh worried that the older bathrooms and kitchens were in need of some touching up.

He had some great questions.

1. At what point in the market continuum does a home's intrinsic value (location, location, location) rise above its flaws (old kitchens and bathrooms)?
2. Is it worth trying to time the supply/demand curve to maximize our potential; or do we simply list it now and see what the market will bear?

I argued back in that he should wait - the market is on an upward trend and the pricing will only get better. (OK, given events in Europe and sluggish job growth here, I am rethinking that advice, but that's a post for another day.)

Josh was smart enough to go with his gut and test the market. As it turns out, that "test" yielded a buyer ready to pay up in a matter of days.

Looks like another example of how location can trump all else.

Here's the update from Josh that I found in my inbox the other morning. He listed the house at $847,000 and wound up getting $860,000.

Hi Scott,

I wanted to get back in touch and let you know that my parents have a buyer who has signed a P&S agreement. The house was on the market for three days and received three offers.

Two came from developers who wanted to turn the two family house into two separate condos; the other offer came from a person wishing to live in one unit and rent the other.

The final offer (from the person wishing owner-occupancy) actually exceeded our asking price. It works out well because the current first floor tenant is going to remain after the sale.

We were pleased that the spring market was so robust. Frankly, we didn't think it would sell this quickly.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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