Success Story: Multnomah Village Bungalow.
WE ARE VERY PLEASED WITH THE ENTIRE
Randy and Susan had extensively renovated this classic 1923 bungalow in 2008, essentially rebuilding the home from the studs out and adding approximately 500 square feet to the original home. Some of the renovations included Ipe (Brazilian Walnut) hardwood floors, gorgeous maple cabinetry, granite counters, new Hardiplank siding, new electrical, new plumbing, new insulation and interior drywall, a new roof and new landscaping, among many others. It was a stunning renovation in Multnomah Village, one of the most sought neighborhoods on Portland’s westside.
The primary challenge with marketing this home was determining an appropriate market-based price at which to list the home. Having been so extensively renovated coupled with a location on a fairly busy thoroughfare meant solid apples-to-apples comparable sales upon which to determine a fair market value would be in short supply.
We always asks prospective clients what price they think their home might sell for, and the initial number we received was $360,000. After extensive market research we recommended a list price at $400,000, knowing that there was a high likelihood of receiving multiple offers, pushing the final sales price into the low $400K’s. We set the list price at $400,000 in order to capture both buyers who may have capped their searches at $400,000, and buyers who may have started their searches at $400,000.
Our marketing plan included the following:
- Professional staging of the entire home (living room, kitchen, dining area, three bedrooms and two bathrooms)
- Stunning professional photography
- Professionally designed trifold brochures and 11″ x 17″ yard sign permaflyer
- Full features list in the home with strategically placed “silent talker” postcards throughout the home, pointing out various features and finishes of the home to prospective buyers
- Weekend open house
- By the second full day on the market Randy and Susan had received three competing offers, with a final sales price at $426,000 – $66,000 higher than the clients’ initial perceived value of the home.
Multnomah Village | Portland, OR
Gregory Pierce, Capella Photography
Wayne knows the market. He priced our house perfectly. Three offers came in right away, all over asking price. Wayne was there for us every step of the way, from staging, to reviewing the offers, to attending the closing with us. His leadership and attention to detail ensured an outstanding online listing with highly professional photographs. We are very pleased with the entire experience and will recommend Wayne to our friends.
— Randy B. & Susan H., Portland