We had bought our house in the midst of a typically strong late spring upsurge. I had been working in the Levi Creek area with several clients on two different price levels so I had a very strong sense of which homes were selling and at what price they were selling for.
My clients had decided that they wanted a four bedroom home to accommodate grandma when she stayed over, and that four bedroom homes in Levi Creek were beyond what they could afford at the moment. I would not be competing against them and so I avoided what could have been a conflict of interest.
As it happened I received a call just after my appointment to tell methat the three bedroom home that we were just looking at was receiving multiple offers that afternoon.
As we went our separate ways, I decided to take the long way and drive around the other side of the crescent. At that very moment the For Sale Sign was being planted into the ground for the listing we would eventually buy. It was not even on the market yet and I called the listing agent and got myself in for an preview. I loved it. It was the same as the house I just saw with my clients except in much better condition and with a much longer lot. Knowing that the other home was receiving 3 offers I quickly called Jennifer to come take a look. She approved, and by 5pm we were submitting our offer.
Of course as we were negotiating our offer, the losers of the other multiple offer were preparing to compete with us! Knowing this, we gave the sellers an offer they could not refuse. They accepted and we got the home.
The only issue we had was that the beautiful maple hardwoods on the main level were very dented and scratched thanks to a huge dog that once roamed its halls. This did not deter us as we had [good] intentions of refinishing the floors before we moved in...
Feeling the effects of the recession and knowing that the Real Estate market during the Winter of 2009 was so dismal, Jennifer and I both felt that the home had to show well if we wanted to fetch a great price. Furthermore since I put so many demands on my clients to have their properties in tip top shape before listing, I decided to hold myself to those same standards.
One of the major projects we took on before listing for sale was the refinishing of the hardwood on the main level. We also needed to replace 120sqft of carpet in the basement which was in terrible condition and detracted from an amazing basement.
Unfortunately the refinishing company would not be available until late April. In the meantime we repainted and/or touched up paint, de cluttered and repaired little items that had broken over the years. The refinishing involved moving all our main floor furniture into the garage and removing all quarter round. We also took the opportunity to repaint the baseboards which were looking very dull. After the project was finished the floors looked amazing and we regretted not getting it done in 2005.
I took on the job of installing the laminate floor in the basement to replace the grungy carpet. I did not want to do the laminate however it was difficult to have someone in on short notice for such a small job. Plus I had installed flooring in the past and had enjoyed it. I had the floor installed in 3 days. (yes I know a pro would have done it one day however I was working a Real Estate gig at the same time which slowed me down! lol) .
When all was tallied up we had spent several thousand dollars and about 2 solid weeks of time with our hearts and heads focused on readying our home. The payoff was self evident in the buzz that occurred and the ensuing multiple offers that we received. We were very happy with the price; it was the highest price ever on our street and the highest price per square foot in the Levi Creek neighbourhood - ever.
We took the week after to gather our thoughts and have some relax time before resuming our search for our new home.
What I would soon find out was that while we were down in the trenches readying our home sale, listing the property, and receiving offers, a transformation had occurred in the market. In the 3-4 weeks that my eye was essentially not fully focussed on market conditions, there had been an upsurge.
Our home which was overpriced in mid April was properly priced in mid May and under priced by the end of June! Yes all the hard work and spit shine spurred a bidding war for our home, but so did the fact at the same time Sellers who could not sell removed their homes from the market leaving a lower inventory which was quickly gobbled up by Buyers enjoying the new lower interest rates that were being rolled out at that same time.
When did this all dawn on me??? Stay tuned.
Coming Up Next: Anatomy of my own Move Part 4: OMG! There's nothing left! Resuming the search for our new home.
