How does a house get multiple offers after being on the market for 40 days? I will tell you how…

October 15, 2009

Stunning and Expanded colonial - this is what all of the "hoopla" was about!

Stunning and Expanded colonial - this is what all of the "hoopla" was about!

How does a house get multiple offers after being on the market for 40 days? I will tell you how…

On June 25th I listed 10008 Sorrel Ave, Potomac, MD 20854. We were originally listed at 1,099,900 – which I must disclose that both the sellers as well as I felt was a very fair price. The house needed some updating but overall showed very well and the sellers made it very accessible for buyers to see.

We were listed for 3 weeks and had on average 12 showings each week but NO OFFERS. I had numerous other agents that work a lot in this particular market of Potomac Village. We reduced it $50,000 and low and behold …we had lots of calls for property disclosures and offers were registered.

Now – there are two items I find extremely interesting thing about this situation:

  1. We were on the market for almost 40 days before we received one offer…but once we received one offer all of this major interest came forward. Rather than buyers being turned off by the multiple offers it seemed to make them more interested in it! We ended up with 8 offers just a few days later!
  2. ALL OF THE OFFERS WERE between 950,000 and 980,000. There were no recent comps to support this price – if there were then it would all make more sense.

My clients, as with almost all Sellers, felt that their home was worth over a million dollars but at minimum they stated after the initial offer came in that they would not take a dime less than one million. I fought tooth and nail to get them “their number”.

We countered one offer and the Buyers wanted to wait a week to see what else came on the market so we withdrew our counter…we countered another offer and the buyers disappeared for 48 hours. Their agent couldn’t even find them so we withdrew that counter as well.  

Finally – the buyers from the initial contract we countered came back and submitted an offer that was less than a million but my clients were so nervous about losing out again that they accepted this time as the rest of the terms were appealing enough.

As fate would have it – once we were completely ratified… I received two phone calls from two different agents stating that each of their clients wanted to buy my listing on Sorrel so desperately that they would pay at least 1 million! Unfortunately at that point it was too late.

 We settled last week and everyone walked away happy…except the buyers that didn’t buy the house of course!  Subsequently – no new homes have come up in the same price range in the Potomac Village area.


Stunning Colonial in Potomac Village


Overview
Maps
Photos
Market Stats


$1,099,900

Single Family Home
Sale Pending
Main Features

4 Bedrooms
3 Bathrooms
1 Partial Bathroom
Lot: 17,378 sqft
Location
10008 Sorrel Ave
Potomac, MD 20854

Cara Pearlman


Cara Pearlman


Long and Foster Real Estate, Inc

(301) 6567700


cara@lnf.com


http://www.rozanskyrealtygroup.com

Listed by: Long and Foster Real Estate, Inc

See more
Potomac,
MD
real estate for sale


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