Why Did 1409 S Westmoreland Ave Sell For $35,000 Over Asking?

Clients often wonder how certain homes sell for well above their asking price. What factors come into play? How do we decide on pricing, and what strategies ensure the highest return on investment (ROI) when selling a home?

Selling homes consistently above asking requires a deep understanding of market trends, effective pricing strategies, and keen negotiation skills. As a dedicated real estate agent, I make it my mission to study comparative homes (comps) carefully, ensuring I set a list price that maximizes my clients' profits. This case study provides a detailed look at how a Victorian-style home sold significantly above its initial valuation.

Located at 1409 S Westmoreland Ave in Los Angeles, CA, this Victorian-style home with a long drive and two carports was initially valued at $900,000 through a Comparative Market Analysis. Aggressively priced to attract multiple offers, it ultimately sold for $935,000.

There are three main reasons this home sold for $35,000 over asking, offering valuable insights for sellers looking to achieve similar results.

Pricing.

Pricing a property correctly is crucial for generating interest and stimulating multiple offers. The initial valuation of $900,000 was set aggressively to attract competitive bids, a strategy that paid off.

By understanding the local market trends and valuing the property based on a thorough Comparative Market Analysis, I ensured the home was priced to generate immediate interest. This strategy led to 10 inquiries, 6 showings, and 4 offers, all of which exceeded the initial asking price.

Proper pricing not only attracts more potential buyers but also creates a sense of urgency. In this case, the pricing strategy led to a smooth negotiation process where we were able to counter and adjust minor details, such as escrow length and contingency time frames, without deterring interested buyers.

Marketing Strategy.

My marketing strategy was designed to highlight the unique features of the property and attract the right buyers. The key messages emphasized the Victorian style, long drive, and two carports, along with the investment potential of the three vacant units close to Downtown LA.

I utilized various advertising channels including MLS, Zillow, Facebook, Instagram, and Redfin. This comprehensive marketing approach ensured maximum exposure and generated significant interest, leading to multiple offers.

Effective marketing is crucial for setting the right expectations and attracting buyers who see the value in the unique features of the home. By highlighting the property's strengths and reaching a wide audience, I was able to create a competitive environment that drove the sale price above asking.

Negotiation Process.

The negotiation process for this property was very smooth. Given the aggressive pricing, most offers came in above the initial valuation of $900,000. We were able to focus on fine-tuning details such as escrow length and contingency time frames, which were adjusted through counters to meet both the buyer's and seller's needs.

One of the challenges we faced was the eviction of the final tenant. This was overcome by the seller offering the tenant cash for keys, which facilitated a smoother transition and sale process. This strategic approach ensured the property was ready for new buyers without significant delays or legal complications.

The Take-Aways

This sale underscores the importance of aggressive and strategic pricing, even when selling a home in its existing condition. Knowing the local market trends and highlighting unique features can significantly impact the sale price.

Working with a real estate professional who understands the market, knows how to price a property correctly, and can effectively market its unique selling points is crucial for achieving the best possible outcome.

Want To Know More?

Interested in learning how I can help you achieve outstanding results when selling your home? Book a free, no-obligations call with me today, and let’s discuss your real estate goals.