Seller Success: Luxury Case Study

New Haven Drive

My clients recently closed on the sale of their home on New Haven Drive and now we can tell the success story — what we did and how we were able to maximize their opportunity.

The Walla Walla Valley has witnessed a prolonged seller’s market, but that doesn’t mean bidding wars and competition will happen automatically. In the luxury-home price range, properties have often sat unsold or required sellers to compromise on terms in order to secure a sale. I’ve had consistent success with my sellers, regularly garnering offers well above asking in both Walla Walla and Milton-Freewater. This jaw-dropping success is less common than one might expect, so here’s a snapshot of how we were successful on New Haven in particular.

Pricing, even in the luxury market, is critical. Buyers who are relocating may have real-estate or stock windfalls that enable them to purchase higher-end homes here, but those financial resources don’t mean they are willing to overpay. Many of these buyers are savvy investors, some have the option to build, and most expect good value and amenities commensurate with price. Point being: houses in our local luxury range will sit too long on market because they are priced in excess of buyers expectations and willingness to pay.

I closely tracked market data over many months in order to educate and collaborate with my New Haven sellers and arrive at a smart listing price. I price-tested this number with numerous agents and even some consumers. My sellers and I knew exactly what to expect and where the property would sell because we did the homework.

Generally, buyers and sellers want to have the least contentious transaction possible. New Haven is an immaculately maintained property with unique amenities and features unfamiliar to some prospective buyers. By providing a professional, unbiased, seller-paid-for home inspection to all prospective buyers upfront, we removed potential anxiety for both parties. While this is common in other markets and allows for a clear and transparent pre-offer experience, it’s rare here in the Walla Walla Valley. However, I have used this approach with great success for my sellers — consistently garnering offers well above asking. Using this technique on New Haven helped us attract an offer $150,000 over asking.

Patience truly is a virtue. Emerging from winter, we were carefully watching our competition (i.e., other luxury homes on market) as well as interest rates and other macroeconomic factors. I was being coerced by local agents who wanted me to either (a) sell the property off market, or (b) bring it to market earlier than my sellers wanted as there was a dearth of desirable properties available in that luxury segment. Instead, we used this pent-up interest and energy to build the market and momentum for this beautiful custom home with stunning views of the Blue Mountains. By the time we brought the property to market, we had a strong sense of the agents and buyers who would likely be bringing offers. The buyers who wanted the property off market were still lined up and ready to make offers when we listed the house and stated an offer-review date.

One of my key strengths is negotiation. Across all offers, price was not the determining factor for my sellers. The way a buyer’s agent counsels their client in crafting their terms can make a significant difference in how the offer is received and perceived by the seller. While my sellers received five very good offers, it was my work with the buyers’ agents that ultimately got my sellers the the best possible deal. We went through several rounds of negotiation, across many hours, that yielded not only more money for my clients but more favorable terms overall.

In a hot market it can be easy to assume that every house will sell above the asking price. A skilled agent working on behalf of their seller can garner significant competition and financial returns for their client beyond expectations, while simply going through the traditional motions of listing a house can yield a modest, not fully realized result. Likewise, buyers who have agent representation that helps them compete by presenting a range of compelling options — and understand the seller’s motivations and needs — will find success. Sometimes without needing to offer the highest possible price.

I have an arsenal of strategies that I won’t reveal in this space. If you’d like to discuss your options as a seller or buyer, and tactics for winning in the competitive housing markets of Southeastern Washington and Northeastern Oregon, let’s connect. I’m licensed in both Washington and Oregon. jeff@jeffstrickler.com | (509)540-5027