JUST SOLD! 3 Bed 1 Bath Northern Ogden Home
Published On: June 17, 2016 Posted by: Jeremy Peterson
I just closed on the sale of this listing for a client. This home is located at 1165 N. 430 E. in northern Ogden. The sale of this home is an excellent case study in the ongoing surge in house prices in Weber County. When I first visited with my client, it was early in the Spring sales cycle and there were fewer comparable sales available to help determine a price. Based on the best information available, we figured this 1,400 SQFT home would be worth about $155,000 at that time. This seemed like an aggressive price point to me since the basement of the home was unfinished. My client had a few nip and tuck items to finish before we put the home on the market and several weeks later we approached the issue again. A review of the market revealed that prices were increasing dramatically in the area.
My client suggested we list the home for $169,900. Given the limited inventory and uncertainty of how the market would react, I agreed and we put the home up at that price. Within two days we had two offers competing for the home. We notified the buyers that we had multiple offers. The first offer came in originally at $169,900 and asked for $5,000 in closing costs. They agreed to adjust their price to $175,500 and we moved forward.
At this point I warned my client that we may bump into some appraisal problems. He was aware of the risks but figured that there was plenty of room to adjust if an appraisal came back unfavorably. Amazingly, no such appraisal problems manifested themselves.
We closed on the property on time and my client was a very happy camper. Congrats to my seller!
