JUST SOLD! South Ogden Vintage Mid-Century Rambler
Published On: December 9, 2024 Posted by: Jeremy Peterson
We just closed on the sale of this mid-century rambler located at 4410 S. Orchard Ave. in South Ogden, Utah. The sales journey for this property was one of market discovery. This was an estate sale for the trustees who had strong sentimental appreciation for the home since it was filled with their childhood memories.
We listed the home at a higher price in order to test the market. Our original list price was $439,900 when the home went on the market in late August. Showings were very quiet at first. A week later we dropped the price $10,000. We began to have a few showings. However, interest was muted. About two weeks later we dropped the price another $10,000.
At this point, investors began to send us low-ball cash offers around $375,000 or less. We rejected all of these offers. After another week, we reduced the price, $10,000 again to $409,900. And a week later, now mid-October, we reduced the price $5,000.
At this point interest began to pick up on the home. We received multiple showings and had quite a few conversations with potentially interested parties. We put the home under contract with a cash offer at list price. However, as we expected, the buyer came back to us with a laundry list of their concerns and requested a price reduction to about $375,000 like all the other cash offers we had received. This was rejected by the sellers.
Finally we put the home under contract with an unrepresented buyer who intended to live in the home for $394,700. After the inspection we discovered some latent issues with water drainage and old electrical. The buyer requested a $20,000 concession. Ultimately the sellers agreed to this and we closed on the sale at $374,700.
This sale was a great lesson in market price discovery and testing the limits of what buyers are willing to pay for a property. Sellers don’t want to leave money on the table. In this case, our clients maximized their sale. The market gave us ample feedback and in the end both buyer and seller were able to come together to make the transaction work.
If you are thinking about selling your home and want to get the most of the sale, call me at 801-390-1480. We can put a plan together that fits your needs.
