Good news: We finally, FINALLY, managed to sell our Charleston house last week!
Not so great news: Ever met anyone who can lose money on real estate? Well, you have now. Oy.
We put the house on the market in September 2019, after finding an agent who would actually show up and do the work. I think I described this before, but the first two real estate agents missed appointments, did not respond to emails and calls, and never produced comps as promised. We ended up with a part time agent (never a good thing, I think). Dr. Evil and I had an idea of how the house should be priced, but the agent provided comps suggesting a price a good 15% higher, and we went with the higher price after listening to her pitch about how important it was to get the price just right at the listing date. Guess what; it was too high.
When we listed it, there were several houses on the street that were also for sale, and ours was the priciest of the bunch. No offers came before the holidays, and we decided to leave the price where it was, hoping for a better spring market. Know what happened when spring came? Covid. I’ll spare you the boring details, but we lowered the price a couple times, and the house was showing, but no offers were coming in. Patience, right?
The house directly across the street from us went on the market for about 20% less than ours. It’s a newer house, but not as large and the lot is not great, either. The price on that house came crashing down, and it finally sold for 45% of its original price. We think it has structural issues relating to the slope of the lot and the foundation/basement walls. Because of that sale price, Zillow (or if you will allow me, FUCKING Zillow), reduced its “Zestimate” on our property by a whole bunch. Seeing the suggested value on Zillow, a clever buyer swooped in with an offer of . . . exactly the Zestimate. So what’s a seller to do? We bit the bullet and accepted the offer. An offer that was 15% below our then asking price, and 25% less than the “just right” initial listing price.
In the meantime, the house across the street underwent what we’ll call the “flipper special treatment.” You know, new flooring, removal of a dividing wall, fancy countertops, etc . . . And they put it on the market for the same price we’d initially listed ours. And. They. Got. An. Offer. In. One. Day. Thanks, Zillow.
But we’re done with Charleston, so we’ve got that going for us, which is nice.