,

House Sells in Vaughan For Over $1M, Beating Neighbourhood Record

28-foxtrail-run-vaughan127

How does a house break the $1 million mark in Islington Woods? Location matters, but effective staging and a flexible pricing strategy seal the deal.

In July of 2013, sellers from Islington Ave and Rutherford Road approached me with a specific list price already in mind: $1.098 million. It was ambitious, but I was hopeful. Their house was located in a nice area in Islington Woods where not many homes come up for sale, and when they do, they go quickly.

Setting the stage

Staging was an important first step. We hired Michelle Finnamore, owner of Advantage Staging, who helped the sellers determine exactly how to declutter and update the home to ready it for buyers. About nine months later, after the work had been completed, Michelle returned for the final consultation. Within a week, the home was ready to be staged. At this point, I arranged for professional photos and a virtual tour.

               28-foxtrail-run-vaughan120

The Marketing Process

On May 28, 2014, we hit the market at the seller’s suggested list price of $1.098 million. I felt it was slightly high, but this house had the added value of backing onto Boyd Conservation, making it highly desirable. I strategically scheduled and advertised our first open house for June 1, 2014, a beautiful Sunday afternoon.

At this stage in the process, it is important to market and promote the property on a variety of platforms, in order to reach the greatest number of clientele. I sent emails to local and out-of-town agents, as well as contacts in my database, sharing information about the property and inviting them to the open house. I complemented this strategy by sharing the listing and an Animoto video on social media channels: Facebook, Twitter, and the agent-only ReMax Premier Facebook page. I even placed an ad in SNAP’d magazine. As a result, we had an encouraging 12 couples come through, yet still received no offers. As I had suspected, the price needed to be adjusted.

 28-foxtrail-run-vaughan115

Manipulating the Market

I suggested we drop it below the psychologically magical $1 million mark; however, we settled on $1.03 million. On June 8, we hosted our second open house at this new price and within 24 hours we had three offers. Shortly thereafter, we sold the house for over $1 million – the first house in this pocket to see a final sale price of over $1 million. Around the same time, another house on the street sold for significantly less. Needless to say, the sellers were thrilled.

Afterthought

I remain convinced that my strategy to drop the price slightly below $1 million would have generated even more offers than the three we received. Nonetheless, the sell was a success. The property was on the market for a total of 15 days and sold for 97% of the original asking price.

Have a question about selling your home in Vaughan?  Contact me here today to find out about the latest market conditions and how to get the best price for your home.

 

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply