Blog Stories Case Study: Selling a Home Less Than a Year After Purchase

Case Study: Selling a Home Less Than a Year After Purchase

By Erin Primrose, March 2, 2018

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Congratulations to my clients Shala and Ryley who are onto their next adventure! Relocating was not in the cards 9 months ago when I helped them into their lovely home at the base of Bull Mountain, but opportunity came knocking and I got the call. Because I was already familiar with their home and they had not made many changes, I was able to arrive armed with a CMA to our first get-together which (like most) took place at their dining room table. The big question, and pressure point was how much of a loss these two were going to take after you subtract broker fees, closing costs, possible repairs and moving expenses. After calculating the exact number of their existing loan balance, real estate fees and closing costs they would have to achieve a$27,000 increase in market value in 8 months to break even. Anything less than would have surely put them in the “red” but when factoring in what they would they would have spent on rent, we arrived at the conclusion that it would still pencil out. After looking closely at the comps, I felt confident that I could make it happen or at least get close.

Listing was signed that night at $519,000 and we fast-tracked the process to get the home on the market within a week. Ideally I like to have two weeks, but they were well prepared and thankfully my schedule was in a place to allow for it to happen and have it be done right, which was imperative.  My clients went to the beach for the weekend, we hit the market on Thursday, and an open house was held on each weekend day. By Sunday night we had one very solid and full price offer from a buyer who loved the home…and that is all that was needed.

Come time for the appraisal, the lack of comparable homes combined with us coming off the heels of a wonky fall market resulted in the value coming back lower than we would have hoped – $505,000. After trying with all my might to appeal the appraised value, in the end it broke down to the science (data or lack thereof) trumping the art (the way a home shows and a buyer’s willingness to pay). The buyer and seller split the difference, one less repair was made and all were in a good place to keep it moving forward.

Wishing my clients all the best in their venture, and so grateful at the chance to work with them to make it happen!

I would love to be part of your next move…

Erin Primrose, Principal Broker Licensed in Oregon |  Living Room Realty
503-317-8111  |  www.ErinPrimrose.com  |  Erin@ErinPrimrose.com
7650 SW Capitol Hwy, Portland, OR 97219

Erin Primrose

Earth Advantage Principal Broker

I am thrilled to serve as a connector of buyers, sellers and everything this amazing city has to offer. Being an Oregon native, my passion is continuously fueled by the character and history of each neighborhood, local hangouts, and the abundance of nature found in and around Portland. I am proud to have found a perfect balance between success and advocacy, with the goal of those I work with feeling as if they are my only client.  People tell me I have a playful, yet warm demeanor, but don't be fooled as I possess a dynamic set of tools that has proven invaluable in getting my clients what they want. From exploration to closing, your journey will be met with guidance, responsiveness, professional expertise, and clear communication.  I do not believe in complacency. I do believe in remaining a hard-working and dedicated student of my trade, each day uncovering new opportunities to better serve clients and their community.  I come ready to ride the wave alongside you during your very own buying or selling experience, and work tirelessly to protect your interests every step of the way.  Let's get there together! When not practicing real estate, my time is filled with simple adventures with my family and friends such as walks through our neighborhood, cooking, hiking, camping, backyard BBQ’s, long-boarding, exploring Portland's food scene, Timbers matches and making improvements to our 1920′s Bungalow.
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  • T: 503-317-8111
  • erin@livingroomre.com

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