Richmond's West End has witnessed strong growth in the past ten years. Many of use can recall a time when the world ended at Strange's on West Broad Street. Today, there is construction and development throughout the area!
Growth continues along West Broad towards Cabelas with both residential and commercial uses, Regency Square is under redevelopment, and a trip through the area reveals a number of projects both large and small.
What does this mean for homeowners? It means you're not getting the full value for your property!
Many would say that you're in the driver's seat because you can sell your house for list price very quickly. I see this often in our neighborhood near Three Chopt and Parham. A 'coming soon' sign will pop up.... then a few days later a 'pending sale' or 'under contract' sign goes in its place. The house closes quickly and everyone appears satisfied.
But did you get the most money for your house? Was your Cash To Seller all it could have been? I would say maybe not, and here's why. On average, properties within this study area sell within 1% of listing price. Median days on market is less than 10 days.
Early on in my real estate career, one of my brokers cautioned my that if I sold a property on the first day... it was priced improperly.
Today, I prefer the auction method of marketing to sell real estate. A well-marketed auction, no matter the asset class, with multiple interested parties bidding competitively, will undoubtedly discover the true market value.
Sellers and agent both tell me quite often that their listings will sell in a couple of days. While I applaud their gusto, I am haunted by the possibility of leaving a seller's money on the table.
Contact me today to find out if the auction method suits your situation!