So, we did some fun math with a recent seller and as it worked out they earned 1,262.50 an hour for their efforts in getting their home prepared. Here is the story…
Shortly after our sellers agreed to let us help them sell their home on W Frances Pl, this comparable home on N Fresco went pending. Screen shot of the details on both (other than the address) here.
The N Fresco home was pretty comparable with the exception of being a single story (which often sell for more than 2 stories) and had 1 less bed and bath and it didn’t show well. So maybe, at least in my head, those tradeoffs were just a swap. What this meant for my sellers was if they were going to sell their home and did nothing to improve it, it would probably sell for about 446,000 and take some time to sell.
My suggestion at the time was to shoot for 475k and see how the market responded. As time went by and their house evolved, we advised “go for it pricing” at 499k. After receiving multiple offers we ended up selling for 501,500. Making the difference between where they would of sold doing nothing and where they ended up going through our preparation process $55,500.
Earning that extra $55,500 took time and money. The sellers said that they spent about 5k and it took about 40 hours of work. If you do the math that equates to $1,262.50 per hour. I’ll take that job! How about you?
If you want to discuss how to prepare your home to sell, let me know. Happy to help.