How do you sell your home for top-dollar when there are no comparable properties to benchmark against? That was the challenge Natalie and Tony faced when we first met.
Natalie and Tony purchased 6919 La Presa Drive in 2023. They saw great potential and value, particularly because it is one of the few homes in north San Gabriel served by the San Marino school district. Over the next two years, they completed major renovations. When the project was finished, they knew they had created something special and began considering a sale. The only problem was there were no comparable sales in the area that supported a $2 million valuation. Here is exactly how I helped them navigate their sale and exceed their goal number.
1) HOME PREPARATION
When I first walked the property, I noted that the sellers had done an excellent job with renovations. They modernized the aesthetics, opened up the floor plan, integrated the kitchen with the living room, and brought the home to move-in ready condition. Built-ins added both function and visual appeal.
Rather than bringing in a home stager, my team and I worked with our clients’ existing furniture and added a few decorative pieces to complete the space. There was no need for costly staging expenses.
Natalie and Tony had a toddler and a dog, which made showings more logistically demanding. We arrived early before each showing to make sure the home was ready and we stepped in with additional cleanup when the family needed to leave quickly.
They had also dealt with transients entering a previous home during a sale. We walked them through our property monitoring protocol and checked in regularly throughout the listing period. That peace of mind mattered to them.
2) PRICING
There were no comparable sales to support a valuation that made financial sense for Natalie and Tony to sell. Yet their home told a different story. It was beautifully renovated, single-level, move-in ready, featured two ensuite bedrooms, and was served by the San Marino school district while remaining accessible at a price point below San Marino levels. It was in a category of one.
Based on my experience, I felt confident we could command a price between $2 million and $2.1 million; however, I listed the home for sale at $1.95 million. That number was deliberate. The goal was to capture the attention of buyers with budgets around $2 million while also attracting buyers with budgets up to $2.5 million.
3) TIMING
The home was first listed for sale at the end of October, during the final selling window of the year. We had strong showing activity but no offers. Rather than let the home sit through the holidays, I advised that we pull the listing off the market in December and relaunch in mid-January. The reset worked. Offers came in and Natalie and Tony were in escrow at the beginning of February.
4) NEGOTIATING
An initial offer came in with a strong price, but we declined it because the buyer was unwilling to waive their appraisal contingency. In other words, if the home did not appraise at a high enough value, the buyer would be able to cancel the escrow, leaving my clients back at square one. Given the lack of comparable sales, I felt this was too risky. We continued searching for the right buyers, and sure enough, they arrived.
We soon opened escrow with a different buyer at an agreed-upon sale price of $2.05 million, which was $100,000 above the asking price. Securing a price well over asking in the absence of a multiple-bidder situation is entirely possible when you understand the market. In this case, we knew there were no other homes available in the same price range that were updated, single level, move-in ready, and in the San Marino school district. That knowledge gave my clients leverage and confidence. I communicated our price expectations clearly and held firm through five rounds of negotiations.
THE OUTCOME
Natalie and Tony’s home sold for $2.05 million, which translated to $1,088 per square foot of living space. They purchased the property less than three years earlier for $1.65 million, invested in a renovation, and came out profitable. No repair credits. No price reductions.
IF YOU ARE CONSIDERING A HOME SALE…
I would be happy to provide you with a complimentary consultation. You can call or text me at 626-807-6581 or email me at eva@linrealtygroup.com.