This Noe Valley real estate case study shows how our proven process can turn around a San Francisco listing — from expired after months to sold in just a week! If you want to learn more, reach out any time.
How does a home in Noe Valley, San Francisco, sit on the market for months not selling and then turn around and sell for ~20% above its listing price only a short while later? Better yet — how do you turn around a previously expired listing and sell it for $358,000 above the listing price, in one week on the market?
The answer lies in a strategic approach combining marketing, staging, pricing and timing, and skillful negotiations to seal the deal.
Unsurprisingly, the #1 thing we’re often asked by prospective sellers (of Noe Valley real estate or anywhere else) is, “How much is my home worth?” But there are many more common questions too, like: Is it worth paying to stage my home? What improvements should I make before listing to get the best ROI? How will you market my home to reach the most qualified buyers? And what really makes you any better than the 5,000 other San Francisco real estate agents, many of whom charge less commission?
After two decades of listing and selling Noe Valley real estate and homes all over the San Francisco Bay Area, we can happily talk your ear off on any of these topics. But sometimes questions are best answered by example, which is why we are sharing this recent client success story as a real estate case study.
Turning Around an Expired Noe Valley Real Estate Listing: 1279 Sanchez Street
*In your best Jerry Seinfeld voice* What is the deal with these expired listings? Do houses go bad like milk? Did I miss the “best by” date? KRAMER!!!
There’s nothing inherently wrong with listings that expire. The reasons aren’t so much the home, but a mismatch between list price, presentation, and buyer expectations. After all, a crazy low listing price will basically sell the home itself. In most cases, though, a seller wants the most money they can get for their home, and the best return on investment. They don’t want to leave money on the table by just setting an arbitrarily low price and throwing spaghetti at the wall.
Strategy, staging and marketing are what make the difference.
In the case of 1279 Sanchez Street, a single-family Victorian on one of the best blocks in the very popular Noe Valley neighborhood, those pieces didn’t come together when listed by another agent in October 2020. Despite its great location, many charms and amenities, and the popularity of Noe Valley real estate, the listing sat for two months on the market and expired in December after a price reduction. That’s when the seller reached out to Danielle Lazier Real Estate and our real estate case study begins.
Side note: We know what you’re thinking. “That’s because it was 2020!” Would you be surprised to hear that Noe Valley single-family homes sold, on average, in 12 days in the fall of 2020, with Noe Valley single-family median sale prices rising 9.5% year-over-year by last December?
Upon connecting with the seller, Danielle got to work on a plan to successfully sell their home.
Setting a price is one of the most important steps in the listing process. When COVID-19 hit, SF real estate trended away from eye-catching, underpriced listings in favor of more “transparent” listing prices. However, this often backfires since buyers are so conditioned to the idea of competition and multiple offers. If a property does not sell in the first couple of weeks in our market, it is perceived as stale. It’s essential to attract attention from the beginning.
Analyzing the market data as well as the psychological trends involved in buying a home, we identified the opportunity to draw the correct pool of buyers to 1279 Sanchez Street with a strategic listing price of $1,795,000.
We work closely with a network of vendors to get our sellers’ homes in their best selling shape, identifying the pre-market improvements, repairs and staging that will maximize ROI. For 1279 Sanchez Street, we connected the seller with the experts at Green Couch Staging. Green Couch worked their magic with handyman improvements, subtle neutral tones accentuating beautiful Victorian period detail throughout the home, and tastefully arranged, modern furniture showcasing the flexible floor plan. The best part is, by utilizing the Compass Concierge program, our client did not have to spend any money up front.
Due to the pandemic, it’s more important than ever to show off a listing online via professional digital media and online real estate marketing. Once 1279 Sanchez Street was staged and ready, we captured it all in high-definition photography, an interactive 3D virtual tour, and multiple video tours for websites and social media. It all came together to display an already gorgeous home in its absolute best light.
To spread the word about 1279 Sanchez Street, we launched a multi-pronged marketing campaign via social media, email blasts and newsletters, postcards to potential buyers, and agent outreach. It all pointed back to a custom URL and mobile-friendly listing page at YourNoeHome.com.
Don’t blink — it happened fast!
We listed 1279 Sanchez Street on Tuesday the 16th. Within three days, we received over 45 showing requests and thousands of visitors to the listing pages on Zillow and our website.
By Friday the 19th, our client had a multiple-offer situation on their hands. Through careful guidance and negotiations over the next few days, we were able to increase the final sales price from ~16% above the list price to ~20% over asking. This 4% residual meant an additional ~$51,000 in our client’s pocket.
There is an important distinction between the sales price vs list price ratio and the final, negotiated price vs the initial offer price. Anyone can underprice a home to get multiple offers and a sales price above asking. Highly skilled negotiators can drive that final price higher through a nuanced and highly sensitive negotiations process.
Needless to say, the seller was thrilled! They had given up on their hope of achieving this price when their home was listed and expired two months earlier, but together we were able to reach their goals.
Danielle and the team were amazing! Our home was previously on market (during pandemic) with little interest. We were unsure of our strategy and second guessing our whole approach. Danielle was blunt but kind. She challenged us to change our entire approach. It was hard to adjust our expectations but it all moved very fast and we landed exactly where we were hoping to. The house was on the market for no more than a week when we received multiple offers. Danielle and the whole team were also fantastic at following through and keeping us updated on process and progress. Overall, it was a smooth experience.5-Star Client Review from the Seller of 1279 Sanchez Street
Noe Valley Real Estate Case Study: How Can We Help You?
There’s no one-size-fits-all solution to selling a home. It all depends on your goals, your time-frame, and your budget. When it comes time to sell, we’ll be here to lay out the options and help you make the most of your investment.
Please reach out any time to learn more about us, tell us about your situation, or ask anything real estate related! We’re always happy to hear from you.