Our team will have a record sale next week on our listing that went pending yesterday at 473 Florence Drive in Lafayette. Florence Drive is in a section of Burton Valley called Lafayette Valley Estates. This Lafayette home was listed at $2,195,000 and is beautifully remodeled from head to toe in a style that appeals to today’s Buyer Pool. It is a single-story home on a pancake-flat lot and is a 10 out of 10 in terms of desirability. We received 14 offers on this house and the sales price will record next week as the most expensive home sold in this pocket of Lafayette ever. To top it off, 1/3rd of the Buyers who wrote offers were Cash Buyers. What does this mean to Buyers and Sellers?  

If you are a Seller in the neighborhood, you are cheering as the price range for your neighborhood just moved up a tier. It means home improvement trucks will be seen throughout the area and the price per square foot will allow you to add on and make the changes you desire without over-improving for the area. 

If you are a Buyer, pay attention to this sale and this neighborhood as there are many lessons to be learned:

• Buyers are willing to pay top dollar for a beautifully remodeled home.
• The competition is high for flat lots and single-story homes.
• Cash is king when setting a new neighborhood high as an appraisal is not needed. 
• Consider this neighborhood as the area is turning and improving.
• Consider buying a home that needs to be remodeled as competition may be less.
• If you fear you’ll be outpriced quickly, you need to readjust your wish list and consider homes slightly less desirable with a smaller Buyer Pool. 

We love sharing this case study and market insight with you. Are you curious how people can buy with cash? Ask us what we are seeing. Think margin money, family loans, bridge loans, etc. We look forward to answering your questions.

Dana Green