Name: Joe Friou
The home: A four-bedroom, three-and-a-half bath home built in 1980
Where: Lilburn
Why he sold: After Friou got remarried, he decided to sell his existing Colonial-style home and move into his wife's home. He had planned to sell earlier, but the market had dragged down home values so low that he waited. "Even two years ago, I could not sell my house for what I paid for it in 1996. That's how drastically the prices in the ZIP code 30047 dropped," he said.
Time on market: 12 days
Original price: $157,500
Sale price: $157,500
What it took
While Friou waited for the market to rebound, he spent time and money to fix and replace items to make the home more appealing to buyers. He didn’t want buyers to have questions about the condition of older items, which he said could impact negotiations if they felt they would need to spend more money after buying the home.
For example, the home had the original heating and air conditioning system. Although it “worked like a champ,” Friou said, he recognized that buyers may be turned off by a 30-year-old system. He spent $5,700 for a new system. He also replaced old carpet and repainted certain rooms. In addition, he had replaced the roof within the past five years. The home also had a screened porch and deck that were added in 2012.
“It was almost turnkey. It was ready to go,” he said.
Working with Jayme W. Gooding of Keller Williams Realty Atlanta Partners, Friou put the home on the market the first day of spring and received offers within four days. He also credits low inventory in his Gwinnett County community for the quick sale. He closed in April.
“You have to be lucky. You have to have great timing,” he said. “We had just everything come together.”
Potential stumbling block
The buyers asked him to pay for closing costs. Since Friou received his asking price, he was prepared to assist the buyer with about $5,000 in closing costs. After the inspection, he also agreed to repair the circuit box, which cost about $150.
Seller’s hint
Think about what type of buyer might be interested in your home. His strategy was to target first-time homebuyers by making the home move-in ready, so they wouldn’t to pay to fix aged mechanical systems. “That’s who we attracted and that’s who bought the house,” he said.
About the Author
