The Story Behind the Sale - Squad Drive

The Story Behind the Sale of 8388 Squad Dr

Zach & Sharlene were first time homebuyers in 2017.  Her parents referred them to me, whom I had the pleasure of working with before.  Both kids were starting new careers and wanting to grow a family.  After looking and viewing many homes, they found a great home in the Hilliard area.  Being a young couple, they were like many first time buyers in that they had great, steady jobs but lacked a serious down payment.  In 2017, they were able to come up with $10,750 for the down payment on a $215,000 house.

Fast forward to 2020.  Zack & Sharlene now have 2 kids, settled into their jobs and are starting to feel the need for a bigger house.  We met and I gave them an idea of a selling price on their house but the uncertainty of Covid put things on hold.  In 2021, we started looking again but I could tell they were not satisfied with the homes on the market, and the bidding wars going on made them uneasy. In April of 2021 I helped them sign a contract to build a new home with about a one-year build time.  At that time, they needed an idea of what their current house might sell for.   I ran comparable sales and told them that their home was worth about $275,000 in the current market.  Having paid $215,000 and likely selling for $275,000 six years later, it was not a bad return on their $10,750 down payment.

Like many of the Covid remnants, the house took longer to build than expected.  In fact, the new house just closed in the second week of July.  But despite their build taking longer than expected, there was good news here.  Although the house they built would now cost approximately $70,000 more then they contracted, their current home sold for $355,000, much more than expected at the time we went into contract on the new house. In those five years, Zach and Sharlene made $129,250 on their $10,750 down payment!

This is why I love what I do.

How many investments of $10,750 return almost $130,000 in five years, tax-free?

More importantly, the equity enabled Zach and Sharlene to move into a new, larger, warranted home with more than 20% down that better fit their family needs.

I’ve been blessed to do this for families for over 30 years and hope to continue helping with your continued referrals.  If you know someone who can use my help and guidance, please forward my information.