Sale of the Week: The $770,000 house that shows the possible consequences of tighter mortgage rules
A 1920s three-bedroom with an artfully staged interior.
The living room is at the front of the house:
The dining area is continuous with the living room:
A closer look at the dining area:
The kitchen recently got a new set of cabinets:
There are three bedrooms on the second floor. Here’s one of them:
All three bedrooms share this bathroom:
And here’s the master bedroom:
There’s a basement jam space/rec room:
And here’s the backyard:
The sellers bought the 85-year old house in 2000, and didn’t do any work on it other than regular maintenance. The agent spent ten days getting it market-ready—a process that involved a fresh coat of paint, the addition of lots of new furniture, a refresh of the kitchen cabinetry and the installation of new lighting.
The buyers are a young family planning to raise their children in the house just as it is, which is exactly what the sellers wanted. Although they had outgrown the property and needed to upsize, they had lived in the home since the birth of their first child, and they preferred a buyer that wouldn’t tear the place down or gut it.
The federal government’s new, more restrictive mortgage rules came into effect just days after the house was listed, which may have made for a bumpy sale. There were 17 showings and three open houses, but just one offer. Although it was $8,000 under asking, the sellers liked the potential buyers enough to accept.
By the numbers
• $2,889.48 in taxes (2016)
• 1,250 square feet
• 560-square-foot basement
• 11 days on MLS
• 3 bedrooms
• 2 bathrooms