Getting a house market ready is a step by step process. It takes active participation from agent and owner(s). One of the most valuable insights an agent should bring to a seller is what to expect . Have you debated about selling? Take it one step at a time.
Four years ago Jacob and Amanda relocated to the DMV area for a work opportunity with every intention of going back to their home state of Michigan. Despite not knowing their timeline as to when they could go home, they knew it was better to buy versus rent. To be a a small part in their larger plan, a facilitator to the purchase of their home and now selling it, has been rewarding. Their hard work and careful planning is paying off. They are on their way home. With only three day on the market, they received an offer over list price and stand to walk away with a return on their investment.
Under Contract: 20432 Summersong Lane Germantown, MD 20874
Link to listing | Virtual Tour Link
Bedrooms: 2 | Full Bath: 3.5 | Sq. Feet: 1594
Have you noticed that as soon as a property goes on the market, it seems that within days they’re under contract? All indicators point to a strong summer real estate market.
- New pending sales up 25.5% ( Zillow June Report)
- New listings taken up 19.3% month -over -month ( Zillow June Report)
- Demand for housing is out pacing supply = competitive market for buyers, excellent time to be a seller ( DC Metro area months supply is 1.4)
- Our area is above average when it comes to exposure to low risk jobs by market. Meaning, there are more DC metro area residents who remain working in sectors including federal, state and local government, information technology, military and utilities.
#LMRE Most Current Under Contract or Sold Properties
Laurel Murphy Real Estates most recent listing reflects what regional market updates are reporting. With low inventory levels, my owners had no competition within their neighborhood at the time of listing their home located as 13305 Burnt Woods Place Germantown, MD 20874
With the neighborhood average 38 DOM the owners priced the house with in the range of the 90 day sold price history. This listing went on late Friday night and was ratified for full list price by Sunday. Being aware of local real estate trends and knowing how to interpret market data is vital to successfully selling your house in the shortest amount of time for the most amount of money.
Washington D.C. and Baltimore Metro areas felt the effect of COVID-19 with the lowest April volume of new listings in ten years, while also reaching a record monthly median sales price and ten-year low for days on market. – BrightMLS
- The DC Metro hit a new median sales price high ($507K) and a decade low for median days on market (7). Homes generally sold at 100.0% of asking price.
- This April had the month’s lowest volume of new listings in the past ten years, as many potential new sellers opted to hold back listing their properties until after the “stay at home” orders end.
- Month-to-month, new listing declined -26.1%; typically, new listings rise 9.2% in April compared to March.
- New pending sales endured their sharpest year-over-year drop in a decade.
- This was the weakest April performance and sharpest March to April decline (-24.4%) in the last ten years.
13305 Burnt Woods Place Germantown, MD 20874
Bedrooms: 3 | Full Bath: 2 | 1 Car Garage | Sq. Feet: 1439
Fantastic, sun drenched 3BR/2BA single family home in Churchill Town Sector. Includes 1 car garage, open floor plan, high vaulted ceiling, hardwood floors through out, large eat-in kitchen and fireplace. Located on a quiet cul-de-sac. Conveniently located to local highways & shopping centers. Brand new heat pump and french drain system. 3D Virtual tour will be posted on Monday 5/18
Inman News Latest Market & Economy Report
Homesnap found that American homeowners will spend an average of 25.1% of their monthly income on their housing while renters will spend 37.9%
Despite high home prices, putting off a purchase to wait for a better deal may not be the best idea after all. Long-term, owning is more affordable than renting almost anywhere in the country, according to a new report released by home search platform Homesnap.
Looking at factors like the average monthly wages, monthly rents, monthly rental insurance payments and median home values, Homesnap has found that owning is more affordable than renting in 94.39 percent of cities in the United States.
*Real estate industry professionals from around the world turn to Inman first for accurate, innovative and timely information about the business. Known for its award-winning journalism, cutting-edge technology coverage, in-depth educational opportunities, and forward-thinking events, Inman is the industry’s leading source of real estate information.
There’s only so much sellers can control, the key is adjusting to the things they can’t. An agent’s true value is helping a seller navigate one to minimize the other. So what happened with Vaughn Landing? It closed 7 months and 3 contracts later. A three year old townhouse with one past owner in Germantown, MD, conveniently located, minutes from MARC station, highways and shopping.
The seller had gone through all the listing steps to prepare the townhouse for market. They priced it well, given its meticulous condition, market trends at the time and comparable units.
- The first contract was ratified in 12 days after initially listing it. The buyer decided he wanted to live somewhere else (that is what I was told) and he walked on the home inspection.
- The second contract, despite having a gainfully employed buyer, a lender letter saying income had been verified and finances run through the mortgage lenders DU (document underwriter) system, the buyer was denied financing due to insufficient funds.
Nothing the seller had done or not done landed him in this situation. What is the best strategy in this scenario?
- Accept that there are several moving parts to a real estate transaction and no one controls the entire process.
- Circle around to the very first consideration of step # 3 of the sales process keeping in mind the time already on the market.
- Work with the information/feedback your agent has collected to decide what adjustments, if any need to be made and when to put it back on the market.
- Remember time is of the essence.
Like Frozen II’s theme song “Into The Unknown”, the process of selling your home can feel like it’s shrouded in fog and even considering selling can be overwhelming. It’s been non-stop singing in my household since seeing it. (don’t worry, no spoilers here) But seriously, if you’re considering selling your home follow Elsa and Anna’s example and don’t go it alone. You don’t need to. Hiring a real estate professional who has a finger on the pulse of the market will make your selling experience a positive and educated one.