A Look At Selling Real Estate During Covid-19

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.

Inventory Alert | Single Family House Under 500,000

For Sale:
13305 Burnt Woods Place Germantown, MD 20874
Bedrooms: 3 | Full Bath: 2 | 1 Car Garage | Sq. Feet: 1439

Link to Listing

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


SOLD: Why Working With An Experienced Listing Agent Is So Important.

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.

Veteran Home Owner