Everyone loves to talk real estate. If you own a home, it is probably your biggest asset and well, it’s a good idea to keep tabs on what it’s worth. The year 2020 has been a difficult year for everyone, but with interest rates and inventory plummeting, the Maryland real estate market has gotten pretty interesting. I am constantly asked about the current state of things – what homes in the neighborhood sold for, how much over list price are people willing to pay, how long is this going to last? The other thing I hear frequently is that people would love to sell their home in this market. With inventory so low, I love to hear that. We need more homes for the thousands of buyers who are searching. It is easy to believe that in this market, all you have to do is stick a sign in the yard and it’ll sell, right? Yep, there’s a good chance it will, but will you be getting the best price for your home if that is all you do? Doubtful. I’ll save my speech on “For Sale By Owners” and the huge legal risks they are taking when trying to sell their own property for another time and focus on the big topic of interest. Money.
There is only ONE reason homes are selling over list price by thousands of dollars. Competition. Supply and demand is the oldest business concept in the book and it is not a secret. It is as simple as that. There are more buyers than homes for sale right now, and there will be for a while longer. So how do you take advantage of this market as a seller? You have to get the most people possible to SEE your property. If no one is seeing it, no one is buying it, and they certainly aren’t competing over it. If you are not in the MLS (multiple listing service utilized by agents), you are missing out on serious buyers working with agents who are ready and more importantly, prequalified to buy. What you might not realize is that this is just the tip of the marketing iceberg, and if putting a sign on your property and throwing it up on the MLS is all your agent is going to do to market your property, you are not going to get the highest and best price for your home, period. An overwhelming percentage of people start their homebuying search online – but if they aren’t moved to get in their car and come see your home in person, they aren’t buying it. There have always been agents who take a listing, plop a sign in the yard, toss some iphone photos up on the MLS and move on. (I expect I will write another blog solely on my feelings on smart phone property photos). In this market, many who used to provide premium service have stopped doing what they typically do because the offers will come without it. So, what is the question that is more important than what is your commission? What question will actually help you decide who to hire? Here it is: “What are you going to do to market my home?”
If you or someone you know is interesting in selling a home, please contact me at meredith.salita@gmail.com to find out what I do for every client to make sure you get the highest and best price for your home.
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