It’s a Price War and a Beauty Contest – You Can Win!
We tell our clients that selling your home in this market is a price war and a beauty contest, but we are here to help you win! In our 24 years of experience, The Myers Team has seen good markets and slow markets and everything in between. Here’s our advice on pricing your Montgomery County home:
Determining the Right Price
Obviously you want to net the maximum amount of return for the sale of your home. There are different pricing strategies that we use in this market, depending upon the conditions of the neighborhood. Our team sells dozens of homes a year, and after 30 years of selling homes in Montgomery County, we know the market and the neighborhoods.
Getting the Market Analysis Right
The market – i.e. the buyers – will tell you what your home is worth. Your tax appraisal, the amount of money spent on upgrades and the price you ‘need’ to get have no bearing on the ultimate outcome. We will get your home sold for a realistic maximum price. Pricing depends on many factors – your home’s condition, location in the neighborhood and in Montgomery County, upgrades and of course, what other comparable homes have sold for and what is currently for sale.
Call us for your free evaluation at 301-910-9910 or click here to find your home’s value.
Real Estate is about supply and demand. If there is an oversupply of homes, it will take longer to sell them. The absorption rate tells you how long it will take to sell the current number of homes in your area. A supply of 6 months or less is considered favorable to a seller, around 6 months is a balanced market and more than 6 months supply is a buyers market. Most of Montgomery County has seen low inventory recently, though local markets do vary and some areas have new homes being built as well.
Days on Market
The more days your home is on the market, the more buyers will seek to discount your price. The best activity occurs in the first week or two of being on the market – so make the most of it!
You Don’t Want to Help Sell Your Neighbor’s Home
If you overprice your Montgomery County MD home, you will make your neighbor’s home look like a bargain. You need to be objective about how you stand up competitively with other homes for sale in your area.
Foreclosures and Short Sales
Some neighborhoods, especially in Germantown, Clarksburg and Silver Spring, have a disproportionate of foreclosures and short sales which not only depress prices, but also are attractive to buyers because they feel they are getting a ‘deal’. Your pricing strategy must take this into account.
The Pricing Sweet Spot
There is a range where you will hit a sweet spot – a price that produces interested buyers who will make an offer, but not under pricing the property. Our rule of thumb for Montgomery County MD real estate is that for every 15 showings, you should get one qualified offer.
Internet Searching and Straddling the Price Point
We recommend that you use a round number for your price, not a $999,999 number. Why? Buyers are searching on the internet. When they put in their price range, they are using whole numbers. If you price your home at $500,000, then you are being seen by buyers searching from $475K to $500K AND buyers searching from $500K to $525K. You would be missed by a whole category of buyers by not straddling the price point.
Call the Montgomery County MD Real Estate Experts
Put our Team’s years of experience to work for you! We are probably the only real estate team in Montgomery County that has a full-time MBA Marketing Director. We will get your home sold for top dollar and win the price war. Call us at 301-910-9910 for a consultation on selling your Montgomery County MD home.
You can win the price war – but you also have to win the beauty contest – read more about how to get top value for your home in Montgomery County MD.