Ocean City, Maryland is a great place to consider purchasing a second home or investment property. There are many things to consider in this process, one of which is the best time to buy. Each season presents different opportunities and challenges in the Ocean City real estate market. Below are the pros and cons of buying in a particular season that will help you determine the best time to buy based on your particular situation.
The demand for Ocean City properties is at its highest during the Spring. There will be a good amount of inventory to choose from, but there will also be a lot of competition. As such, Sellers tend to not be terribly motivated with a steady stream of qualified Buyers walking through their front door.
The keys to buying in the Spring are being proactive and being prepared. Good properties will sell quickly and if you want in, you have to move quickly. You will also want to ensure you have your finances in order and are pre-qualified if you will be getting a mortgage for the purchase.
Summer may seem like the busiest season for real estate sales in Ocean Cit, but that isn’t the case. The spring and fall actually beat the summer quite handily. There are limitations with showing property during the Summer months with all of the vacation rentals in town. As such, inventory tends to be at its lowest level during the Summer months and Sellers that have rental income rolling in tend to not be as motivated.
The advantages to buying in the Summer are that you can use the property immediately during "prime time" and be situated for the best time of year in Ocean City (the fall but don't tell anybody!). Additionally, if the property is a vacation rental you can step right into the rental income...
If you have decided to sell your home or condo in Ocean City, you likely have many questions and potential concerns. What if the home doesn't sell fast? What if the inspector's report turns off potential buyers? Fortunately, there are several things you can do ahead of time to increase your beach home's value. Here is the list of home updates you should consider when selling your real estate in Ocean City:
A fresh coat of paint can go a long way and is relatively inexpensive. Use neutral tones and limit it to one or two colors throughout the home. New paint will give the home a fresh look and appeal to all potential buyers.
Add more Decking
Adding decking is one of the best home updates you can do. Decking makes a landscape more unique and adds privacy to a property. You can also add more patios, porches, remodel the pool area, and install a functional open-air fireplace. However, when adding decking consider the color and the quality of wood thoroughly. In order to get the desired look, new decking should match the style and decor of your house. Make sure that you choose a high-quality and durable type of wood to protect your deck from rain and water.
Upgrade and improve the lighting
Lighting in a house is extremely important because it is responsible for the atmosphere. If you noticed there is dull recessed lighting in the living and dining rooms, make sure you upgrade it before posting your house for sale. Do not forget to replace aged light bulbs with new ones in other rooms. It might also be a good idea to add energy-efficient bulbs and fixtures. This will make your home more energy-efficient, which is desired by most home buyers today. Since home showing often occurs in the daytime, take into consideration natural lighting...
The current lack of inventory in the Ocean City real estate market, coupled with high Buyer demand is leading to multiple offer situations within a couple of days on a majority of new real estate listings in Ocean City. Multiple offer situations are tricky to navigate and you have to be prepared.
I have successfully negotiated several contracts for clients in recent weeks that were in multiple offer situations, all of which had five to seven offers involved. Taking the steps below will put you in a position to succeed.
Know the Numbers
If you are going into a multiple offer situation you have to know what the property’s market value is. Research information on recent sales of similar properties ahead of time so you know the value of the property you are pursuing and can make informed decisions.
You have to stay proactive in the current market and be aware of new real estate listings in Ocean City as soon as they hit the market. I can email you new listings that match your specifications as soon as they hit the market, which will ensure you do not miss out on a good opportunity.
It is easy to get caught up in the action and potentially overpay or concede protections in multiple offer scenarios. A good Ocean City real estate agent that is looking out for your interests will advise you accordingly. This is why knowing the numbers ahead of time and adjusting for condition, views,...