There is a lot of money on the line for everyone involved as you consider selling real estate in Ocean City MD and the surrounding areas. As a result of this you deserve a level of professionalism and experience that is unfortunately largely lacking in the Ocean City MD real estate market. Selling real estate isn't rocket science, however there is a process that should be followed in order to ultimately get your property sold for the highest price possible in the shortest amount of time. There are several factors that go into successfully selling real estate in Ocean City MD, Ocean Pines, West Ocean City, Bishopville or Berlin, however the three most important factors are:
- The property's condition, location, upgrades, views, amenities, etc.
- The marketing plan and experience of the real estate agent that is representing the listing.
- The pricing strategy derived for the property.
Of these factors, price is the most important. This does not mean that you have to be the lowest priced property, however you must ensure that your property is priced competitively relative to the recent comparable property sales and data. You could have the greatest property in the world and it could be advertised during the superbowl, but if it is drastically overpriced it will not sell.
The good old days of looking at what the last comparable property sold for, adding on a few percentage points to that price, popping a for sale sign on the property and waiting for the offers to roll in are long gone. The current Ocean City MD real estate market requires a well researched pricing strategy in order to get your property sold for the highest price possible in the shortest amount of time. Below I will outline the process that I go through in determining accurate and effective pricing strategies for my clients.
Recent Comparable Sales
The first step is to pull the listing data for similar properties that have recently sold as this will typically give us the most accurate property value information. No property is going to be exactly like yours but there will be sold comps that share similar size, location, views, etc. We will analyze these listings and derive a starting price range from them. I will then make adjustments to this price range based on your properties condition, size, upgrades, unique features, etc. Additionally, I will look for the presence of any outliers or unique situations to ensure the numbers don't get skewed up or down. This will provide us with an accurate starting valuation to move forward with.
Pending Comparable Listings
The next step is to look at the listing information for any comparable properties that may currently be under contract. There is a reason these listings sold and we want to leverage these same advantages if we can. I will check the price range derived in the previous step against the prices of these listings to ensure that it is inline with the market. If necessary I will make further adjustments for any advantages or disadvantages that are present. This is valuable information as it is an immediate indicator of what current active Buyers for properties like yours are looking for.
Active Comparable Listings
Now I will look at the comparable properties on the market as these are the ones you will be competing with. First I will look at the prices of these listings to ensure the valuation range from the previous steps is in line with them relative to condition, size, features, etc. I will also look at the days on market for these listings and compare the current listing price to the properties original listing price. Again this isn't to insinuate that you have to be the lowest priced property, but you must be priced competitively relative to what your property offers in regards to the comparable listings on the market. If there are numerous comparable listings on the market in similar condition priced below you, you will not get the necessary property showings you need in order to get the property sold. It is also worth noting that active listing prices don't carry much weight in the overall valuation as they haven't sold and are simply an "asking price". This step is primarily for positioning to ensure that we get maximum exposure and are the first to sell out of the group.
Off Market Listings
Lastly I will look at the comparable properties that either expired or were pulled off the market for one reason or another. There is a reason that these properties didn't sell and we want to ensure that we do not make the same mistakes. Usually it is the result of either the properties being overpriced, in poor condition, poorly marketed by the Ocean City MD real estate agent representing the listing or a combination of these factors.
Once I have gone through and done all of the research I will email a breakdown of all the property information to you. It is in an easy to understand format broken down and grouped in the same order as above with Multiple Listing Service Links (MLS) links to all of the property listings that are referenced. This is an important step as it will allow you to see the actual properties I am referring to with photos, virtual tours, property specs and descriptions. In it I will provide you with a valuation range based off of all the data compiled and where in that range you list your property will obviously be up to you based on your situation. There are a few things that can happen when a property is listed relative to the price that you will want to keep in mind:
- If a property is overpriced it will not get shown and days on market will start to rack up. This ultimately leads to price reductions and low ball offers from Buyers who see a high days on market count.
- If the property is priced correctly it will get shown frequently leading to offers on the property and its subsequent sale in a reasonable amount of time
- If the property is priced too low it will sell quickly and you could be leaving thousands of dollars on the table
If your considering selling real estate in Ocean City, Ocean Pines, West Ocean City, Berlin or Bishopville feel free to contact me anytime at 443-614-9179 or by email below. I would also be glad to provide you with a current market valuation of your property, simply fill out the form in the preceding link.