If you’ve tried to sell your home recently in areas like Bethesda, Silver Spring, or other Washington suburbs, you’ve known what challenge is. But even in this buyer’s market, some sellers are getting multiple offers for their homes. The main reason is price, but there are other factors, as well, which I presented in a recent article on the Washington Times web site.
I talked about how inventory and demand tipped about 18 months ago in the sought-after neighborhoods like Bethesda and Arlington. Specifically, I stated that, “Fewer sellers were putting their homes on the market just as more buyers were deciding to take advantage of super low interest rates. The demand is out there for good homes, but potential sellers are still waiting to list their homes.”
The general consensus is that three factors influence how quickly a home will sell and whether more than one buyer will be interested: price, condition, and location. But as I said in the article, “Ultimately, price dictates everything. Even the most unappealing place, especially if it is in a good location like the middle of downtown Bethesda, will sell if it is priced at $100,000.”
When I work with sellers, I use list-price recommendations based on recently sold homes, not comparable homes on the market, because a house that hasn’t sold yet could be overpriced. My mantra to sellers is, “I am not here to tell you what you want to hear, but to be realistic about the market.”
In addition to price, other ways to attract multiple offers include a de-cluttered home, good lighting, home improvements, and determining how much a potential buyer needs financially. Then you need the right kind of marketing to reach those potential buyers. I list my properties later in the week, generally on Thursday, because this generates momentum for the weekend. “The goal is to generate a buzz about the property,” I stated. “I make sure every listing is online on more than 30 websites within 48 hours of going on the market, and do direct mail to local agents and neighbors.”
As I told the Times in closing, multiple offers happen where there are few homes on the market and more buyers—“but it’s difficult to predict whether that situation will continue.” So despite this economy, you can sell at the price you want by working with your realtor to set up the right strategies for your particular situation.
Contact me, Mynor Herrera, today for expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda & Whitehall Condominium.
