Baltimore area sellers are finding new ways to draw buyers to their homes. I visited a Broker’s Open on Wednesday at a townhouse in Timonium. The price? $299,900. The four neighbors also on the market? $319,000-$330,000 and have been for sale from 60-278 days. Guess which one is expecting multiple contracts and will probably get MORE than their asking price (after being on the market for only three days)? Realistic pricing and home staging make this one THE one to buy.
These sellers listened to their agent about price and condition, and have blown the other very comparable units out of the water.
Are they hurting the values in the neighborhood? NO. They will most likely get ABOVE $300K because they have competing buyers. And what do you think the neighbors eventually might get? Probably around the same amount as these sellers.
So what is a seller to do? First, do your research. See what homes are on the market around you. See where the prices started, and to where they have dropped. Ask a REALTOR for help. We can find how much of a percentage your zip code has lowered in value over the past year, six months, and even one month, to help you correctly price your home. Finally, PRICE AHEAD OF THE MARKET.
This townhouse is the perfect example of the RIGHT way to sell your home in this market. The others will eventually get the same amount for theirs. These people are just getting it sooner. Isn’t that better in the long run?