Michele Buckman has put together some videos discussing the current DC market and what the future may hold for the real estate market in the Washington DC area.
If you're getting ready to sell your Washington, D.C. area home, news reports of foreclosures, a buyer's market or slower home sales may not sound encouraging. The good news? You're not really competing with the entire world---you're competing with your neighbors!
Remember: All real estate is local. What's happening nationally in other regions or communities has little relationship to our local real estate micromarket, which has a buyer demand, housing supply, location and amenities that are unique to your area. Even neighborhoods within markets can differ a lot in home prices and the pace of sales.
Also understand that buyers typically narrow their sights to a particular neighborhood; then they zero-in on the best value among the homes for sale in that neighborhood. Value means more than price---it's a combination of amenities (location, size, style, condition, conveyances, etc.) and financial considerations (price and monthly payment, closing costs, utility bills, taxes and so on).
To sell quickly today at the best price, you must show buyers that your home offers better value than competing neighborhood homes. Accomplishing that in a buyer's market calls for a creative approach. Consider the following strategies.
Even before listing your home, as your agent I will help you become thoroughly familiar with the other homes for sale in the neighborhood (or building, if you're selling a condo or co-op). I can show you listings to compare features, and you can go online to view photos and virtual tours. Even better, drive by or visit competing homes to find out about any other features or considerations that might make your home look better (or worse) by comparison. Think like a buyer.
Many home sellers are tempted to start their home sale with the highest listing price they could hope to get. Unfortunately for sellers, today's buyers are more educated about home values than ever before---and they're comparison shoppers. In a buyer's market, a creative strategy is setting your home's price at the lower end of its market-value range, maybe even below neighborhood comparables. This attracts pent-up buyer attention fast and generates competition that could result in a full-price (or higher) offer. I'll be happy to conduct a comparative market analysis (CMA) to determine the best listing price for your home.