As you look through the Ocean City MD real estate for sale you are probably curious as to what the real value is of the Ocean City properties that may be of interest to you. It can get confusing because you will see 2 units in the same building with one being listed for one price and the other significantly higher or lower. In addition you have all of the talking heads out there, friends opinions, news reports, etc. which can add to the confusion. It is also hard to find information on recently sold Ocean City MD real estate as most Ocean City MD Realtors closely guard it (for the record we make it available on all our websites and provide it to our clients) and the sites that do have it are usually using outdated, irrelevant data. View Recently Sold Ocean City MD Real Estate
With all of that being said we thought we would put together a quick post outlining the processes we use in determining the true value of Ocean City MD condos for sale and Ocean City MD homes for sale in an effort to help you make informed decisions and ultimately get the best deal possible.
Ocean City MD Listing Prices
Listing prices are just that and nothing more, they are the listing agent’s and seller’s opinion of the value of a particular piece of Ocean City MD real estate. Some are going to be more competitive and realistic than others. They will however provide and idea of what type of Seller you may be dealing with as all Sellers are going to be in different positions from a financial standpoint. If someone bought at the wrong time or borrowed against their property they are going to be limited as to what they can do from a price standpoint. On the other hand, a Seller that bought their property at the right time or may have payed cash is going to be in a much better position to price their property competitively, leading to a better deal.
Recently Sold Ocean City MD Real Estate
The best indicator of what a particular Ocean City MD property is worth is what comparable properties are selling for right now. Once you have identified some properties that are of interest to you we will pull the recent comparable sales data. We will break all of these down to the common denominator of sold price per square foot, which will give us a baseline value. We will then make adjustments based on the differences between the properties of interest to you and the comparable properties that have sold. For instance, the property you are looking at may have a superior ocean view compared to the other units that have sold which will add considerable value and will need to be factored into the analysis. Conversely you may be looking at a “fixer upper” that is in worse condition than the comps and we will need to make a negative adjustment.
Overall Market Conditions
The Ocean City MD real estate market is made up a wide range of property types, locations and sizes ranging from oceanfront penthouses to bay side efficiencies. Because of this we will pull the Ocean City MD real estate market data for above from the specific area that you are looking in. However we will want to look and see how the market in general is performing when doing your analysis and factor that in. If we are in a market where there is a lot of activity and limited listing options we may want to be a bit more aggressive in the offer price to guard against losing out on the property to someone else. Conversely if the market is quiet like it is during the winter in Ocean City, MD you will have less competition and can likely go in lower on the offer price and see how the Seller responds.
The “YOU” Factor
At the end of the day any given piece of Ocean City MD real estate for sale is worth what you are willing to pay for it. We may look at all of the comparable property data and arrive at a price range that you think is too high for the condition and location of the property you are interested in. Conversely we could get to that price range and you may think it is worth slightly more based on a great view or some other unique factor. At the end of the day we represent you as the Buyer and your interests solely and will proceed accordingly in an effort to get you the best overall value possible that you will be happy with for many years.