Selling real estate in Ocean City MD these days is a combination of a pricing war and a beauty contest. The good old days of seeing what the last similar property sold for and adding 5%, popping a sign in front of your Ocean City condos or Ocean City homes and waiting for them to sell are long gone. In order to successfully sell a piece of real estate in Ocean City, MD requires a well thought out and researched pricing strategy in order to get the highest amount possible for your property in the shortest amount of time.
Contrary to what the nightly newscasters may tell you there is currently a lot of property selling in the Ocean City MD real estate market. The properties that are selling are the ones that are priced well (relative to comparable sales and current market conditions) and are in good condition. Even properties that are in horrible condition will sell at the right price. This doesn’t mean that folks are listing these Ocean City condos and Ocean City homes for sale at rock bottom prices. It more implies that they have an effective and well thought out pricing strategy that a Buyer would have a hard time arguing against at the point the negotiations get underway.
When we as experienced Ocean City MD Realtors run market evaluations for prospective clients we factor in a multitude of factors. First we will look at comparable property data that will include sold listings, properties currently under contract, competing active listings and any applicable comparable Ocean City properties that have been pulled off the market for whatever reason. From there we will then factor in any pluses or minuses that the property we are valuing presents. Finally we will weigh all of this against the overall Ocean City MD real estate market conditions at the time to determine an effective pricing strategy to move forward with.
Recently Sold Ocean City MD Real Estate
The first thing that we will look at are the comparable Ocean City MD properties that have recently sold. As things change from month to month in the current Ocean City MD real estate market we will be primarily concerned with the comparable property sales that have occurred over the most recent 90 period. We will pull information from the past 6 months, however the most recent sales will be the best indicator of current values. In the event that you have a unique property where current comparable data is not available we can go far back as necessary to get a good data set to work with.
We will then break down these comparable property sales based on square footage, numbers of bedrooms and bathrooms, views, etc. Ultimately we will get down to a sold price per square foot value that we can use t0 get “apples to apples” comparisons. These sold price per square foot values will give a price range when applied to your properties square footage. This will give us a starting point in determining your properties value that we can then adjust. When we have a good data set of sold properties the sold price per square foot is usually with a couple dollars of one another across the properties that have sold and is one of the best indicators of current market value.
Once we have this starting price range based on the recently sold comparable Ocean City properties we will then make adjustments based on your properties condition, views, unique features, amenities, etc. For instance if your property has a superior view to the recently sold properties we will make a price increase adjustment to the price range factoring this in. As we work through this process it will fine tune the price range we started with above based on the condition and features your Ocean City property presents.
Under Contract Ocean City Condos and Ocean City Homes
Next we will look at the comparable properties that are currently under contract. We will do this for a few reasons, the first of which is to ensure the price range we derived above is in line with the comparable Ocean City properties that Buyers are putting under contract. We will also want to compare your Ocean City MD condos or Ocean City MD homes condition, view, etc. and see how it compares to these properties. We can’t put too much emphasis on the under contract properties because we will not be aware of the sold price until it settles, however they do give us an immediate glimpse into what potential Buyers for your property are thinking.
Active Comparable Ocean City MD Real Estate Listings
Now we have determined a price range and checked it against the comparable properties that are currently under contract. Next we will check it against the comparable properties currently on the Ocean City MD real estate market that you will be competing with. We will want to ensure that the price range we have established is in line and competitive relative to the other Ocean City condos and Ocean City homes currently on the market. We will also want to ensure that your units condition features, views, etc. are superior to any Ocean City properties that may be priced below you. At the end of the day we want to ensure we are amongst a small group that Buyers will ultimately look at and choose between to make an offer on.
Expired or Withdrawn Real Estate Listings in Ocean City MD
Finally we will look at the Ocean City MD real estate listings that have either expired, been cancelled or pulled of the market for one reason or another. Ultimately these listings didn’t sell and we don’t want to make the same mistakes. Reasons properties don’t sell is because they are either priced to high, in poor condition or have lazy Ocean City MD Realtors representing them with poor marketing plans.
Setting the Listing Price
Now that we have compiled all of this information we will be able to provide you with a well thought out and researched price range. Where in the price range you would like to list your Ocean City condo or Ocean City home will be up to you. This will be based on your overall motivation to sell, how much competition for your unit exists in the Ocean City MD real estate market, your overall financial affairs, etc.
Monitoring the Price and Follow Up
The Ocean City MD real estate market is constantly changing under the current market conditions. It is possible to price a unit properly to start and if it is not monitored it can be overpriced within a couple of months relative to the competition that may be adjusting down. As experienced Ocean City MD Realtors we are constantly monitoring the market and we provide our clients with regular status updates. In these we re-evaluate the process above to ensure your listing price is still competitive and the market hasn’t passed us by.
Marketing Ocean City Condos and Ocean City Homes
Running a close 2nd to having an accurate listing price in getting a property sold is the marketing plan and experience of the Ocean City MD Realtor that is representing the property. We offer one of the most comprehensive and dynamic marketing plans in the Ocean City area, which you can view an overview of here … Selling Ocean City MD Real Estate In addition we are full time, experienced Ocean City Realtors that monitor the Ocean City MD real estate market constantly and keep our clients up to date on everything that is going on relative to their property.
Ocean City MD Property Values
We would be glad to run a market analysis of your property for you. Simply fill out our quick Ocean City MD Property Information form and we will email the analysis over to you. If you would like to discuss any aspect of this i greater detail feel free to contact us directly anytime at 443-614-9179 or by email.