Selling in Charles County
Getting ready to sell your home in Southern Maryland? Our Real Estate experts provide answers to some common questions home sellers have.
When is the best time to sell?
Property sells year-round, but there are better times than other to sell. Supply and demand as well as other economic factors will change throughout the year. The time of year you choose to sell can impact how quickly you sell and the final selling price. Weather can be a consideration, and generally, the real estate market picks up in the early spring.
The market usually slows during the summer, especially the end of July and August. The strong spring market often places upward pressure on interest rates and many prospective buyers and Realtors take vacations during the mid-summer.
The market will pick up again for a second, though less vigorous season, that usually lasts into November. As everyone – buyers, sellers, and Realtors – turn their attention to the holidays, the market slows again.
The supply of homes on the market also diminishes in November and December as sellers take their homes off the market for the holidays. Buyers are still looking for homes this time of year, but there are fewer homes to choose from. Homes on the market this time of year have less competition than during busier seasons. As a general rule, you’ll get the best results if your house is available to show to prospective buyers continuously until it sells.
How much is my home worth?
There are two ways people commonly use to determine the value of their home: an appraisal and comparative market analysis.
The cost of an appraisal varies. They average about $300 for a single-family home and more for multi-family dwellings. Appraisals are defendable in court. The appraiser will review numerous factors and base their information on the recent sales of similar properties, their location, square footage, construction quality, excess land, views, water frontage, and amenities such as garages, number of baths, etc.
On the other hand, a comparative market analysis is an informal estimate of market value performed by a Realtor or broker. It is based on sales and listings that will compete with your property that are similar in size, style, and location. A range of values will be determined, thus arriving at a probable market value. Many Realtors offer a free analysis anticipating they will have a new client.
Be sure the analysis or opinion is in writing and involves professionally accepted appraisal techniques.
How long will it take to sell my home?
How long it takes to sell your home will depend on the local economy and housing market as well as the price and condition of your home compared to your competition. There are five reasons why a property sells: price, accessibility, terms, condition of property, and marketing. You control four of these!
If your home isn’t getting the activity it needs to sell, it’s probably because it is overpriced for the market. First, lower the price. Then, go through the house and look for cosmetic defects that can be repaired. Second, make sure the home is getting the exposure it deserves with effective marketing. If it’s still not getting attention, consider removing your home from the market and waiting for overall housing conditions to improve and catch up with the price you’re asking.
Ready to sell?
Start your search for an experienced Realtor by contacting us here at Southern Maryland Real Estate Network!