Our Fall 2010 real estate market appears to be vibrant! We conducted three open houses this weekend: two in Bethesda and one in Chevy Chase. Two were new listings. They were very active with more than 20 groups of people through. Although about half were neighbors who were interested in keeping abreast of their market, the others were interested buyers – many of which want to buy something by the end of the year.
Chevy Chase Home Buyers Are Out in Full Force
Buyers are just waiting for the right house to come on the market. We are able to track how many buyers have viewed our virtual tours and how many have visited the information about the property through a myriad of websites we own and advertise on. There were an extraordinarily high level of visits. This is good news for our marketplace.
These properties ranged in value between $500,000 and $700,000…which is often a first home for many buyers in our area. We are seeing contracts in a week or two on properties that are priced competitively. Properties that sit longer than that – especially below a million dollars and inside the Beltway – probably need a price adjustment.
We had a listing in Bethesda priced at $535,000 and reduced the price to $519,000. We received an offer within a week for full price. The buyers were watching the Internet, and when they saw the price reduction, they decided to write a contract on this home rather than a townhome they had seen because the Bethesda home became attractive at the new price.
Buyers are interesting these days in that they not big negotiators, but tend to watch properties that they feel are priced too high. When the price is reduced, they make a move. This is very different then years ago when people made offers well below the asking price because negotiating was standard procedure.
Home Sellers – Trim the Fat
Most properties sell within a few percent of what they are listed for after the final price adjustment. Sellers should keep this in mind when setting their asking price. There is no need for a lot of “fat” in the price. At the right price a seller will attract the most motivated buyer and induce them to make an offer close to, or at the asking price, if it is market competitive. We have in fact had several properties in the last few months that have had more than one offer which resulted in a selling price of over the asking price with very good terms.
Thinking about selling your Chevy Chase home? We can help you “trim the fat” and maximize your home’s selling potential! Give us a call at 301-215-6837. If you’re not quite ready to speak with us, you can get a feel for what’s happening in your Chevy Chase neighborhood by requesting a Market Snapshot. It’s free, and there’s no obligation.