Our Spring market has started early this year in the DC metro area, especially the close-in suburban neighborhoods such as Bethesda and Chevy Chase.

Home Selling Success in Chevy Chase

I have a listing on Davidson Drive which we listed for a price of $3,300,000 after much research and thought.  It is on an acre of land and so there is a possibility of subdivision, but that is not a surety. We had an appraiser who thought perhaps it could be carved up into four lots if you tore the house down. Both the owner and I were hoping that would not be the case since this is one of the oldest homes in Chevy Chase and not only has an abundance of grand architectural detailing, but is embellished by a tremendous amount of history.

Woodrow Wilson was said to have been entertained there during the summer months. There is even a mural in the music room that was hand painted by a well know DC artist named Olin Dow in 1928 who showed art at the National Gallery. We were hoping to find someone who would buy the home to move into and restore,  as there is some deferred maintenance.

We had over 200 people attend our open house, many neighbors, but also interested and curious buyers. Champagne was flowing. After one week of marketing we received an offer for full price. The buyer seems to be a perfect fit. They want to live in the property and possibly subdivide and build one additional home.

Home Selling Success in Bethesda

Last week, we put another home on the market in Bethesda on Greenlawn Road. There were only three other single family properties available in all of Bethesda between 600,000 and 700,000 at the time. The owners had spent months de-cluttering and hired Gloria Crowley who does many staging jobs for us.

Gloria worked tirelessly to neutralize  the home and add some of her staging furniture and decorative items from her warehouse also utilizing some of the owners belongings as well.

What a transformation! The sellers were thrilled. We suggested and the owner agreed and priced the home strategically just  below $700,000.  I  explained to them that there was a good chance we would receive offers for more than their asking price and, in fact,  we were counting on it.

We had an open house with over 60 people through, many of whom were coming back with their agents a second time. The comments were extremely favorable and there were 14 buyers who wrote contracts. Our office was busy all day printing up the offers, vetting all of the potential buyers and making sure we chose the best of the bunch. There were escalation clauses and several of the buyer preformed pre-inspections (we had the owners do their own pre-inspection which was also shared with the public).

As a result,  the owners were able to sign a contract well over the asking price (even higher than my expectations), with no financing, appraisal or inspection contingencies. This was due to the competition generated between the potential buyers. The buyers would not have removed these contingencies or offered higher prices,  if they had not been aware of there being so much other interest. The best contracts were written by very professional agents, which makes a difference to me because I know they will be helpful and diligent through the entire transaction and will manage their buyers expectations which can be critical in emotional situations. There is nothing like a pro.

Needless to say the owners are thrilled and can concentrate solely on making their plans to move. No inspection woes and renegotiating, no appraisal concerns (especially since the winning contract put so much money down) and their loan pre-approval is strong.

Negotiating with Your Real Estate Needs in Mind

Negotiating can be time consuming and delicate with so many offers. You do not want to upset any homebuyer or their agent as they battle for their position. It takes experience to know how to keep all of the buyers engaged, but also have them put their best foot forward and not feel that they have been unfairly dealt with or develop buyer’s remorse. It is important to respect all agents who have written offers for their buyers as we will be negotiating with many of them again in the future. If they do not trust you or are unhappy with your professionalism and the process, they may steer their next client away from one of your listing. We pride ourselves on our reputation in the business,  and it is of the utmost importance to me.

Pricing Your DC Metro Home to Sell

There is no question in my mind after 30 years in the business that pricing very aggressively in a low inventory market with record low interest rates, in addition to staging and making deferred maintenance repairs will net the home seller top dollar and a very clean contract. We have become very efficient at working toward this end for our clients and have made all of them a great deal of profit not to mention an easy transition to settlement.
One of my greatest joys in this business after so many years, it to be able to consult and orchestrate the best possible scenario for our clients and we have be very successful in doing this. I am not happy until they are raving fans.

DC Metro Real Estate Professionals at Your Service

To see the final result of the staging on Greenlawn Drive, please click this link.

If you are curious about how to maximize your home’s value now or in the future or want to begin the process of making your home ready when the time comes to sell, don’t hesitate to call us for a no obligation consultation!

Melinda Estridge
The Estridge Group-Long & Foster Real Estate, Inc.
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