Chance for Sale in Bethesda, 20816 - April 2008
Market Trends - May 2008
What’s Your Chance to Sell in Montgomery County?
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Well, in March it was 9.1%. That’s right. Out of 100% you had a 9.1% chance to sell property in the county. Sure some areas are better and some are probably even worse, but averaged out for the county you had to be the most perfect property to sell. Perfectly located, perfectly staged, perfectly priced.
So were you one of these sales?
If not, then it’s time to take a long hard look at what needs to be done to get your home sold.
If you are a buyer in this market, what are you waiting for?? Rates are low, the choices for homes are great and you get to negotiate because those sellers who must sell want to be one of the 9.1% sold for the month.
Just in case you have trouble reading the chart, the number of homes actively for sale is the column on the left. The column on the right represents the % of opportunity for sale property had in that month. The blue bars that are ever increasing in height are the active listings, and those very small green bars…. those are the sales. Not so many of them.
The most interesting thing about this chart is it shows the effects of the credit crunch very succinctly since the line just flattens right out after August when credit became much more difficult to get. It will be interesting to watch this as the months go by and we can all hope to see the opportunities go back up and those green bars start to rise as well!
To begin your search for the perfect home or to sell your home in the Bethesda Maryland area, start your journey by calling Josette Skilling at (301)385-9213.
Source for data is MRIS and is deemed reliable.
Kensington Heights
I was asked about this area in Kensington Heights so I thought I’d take some pictures to show the surroundings. There is one area of infill on Torrance Street and McComas where they’ve taken down most of the older homes and replaced them with this newer construction. 3 homes on the one court and a few up the street to the next court. There is a row of townhomes, very nice ones, across from the 3 infill houses on the court.
The surrounding area has very modest homes. Since the folks who are looking at this particular property would like a yard, this house might not work since there is basically none! The school is in the backyard, which may not be bad for the elementary years. I live 3 houses down from our elementary and find it a tremendous benefit.
Wheaton Mall is seen through the trees past the cul de sac so it’s very close. Access to Georgia Avenue is right around the corner. The larger red building is a rental complex, I think.
Can We Write a Contingent Contract?
I’ve had this conversation more than a few times lately. The question I hear is, "do we need to sell our house first before we find another home?" The answer is likely yes unless you can unequivocably carry both mortgages for an indeterminate amount of time. In a hot seller’s market, you had to have another home under contract or purchased before you put your home on the market. In this more buyer oriented market, you need to sell yours first and then find a home to buy.
I’ve been talking to a young couple who have an AU Park home to sell and want to buy in the Bethesda Maryland real estate market - close in zip code of 20816. They can’t carry both mortgages so the first home needs to be sold first. But they’ve chosen to start their process first by identifying homes they want, thinking they can put a contingent contract on the home and then sell theirs. It’s not working.
Real estate transactions are complex beasts and have a lot of moving parts! But mostly what they have in them is humans, with human emotions and human greed. In the case above the folks thought they’d save money by working directly with the listing agent, low balling an offer and putting in a contingent contract on something that’s been on the market a while. What they didn’t know was the back story happening behind the scenes. There were other folks interested in the house but they just hadn’t felt any urgency to act yet. Enter in the young couple who put in the contingent, low ball contract at just the right moment…
The listing agent did at least tell them they were not likely to get the home, but what she didn’t tell them was she immediately used that contract to prod the other buyers into action. She knew their agent very well but gave him no indication that the offer price was low or ridiculously contingent upon a property sale. Just that his buyers were not going to get the house unless they acted. Immediately.
And it worked exactly as she thought it would work. The slow to act buyers wrote a better offer than what she had in hand. She was thrilled to have the experienced buyer agent on the other side of the transaction and his buyers are now set to close on a deal of a house. And the young couple… Well, they don’t have a house.
In thinking they could do this better themselves and somehow get a deal they really just became pawns. And they have absolutely no idea of what really happened. I don’t fault the agent. Not much anyway. She was representing the seller not the buyers who made the foolish choice to spend over $850,000 with no representation.
What should they have done? First they need to do exactly what I told them, which is sit down with a real estate eprofessional and figure out their transactions from the beginning of the equation to the end - what they will likely net from a sale so they are aware of what they can spend. Then get their home in quality shape so it’s a product with every chance to sell and listed for the spring market. Have homes on their list that fit their profile so they are ready to purchase as soon as their home is solidly under contract. That’s what they should do.
Here’s what they will do if history bears any resemblance to the present and future: they’ll repeat the failure and lose another house. Perhaps then they’ll be more ready to listen to a real estate professional who understands Bethesda Maryland real estate and can get them into in the area in which they very much want to live.
To begin your search for the perfect home or to sell your home in the Bethesda Maryland area, start your journey by calling Josette Skilling at (301)385-9213.
10 Point Marketing Plan That Gets Your Home Sold!
1. Make Simple Low Cost Changes to Increase the Salability of Your Home
Rely on me to be direct when advising you on what should be done prior to putting your Bethesda Maryland real estate on the market. I’ll let you know how your home looks from a buyer’s point of view, and what cost effective repairs will make your home “show ready” by staging it properly! I’ve invested in videos such as “How to Prepare Your Home To Sell” and “Dressed for Success.”
2. Determine The Right Price To Make Your Home A “Hot Property”
This is the critical step. We’ll review the market demand, nearby competition, recent sales and many other variables that can affect your home’s value. You’ll get a detailed look at what’s going on in your local home sales market and my input on the best pricing strategy to get you the most money, in the shortest time period and with the fewest problems in the transaction. You need an expert in the Bethesda Maryland real estate market. You need the kind of experienced professional services I offer. This is my Maximum Home Value Audit!
3. Aggressive Marketing For Your Home
Rather than just waiting for the phone to ring, I reach buyers with aggressive prospecting methods that can include the following activities:
- Personally knocking on doors in the immediate area
- Broker’s and general open houses as necessary
- Target mailings
- Calls, e-mails to top producers, our buyers
- Marketing on the Internet
- Newspaper and/or magazine advertising
4. Market 24 Hours A Day With High Visibility “For
Our Long & Foster sign is easily and immediately recognizable and displays both my personal cell phone number as well my sign riders that give details about the home seen from a great distance away! When buyers call they reach me directly and I am able to immediately qualify them as potential buyers and since I know the home so well I use the opportunity to sell them on the unique benefits of your property. I promote your home 24×7 by using:
· My website, Long & Foster’s web site , Realtor.com, Googlebase.com, Yahoo! Real Estate Classifieds, HomePages, Homeseekers.com, Oodle.com, Trulia.com, WTOP.com, WashingtonPost.com, Craigslist.com, Lycos.com, Domesticsale.com, Homesdatabase.com, Edgio.com, Propsmart.com, Backpage.com, Livedeal.com, Vast.com, Hotpads.com, Postlets.com, vflyer.com and many more…
· A professional, photograph packed visual tour, complete with my voiceovers and extensive text descriptions of each room
· My own 800# which allows buyers to call 24×7 to get information on a home, fax on demand for detailed information on your home and a direct transfer to me if they request it. We capture all names and phone numbers for further follow up
· A talking house transmitter is positioned near the prominent Long & Foster sign. This transmits via AM radio frequency a constantly looping message about the unique features of your home. Buyers simply tune their radios in front of your home and listen in as I sell them on the unique characteristics of your home!
5. Excite Other Realtors About Showing Your Home
I know which agents have clients interested in your home. I’ve developed a network of the best agents in the area with an automatic e-mail when I list a new home in that area. So the top agents get the listing FIRST, hot off the presses so we promote your home to them. I’ll give your home the widest market exposure possible with the most powerful real estate marketing tools available today. Your home will appear in the Multiple Listing Service (MLS) with its 100,000+ agents so data about your home is provided instantly to all agents and offices. Of course I’ll have your listing on the Internet sites previously mentioned and will showcase it on my website along with multiple photos and the highly visible visual tour. With your authorization, I’ll also install an approved electronic lockbox to increase showings by cooperating agents and make it easy to track who’s been in your home. Easy to Show = Easy to Sell!
6. Professional Listing Information Binder
I produce an in home binder for the buyers to review. It has all the Bethesda Maryland real estate community profile, census demographics: population, education, income, year built, families, employment by industry, city information, school, community, postal service, medical facilities, libraries, executive local and state officials, courts, fire department, police and health department, welfare and sites for school reports and ratings. It also has the weather stats, college info, transportation, culture, entertainment and visitor information. I include all inspections and reports that have been taken on your property for buyer review: pest, chimney, pool/spa, appliance, homeowner association documentation, etc. This makes the buyer feel comfortable knowing ahead of time what condition the home they are buying is in and what the surrounding community has to offer! That way you can get the maximum value for your home!
7. Excite Buyers About Your Home With Home Brochures
I emphasize the benefits of your home and community. Each brochure includes the kind of detailed, specific information buyers want and need. Not just a picture and 6 bullet points about how many bedrooms and bathrooms. I use the back of the brochure for my unique “
8. Negotiate Only With Qualified Buyers
I interview buyers to be sure they are ready, willing and able purchasers so you don’t end up wasting time and money. Buyers need answers to countless technical questions: financing, payment, insurance, title clearance, and how to improve or repair a home to suit their needs. I supply them with a buyer’s booklet for many of these answers! With me as your Bethesda Maryland Realtor and Prosperity as our in-house mortgage lender we have the professional know-how and technical expertise to make it easy for qualified buyers to purchase your home!
9. Protect You By Documenting All Calls And Letters
I’m organized and computerized, which means that I anticipate and handle hundreds of details needing special care (ask for my document on the nearly 200 tasks in a typical Bethesda Maryland real estate transaction) to successfully sell your home. My careful record keeping means a smooth transaction with as much legal protection as possible for you.
10. Communication and Follow Through
I keep you up to date by phone calls, letters and a complete marketing report weekly. I follow up on all showings by cooperating agents with a feedback email, fax or 2 phone calls to catch them any way possible! At open houses I ask guests to tell me their favorite/least favorite features. This way you know what agents and buyers are saying about your home. Most importantly I negotiate forcefully on your behalf to get you the highest possible price and best terms, not try to make you take the first offer that comes to the table AND show you how much money you’ll net when you accept an offer with my professional computerized estimate of seller’s net equity. Upon acceptance, I’ll coordinate with the cooperating agents, lender, appraiser, inspectors and title company. And of course handle any complications that can occur through the settlement process so you get to the most important appointment of all…your settlement check in your hands! And, yes, I do attend every closing.
To begin your search for the perfect home or to sell your home in the Bethesda Maryland area, start your journey by calling Josette Skilling at (301)385-9213.
No Sense of Urgency on the Part of Buyers
I had a lot of traffic through my listing on Brookes Lane last weekend and this weekend. Given that we had 20-30 targeted buyers in that superbly priced listing I thought it would be sold by now! There is simply no sense of urgency on the part of buyers to jump at property. They all end up wating and then more than one buyer will want it at the same time. There’s some sort of weird law of attraction that says as soon as you are interested so is everyone else. I’ve taken to whispering in listings that my buyers are ready to write on so we can fool the karma somehow 
I would love to believe that’s going to work…
Rates are good, supply offers enough choice to make a good decision, homes are priced well. And yet we all wait.
Sigh.
Market Reports for Bethesda Neighborhoods in Zip Code 20816 - 2007
All the neighborhoods in 20816 - single family sales only:
| 2007 | 2007 | 2006 | 2007* | 2007 | |
| Subdivision | # of Sales | DOM | Avg Sold Price | Avg Sold Price | % Change from 2006 |
| AU Park | 3 | 15 | $1,350,635 | $983,333 | -27% |
| Beacon Hill | 2 | 4 | $1,273,500 | $1,276,050 | 0% |
| Brookdale | 3 | 18 | $853,333 | $1,061,667 | 24% |
| Brookmont | 5 | 68 | $1,016,250 | $1,379,119 | 36% |
| Crestview | 5 | 54 | $728,227 | $552,600 | -24% |
| Fairway Hills | 6 | 41 | $754,333 | $745,417 | -1% |
| Fort Sumner | 1 | 79 | $1,548,000 | $1,191,000 | -23% |
| Glen Cove | 3 | 81 | $1,001,643 | $1,205,167 | 20% |
| Glen Echo Heights | 19 | 107 | $1,155,303 | $1,122,955 | -3% |
| Glen Mar Park | 16 | 74 | $819,794 | $1,025,750 | 25% |
| Greenacres | 7 | 67 | $771,660 | $914,571 | 19% |
| High Point | 3 | 113 | $789,000 | $1,124,667 | 43% |
| Mass Ave Hills | 3 | 54 | $816,000 | $1,515,000 | 86% |
| Springfield | 18 | 17 | $1,060,647 | $1,185,250 | 12% |
| Spring Hill | 1 | 8 | – | $1,800,000 | – |
| Sumner | 12 | 47 | $1,095,022 | $1,045,292 | -5% |
| Tulip Hill | 1 | 3 | $1,276,000 | $1,210,000 | -5% |
| Westgate | 13 | 47 | $881,444 | $876,692 | -1% |
| Westhaven | 2 | 140 | $1,056,400 | $971,750 | -8% |
| Westmoreland Hills | 21 | 38 | $1,173,471 | $1,365,500 | 16% |
| Westwood | 4 | 38 | $947,500 | $1,499,750 | 58% |
| Wood Acres | 11 | 12 | $877,543 | $917,105 | 5% |
| Yorktown | 2 | 27 | – | $1,004,500 | – |
| All of 20816 | 164* | 50 | $987,264 | $1,090,764 | 10% |
| * inc 3 sales from other subdivisions not listed | |||||
Information from MRIS and deemed reliable but not guaranteed