In order to successfully sell Ocean City real estate in today's market you must have a well thought out and researched pricing strategy. There is a lot of competition in the market and Buyers are more informed than ever. Properties that sell are the ones that are priced well relative to comparable sales, their respective condition and overall market conditions.
When I prepare market evaluations for prospective clients I factor in a multitude of factors. First I will evaluate all of the comparable property data that is available to determine a baseline valuation. I will then make adjustments to this valuation based on your properties condition, upgrades, views and any other unique factors. Finally I will factor in overall Ocean City real estate market conditions to determine an effective pricing strategy for your property. Below is an overview of this process.
Recently Sold Ocean City Real Estate
The first thing I look at are the comparable Ocean City properties that have recently sold. I will break this information down to a sold price per square foot based on property size, bedrooms, bathrooms, views and amenities. This price per square foot value will then be applied to your property to establish a baseline valuation. Adjustments will be made to this initial valuation to compensate for your property's condition, upgrades, unique features, etc. This is the most accurate way to value Ocean City real estate and will provide us with a solid pricing foundation as we move forward.
Pending Ocean City Property Sales
Next I will look at the comparable Ocean City properties that are currently under contract. We want to ensure the price range we derived above is in line with the these pending sales. There is a reason these properties sold and we want to leverage those advantages if possible. Additionally, these pending sales provide direct insight into what potential Buyers for your property are thinking.
Active Comparable Ocean City MD Real Estate Listings
Now that we have determined a price range based off of the recent comparable property data we will check it against the comparable properties currently on the Ocean City real estate market. We will want to ensure that the price range we have established is in line with these similar listings, assuming their pricing strategy is accurate. These are the properties we will be competing against and this step gives us an opportunity to make additional subtle adjustments if needed to compensate for any advantages or disadvantages.
Off Market Listings
Finally I will look at the Ocean City real estate listings that have either expired, been cancelled or pulled of the market for some other reason. There is a reason these properties didn't sell and we want to ensure we don't make the same mistakes. Properties not selling is usually the result of a poor pricing strategy, ineffective marketing or a property condition issue.
Setting the Listing Price
After all of this research has been completed I will provide you with an accurate price range and strategy. Where we list the property in this price range will ultimately be up to you and dictated by your motivation to sell, how many comparable properties are on the market and overall Ocean City real estate market conditions.
Monitoring the Price and Follow Up
Things are constantly changing in the Ocean City real estate market, especially in the market that we are currently in. I constantly monitor the market to ensure your listing stays properly positioned, otherwise the market could pass you by and days on market will start to accumulate. I will provide you with regular status reports updating you on the relevant recent comparable property activity. Additionally, you will be provided feedback from all of your property showings which provide valuable Buyer insight on price, condition, etc.
I would be glad to prepare a market valuation report for you. Fill out the property information form below and I will get back to you promptly with a comprehensive valuation report for your Ocean City real estate. If you have any other questions or would like to discuss this in greater detail feel free to contact me directly anytime at 443-614-9179.