The market is changing. Increased mortgage interest rates, lack of inventory, and a seasonal slowdown are all contributing to increased median ‘days on market’ for home listings in the Baltimore Area. For reference, in Maryland, the median days on market for October 2023 was 26. With it taking almost a month to sell a home and price drops becoming more commonplace, how can you ensure your home will sell quickly in a changing market? Here are my top three ways to get your home under contract fast. And no, my advice is not to list your home for less than it’s worth; you deserve to get paid for your investment and the improvements you have made.
I've been in the Baltimore real estate industry since 2008. I specialize in representing BaltimoreArea home sellers and showing them how to sell quickly and earn the most profit possible. As 'days on market' creep up, it's imperative that the sellers I represent understand the steps that are necessary so their homes don't sit on the market as those around them go under contract. In this article, I'll share the top three ways to get your home sold quickly in this market.
Understand The Absorption Rate And Get In Front Of It
Understand the absorption rate. The absorption rate is the speed at which a particular product is selling in a particular market. What is the product you are selling? Perhaps it’s a single-family, detached, renovated home, roughly 3,500 square feet in size, and you have it priced according to comps at $400,000. Week-over-week, how many similar homes in this price range and your school district or zip code are available and week-over-week how many are going under contract? If there are typically 10 homes available, and each week typically two homes go under contract, the anticipated length of time for your home to be on the market is five weeks (10 divided by two equals five). To get ahead of the five week expected turn time, you have to be in front of the market. Review each of the other 10 homes available today and make sure your offerings are competitive. Make sure your home is not overpriced, has more appealing pictures than others, offers a home warranty if others are doing the same, etc.
Get Specific - Zero In On The Top 3 Selling Points
A huge mistake that I have seen homeowners in the Baltimore Area make when trying to sell their homes themselves, or even a mistake I see other real estate agents make, is they overwhelm prospective buyers with a long list of improvements and amenities and scores of pictures. Their intent is to impress the buyers, but instead they overwhelm the buyers. Rather than inundate your target audience with information, focus on the top three selling points of your property that really set it apart from other similar homes in your area and price range. Answer the question “Why should a buyer choose my home over every other one offered in the same neighborhood?” It could be a newly renovated kitchen with brand new appliances, more bedrooms than the other homes leaving opportunities for a home office or gym equipment, a fully finished basement boasting additional living space, an in-ground pool, or that you’re offering a home warranty, for example. In the listing description, get to these top three points in the very first sentence so you entice the prospective buyer or buyers’ agent to stop and look deeper.
Just as you need to grab the prospective buyer’s attention in the very first sentence, you need to do the same in the very first image of the property. So many sellers and their agents post one exterior photo as the first image. But is the exterior of the home one of the main selling points? Unless the design is the likes of Frank Lloyd Wright, likely not. Make the first image one that sells the home’s main attributes. And rather than selecting just one picture, make the first image a collage of three to four pictures that showcase each of the top selling points. Draw the prospective buyers in fast – capture their attention in the very first sentence of the listing description and with the very first image.
Solicit And Address Feedback Fast
When a buyer comes for a showing or attends an open house, follow up fast. Serious buyers may see upwards of 10 homes in a single day when they are seriously shopping for a home. All the homes’ features quickly run together. Follow up fast to guage buyers’ interest, and to solicit and address feedback. Envision literally stopping them for feedback before they go to the next home. For example, did the buyers love the home but need a fenced yard? Is a credit towards a fence something you’d be willing to provide to motivate the buyers to submit an offer today? Don’t let the buyer move on without having a conversation about what you’d be open to providing. Your willingness to help them make your house ‘the one’ will go a long way.
Strategy Is Everything In Selling Your Home
Strategy is everything in selling your Baltimore Area home in this market. Sit back and wait for the showings and you may be waiting a long time. Instead, understand and get in front of the absorption rate, be specific on what you’re offering, and solicit and address feedback fast. If you take these three actions, you’ll succeed in this changing market.