The 3 Most Important Factors in Listing Your DC Metro Home For Sale

By
Real Estate Agent with Slate Properties 1121 5th St NW DC 20001 Districtre.com
https://activerain.com/droplet/Hft

The 3 Most Important Factors in Listing Your DC Metro Home For Sale

The 3 Most Important Factors in Listing Your DC Metro Home For Sale

What are the most important factors in listings and selling your DC home? Here are the three most critical decisions you’ll make:

1. The first of the three critical factors in listing your DC home is Days On Market. Sellers have two main goals:

  • Sell quickly
  • Sell at the best price.

Fortunately, these goals go hand in hand.

DOM Graph

The graph above illustrates the relationship between Days On Market and Sales Price in Washington DC from February 2012 to July 2012. During this 6 month period:

  • Homes sold during the first 10 days of listing typically sold over list price.
  • Selling within 20 days nets 98-100% of the listing price.
  • 60 days averages 95% of list price.
  • Beyond 60 days, prices continue to drop, to 75% below list or more.

For example: If a condo with market value of approximately $400,000. is priced accordingly and sells within 10 days, the closing price is likely to be around $408,000. Statistics show that if the unit sells in 20 days, the final price lowers to approximately $396,000. At 60 days, the price lowers again to roughly $380,000.  And so on.

If a property hasn’t sold within 30 days, it’s safe to assume that it was listed too high.

  • Keeping up with Comps

2. The second of the Three Critical Factors in Listing Your DC Home is Competitive Sales Analysis.

When appraisers price a house they use comparable houses that sold no more than three months prior, within a one -mile radius. They also factor in square footage, number of bedrooms/bathrooms, and the age of the structure. Unfortunately, finishes and upgrades don’t count much with appraisers.

Buyers do care about finishes and upgrades… they just don’t want to pay for them. The biggest gains in value are realized in the most important rooms of the home; the kitchen, baths and basements. Keep in mind that upgrades decline in value with age and taste is subjective. The bathroom tile you adored at install may make your buyer want to reach for a sledgehammer tomorrow. The “new” flooring you just finished paying off may already seem worn and dated to buyers.

Taking all this and many more points into careful consideration, your listing agent will be able to provide a Competitive Market Analysis (CMA) which should guide you to a realistic price.

Remember, real estate agents don’t set home values—the market does.

  • Answer the question : “Who is my Buyer?”

Have you ever visited a store and made an immediate connection with something? The perfect pair of shoes, briefcase, or sofa? It just says, “This is me!” and “This will make my life better!”  That’s exactly the reaction you want your buyer to have when they walk in to your home. Someone who makes that special connection to your house will be willing to spend more than someone who thinks adjustments will need to be made.

3. The third of the Three Critical Factors in Listing Your DC Home is knowing your buyer.

Obviously, your home can’t be all things to all people. That’s why it’s important to determine your area, neighborhood and house type demographic. Answer the question “Who’s my buyer?” and tailor your home presentation to them.

 

Thanks for reading Three Critical Factors in Listing Your DC Home. If you’d like a CMA for your property, or you’d like to meet for a consultation, contact us. We’re happy to help.

Metrohagents Team Coldwell Banker Dupont

The Metrohagents Team is the listing division of The Isaacs Team, Coldwell Banker Dupont DC

Check out our listing website, www.metrohagents.com for great listing information and tips!

Posted by

Copyright - All rights reserved The Isaacs Team LLC

The Isaacs Team LLC Evers & Co. DC

The Isaacs Team LLC

Top-tier Washington DC Realtors

Districtre.com

theisaacsteam@gmail.com

202-669-5343

Slate Properties
1121 5th Street NW DC 20001
Washington DC Top 50
Washingtonian Best 100
Trulia Top 1% Award
Washington Post Power Players
Client Reviews: Zillow  Yelp  Trulia
The Isaacs Team LLC is a Virginia Limited Liability Company
 

Districtre.com

Districtre.com is DC's most informative real estate website

New condos in Washington DC & Northern Virginia; Logan Circle, Adams Morgan, Dupont CircleSouthwest DC, Capitol Hill, Eastern Market, Brookland, Georgetown, Penn Quarter, Glover Park, Cathedral Heights, LeDroit Park, H Street Corridor, U Street, 14th Street corridor, Mt. Vernon Triangle, Kalorama, Arlington VA, Alexandria VA, Vienna VA, Fairfax VA, McLean VA and Great Falls VA.

  

Equal Housing Opportunity

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Industry
Location:
District of Columbia
Tags:
the 3 most important factors in listing your dc metro home for sale

Spam prevention
Show All Comments
Rainmaker
2,391,158
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Susan - Thank you for sharing detailed quality information on the three most important factors in listing your DC Metro home for sale.

Sep 03, 2012 06:31 AM #1
Rainmaker
235,155
The Isaacs Team llc
Slate Properties 1121 5th St NW DC 20001 - Washington, DC
BUY SMART. SELL SMART. HIRE SMART AGENTS.

Thanks John! We think the DOM issue is one sellers need to pay special attention to, especially here in DC.

Sep 03, 2012 01:26 PM #2
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
235,155

The Isaacs Team llc

BUY SMART. SELL SMART. HIRE SMART AGENTS.
What's your DC Metro real estate question?
*
*
*
*
Spam prevention

Additional Information