Severn Real estate and Market Conditions Report in Maryland

By
Real Estate Agent with RE/MAX Leading Edge 523754

Severn real estate outlook Our latest assessment of the Severn real estate market has us looking at single family homes with at least a one car garage. This is criteria that our customers often request when looking for a home to purchase in Severn or near Fort Meade.

Using this criteria we get the stats below:

  • There are a total of 140 homes either active, under contract or sold in Severn MD

  • There are 124 active and available for purchase ranging in price from $228,000 to $999,900

  • 23 homes are currently under contract awaiting closing ranging in price from $228,000 to $549,000

  • 8 of the 23 homes under contract (or 35%) are bank foreclosures or short sales 

    In the month of July 2008, 9 homes successfully settled and closed ranging in price from $369,900 to $525,000.

    The average days on market for the homes that sold was 51 with a high of 121 days and a low of 4 days. he average list price to sold price for these homes was a very respectable 98%
    The average closing help paid by the Seller for the buyer was $8,000 however on the homes where no closing help was offered there was a price concession of at least $10,000 so it's safe to say the average "concession" is in the $10,000 - $12,000 range.

    What's selling right now are the homes offering the biggest concessions to buyers. Homes that are not properly prepared, staged and priced are not moving or are moving at a huge discount. Agents and Owners who are not doing their homework on pricing with a thorough CMA are losing out on valuable days on the market as savvy home buyers are viewing all of the competition before deciding which home to buy. Based on our most recent data we are very close or just behind pricing that we were seeing in 2005.

    Although recent statistics from MLS tell us that prices have increased slightly that is not what we're seeing on the streets. In fact the past 6 months have brought bigger decreases in Severn area real estate than the previous two years combined.

    In some cases we are seeing a bit of pent up demand in home buyers who have been searching for the perfect property. These buyers know what they want and where they want it. As a result you'll see several homes for sale that have gone under contract in less than a week. And, those homes are commanding prices at or just below the asking price as consumers understand they may have to pay a bit of a premium to get "the" house for them. If you are a home owner with a property to sell in Severn, prepare it right with an experienced home stager and price it well. In a market where we have seen dramatic price decreases in the past 6 months, holding out for an extra $10k in "perceived" value could cost you $15k in value loss in just three months. Take a step back, detach from your home and view it as an asset in order to handle it wisely.  Hire a real estate agent experienced in your area that you trust to give you straight answers on how to prepare and price your home.  Be sure they back it up with solid market data and a personal sales history to show you their experience works!  It's very easy for an agent to prepare a report of all the properties that they have sold including original price, final sold price and days on market.  If you ask for one and don't get it, keep shopping!
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