Tips for Buying and Selling in a Competitive Market

Kimberly Bean
Kimberly Bean
Published on April 5, 2016

In many areas across the country – including Southern Maryland — the housing market is growing. The market’s strength has led to a competitive market for buyers and an easier market for homeowners looking to sell. Looking to buy or sell? Follow these top tips for buyers and sellers in this competitive market.

Seller Tip: Know your property well and be honest with potential buyers

As a seller, you have a position of strength in today’s Southern Maryland housing market, but you don’t want to lose a potential buyer or a great deal after negotiations fail. Know all the details and potential pitfalls of your property, and be honest. Buyers are much more like to forgive a property’s faults if they know about them before negotiating. Plus, buyers are much more accepting of faults in a competitive market. Withholding information could kill your deal later.

Buyer Tip: Be ready to close a deal and move

Check Southern Maryland property listings frequently and be ready to schedule a viewing as soon as something that interests you comes up. You’re not the only buyer out there; a great house listed on Tuesday may be off the market by the weekend. Serious buyers are ready to make an offer and close a deal quickly.

Seller Tip: Have an organized process for receiving offers

Should you accept the first offer – or wait for a better one? There’s no golden rule for this decision. What you do depends on the time of year, the town, the state, and other factors that your real estate agent can discuss with you as you make a plan. In some areas it can be a great idea to jump on the first good offer you receive, whereas in other areas, it is best to wait and have more showings before reviewing all the offers you have received at once.

Buyer Tip: Buying your dream home won’t be easy

Buying a Southern Maryland home is a process, and it’s rare for a buyers to close a deal on the first property they like and make an offer on. The process takes time, and with lots of competition, you can easily lose out if you don’t act fast or your offer is too low. Don’t give up if you miss out on a home, it’s important to stay hungry and driven to find the right Southern Maryland property the next time. Every home you see and every offer you make are giving you more experience, helping you learn more about the market and become more comfortable with how the process works. Missing out on a property is not always a bad experience — the home you thought was perfect a month ago does not seem half as suitable as the property you find a month down the line.

Seller Tip: Study the competition and know your market well

Sellers should know the Southern Maryland housing market before they put their home up for sale. Study other properties for sale in the area, even arrange a few viewings, before putting your own home on the market. When you’re ready to sell, know the competition and how to price your home so it gets the most attention from buyers. Every property is different, but you should know your own property inside and out and how it compares to the competition. The house for sale down the street may have a brand new bathroom and kitchen, but you can price your property as an attractive alternative with great value for buyers who want to do their own home improvements. Well-priced Southern Maryland homes attract the attention of buyers and lead to faster sales and increased competition, which boosts prices.

Buyers and Sellers Tip: Preparation and staying alert

The Southern Maryland housing market can be stressful for both buyers and sellers. In a competitive market, things can move along very quickly, and both sides need to be attentive if they want to successfully buy or sell a property. Sellers have the upper hand because they can start preparing weeks before entering the market. Buyers have to be on their toes and ready to react to listings. They should be prepared to make an offer and move as soon as they find the right property. A competitive market is fast moving and can be very exciting for both buyers and sellers, so try to enjoy the ride.

Lexington Park MD Homes for Sale and Real Estate Services in Southern Maryland. You now have a search engine to help you with your Southern Maryland home search! And I’m ready to provide you with a custom home valuation if you’re considering selling your home. Let’s connect to discuss how I can help you. Contact Kimberly Bean at 301-440-1309

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