Determining and Accurate Ocean City and Ocean Pines Listing Price

Successfully selling Ocean City Maryland Real Estate and Ocean Pines Real Estate ultimately comes down to three primary factors; price, property condition and the experience and marketing plan of the real estate agent representing the listing.   Of these three factors price is the most important with the other 2 close behind.  Quite frankly you can have a home in immaculate condition and I could advertise it during the Super Bowl but if it is not priced properly it will not sell. 

There are really two markets that make up the Ocean City and Ocean Pines Real Estate Market.  There are properties that are “in” the market which are priced properly, generate property showings and ultimately sell.  Then there are properties that are priced “outside” of the market which are overpriced, do not get shown and ultimately just sit on the market.  You need to make sure you are priced “in” the market to ensure you receive the highest price possible in the shortest amount of time for your Ocean City condo or Ocean Pines home.

As an experienced Ocean City Realtor I have developed a comprehensive process for determining the list price of Ocean City condos, Ocean City homes and Ocean Pines Homes that includes a combination of factors.  The factors that we include are recent comparable sales, comparable properties currently on the market, properties that are under contract which are similar to yours and current Ocean City market conditions. We will then factor in your properties condition, location, views and any unique features your property presents relative to the comparable listing data we compile.   This will give us the information we will need to prepare a Competitive Market Analysis (CMA) for your property, providing you with an accurate valuation of your real estate in Ocean City MD and Ocean Pines MD.

Recent Comparable Sales

The most important factor in determining an accurate listing price is the recent comparable Ocean Pines and Ocean City properties that have sold.  This will tell us exactly what the current active Buyers are paying for properties that are similar to yours and how much Buyer demand exists.  We go back 6 months and pull all of the relevant comparable sales and analyze them in order to compute the sold price per square foot for each listing.  We will eliminate any sales that don’t make sense or had extenuating circumstances so that we are comparing apples to apples.   A majority of the time the sold price per square foot of sold Ocean Pines and Ocean City listings is within a close range of one another, providing an accurate indicator of value and current market conditions.  We will then apply this sold price per square foot range to your property which will give us a price point range to begin with.

Current Active Listings

Next we will look at the current properties that are listed for sale that are similar to yours in terms of size, location and views.  We will want to see where they are priced at, how long they have been on the market, what pricing adjustments they have made and what condition they are in.  We won’t factor these into the price equation as they have not sold yet and aren’t an accurate indicator of value.    However we will factor them in when determining how aggressive we need to be with the initial listing price so we do not get lost in the shuffle and ensure we are priced “in” the market.

Pending Comparable Listings

We will then take a look at the current comparable Ocean City properties that are under contract to assess immediate Buyer demand and pricing.  We will also want to note the price and condition of these listings to see what made the Buyer choose these properties over the competition.  We will not know what they sold for until they settle but they will provide us with an immediate market snapshot which can be very helpful.

Withdrawn and Expired Listings

We will look at these to see why the properties didn’t sell and ensure we don’t make the same mistakes.  Properties that do not sell are either overpriced, in poor condition (which can be offset by price), are poorly marketed or a combination of these factors.

Setting the Price

We have now compiled what similar Ocean Pines homes and Ocean City condos have sold for, the price and condition of the units we will be competing with, how many competitive listings are on the market, what is currently under contract to ascertain immediate demand and what not to do based on the expired and withdrawn listings.  This will give us an accurate, comprehensive view of what is currently going on in the Ocean City real estate market relative to your property type and enable us to make calculated and informed decisions when determining your pricing strategy

To start we will take the price per square foot of the sold comparable listings and apply it to your property, which will give us a price range to start with.  We will then check the current pending sales to ensure our derived price range is in line with them.  Then we need to look at the current active competition to see where in the range we need to be in order to stand out and be competitive.  This will lead us to the initial listing price that will ensure we will get exposure from the Buyers looking for the type of Ocean City or Ocean Pines property you are offering.  We will fine tune the number based on the unique features your property presents, its current condition relative to the comparables and your overall motivation to sell. 

This process will provide us with a listing price that is “in” the market and will generate the necessary exposure needed to find a Buyer for your Ocean City or Ocean Pines property in the shortest amount of time for the highest price possible.   We can virtually guarantee we will sell any property with our innovative and dynamic marketing plan coupled with our experience as an Ocean City Maryland Realtor when we have a properly priced listing.  We would be glad to discuss this in greater detail with you.  Feel free to contact us direct anytime at 443-614-9179 or by email.  If you would like a complimentary market analysis of your property simply fill out our Ocean City Maryland Real Estate Values form and we will email one to you.