Home Selling Tips & FAQ in Ocean City, MD
For home sellers in Ocean City, Maryland, there are plenty of tips that can come in handy when it comes time to market your home and make the sale. That's why I, Dave Whittington, have compiled a list of seller FAQ (Frequently Asked Questions) that will hopefully be beneficial if you're thinking about selling your home.
Why should I use a local REALTOR® to sell my Ocean City condo?
As a local Ocean City REALTOR® that has lived in the Ocean City area since 1994, I know the local real estate market, the idiosyncrasies and current market trends better than an out of town agent could. REALTORS® should only work in their "area of expertise" and my area of expertise has been Ocean City, along with West Ocean City and Ocean Pines real estate ever since I have been in business. I am a Resort & Second Home Specialist (RSPS), which is a certification for Realtors specializing in representing sellers and buyers in the Resort & Second Home markets - which Ocean City is both.
Also, as an experienced, local REALTOR who only services the beach areas, I am actually here at the beach full time. So if a buyer wants to see your property or if you need me to stop by to check in on your property, I am already here and ready to assist.
When is the best time of year to sell in Ocean City, MD?
Since Ocean City has become a year-round beach town, properties will sell regardless of the time of year. But, just like many areas throughout the United States, there are certain times of the year that we see more buyer traffic than others. Historically, the months in which the most Ocean City properties go under contract are from February to June and August to October. But, if you are planning to sell, there is no "perfect time" to list your property for sale. I suggest not waiting to get your property on the market because the right buyer might be looking now for a property like yours!
Once I have decided to sell my home, what comes next?
Since most Ocean City property owners live out of town, much of our communications with sellers are via phone, email or text. Typically how it works is that an owner calls or emails me that they are considering or have decided to sell. I will talk with the owner to get an idea of their goals, expectations for selling, get some details about the property and exchange some information. With the owners permission and coordination, I will then obtain access to the property so I can actually see the property and notes. I then do my market research and look at comps to come up with a pricing strategy and convey that to the owner along with anything I feel is important about putting the property in the best position to sell. Once a pricing strategy is agreed upon, I will prepare the listing agreement and email to the owner for e-signatures.
There is a lot more that happens behind the scenes, but this is the basics. Please if you would like to talk about selling.
I don't currently live in Ocean City and the home I'm selling was a vacation home. Do I need to be in town during any part of the selling process?
The short answer is no. Surprisingly, there are many sellers I have worked for that I have never actually met. With the internet, email, text and e-signatures, the listing and selling of real estate does not have to be done face to face. Also, many sellers do not attend settlement and choose to sign their few settlement documents via mail and after the buyers sign on the date of settlement, the sellers proceeds are either wired to them or a check is mailed. Over the years, I have been involved in hundreds of Ocean City real estate transactions in which the sellers do not physically attend settlement.
What is the average amount of time it takes to sell a home in Ocean City?
The average number of days to sell a home can vary from month to month. But if a property is priced appropriately with the current market conditions and shows well, it will sell quicker than an overpriced property that does not show well. Keep in mind that Ocean City is a second home and vacation home market and the majority of the buyers live out of town. So, depending on weather, travel issues, time of year and Holidays, buyer activity here at the beach can fluctuate. As a local, experienced REALTOR® in Ocean City, MD, I can advise you on how to price your property to sell.
Do I need to do any repairs to my home before selling?
Some properties may require repairs, paint or some minor updating, while other properties may not require anything to be done in order to sell. Once I have the opportunity to look at a property, I then talk with the owner about what may or may not need to be done so the property shows it best. Remember, first impressions are important and only happen once, so best to give the buyers a great first impression.
How do I set an asking price?
After looking at a property and doing the market research, I provide a pricing strategy to the owner. We then talk about the pricing strategy options and together decide what is the best initial asking price. Pricing a property is not an exact science, but it does take skill in understanding comparable properties that are for sale, comparable properties that have sold and what are the current market conditions. If you'd like a better idea of what your home might be worth, try our free home evaluation service. All you have to do is enter a few details about your home and we'll send you a comparative market analysis.
Will I owe taxes when I sell my house or condo?
Depending on each individuals circumstances and tax situations, you may or may not owe taxes when you sell. The question if you will owe taxes or not is always best handled by your tax professional or accountant.
If I decide to list my property with you, will it be listed on the Multiple Listing Service (MLS)?
Yes and your property will be displayed on all the major real estate websites (Zillow, Trulia, Realtor.com, etc.) and it will be highlighted on this website on the Dave Whittington Featured Listings page. In addition, your property will be displayed on all the other Brokerage websites like Remax, Coldwell Banker, Keller Williams, Long & Foster, Berkshire Hathaway, and more. This means your property will receive maximum exposure to the buying public.