The Magic Of 30 Days

“That home will sell fast” is a common prediction for beautiful homes in premium neighborhoods. It turns out to be an extremely safe statement to make about local home sales in 2024. As of August, 78% of homes sold in Anne Arundel County have been placed under contract in under 30 days. A closer examination of the home sales statistics displays this data is congruent within local zip codes.

*Data collected from local Multiple Listing Service from January 1, 2024 – August 1, 2024

Why Is The Market Moving So Fast?

There are two primary reasons why homes sell so quickly in the modern era. The first is homebuyers are waiting for new listings to hit the market. Currently, there are more homebuyers than available listings, so the homebuyers are anxiously awaiting new homes to hit the market daily. Homebuyers react quickly at the prospect of a new listing that meets their requirements.

The second reason for the high velocity is the information about new listings is moving instantly to the consumer via online home searches. Research has found that 93% of homebuyers in today’s market found the home they selected from the internet. Homebuyers have proactively set themselves up to be notified via mobile devices and are receiving new listings the instant they hit the market.

Whether they call the listing agent directly or hire a buyer’s agent, the homebuyers are urgently trying to see the new listing because they are very well aware the market is moving fast and do not want to miss out.

What Can Be Learned

If you are a homebuyer then the message is straightforward: you need to be extremely well educated, pre-qualified and ready to decide quickly. There is no dragging your feet.

If you are a home seller then you need to prepare your home appropriately prior to placing it on the market for public viewing. Preparation of your home includes the obvious home preparation tasks related to condition and updates. The less obvious is the pricing of the home.

Many sellers interpret this feeding frenzy as an opportunity to “push the list price,” which is a major error. The “push” comes from the competitive market bidding! Homebuyers are highly educated, and as stated earlier, homebuyers are finding homes online, so they have all the data. I tell all my clients, “The first showing is online, not onsite.” If they do not perceive online that the pricing of a home is commensurate with the condition of the home from the pictures and location of the home, then they will simply not preview in person or wait for a price reduction. The idea that a homebuyer will make an offer on an overpriced home is erroneous. Homebuyers are not interested in playing games or having unnecessary negotiations with unrealistic sellers.

The proper strategy for a home seller is to understand the flow of information, the velocity of decision making and do whatever is required to create a bidding war. The most optimal outcomes I have seen in my 24-year career have almost exclusively occurred when competitive forces are at play.

Play the odds and play the odds to win!

David Orso was born and raised in this community and is a proud graduate of Severna Park High School. Orso is a local market expert whose office is based in Severna Park at the corner of Evergreen Road and Riggs Avenue. He has been a top agent in Severna Park and Anne Arundel County for sales since 2013 and has almost 400 five-star reviews online. David and Dawn Orso are well known for their philanthropy and community involvement. They have three children, and outside of kids’ sports, they spend their time playing golf and tennis or boating on the weekends.