PRICING DC REAL ESTATE

HOME SELLING STRATEGIES

Districtre.com Power Papers

Pricing DC Real Estate

Why is pricing DC real estate so difficult?

“How do we go about pricing DC real estate?” It’s a common question from owners wanting to list their home and buyers interested in making an offer. In the era of big data it feels like there should be a precise answer, but pricing a home involves some subjective aspects that lead to uncertainty. The process is more like predicting the weather than shopping in a retail store. Every price is a forecast about the current market, the demand in the neighborhood, and what the buyer pool at that exact moment is. When a weatherman tells you there’s a 70% chance of rain, we know that it’s a good idea to take our umbrellas even though there’s still a 30% chance the day might be dry. When you decide on a home price, it’s a similarly weighted calculation.
1. Start With a Calculated Range
We recently sold a single family home in the Crestwood neighborhood at a record price for the home’s type and size. Many factors played into getting that big win for the seller, but one key element was the range of listing prices we provided to the seller. We discussed the likelihood of ending up at a specific point with each option and what they would likely need to do to market the home at that price. As we went forward, the range narrowed based on what was available, sales prices of nearby homes, and the improvements they were making. Even the listing price we chose when going on the market wasn’t an exact representation of the value, instead a strategic choice based on how buyers were behaving in that neighborhood market at the time. For a moment in time, the value is clear on paper, but as market data, neighborhood sales and buyer behavior shift, so does value.
2. Factor in Emotion
Emotional attachment also factors into pricing DC real estate A single buyer who falls in love with the feel of a home, or who has a history of losing properties in a specific, desired neighborhood is likely to pay much more for a home than other buyers in the pool. Sellers appealing to this demographic are often the beneficiaries of unusually high sales prices.
3. Uncertainty Can Be a Tool
Uncertainty is a key factor for buyers in competitive situations. Each potential buyer’s offer is a reflection of their personal search history and attachment to the home, but the winning bid can differ drastically depending the size and aggressiveness of the buyer pool at that specific moment in time. Uncertainty and urgency are elements we factor in when pricing DC real estate.
4. Timing
Common time-related questions are; “Is my home really worth more in the spring than the summer?” and “Will I get a better deal in August or mid-winter?” The answers are, again, subjective. A home certainly might sell for more in spring versus summer, but it could suffer by comparison to the glut of similar listings in the spring market. Listed in August, however, it might garner competition amongst the more desperate souls braving the ghost town market of August. Good timing depends on your needs and your agent’s savvy in handicapping the market at any given time.
5. Terms
Each term of an offer has a value to individual sellers. ‘Offer A’ may include a higher purchase price, but ‘Offer B’ may have few or no contingencies – and the negotiation that often accompanies them, for instance. There’s a threshold at which most sellers will take security over price. Every seller values each term differently and there are definite limits to how much of that information is available to buyers when offers are drafted. Be sure of your limits and objectives before listing your home for sale and cater to buyers who can provide those terms.

Is there a concrete value for a DC home?

No. There’s a saying in real estate:  “A home is worth what someone is willing to pay for it at any given point in time.” But there are neighborhood and area standards, bottom lines and high bars created by comps and other measures, and “spidey sense” possessed by those who know the market well. A great agent can be your most effective tool in pricing your home for greatest profit.

Choosing the right Realtor

Selection of the agent representing your property is crucial to success in pricing DC real estate. Your agent will apply market knowledge, strategies, experience and skills towards making your transaction the most beneficial possible. With nearly 25 combined years of experience in residential real estate, consistently as top producers, The Isaacs Team’s expertise and reputation are well established. Outstanding service is our hallmark so we first pose the question, “What’s important to you?” Let’s meet and talk it over.

The Isaacs Team at Evers & Company

Staging
We own a staging company that tailors presentation to target buyers
Market IQ
Thanks to a large buyer base, we know DC's neighborhoods & buyer preferences
$$$
Pricing mistakes can cost you. We're great pricing strategists. Check the records.
We have an impressive record for selling properties quickly and with high return. With years of training and achievement in new home and residential real estate sales, the Isaacs Team provides DC real estate sellers with expert property positioning, promotion and presentation. Our exemplary work ethic assures sellers of a professional process.

Why We’re Successful

MetroStaging
Our experience with staging gives us a unique advantage in presenting your home for sale. We’re able to create a style and atmosphere that appeals to your unique target buyer, creating an emotional connection that leads to a faster sale and elevated net sales price.
Knowledge & Skills
Our team’s combined skill sets are hard to beat. Alex’s high-level mathematic and statistic stills enable her to filter & analyze data and handicap the market Susan’s two decades of new and resale experience plays into a refined ‘spidey sense’ for target demographics, presentation and pricing
Work Ethic
Our work ethic is exemplary. We take a limited number of listings annually because we put much more into our listings than does the average agent. Let us show you how we can achieve optimum results for your DC home sale.
Honesty
We’re straight-shooters. We don’t “buy listings” or feed into unrealistic expectations. We’ll give you an accurate assessment of your home’s value, the marketplace and what we think it will take to get you the greatest ROI.

WE SET RECORDS!

1712 Allison

Staged by The Isaacs Team. Listed at $1,285,000. Sold in 4 days at $1,350,000., a record price for this home’s attributes in Crestwood DC.

2201 Marthas Road

Staged by The Isaacs Team. Listed at $689,000. Sold in 4 days at $729,000., a record price for this home’s attributes in Hollin Hills VA.

1613 Harvard #313

Staged by The Isaacs Team. Listed at $599,900. Sold in 3 days at $635,000., a record price for this unit at The Embassy in Mount Pleasant DC.

Why work with The Isaacs Team? Our clients will tell you!
It would not be an exaggeration to say that Susan did the work of both the buyer’s and seller’s agent, spotting and solving problems using a powerful combination of intuition and experience. She brought her impressive professional network to bear on one problem to such great effect that the buyer’s lender gave me–the seller–a closing cost credit. When does that ever happen? 
Susan is sooo responsive–pretty much 24-7. She made what could have been a difficult situation very easy to navigate. I couldn’t have bought my property without her, I’m sure. I recommend Susan VERY HIGHLY. She is a delight to work with.
Susan is knowledgeable, friendly and very responsive–she got back to us immediately to answer any of our questions at any hour. Even as first-time homebuyers who could be somewhat indecisive at times, she understood what we were looking for in a home, didn’t hesitate to answer our questions and always had our best interests in mind. Her warm, welcoming attitude and confident guidance really took the stress out of a process that, before we met Susan, we had assumed would be overwhelming and beyond our reach.
Susan is a true client advocate who worked tirelessly on my behalf to ensure my purchasing goals were met. We hit some seller stumbling blocks along the way, and Susan used her experience and knowledge to ensure every box was checked on my behalf – She was my personal Bulldog. Her experience in the builder realm proved extremely valuable during the entire process.
Susan was an invaluable part of my new home purchase from beginning to end. She quickly understood what I liked, previewed properties and showed me homes that fit our criteria. She made herself extremely available through the process and worked with us through every aspect of the transaction. Susan was so much fun as an agent that she took the anxiety out of the home buying process. I would work with Susan again in a heartbeat.
When a property popped up in a neighborhood that she and I had scouted, Susan was there within the hour and insisted it was worth us leaving work to check out. If we had a less responsive Realtor, I am convinced that we would not have our amazing house now. Susan’s advice is invaluable. You need a Realtor that knows her stuff. And Susan does!
Susan not only worked hard to help my wife and me find the perfect place, she was a dogged (and effective) negotiator on our behalf once we zeroed-in. She knows the market and knows the area, but best of all she knows how to play hardball and get things done—exactly what we needed in an agent.
In today’s market in this area, you cannot rely on luck to get you that perfect place or a great deal – you need to have an agent who knows the market cold, is aggressive, and effective – Susan is all of those things and more.
We expected an extremely stressful experience when we decided to sell our home of over 25 years and buy a condo, especially because we live nearly 3000 miles away, yet the Isaacs Team was beyond exceptional in their competent guidance, attention to detail, follow through, and simply doing what they said they would do. While other realtors said, "this is what you need to do;" this team said, "we can do this for you!" Our process was smooth and quick, and they designed a strategy and negotiated a sale well above our asking price; and a purchase price below asking - both in the same market. They are also a pleasure to work with in every respect. Please know that you can turn this difficult personal event over to true professionals and emerge with happy results and fast friends. We highly recommend this team in every regard.
My husband and I loved working with Susan and Alex. This was my 9th real estate purchase but the first time that I have used The Isaacs Team. They were the best agents I have worked with and I can not accurately describe how impressed we were! They were amazing and extremely detailed. They went over and above for us in neighborhood research, service, and contract negotiations. I found them to be extremely responsive, always available, and 100% competitent in their knowledge of the markets they serve. I was really impreseed by their extensive knowledge of the real estate contract. I must say that I was incredibly impressed. They made the process easy and held our hands through difficult negotiations. I will be their client for life!
Susan and Alex are superstar agents. There is no one else I’d want on my side of a real estate transaction. My wife and I first met Susan in 2010 when she helped us buy our first home, a condo. We were so impressed by her deep local knowledge, tenacious negotiating, 24/7 efforts on our behalf, and clear guidance on the home-buying process that we didn’t consider going with anyone else when we decided to buy a 3-BR in our dream neighborhood. We were not disappointed. After a few weeks, we found the perfect house at the perfect listing price. We knew it would be competitive, but Susan and Alex provided expert advice on how to make the offer, and in the end, we provided terms just attractive enough to end the process in our favor, but no higher than final appraisal and just above what their agent later admitted was their line. They also did a fabulous job of staging and selling our condo, which netted $30K over selling price after six strong offers during just two-days of being on the market. They get amazing results and are a blast to work with.
Susan responded immediately and impressed me with her patience and almost supernatural ability to find the perfect place for me despite some significant constraints (time, location, finances). I was not an easy case, but she never made me feel like I was a ‘burden’ or ‘not her first priority’. Above all, she treated me with respect and honesty.
Susan and Alex are superstar agents. There is no one else I’d want on my side of a real estate transaction. My wife and I first met Susan in 2010 when she helped us buy our first home, a condo. We were so impressed by her deep local knowledge, tenacious negotiating, 24/7 efforts on our behalf, and clear guidance on the home-buying process that we didn’t consider going with anyone else when we decided to buy a 3-BR in our dream neighborhood. We were not disappointed. After a few weeks, we found the perfect house at the perfect listing price. We knew it would be competitive, but Susan and Alex provided expert advice on how to make the offer, and in the end, we provided terms just attractive enough to end the process in our favor, but no higher than final appraisal and just above what their agent later admitted was their line. They also did a fabulous job of staging and selling our condo, which netted $30K over selling price after six strong offers during just two-days of being on the market. They get amazing results and are a blast to work with. 
In today’s market in this area, you cannot rely on luck to get you that perfect place or a great deal – you need to have an agent who knows the market cold, is aggressive, and effective – Susan is all of those things and more.
Susan not only worked hard to help my wife and me find the perfect place, she was a dogged (and effective) negotiator on our behalf once we zeroed-in. She knows the market and knows the area, but best of all she knows how to play hardball and get things done—exactly what we needed in an agent.
We’re agents who take your real estate transaction as seriously as you do.

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