Market Conditions in 20902>Question Details

Jmp, Home Seller in Silver Spring, MD

What are the median sales prices in Silver Spring/Wheaton, MD area?

Asked by Jmp, Silver Spring, MD Mon Aug 11, 2008

My property is a 3 br/3.5 bath 3 level townhome built in 1968 and located in the Silver Spring/Wheaton area. It has been on the market for just under 4 weeks. My listing price is $396,000. I and the previous two owners have made upgrades to the property (all bathrooms upgraded, ceramic tile, new heat pump, etc.). I am wondering if the listing price is out of line with the current summer market, although I set the price based on early spring home sales. Thank you for any responses.

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View the market report for Wheaton, 20902
0 votes Thank Flag Link Sun Feb 24, 2013
It's good that you have an agent. He/she probably provided you with a range of prices where you could list it. Given the current market, I would list it at the lower rather than higher end, especially if you have a time frame in which you need to sell. And if you do get an offer, don't be insulted if it is a "lowball" offer. Almost all of the offers I have received this year on my listings have been extremely low--but don't lose heart. If the buyer really likes the home, you can do some negotiating. On the other hand, if there are a lot of similar homes to yours on the market, the buyer may move on to another home and not even try to negotiate. It sounds as though your home is really nice and well-located, so you might be able to negotiate. Best of luck....
0 votes Thank Flag Link Tue Aug 12, 2008
I am looking a house myself, but I believe this townhouse is way high it should be more than 325, 0000
Flag Sun Apr 6, 2014
Thanks to everyone for your responses. I do have an agent and she provided some market sales to me yesterday. I am also trying to research property data on my own. I am most likely going to lower my price but I am trying to determine how much. Also, as to addtiional background, my property is in the 20902 zip code and is about three blocks to the metro subway and the Westfield shopping mall.

Thanks again.
0 votes Thank Flag Link Tue Aug 12, 2008
Do you have an agent? The agent should be able to provide you with regular updates on the changing market conditions. I'm in Va, and know a few agents in your area that are pretty good. If you need a referral to an agent, please let me know, I am happy to provide one. In the mean time, let me offer a couple of resources:
1 - For bigger picture reports - go to http://www.mris.com, in the left corner, choose NEWS, then Market Statistics. July's #s just came out - you can run by county and by zip code.
2 - For smaller picture stuff, go to my web site and click on Market Snapshot from the home page - put in your real address and your real email - it will email you an automated report based on the information you put in.
If I can help you any other way, please feel free to email me vchrisner@kw.com
0 votes Thank Flag Link Mon Aug 11, 2008
You might want to do a new market analysis. Early spring prices are not the same as summer prices. When I have a listing, I do a new market analysis every few weeks to see what is happening. If you have not had a lot of showings, it probably means that your price is too high. I also agree with silverspring. A lot depends on location. I used to live in Silver Spring, and I know it's huge. Being near transportation is also important as well as other amenities (our home used to be a block from Sligo Creek Park, for example).

If the Silver Spring market is anything like ours here in NW Arkansas, there are lot fewer buyers on the street this year, compared to last year. People are still uncertain about the economy. With a lot of foreclosures and short sales, there are a lot of "good deals" to be had, so regularly priced homes are having a hard time.

You don't mention if you have it listed with an agent or not. If you have it as a For Sale by Owner, I would suggest you get an agent if you really need to sell. If you don't need to sell now, wait a year or two. If you do need to sell, an agent will get your home in the multiple listing service. Most buyers now have buyer agents, and they look in the MLS for homes to show their buyers. Your agent also will have access to better data on recent home sales so your home can be priced appropriately.

During the craziness of the past several years (seller's market) there was a shortage of inventory and a lot of buyers looking for homes. In that environment, selling your home "by owner" was not too difficult. However, with the current buyer's market, there are too many homes currently listed by realtors for buyer agents to even consider looking at FSBOs.

Hope this helps.
Web Reference: http://www.JudyLuna.com
0 votes Thank Flag Link Mon Aug 11, 2008
This depends on what area - zip code of Silver Spring you are in, also it helps the sale if you are close to a Metro Station or located inside the Beltway. What zip code/location is the property located in?
Web Reference: http://www.thesilverbee.com
0 votes Thank Flag Link Mon Aug 11, 2008
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