Q. In today’s market with limited inventory and multiple offers, how can a buyer make their offer stand out?
A: Relationships matter so work with an experienced agent and an established and responsive local lender who can assure the listing agent of the buyer’s qualifications, and that underwriting will go smoothly. Purchase price matters, but so does accuracy, timing, and preparation. Have everything ready before your dream house shows up on the market. Be sure paperwork is perfect, find out how best to accommodate any of the sellers needs, and have all your inspections already scheduled when you make your offer. The offer is just the start so present the offer in a way that assures the seller you are committed to getting to the finish line.
MALINA KOERSCHNER
Coldwell Banker Realty
Q: With the ability to search for homes online myself, why should I hire a buyer’s agent?
A: The Internet has made it easier for buyers to tour homes online and narrow down their list. The seller of the home pays the commission of the buyer’s agent, so it doesn’t end up costing you anything as the buyer, but it can end up saving you time and money by having the guidance of an agent. The closing process for a buyer is quite involved from the home inspection and the loan to all the paperwork and coordination—all the steps to get you to a stress-free settlement. Buying a home is an exciting time, so you should enjoy it and leave the less fun parts to the agent!
THE DAVID ORSO TEAM
of Compass Real Estate
Q: How should I best prepare to meet with an agent to list my home?
A: Have a discussion with any other decision maker in the home about your goals, budget, and timelines. Make sure you are ready to sell, know what date you need to sell your home by, and what your budget is for any necessary home improvements or repairs. Make a list of any home improvements you have made to the home. Get an extra key made for the lockbox. Be prepared to take the agent on a tour of your home and share your favorite features about the home and the community.
THE DAVID ORSO TEAM
of Compass Real Estate
Q: How has covid-19 changed the home buying process?
A: The coronavirus pandemic has reshaped the home buying experience by making it more consumer friendly with remote buying options. Last March, there was a dramatic rise in the requests that brokers received from consumers who wanted home video tours and a significant increase in the use of e-notaries. The trend of more remote viewings, remote open houses, remote notaries is likely here to stay.
The pandemic has reinforced the need for consumers to have personal interactions with their realtor. Buying a home is a highly emotional and transformative experience, and consumers want someone to help guide them through what can be a complex process; someone who lives in their communities and can speak to their personal situations.
JENNIFER CHINO
TTR | Sotheby’s International Realty
Q: What can I do to attract more showings and possibly receive multiple offers on my home?
A: Taking the time to get your home in prime condition is so important. A qualified Realtor will have the resources to guide you to be the hottest house in town. Buyers want new paint, new flooring, upgraded baths, and great new upgraded kitchen with updated appliances.
Giving your home a facelift prior to entering the market will pay off in price, a short time on the market and the possibility of multiple offers.
CHRISTINA JANOSIK PALMER
Christina Janosik Palmer Group of Keller Williams Flagship of Maryland
Q: How’s the market right now?
A: Frankly, it’s a very strong sellers market in our region. There’s a combination of historically low inventory and historically low interest rates. Throw in a global pandemic, a socioeconomic tension in our cities, a strange upswing on Wall Street and a looming presidential election - we have a strange recipe for a booming sellers market in our suburban communities.
SHANE HALL
of Compass Real Estate
Q: What are the top three features that buyers look for in a top tier waterfront property?
A: Privacy is paramount, many of the buyers coming to the Annapolis area in search of a retreat to relax and escape from the hectic city life. Waterview is also extremely important. Unobstructed panoramic views always fetch a premium in this market and the most coveted feature is the waterfront pool. The local critical area laws are very restrictive and having a pool on the waterside can be a challenge to have permitted, so an existing waterside pool is a major value add.
BRAD KAPPEL
TTR | Sotheby’s International Realty
Q: What would you say is the most important factor to consider when selling a waterfront property?
A: In order to generate the sizzle when you first list your home you need to price it right, make sure your home is polished up so it shines and don’t forget high quality aerial photos. That said, the key factor is to make sure you hire a brokerage that effectively targets the Washington D.C. / Metro market. Recent sales data indicates that most premier waterfront properties are sold to buyers who are migrating this way to experience the Annapolitan lifestyle.
BRAD KAPPEL
TTR | Sotheby’s International Realty
Q: Is staging really important when selling a home?
A: Critically! We aren’t simply talking about staging vacant homes either. Every homeowner has to go through the transition from LIVING in a home to SELLING a home. Most homeowners are not able to make that transition by themselves, nor should they. Therefore, it is extremely important to have an expert there to guide them step by step on what to do and what not to do to maximize value and minimize time on the market.
SCOTT SCHUETTER
CENTURY 21 New Millennium
Q: Do you expect the current unprecedented Seller’s Market conditions will continue for the remainder of 2021?
A: Yes! Urban transplants are migrating from the surrounding high-density and creating such a high level of demand. These new Annapolitans are often snatching up properties immediately after they come on the market. This trend will continue to lead to low inventory levels creating high demand. Mortgage interest rates are also expected to stay at extremely low making this transition even more desirable for home buyers. In summary, high buyer demand to invest in the Annapolis lifestyle plus low inventory and low interest loans equals a true Seller’s Market!
BRAD KAPPEL
TTR | Sotheby’s International Realty
Q: Why should I choose a Waterfront Specialist to sell my home?
A: Your waterfront home is one of your largest assets. As you consider whom to trust with your unique property, you should think about their qualifications. Just as you would go to an orthopedic specialist (and not a general doctor!) about your knee, consider the competence of agents with regard to waterfront. Does the agent have a website dedicated to waterfront and water-oriented properties? When you enter “Annapolis Waterfront Homes” into a search engine, who shows up? Make sure your waterfront property gets the attention it deserves!
CHARLIE BUCKLEY
Waterfront Specialist | Mr. Waterfront Team of Long & Foster
Q: What are the qualities I should look for in selecting a Realtor to work with?
A: Things that should matter...An agent’s dedication to their business as a full-time Realtor and their dedication to making your real estate goals a reality. Request the agent’s track record for the last 12 months, don’t be afraid to ask for references and what their reputation in the industry is. (Networking among our peers is crucial to a Realtor’s success). Ask for a 90-day business plan in writing for your sale or purchase. Keep in mind this is a business transaction and make sure you handle it exactly that way (you can become friends after the transaction). Ask for a realistic “days on the market” strategy and a marketing game plan when listing your home. When buying a home, make sure you meet and interview to decide if all the personalities mesh. Most of all make sure you select an adequate and knowledgeable guide and advisor to one of your largest purchases or sales.
CHRISTINA JANOSIK PALMER
Christina Janosik Palmer Group of Keller Williams Flagship of Maryland
Q: How do I find the best realtor to sell my house? There are so many to choose from!
A: Finding the best personal fit from a talented group of realtors - with differing strengths, areas of expertise, business models, and communication styles – is crucial to a successful outcome. After vetting a realtor and brokerage’s expertise including services, marketing, reputation, and depth/breadth of connections, conduct a thorough interview and talk frankly with past clients. You’ll want details on communication style, availability, work ethic, and success working under pressure. Go into the decision knowing you may spend a lot of time together – so hire someone with the skill set and communication style best suited to you and your situation.
SARAH GREENLEE MORSE
TTR | Sotheby’s International Realty
Q: I recently graduated from college and moved back home with my parents to save money. I’m anxious to move out and live on my own. With a 4 year degree, a good paying job and little established credit, what are my options when I still have school loans that I’m currently paying down?
A: You have many more options than you may think! Of course, renting is a great way to get adjusted to living on your own without taking on any major debt. With that said, there are many first-time homebuyer programs designed to make your first jump into homeownership cost effective. For example, in Maryland we have the Maryland Mortgage Program Smartbuy 2.0, which gives homebuyers the opportunity to purchase a home in Maryland while paying off up to $30,000.00 in student debt. This is a unique program and an amazing opportunity for people to be able to pay off their college debt while building equity, and in your case, provides an opportunity to move out and live in your own home! I helped two clients take advantage of this program this past year and given the low interest rate market, this is an excellent time to buy a home.
ZACK PAPALEONTI
Realtor® | Academy Realty
Q: If I’m preparing to put my house on the market in 6 months, what can I do to ensure it sells quickly and for top dollar?
A: Presenting a clean, de-cluttered home is always critical. It is also true that up-to-date or renovated homes tend to move quickly, while those that have not been updated over the years will sit on the market if priced too high. What can often add significant value to your home is a strategic combination of interior and exterior improvements aimed at creating increased style, functionality, and curb appeal. It makes all the difference to work with a skilled realtor who understands the renovation process and can advise you on how to get the best return on investment of time and money.
THE IRBY & ECTON GROUP
of Long & Foster and Christie’s International
Q: Is right now the right time to Sell my property?
A: The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. In such a competitive market the seller has the upper hand. Inventory is still at record lows, with buyer demand at record highs. Anyone who has thought about selling their home should absolutely consider doing so in today’s market.
ERICA BAKER
TTR | Sotheby’s International Realty
Q: Why should people use a realtor when homes are selling so quickly?
A: In my short tenure as a Realtor ®, I learned quickly that I am in the communication and relationship business. Before I can help a client buy or sell, I must listen to their specific needs and know who in my network can help achieve our shared goals. It is not my job to be a client’s best friend, but to be their strongest advocate for their situation. Integrity and accountability matter. Some conversations are difficult, and that is one of the main reasons you should ALWAYS work with a Realtor®. It is paramount that the lenders, attorneys, contractors, and vendors I work with be100% accountable for the role they play in our clients shared success. BRAVO makes it look easy to buy or sell a home, but in Real Estate, there are no commercial breaks. When you choose a Realtor®, you choose an accountability partner that has a trusted network of go-to professionals who all have your best interests in mind and will command top dollar for your home or get you the deal of your dreams.
HEATHER GIOVINGO
Realtor® | Academy Realty
Q: If I discover a defect in my recently purchased home that was undisclosed during the purchase process, am I entitled to compensation from the seller?
A: Sellers of residential property must disclose “latent defects” of which the seller has actual knowledge. To establish seller’s liability for nondisclosure of a latent defect, the buyer must prove that the seller knew and failed to disclose a defect that is (1) material; (2) would not be expected to be observed by careful visual inspection of the property; and (3) poses a direct threat to the health or safety of the buyers. If you find yourself in this situation, it is best to consult an experienced attorney to realistically evaluate the cost of success and define an appropriate course of action.
JAMES E. CROSSAN
Partner | Liff, Walsh & Simmons
Q: What’s happening in the waterfront market?
A: Last year saw record demand for waterfront properties and not nearly enough inventory to satisfy the need. We have always had a lot of weekend buyers from the DC area, but 2020 brought more full-time buyers from DC as well as from New York and New Jersey. Waterfront unit sales increased 28% and the number of waterfront properties with a sales price of $1 million and greater increased an astonishing 62%! With continued low interest rates and many people committed to working from home regardless of a “return to normalcy,” this is the strongest waterfront market we’ve seen in 15 years. For potential sellers, this is the best time financially to consider your next location!
JOE BRAY
Waterfront Specialist | Mr. Waterfront Team of Long & Foster
Q: How has COVID changed home designs?
A: COVID has caused people to rethink their relationship with their home. Planning with these elements adds value:
Plan changes - Mudrooms have become more popular, as well as en-suite baths in every bedroom and home offices/study nooks are back with a vengeance.
Entertainment/Tech - There is raised demand for increased interactivity, home theaters and spaces where family members can work, play, and pursue hobbies.
Outdoor living - Outdoor lounge areas, kitchens and gardens are another big winner.
Home health – Look for more products and systems such as antimicrobial counters, touchless faucets, humidity control and air purification.
DAVE LUNDEN
Timberlake Design|Build
Q: How is COVID-19 affecting real estate closings?
A: As the majority of transactions still require a portion of the documents to be executed in person, our title company has modified the manner in which we conduct closings to provide for a safe and socially distanced environment with buyers and sellers signing their documents separately. When certain conditions are met, we can also provide a completely remote closing experience by utilizing a new technological platform for Remote Online Notarization where the documents are executed and notarized via video conferencing.
BRADLEY T. WALSH
Vice President | Eagle Title, LLC
Q: Why are we starting to see more buyers waive their appraisal contingency?
A: With local inventory and interest rates at historical lows, this has created an environment where multiple offers and inflated sales prices are the norm. Buyers are looking for ways to stand out and appeal to sellers. In order to determine if this is a good choice for you, talk to your real estate agent about market values, as well as your lender to review your financial position. This may be an option to consider if you are placing a down payment of 20% or more, paying cash or the appraisal value will not impact your ability to close.
GINA BARTON
Teammate | Diane & Crew of Taylor Properties
Q: Is it a good idea to get prequalified for a mortgage?
A: Prequalification is a sensible idea on many levels. It provides each client with an understanding of what they are able to afford, their financing and down payment options, as well as the rates and fees associated. It also helps to show that you are a creditworthy and motivated buyer.
COREY GALINSKY
Vice President, Residential Mortgages | Severn Bank
Q: Given that the level of home inventory is extremely low, should I bother fixing up or staging my home prior to selling it?
A: While inventory is extremely limited, sellers should still take the time to fix up their home and hire a real estate agent that offers staging services. According to a recent NAR survey, roughly 47% of agents believe they were able to command as much as 10% higher sales price and the days on market were significantly lower when the home was spruced up. Staging a home captures the attention of buyers searching online and when visiting in person it makes your home more welcoming. Potential buyers can immediately see what their life would be like if they called your house home.
DIANE MALLARE
Team Lead | Diane & Crew of Taylor Properties
Q: What is title insurance?
A: Title insurance protects from matters resulting from unknown liens, or other defects, affecting the title that existed prior to your purchase that were not discovered. Examples could include property taxes not paid by previous owner, fraud or forgery of a prior deed, or a spouse or unknown heir who makes a claim against title. Defending these matters could be very expensive and could cause you to lose the property itself. A title insurance policy provides coverage for legal defense, as well as the coverage amount listed in the policy.
JEROME I. FELDMAN, ESQUIRE
President | Mid-Maryland Title Company, Inc.
Q: What can someone buying waterfront property in Annapolis expect to find?
A: Annapolis is a diverse community rich in history and culture and offers a huge selection of waterfront homes. Currently, there are homes ranging from condos in the $400s to a prestigious waterfront estate for $6,950,000. With our direct access to the Chesapeake Bay and some of the best boating, fishing, and crabbing in the world, it’s not surprising to see waterfront home sales and values on the rise. Welcome to the Annapolis lifestyle.
TRAVIS GRAY
Associate Broker | Coldwell Banker Residential Brokerage
Q: The Engel & Völkers shops in Annapolis and Ocean City grew over 80% last year. What about your firm attracted so many new clients?
A: With the full support of our global network, state-of-the-art technology options and unmatched resources, our advisors are always exceeding clients expectations. At Engel & Völkers we don’t just have agents, but rather, trusted advisors to guide you through your home journey with extensive neighborhood expertise, white glove service and a love for our community. Our commitment to excellence shows in everything we do, and happy clients can’t wait to spread the news.
STACI FOSTER
Director of Advisor Success | Engel & Völkers
Q: How do I bid to win in a tight housing market?
A: Demand for properties is extremely high these days and buyers need to be prepared to act quickly once they find their house of choice. It is crucial to have a real estate agent who knows how to guide you through the process.
If there are multiple offers being presented, key strategies must be taken into account to make sure your offer is the one chosen.
An escalation clause is critical if you’re willing to go above the asking price and being flexible on a closing date is also helpful to the seller. Having your financing ready to go (or going in as a cash buyer is best if you can) and having as few inspections as possible is key.
The cleanest offer with the best terms will always “win”!
LAURA CARNEY
TTR | Sotheby’s International Realty
Q: I have been hearing a lot of talk about it being a seller’s market right now, is it really a good time to sell?
A: For the last several years we have seen decreases in housing inventory which has created a supply side deficit. Along with exceptionally low inventory, we are also seeing the lowest mortgage interest rates in history. When you combine current income levels, low rates and appreciation rates, we have been experiencing the best affordability index in our region since 1993. What this means is that anyone thinking of selling is looking at their best market opportunity in their lifetime. It certainly is the best I have seen in my 37+ years in real estate. Long and Foster is positioned to be your best real estate option when combining our market-leading presence and related real estate services.
DOMINIC CANTALUPO
Associate Broker/Manager | Long & Foster Real Estate, Inc. | Crofton/Bowie Office
Office: (410) 721-1500 | Cell: (410) 963-5466
