So friends. In case you haven’t noticed, the real estate market is HOT in Cheverly. In fact, if you have a home that is updated and is move in ready, put it on the market. On Sunday I went to two open houses and spoke with the listing agents. There have been multiple escalated offers going on in town. It was exciting to meet so many people who have finally heard about our neighborhood.
Now, meet real estate agent, James Thomley. James just listed two homes in Cheverly that had multiple (as in more than 5) offers. (were talking escalations, letters to the owners, etc) Here are the two homes James has recently sold:
James and I have been emailing and I asked him a number of questions about the Cheverly market. He was kind enough to give me some thoughtful answers. Thank you, James!
How many homes have you listed in Cheverly?
Overall, I have sold about a dozen homes in Cheverly throughout the years. I currently own a home in Capitol Hill and the majority of my clients have been directly influenced to purchase in Cheverly because they are looking for a larger home at a lower price point. Most of the people I’ve sold to in Cheverly were not even aware that the neighborhood existed. In fact, they didn’t even know that there was a Cheverly metro station! I have had clients’ adamant about not moving out of DC who became happy Maryland residents a few months later!
Did you know about Cheverly before you listed your first house in the neighborhood?
My first introduction to Cheverly came from a few restaurant owners that live in this beautiful neighborhood. I visited their homes back in 2006 and fell in love with the Colonial and Cape Cods that are spread throughout the rolling hills of Cheverly. Shortly after this we actually purchased a home on Lake Ave and lived there for 5 years. We had a wonderful experience living here. Unfortunately, the market crash of 2008 hit and we too fell victim to the financial crisis that I’m sure many of your current and former residents experienced. We left Cheverly in 2010 but always had a special place in our hearts for the community.
What did you think about Cheverly before listing your first home in the neighborhood and what are your thoughts now? How have they changed?
My thoughts on Cheverly have always been positive. Regarding the neighborhood, I always liked the fact that homes are generally well maintained. I love that there is an “in house” police department! I love the sense of community, the parks, Cheverly day fireworks and the overall spirit that the residents embrace here. My thoughts on the neighborhood have remained the same throughout the years though I wish that more restaurants, coffee shops and pubs would be more convenient to Cheverly. This is also one of the reasons people cite for not moving to Cheverly, though clearly buyers are willing to overlook this due to all other wonderful qualities of Cheverly.
From your experience with the last two homes you have listed, how would you describe the Cheverly market? How does it compare to the DC market?I’ve heard that you have had multiple bids on the two homes you’ve listed this summer. Can you tell us more about these interested buyers? Are they coming from DC? Younger families, singles, older couples?
The Cheverly market is HOT! It is definitely a seller’s market and despite the rising interest rates it has not slowed down the market at all. Homes that are priced correctly and properly staged will sell faster and for a better price. This, along with the fact that statistically buyers are more willing to compromise on a home that on the community is a winning combination in the Cheverly market. I don’t mean to suggest that someone should under price their home, but if inventory is low and your home is attractive to potential buyers, they are out there and they are looking to move to Cheverly. I would say that the Cheverly market is seeing more multiple offers than most neighborhoods in DC and the reason for this is the lower price point that Cheverly offers as well as it’s convenience to DC. Simply put, more people can afford a $400,000 home than a million dollar home – this combined with a low inventory market creates the perfect storm for sellers in Cheverly. In order to respect fair housing laws I really can’t specifically say much about the buyers that are coming to Cheverly but I can tell you that they seem to be moving North from DC and they are from all walks of life. I can also say that 99% of my open house attendees didn’t simply accidentally come to an open house in Cheverly but rather knew or were told about everything Cheverly has to offer.
Finally, can you tell my readers why they should list their Cheverly home with you?
Cheverly has always been a very unique community because the residents truly care about the neighborhood, their homes and their neighbors. As a Realtor I cannot deny this this is helpful to our business! Every Realtor will be able to list your home on the MLS, put up a yard sign, take basic photos, print a few flyers and call it a day. In today’s market we need to go beyond the basics and move into a customized marketing plan. My approach will always include a face to face meeting with the homeowner where together we discuss the goals they have in mind and how I am able to help them reach these goals. Some homeowners simply want to sell their home as quickly as possible without making any improvements, and others want top dollar and are willing to invest a little sweat equity to make that happen. This is where my custom made home marketing plan comes in. No two homes are the same and they need to be displayed and promoted differently. Your home is not a cookie cutter home and neither is my marketing plan. Nobody knows your home better than you and I will highlight the parts of your home you consider the best. Let’s be honest, some of these homes don’t have parking, don’t have ample closet space or don’t have large bathrooms – my approach will help buyers fall in love with so many other aspects of your home that the lack of “must have” features are suddenly unimportant. The best part about hiring me as your Realtor is my hands on approach and ability to go above and beyond the call of duty to make sure you are less stressed and ultimately happy with the process.