Marney Kirk, Towson, Maryland Real Estate

The verdict is in and the jury has decided in favor of the plaintiffs. The question is, is it enough?

This once quiet, serene, little corner of the world called Jacksonville, MD became the center of a huge lawsuit with Exxon Mobile over a leak for 37 days of over 26,000 gallons of oil. The oil seeped into the ground water, which feeds the surrounding community's wells.

The biggest questions -- Can these homes be sold? Will the MTBE ever leave their wells? Will an average of almost $700,000 cover the concern, possible future issues, and true loss of value of these houses?

I wish I knew the answer and could more effectively help these homeowners. It saddens me that an avoidable mistake on the part of the gas station serviceperson who shut off the alarm instead of seeing that there really was a problem could affect these homeowners for the rest of their lives.

After doing some research, I have found the reasons that the Zestimates on some properties may be very much off.

Baltimore County here in MD doesn't provide enough in the public records for the Zillow Zestimating calculations to work properly.

A listing I have currently is on the market in Hunt Valley for $550,000. The true market value is not too far off from that listing price. Zillow's Zestimates' basics are missing a half bath, hardwood floors, and a few other items. When "claiming" the home, and adding the "upgrades" it brings the price up to $667,000, which is certainly far off!

The percentage of correctness, at least in my area, is very poor. Only 30% of the time is the Zestimate within 5% of actual sales price. Only 50% of the time are they within 10% of actual sales price. Jumping to 20% of sales price and you are only at 71% correctness (with a margin of error of 10%).

If you were a seller on a house whose true value is $300,000 would you be OK with $240,000? Or how about a buyer, where that same 20% could be on the other end, so you would end up paying $360,000?

Zillow states the importance of getting a true market analysis from a real estate agent. Why do we have to search through so many pages to find the disclaimers?

This may affect your market area too, so read more here and find out what it may say about yours!

Who SAYS the market isn't good????

I visited a Broker's Open at a townhouse in Timonium. The price? $299,900. The four neighbors also on the market? $319,000-$330,000 and have been for sale from 60-278 days. Guess which one got multiple contracts (after being on the market for only three days)? Realistic pricing and home staging make this one THE one to buy.

These sellers listened to their agent about price and condition, and have blown the other very comparable units out of the water.

So what is a seller to do? First, do your research. See what homes are on the market around you. See where the prices started, and to where they have dropped. Ask a REALTOR for help. We can find how much of a percentage your zip code has lowered in value over the past year, six months, and even one month, to help you correctly price your home. Finally, PRICE AHEAD OF THE MARKET.

This townhouse is the perfect example of the RIGHT way to sell your home in this market. The others will eventually get the same amount for theirs. These people are just getting it sooner. Isn't that better in the long run?

Even though it is not my listing, I can't help but be happy that this house sold. For almost a year I have driven past its sign at least once a day, and was so excited to see the Under Contract sign yesterday morning.

What made it sell finally? Price, I am sure!

This was a cute cape cod, single family home with a great addition off the back, and fantastic curb appeal, this home was for sale much longer than expected. Yes, it has its drawbacks, namely the busy road, but it is also very conveniently located in close walking distance to a blue ribbon school with tennis courts, playgrounds and lots of open park-like space.

So why was this house on the market for 248 days? You can't change location. Its' condition is wonderful. The only thing you can change in price. They began up near $500,000 and re-listed at $475,000. The asking price at time of contract was $469,000, which does not mean that is the contract price.

So what does this all mean?

It means sellers have to get serious when it comes to pricing their houses if they want them to sell more quickly. This is a learning experience & market for all of us right now, and we agents are learning the curve as well. We can track data and work to predict where the price should be. And though that information may be hard for some sellers to hear, it is a necessity in order to get your home sold. Let's get it done!

Click here for more details!

I posted a new blog on my website about the Baltimore Housing Market and how it seems to be picking up. People are calling about my withdrawn properties (pulled off to paint and stage) and contracts are beginning to flow at the office.

Contracts are starting to flow in & out of my Timonium Real Estate Office. Baltimore Real Estate buyers are starting to realize that they need to get in NOW while the prices AND interest rates are LOW.

So, yes, I am optimistic and excited. There is SO much opportunity in this Baltimore real estate market whether in the Baltimore City real estate market, or the Towson real estate market, or even in the Timonium real estate market, and I urge buyers to take advantage NOW!