In June of 2021, Adrienne and her husband, Matt, decided to relocate to Maryland from Chicago to be closer to family. As first-time homebuyers, they turned to Jeff Ganz, a CENTURY 21 Redwood Realty agent who has 21 years of experience in the real estate industry and serves buyers and sellers in Maryland, Virginia, and the DC area.
A year prior, Adrienne and her husband began the search online intending to rent…but due to low interest rates, they were compelled to buy, specifically in Anne Arundel county. Planning to be in town to visit family over Labor Day weekend, Adrienne and Matt decided that it was also a great time to look at housing options. Along with Jeff’s assistance, they toured several homes and even put in an offer on “The One”.
Or so they thought…Matt and Adrienne returned to Chicago. Their offer on “The One” fell through, and Jeff connected with Adrienne’s parents to help in the search prior to their next trip back east. He showed them a few properties so they could get an initial look, pare down the choices, and allow the best opportunities to be viewed when Adrienne and Matt returned to Maryland in early October.
After the second round of touring homes, Matt and Adrienne put in another offer on a different property. There was some back and forth concerning the price, particularly after the inspection. The transaction was unique in that the home was listed by a limited service agency so the seller was more heavily involved than a traditional listing.
“The home was a For Sale By Owner (FSBO) listed through a limited placement service on the Multiple Listing Service (MLS). With a limited placement service, the sellers utilize an agent primarily to allow their property exposure through the MLS. The buyer’s agent then communicates directly with the seller for the rest of the process,” stated Jeff.
Anyone who has been keeping an eye on the housing market already knows that the market has been thriving since the start of the pandemic…specifically for sellers. Inventory has been historically low, meaning it’s pretty common to see multiple offers made across all price points, and the offers are often above asking price.
“During the height of the pandemic, it wasn’t unusual for 10-12 offers to come in for a single listing. Today, sellers are still driving the market, and a listing available for more than two weeks could be considered stale. Multiple offers are coming in, and it remains difficult for buyers to find homes that check all their boxes,” Jeff mentioned.
Adrienne added, “We were faced with a full price offer and ended up offering concessions to be more competitive. We also didn’t have a house to sell so that was definitely on our side. In September, our initial offer fell through, and at the time we felt defeated. After reflection and finding the home we ended up with, we realized that we are much happier with
“Once buyers are in the market, they are in it for a reason. Many are looking to relocate for work or need more space for their families, and interest rates are playing a key role in the decision to rent or buy. Many people don’t realize that a $700,000 home with 3% interest costs you less than a $550,000 with a 5% interest rate. It’s something to consider if you are waiting on the market to change,” Jeff mentioned.
After their offer was accepted, Adrienne and Matt chose Highland Title + Escrow for their closing. (Homebuyers may not realize that there are options when choosing a title company. While other parties involved in the process may suggest one over another, it is ultimately the buyer’s decision during the transaction.)
Title companies are key in the closing process, and Adrienne and Matt were looking for a team that was efficient, effective, and experienced. Highland Title + Escrow started them on their way to a smooth settlement and never stopped working them until they crossed the finish line. As first-time homebuyers, they had many questions, and they found answers with Highland Title.
The closing process is much more than what happens at the settlement table during the final appointment. Many steps lead up to that day. Check out what goes into closing on a home from start to finish by clicking here.
Adrienne shared that everything happened as it was supposed to from title search to closing appointment. “Our processor, Diego, was in contact when he needed to be, and as first-time homebuyers, we appreciated that. We learned that there are many parts of the transaction that end with the title company, meaning that the title company doesn’t control when all the necessary components finally come together because those pieces come from other parties like the lender. Many things were happening behind the scenes, and we trusted their reputation and process from the beginning.”
This family found their home with the help of Century 21 Redwood Realty, Jeff Ganz and Highland Title + Escrow. If you are currently in the hunt for a new address in Maryland, Virginia or the DC area, please call 202-729-9212, and when it’s closing time, look no further than Highland Title + Escrow. Call at 703-723-3300, or send a message for your smooth settlement with an exceptional team.