With summer in full force, there are certainly lots of amazing real estate opportunities on the horizon. No doubt, this is a highly popular time of year for people to search for their beautiful dream home in the DC area or look for a prime piece of real estate to purchase. With these factors in mind, those who are considering selling might be wondering if this is the right time to do so. After all, the current housing market is booming, and there seems to be no time like the present. If you are ready to sell your DC house or property, then you might be ready to take the plunge as well. From understanding the local market to analyzing current trends, here are some tips to help you know if this is the right time to sell.
Understand the market
Whether you are enlisting a real estate agent or conducting the sale yourself, it is vital to take the time to learn about the local market and current trends. The years 2021 and 2022 have been a vibrant seller’s market. This happened as a result of record low inventory and low mortgage rates. According to Investopedia.com, the conditions for a seller’s market are created when there is a shortage or limited selection of available houses for sale, thus, giving the seller the power to dictate prices. Many times in these situations, the buyers will end up paying above and beyond the asking price.
Sell during a seller’s market
When it comes to selling, it is essential to understand the current market trends and how they will positively - or negatively - impact your sale. There are three kinds of real estate markets that you should take time to familiarize yourself with: a seller’s market, a buyer’s market, and a neutral market. A seller’s market condition occurs when housing demand exceeds the supply. This means that there are more interested buyers than there are houses available. Investopedia describes a seller’s market as “a market condition characterized by a shortage of goods available for sale, resulting in pricing power for the seller. A seller's market is a term commonly applied to the property market when low supply meets high demand.” Because there are not enough properties in the market to meet the needs of buyers, this can result in a housing shortage, which may lead to bidding wars and higher than expected sales prices. It’s best to sell your home during a seller’s market as this may mean your home will sell quickly and for higher than your listing price.
Sell by the seasons
Per Lending Tree, late spring and early summer are the best times of year to sell a house. This is the time when things heat up in the real estate market, and people are more prepared to buy or invest. For those who are considering selling, the fall and winter months are ideal times to begin planning and preparing your real estate to be put on the market.
Sell when your property is market-ready
Once you have decided to put your house or property on the market, there are several things you need to do. First of all, make sure you do a thorough cleaning of your house from top to bottom. This means scrubbing, sweeping, dusting, and mopping until it shines. To ensure that buyers have a positive first impression of your property, you want to do away with any clutter and mess. After all, you don’t want the dust to turn off prospective buyers and interested parties. You can hire a professional cleaner to do the job for you or, if you are feeling extra adventurous, take on the task yourself. In the words of Consumer Reports, your home will increase in value by 3-5% when it’s clean and decluttered.
Sell when you have a trusted agent
Selling your home can be a stressful and emotional process, especially if it is your first time doing so. But it doesn’t have to be! A great way to ensure the transition is smooth and seamless is by enlisting a trusted and experienced real estate agent. There is no question that having the right agent by your side can make or break the selling process, which is why it is imperative you work with someone you trust. An equipped and knowledgeable agent will be able to guide you through every step of the journey, answer any questions you may have, and keep you informed concerning negotiations with the buyers. Selling your house or property is a big financial milestone in your life, so having an experienced agent on your team will give you extra peace of mind and assurance.