The best time to sell a house is from spring to summer, while the worst is from fall to winter. House owners and real estate teams in DC should familiarize themselves with the seasonal trends and statistics before they start preparations for selling a house.
Between March to August, buyer demand outnumbers the houses for sale. Homeowners can sell their homes at a minimum of 10% above market during these times. On the other hand, the worst time to sell a house is from October to February. This is due to weather changes and holiday interruptions. Properties stay longer in the market and sell at lower prices.
Here are five reasons that tell you when it’s time to sell your house:
1. Your home does not fit your lifestyle anymore
This is true for residents who have lived in their houses for an average of eight years. Homeowners might have initially chosen the location based on restaurants and bars around the area but may now want a quieter environment. Life changes like the birth of a child or the loss of a loved one may contribute to the decision to move.
2. Financial reasons
There might have been a change in income for one or two family members. You might decide to downgrade or upgrade your home because of it. Budget is always a consideration when selling or buying a home. There are also changes in the financial market due to the pandemic. It may be good to sell to get the best profit from your home.
3. New job
37% of people said they were willing to relocate for career advancement. Companies nowadays allow a hybrid or work-from-home set-up. However, many still require employees to go onsite or relocate to a different location. If you are sure about an advancement opportunity, it might be reasonable to sell your current home and move to a new one.
Around 40% of homeowners are bored with their current home environment. Especially when they have been confined due to the pandemic for the past two years. Renovations or redecorations can alleviate home boredom. Ultimately, an owner might have to sell the home if the renovations become too expensive.
5. Emotional preparedness
In 2022, around 48% of home sellers were 56 to 96 years old. When employees retire, or kids move out of the house, they prefer to live in a smaller home to save money or move to another location that suits their new lifestyle. Senior citizens can move to a care facility.
The average time to sell a home in Washington, DC, in 2022 is around 76 days. That’s an average of 41 days to offer with a 35-day closing period. The timeline’s key aspects are local market conditions, time of the year, your home’s type and condition, your agent’s listing strategy, and the buyer’s financial situation.
The fastest time to sell a house is in October, with an average of 33 days on the market (the average price is $619,950). The worst month is January, with an average time of 63 days (with a $549,900 average price).
Here are the steps to selling your home in Washington, DC:
1. Find a real estate team in DC
Selling a home is not for the faint-hearted. It requires complex transactions and considerable time to get your desired outcome. You need to find an expert real estate agent in your area. The best Washington, DC listing agents like the DC Team will know exactly what buyers want and how to connect with them. They will provide advice, guidance, and support every step of the way. Sellers who work with agents net 33% more on average than those selling your property on your own.
2. When to sell
The local legislature, the job market, and the seasons of the year cause changes in home prices. You will get the best offers for your DC home if you list it during the summer. There is a higher demand for houses during this season.
Listing your home requires a Competitive Market Analysis (CMA) to compare it with similar sold, current, and expiring lists in your area. The DC Team at Long & Foster can create a comparative analysis for you. There is a free online home value estimator as well.
Clean, repair, and renovate your property to boost profits. Take professional photos of the property for listing on realtor websites and social media pages. Your home description should highlight fireplaces, sunrooms, and cathedral ceilings. You can use real estate technology like virtual staging and virtual reality to highlight your listing from competitors. Conduct private showings or open houses to simultaneously show them to as many potential buyers as possible.
5. Offers and negotiations
Before accepting an offer, consider the buyer’s considerations, funding, closing period, and home value. A cash offer from a buyer is your best bet. Acceptance deadlines and negotiable terms will depend on the standard purchase agreement in DC, which contains the agreements, offer expiry, and funding, among others. You may also submit a counteroffer with an asking price if you are unhappy with the offer. Once you accept the offer, you must sign the Real Estate Purchase Agreement.
6. Appraisal and inspections
Your property will be appraised if your buyer is taking out a loan. This is standard for DC sale agreements. If the property amount is lower than the buyer’s offer, the buyer may request a price reduction. You should fix the issues raised if your house does not pass the inspection.
7. Paperwork and disclosures
A Seller’s Disclosure Statement is required before signing a purchase agreement in DC. This will have the details on the condition of your house. Your realtor will provide you with a copy of the standard statement.
This will happen in a lawyer’s office. The buyer and seller will sign documents and settlements detailing the closing costs. Closing costs in DC are around three to five percent of the sale price. The seller is responsible for the realtor’s commission, settlement fees, utilities, transfer, and property taxes.
If you’re thinking about selling your home, it’s never too early to start looking for an agent, getting guidance, and making a plan. The DC Team at Long & Foster is here to help guide you through the home selling process. Contact us today!