Luxury real estate in Washington, DC, is a market with high demand. However, many people still feel that now is not the right time to sell a luxury home. This is entirely inaccurate and only shows that people are not paying attention to what is happening in the luxury real estate industry.
When selling a home in the D.C. area, timing is everything. A fast-moving market or one with little inventory can significantly influence how long it takes to sell a home and, ultimately, the price you’re able to get. There are several things to consider in this market. Is it a buyer’s or seller’s market? What suburbs and neighborhoods are seeing higher prices? How hot is the area?
One of the most important things to keep in mind if you plan on selling your home is that December is the best month to do so. In December, the median sale price for homes throughout Washington, D.C., is $635,000, $47,917 more than the average annual price of a house here.
Homes in Washington, D.C. sell faster in June than any other month of the year. According to Zillow, homes sold in June were on the market for an average of 20 days, which is ten days faster than the annual average.
The “right” time to sell your house depends on your goals. Of course, many sellers would like to earn the highest price for their homes in the shortest amount of time. However, situations vary, and not all buyers are alike. If you need to sell for a particular reason, it makes sense to consider the housing market in your area and the housing prices of similar houses that have recently sold.
Reasons to Sell Your House Now
Inventory has been low for several years and is likely to remain so for the foreseeable future. Demand is an essential factor to consider, but other considerations could apply to your situation.
Take advantage of high resale value
Home has multiple types of value, and it is essential to have an agent that can help you understand the actual value of your home. Homeowners should know that their home could be worth more than what they paid for it, and if they are interested in extracting that value, then selling their home could be the best option.
Benefit from recent home improvements
If you recently updated the systems in your homes, such as HVAC, plumbing, and roofing, consider making those aspects of your home appealing to new buyers. And remember that popular features, such as a steam oven, a curbless shower, new appliances, or quartz countertops, can help you fetch the price you want.
Upgrade to accommodate a remote work lifestyle
A time of crisis has made home a new definition for many people. The flexibility of working from home and caring for loved ones around the clock fostered a new trend rooted in convenience, quality of life, and sustainability, which is expected to continue for years to come. Selling your home in Washington D.C. will fetch high income due to this need.
Take advantage of low mortgage rates
As interest rates rise, some buyers may find it harder to purchase property, as they find the costs of securing and servicing a mortgage too high. The higher the interest rate, the more a buyer will need to pay to secure a loan. To draw in potential buyers, sellers should consider selling their homes now before rates rise further.
If you are among the 64% of homeowners who are currently considering a move, recently proposed interest rate hikes may be a factor in how you go about your search. High rates could mean that homes become more expensive for you to purchase.
Many factors influence how you might sell your home, including how long you plan to stay in it. Even experts have trouble predicting when the market is about to move, but knowing how long you plan to stay in your home may help you to determine when would be a good time to sell.
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