Should I Sell My House in Washington DC Now?
What is the DC Real Estate Market Like?
Your DC home is in a great location, you've got the stager's number and you have until spring to do the final touches on the curb-appeal. Come spring, you are going to list your beautiful Washington DC home for sale and make bank! Or are you? Remember, timing is also an important factor.
"The spring real estate market in Washington DC is always hot - THAT's when I should sell my DC home to make the most!"
Yup. Heard it. More times than I can count. I would not encourage you to sell your DChome now if it didn't make sense to you. Before you decide to wait, though... Yes, there are less real estate buyers out there in the late fall to end of the year, but.... You guessed it: There are also less real estate sellers. You know what that means, don't you? LESS COMPETITION! In addition, buyers that are out looking during that time are SERIOUS BUYERS.
If you've ever been to an open house for sale in the spring, you know that everyone (and probably their mother too) is coming by, because "it's just something about this weather that makes me want to go to open houses (yes, I have actually heard that more times than I can count)!" That doesn't mean they are actually looking to buy a home now. During the spring is when I, every year, have had the most amount of "window shoppers" come by, that are actually 6 months to 2 years away from buying a home. No complaint here - we have had the honor to gain many buyer clients that way.
As a side note, the house almost never looks as good as when the holidays is around the corner and those beautiful wreaths are up, the cinnamon-vanilla scented candles are burning, and the house just reeks of "home"!
“I should wait to sell my home until the Real Estate market goes up.”
First off, what are your plans? Are you going to rent? If so, what is the rental market like? Are you going to buy a new home in DC or VA? If so, and if you’re like the majority of people about to buy their second, or maybe third home in Washington DC or Virginia, you’re probably going to buy a larger home that cost more money. If you wait until the real estate market goes up, yes, you may get a higher sales price on your current home, but you will also pay more for your new home. Let’s do a quick break down of the math: More expensive house, larger loan, more interest = larger monthly expense. It would end up costing you more on the new home than it would cause you to “lose” on your current home.
Second, what is the DC real estate market like? Well, let’s see. The September median sold price in the DC Metro area, was +7.5% from last year, +14.5% from 2011, +17.3% from 2010 and 2009, and +12.2% from 2008. In fact, it’s 13.9% higher than September 2004 – the beginning phase of the “high real estate market in the DC Metro area.” Statistics provided by rbi - RealEstate Business Intelligence.
So where should you start?
Look up what you still owe on your DC home mortgage, then e-mail or call us (202.213.9330) and we will be honored to present an in-depth research so that you will know if you should wait, or if now is the best time to sell you home in Washington DC or sell your home in Virginia.
Serving Washington DC & Northern Virginia
Cell (202) 213-9330
Berkshire Hathaway Home Services PenFed Realty
Capitol Hill Office:
216 7th St., SE, Eastern Market, Capitol Hill, Washington, DC 20003