The answer to this question depends on your personal situation.
With real estate prices on the rise, interest rates at the lowest ever, and with multiple offers the norm in many markets, is now the right time to sell? The answer is both yes and no. It depends on you and your goals.
If this is not the right time to let go of your home to achieve another goal, it doesn’t mean that later may not be ideal either. Deciding when to sell should be based on your personal criteria. Compare what would make selling now right for you with the current market conditions.
There are three things to consider if your answer is yes to the question, “Is now the right time to sell?”
#1. What’s your plan once you decide to sell?
Invest just as much time and effort into deciding what you’ll do after you sell your home. Will you rent? Where will you live next if you decide to buy another home? Are market conditions there going to limit your choices? Each of these questions requires a systematic approach and are ones that I have helped many sellers navigate. One great thing about being in a hyper seller’s market is that many sellers have the ability to set very favorable terms that make transitioning to their next home much smoother, like a short closing date or a long leaseback. Many of my clients have been able to close on their current homes very quickly and then stay in them for up to 60 days, sometimes even rent-free, which gives them time to find a new home and make a move on it.
#2. The current condition of your home, what your home looks like, and the price you set on your home really matter.
Even in today’s hyper seller’s market, there are homes that do not sell. The condition of your home always drives the price. When I meet with my clients about listing their homes, I always take them through the house room by room, give staging tips, advice about repairs, and advice about updates so they can get the absolute most money for their home in the shortest amount of time and spending the least amount of money. Sometimes it makes sense to sell a home as is and sometimes it doesn’t. Speak with a Realtor who is knowledgeable about the current market and knows what things are important to buyers.
Pricing your home correctly is critical. Buyers are very concerned about overpaying for a home. If you set the list price too high in the beginning, buyers suffering from buyer fatigue (those who have been in the market for a while) will be hesitant to make an offer on your home. Overpriced homes tend to sit on the market, even in this market, for much longer than usual and often sell for less than they would have if they’d just been priced correctly in the first place. Pricing your home slightly under the market will generate multiple offers and the best terms for a seller. Go through the numbers with your Realtor and ask them to help you determine an appropriate list price.
#3. You need a Realtor to help sell your home.
There is a temptation to sell a home For Sale By Owner to save money and maximize profits. However, that doesn’t always work. In our market, homes will sell when you put them on the market, but if they’re not priced, staged, or marketed correctly, you won’t get an outcome proportional to all the time, money, and energy you put into the transaction. Statistically, you also leave a lot of money on the table. The last few homes I’ve sold had upwards of 45 showings in less than four days and all had multiple offers. It’s very difficult to navigate all those offers and take a transaction from contract to close if you don’t know what you’re doing. There are so many steps and hurdles in a transaction that it really helps to have an experienced professional at your side.
Bottom Line
Whether you’re thinking about buying or selling a home, timing is everything!!! Always remember, your timing is the best timing! Give me a call at (703) 328-3434 to discuss how these favorable market conditions play to your advantage in the Northern Virginia/ D.C. Metro market.
