considering selling your dc home?
With today’s hot market, sellers have lots of questions and concerns. We have narrowed down the top 5 questions sellers are asking in today’s DC market.
1. Should I consider selling right now?
Absolutely! There has never been a more advantageous time to sell your home. In the last year and a half, Washington DC has seen a massive housing shortage, historically low interest rates, and efflux of serious buyers, which has pushed homes to an all-time high listing price.
Buyers are paying well over list price, waiving contingencies and inspections, and offering leasebacks.
Current historically low-interest rates are a considerable factor playing into this current seller’s market. These rates won’t last forever, so if you are considering selling - right now is the best time.
2. How difficult will it be to buy another home right now?
Many homeowners are worried they won’t find another home to buy after their house sells.
Most likely, you will sell your home much quicker than you had imagined, and that may leave you concerned about finding another DC home. However, you have options.
Request a leaseback as part of the home sale. A leaseback allows you to rent your home from the new buyers. Generally, leasebacks run from one week to 3 months. A leaseback will enable you to live in your home until you can find a new one.
Ask your buyers if they can be flexible with the closing date. In a seller’s market, you have a lot of power when it comes to accepting the right offer.
3. How should I price my home to take advantage of the current market?
Even though this is an incredibly hot seller’s market, you have to list your home correctly.
Your real estate agent factors in many variables to develop the perfect listing price by completing a comparative market analysis (CMA). A CMA is a compilation of recent home sales in your area, considering days on the market, details of the home, and the final sale price.
Asking what you can list your house for and asking how much you can sell your home are two different questions; and, there are several different strategies that your real estate agent will discuss with you to make sure you get top-dollar for your home.
4. Since the market is so hot, do I even need an agent?
Many DC homeowners wonder if they even need a real estate agent since the market is so hot right now.
The truth is you can sell your house without an agent. But, keep in mind that selling a home is more than just accepting the sale price. Real estate agents do all the heavy lifting when it comes to the sale of your house.
A home sale includes:
- Preparing your home for sale.
- Listing your home.
- Marketing your home.
- Scheduling showings.
- Following up with buyers.
- Negotiating offers.
- Scheduling the appraisal and inspections.
- Closing on your home.
In a hot seller’s market, you still need to stand out from the crowd to receive the highest bids on your home - and your agent’s job is to make that happen.
5. Do I need to make home improvements in this seller’s market?
Many buyers are searching for a turnkey home they can move right into, and updated homes generally compete better against other homes on the market.
First impressions matter. When your agent lists pictures of your home online, you want it to spark interest. Your home must look well taken care of to grab buyers’ attention.
If your home is older and in need of significant repairs like foundation repair, roof repair, or termite damage - unless you are willing to sell the house “as-is” (which means you will receive much less bang for your buck), it is advised you make the necessary repairs.
As long as your home is neat, presentable, and in generally good shape, it may not be necessary to update your home in a seller’s market.
In Today’s DC Market, Find a Seasoned Agent
Several moving parts go into selling your home in this hot DC market. Working with an agent will save you time, money, and many potential headaches.
Living in the Washington DC metro area, you won’t find a shortage of agents. Make sure the agent you choose can answer your most pressing questions.
"Thanks for reading! I’m passionate about empowering home buyers and sellers with professional advice and unbiased information, throughout the real estate transaction. Unlike most agents, I always put clients first. When it comes to negotiating, marketing homes, and sealing the deal, I’ve got the experience and knowledge you’re looking for. If you have any questions about moving to VA, D.C., or MD, don’t hesitate to reach out."