No matter where you look, inventory shortages are driving the Metro DC real estate market. With fewer properties for sale, home prices have grown higher while sales periods have tightened. These conditions present tremendous opportunities for Metro DC real estate sellers, but it can be worrying for those individuals who also need to buy a new Washington DC property or maybe even a Chevy Chase Maryland property or a Northern Virginia property after selling.
Thankfully, those worries can be overcome through preparation, planning and working with a real estate group like The Estridge Group that knows the market and knows what they’re doing. Here are three ways that Washington DC home sellers can become successful Washington DC home buyers, too.
#1 – Begin your new Washington DC home search before listing your current house.
With homes selling quickly—sometimes in less than a couple weeks depending on your neighborhood (homes in Chevy Chase, Georgetown, and Montgomery County can go fast!) —you’ll want to make sure you have a head-start on your next home search before yours goes up for sale.
#2 – Take advantage of declining mortgage rates.
Rates were expected to rise above 5% this year, but we’ve seen the opposite occur, with Washington DC, Northern Virginia, and Montgomery County mortgage rates hitting the lowest point since November 2016. Talk to your mortgage consultant now to lock in the best rates. I’m happy to refer you to our team at Prosperity Home Mortgage, LLC, for assistance. If you’re just dipping your toe in the water, start by checking out our Buyer Resources, to help you understand the most popular loan programs offered today.
#3 – Leverage contract contingencies for sales success.
With today’s low inventory, buyers are amenable to contract contingencies that could delay closing until you purchase a new home or allow you to rent back until then. A professional Realtor like me can walk you through the contract options available to you and negotiate the most favorable terms to ensure the success of your home sale and purchase.
There are many other techniques that you can leverage to successfully sell and buy in today’s DC Metro market, and I’m happy to chat with you about these best practices. Feel free to call or email me at The Estridge Group, and we can set up a meeting to talk about how to get you into a new home this fall.