As we head into December, we see a slowing down of houses coming on the market. This is typical at this time of year. There are still a number of buyers looking for that “right” property – so sellers may want to consider putting their home on the market during the holidays in order to beat the spring market rush and increased inventory.
We have had many successful Decembers. We are putting a house on the market in Chevy Chase in a few days, and I expect good activity. In addition, most houses look nice during the holidays.
Washington, D.C. Metro Area Home Sellers & Buyers Experiencing Closing Date Delays
On another note, we have been experiencing a lot of delays in closing dates for our buyers and sellers. Even if we are assured by the lender that the loan is approved and all conditions are met, underwriters are delivering last minute requirements days or minutes before closing that ends up pushing settlement back a few hours and many times a few days. It has been happening more than 50 percent of the time. It is very stressful for buyers and sellers when at the last moment they find out plans have changed and the closing is delayed. If a seller is planning to go to another settlement on a home they have purchased or the buyer has moved out of their residence, it can be very alarming.
Most of these settlements eventually close. It is not usually a problem with the loan, as much as last minute lender requirements that need to be met and channels it must go through in order to be finalized. There are lenders that deal with third parties that every time there is an new requirement, there is another few days in underwriting. Most lenders have been so bogged down with refinancing transactions that it has clogged the system. Many other REALTORS® and settlement attorneys have been complaining about how disruptive and stressful this is. The best course of action for an experienced REALTOR® is to prepare their client as well as the other agent in the transaction, that this is a possibility. Everyone needs a Plan B, so to speak.
If my client, whether buyer or seller, is aware that this could happen, they can make preparations that will not put them in a precarious situation. Managing expectations is key during this process to eliminate headaches and panic at the last minute. If everyone is aware and prepared, and settlement is delayed, it is not unexpected and much more easily dealt with. Plus no one is angry with their buyer, seller or REALTOR®. These are things out of their control anyway. When a transaction depends on so many people and hoops to jump through, there is always room for mishaps. Better to be prepared than mad.
Be Prepared – For Chevy Chase Home Selling Success
Are you thinking that you want to sell your Chevy Chase home this spring? Why wait? Give me a call today at 301-215-6837 to discover if this December is the time to put your home on the market!