If you have been waiting for better market conditions to sell your Chevy Chase home, the wait is over! Home demand is up, and home inventory in the DC Metro area is limited. Here are three big reasons why now could be the perfect time to sell!
Home Demand is Escalating Nationwide
According to the National Association of Realtors, pending home sales during the first quarter of 2013 have steadily outperformed the same-quarter sales reported in 2012. Contract activity has been rolling above year-ago levels for the past 22 months.
There is also very little fallout in the way of canceled sales. Home buyers have adjusted to the tougher mortgage process of recent years, and most deals are making it through to closing. Completed sales have been posting consistent gains over the prior year.
Overall, home sellers are getting their asking prices – and in some areas, more! In Chevy Chase, the list-to-sales price ratio is a healthy 97.5%.
Lean Home Supply Means Higher Prices
Tight home inventory is a fact around the country, with most markets having less than a 5 month supply. This is almost 20% below the home inventory of 2012, putting the market at levels we haven’t seen since 2005.
Currently, Chevy Chase has about 4.3 months of home inventory available. Anything less than 6 months of inventory is considered a “seller’s market” with rising prices as the norm.
New Home Builders Want a Piece of the Pie
What happens when we see home prices increase? Home builders start gearing up! New construction can be a boon for area home values, but most immediately, it presents competition for sellers of existing homes.
Nationwide, building permits are up by 25.5% from a year ago, and actual housing starts are up by 18.5% from a year ago. The race for home buyers will be on as new homes reach completion! In the DC Metro area, new high-density developments will bring scores of condominium units to the market.
Experience Counts in Chevy Chase and Bethesda Real Estate!
With 30 years of experience in DC area real estate, I can tell you that the low interest rates and lean home inventory will make this great a season of opportunity for home sellers! For top-dollar results, turn to us for expert advice and market guidance!
Please give me a call for your no-obligation home selling consultation!
Melinda Estridge
The Estridge Group-Long & Foster Real Estate, Inc.
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