We’ve shared recently 3 Reasons Why You Should be Optimistic About 2021 Real Estate and to continue on down that path of real estate positivity, we’re now breaking down why the current market offers the best opportunity to sell in YEARS!
If you’re a homeowner in the DC Metro, don’t be too quick to write off this spring, given the global health situation, as a poor time to list your home. In fact, the local market conditions present a lucrative scenario for sellers!
Below are five reasons why now is the best time in years to sell your home in Bethesda, Chevy Chase, Washington DC, and the surrounding areas:
Home Buyer Demand is High
The pandemic may have slowed many things, but buyer demand is not one of them. Buyers are determined to upgrades their homes, realizing that what they have may no longer be working for them, and they are out in droves!
Home Inventory is Low
And while Metro DC buyer demand soars, the number of homes for sale to meet this demand does not match. Inventory is on the lower end, meaning listing your property now could get you in front of those buyers (multiple buyers!) eager to move! The ball is truly in the seller’s court right now!
Home Prices are Rising
Conditions are right for home sellers to get a great price for their property. According to Lawrence Yun, chief economist of the National Association of REALTORS, “Many sellers can get top dollar in the current market conditions.”
Mortgage Rates are Still Low
Did you know that mortgage rates dipped to record lows 16 times in 2020? Interest rates are expected to continue with this trend as we move further into the new year, but if you’re wondering if you should wait for another steep drop before you sell and move, the answer is always to act sooner.
According to Greg McBride, Chief Financial Analyst for Bankrate, “As a return to normal starts to come into view, we’ll see mortgage rates bounce off the record lows.” Danielle Hale, Chief Economist at Realtor.com agrees: “Home asking price growth is actually higher now than it was before the pandemic.”
Home Buyer Needs Have Changed
Now that buyers are spending more time at home, their current spaces aren’t seeming so roomy anymore! Dining tables have become offices and with more than one family member working from home, buyers are noticing they need more square footage, or at the very least, an additional bedroom. Even outdoor spaces are becoming increasingly important as residents spend more time within their own yards.
Give our experts at The Estridge Group a call today to find out how we can help you list your home and find your next dream home!
We look forward to hearing from you!