What a Seller’s Market Means in Metro DC Real Estate

By now, you may have heard about a lack of inventory in the real estate market or noticed it for yourself as you begin house-hunting in Washington DC, Bethesda, Chevy Chase, and the surrounding communities. Inventory has been trending on the lower side for months and while it may be frustrating for buyers, it has contributed to what’s called a “seller’s market.”

A seller’s market is one in which homeowners have the upper hand, which can lead to quicker and easier sales. For buyers, it likely means more competition for the house of your dreams in the Metro DC area.

If you are a home seller this year in the DC Metro area, mind the following ways you can prepare for a successful sale:

Inspect and disclose
As a homeowner, it is wise to disclose any known issues associated with your property from a roof leak to a plumbing problem. Once you have a deal with a buyer, the control becomes theirs and it could be more costly to you than repairing the problems ahead of time or making the buyer aware prior to the deal so they can factor that in their offer.

Decide how to deal with offers
In a real estate market with lower inventory, you may find that multiple offers are on the table. Devise a plan for how you will deal with them or wisely defer to your real estate agent for assistance. Each strategy is dependent on the specific area— for instance, it may make more sense to accept an offer right away in one area versus waiting a given amount of time to review all offers in another.

Analyze the competition
This is one perk of working with a real estate agent! Prior to listing your DC, Chevy Chase, Bethesda, or Northern Virginia home, The Estridge Group will analyze comparable properties in the area to find the best listing price. We have decades of experience in helping sellers price their homes competitively so buyers will take notice!

Questions about selling your home? Give The Estridge Group a call today! We’re happy to help walk you through what it takes for a successful sale!

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