Is This a Good Time to Sell My DC Home?

It's really not just about where it's located, is or isn't staged, or the degree of curb-appeal your DC home has when it comes to selling. It's about timing also.

"My co-worker says the spring real estate market in DC is best, so I should wait until then to sell my house."  

Whether it was a co-worker, uncle, boss or the neighbors' dog who said it, if I had a penny every time someone said this to me, I. WOULD. BE. RICH.  If it makes sense for you to wait to sell your DC home, absolutely wait!  But, consider this before you decide to wait: There are less real estate buyers out there in the late fall to end of the year, but guess what... There are also less real estate sellers, which means, LESS COMPETITION. On top of that, those buyers that are out looking during that time are SERIOUS BUYERS. 

If you've ever been to an open house for sale in the spring, you know that everyone (and probably their mother too) is coming by, because "it's just something about this weather that makes me want to go to open houses (yes, I have actually heard that more times than I can count)!" That doesn't mean they are actually looking to buy a home now.  During the spring is when I, every year, have had the most amount of "window shoppers" come by, that are actually 6 months to 2 years away from buying a home. No complaint here - we have had the honor to gain many buyer clients that way. 

As a side note, the house almost never looks as good as when the holidays is around the corner and those beautiful wreaths are up, the cinnamon-vanilla scented candles are burning, and the house just reeks of "home"!

“The DC Real Estate market needs to come up before I will sell my DC house.”

First off, what are your plans?  Are you going to rent?  If so, what is the rental market like? Are you going to buy a new home in DC or VA? If so, and if you’re like the majority of people about to buy their second, or maybe third home in Washington DC or Virginia, you’re probably going to buy a larger home that cost more money. If you wait until the real estate market goes up, yes, you may get a higher sales price on your current home, but you will also pay more for your new home.  Let’s do a quick break down of the math: More expensive house, larger loan, more interest = larger monthly expense. It would end up costing you more on the new home than it would cause you to “lose” on your current home.

Second, what is the DC real estate market like? Well, let’s see. The September median sold price in the DC Metro area, was +7.5% from last year, +14.5% from 2011, +17.3% from 2010 and 2009, and +12.2% from 2008. In fact, it’s 13.9% higher than September 2004 – the beginning phase of the “high real estate market in the DC Metro area.”  Statistics provided by rbi - RealEstate Business Intelligence. 

OK, so where do you start?

To begin with, take all the above into consideration, and then find out what debt is left on your DC home mortgage. E-mail us - or call (202-213-9330) - and we will be honored do an in-depth research and present it to you honestly, to really see if NOW is a good time to sell your DC Home. 

By the way - consider doing a random act of kindness for someone today! Tweet about it and include #betheloveDC! 

Monica Youngling, Realtor® 

The Youngling Team

Serving Washington DC & Northern Virginiawww.YounglingTeam.comCell (202) 213-9330
Prudential PenFed Realty

Capitol Hill Office:
216 7th St., SE, Eastern Market, Capitol Hill
Washington, DC 20003(202) 608-1767

Virginia Office:

13555 Wellington Center Circle, Ste. 107

Gainesville, VA 20155

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing.