Question: When is the best time to sell?
Answer: If you are considering selling for the first time, you may find yourself debating, when is the best time to do so?
In Northern Virginia, the number of homes on the market at the end of May 2020 was down 31.3% compared to the end of May 2019. For roughly the last 5-7 years we have experienced a seller’s market, but now more than ever, we are in need of inventory for buyers in the D.C. Metro area. Demand for housing proves to be strong as we enter the second half of the year.
As long as interest rates remain historically low and consumer confidence is high, we should expect to see these trends continue. If you are considering selling, now is a great time to reach out to a professional real estate agent to discuss your options. We’d be thrilled to interview for the job!
Question: Should I make updates prior to selling?
Answer: If you are considering beginning a major renovation, stop. Renovations can be costly and time-consuming. However, homes that are positioned well in terms of price and condition will tend to move faster with an accepted offer upon hitting the market.
First impressions are important. We always recommend hiring a professional photographer for marketing materials. If you own a condo in a high-rise building, preparing for the market may be as simple as neutralizing paint colors and decluttering your closets. While a single-family home may want to spruce up its curb appeal with new shrubbery, mulch, and freshly cleaned windows. It would be wise to consult with a professional, free of charge, before making any moves.
Question: What is my home value?
Answer: It is important as a seller to remember that memories and emotional feelings of attachment toward a property are not seen as valuable to a buyer. If you want to meet with a realtor to discuss your home’s value, begin collecting any and all documentation you have in advance of that meeting.
Examples of documentation are as follows: age of systems, maintenance records, service contracts, and a list of upgrades. Providing these details upfront will help give a buyer peace of mind knowing the home had a great caretaker and add value in their eyes.
If a buyer is using financing to purchase your home, they will likely need an appraisal inspection as a condition of their loan approval. In order to gain an estimate of what a buyer may be willing to pay for your home and an estimate of the appraisal value, you will want to review the home sales that have closed most recently and are the most similar to your property.
— McEnearney Associates, “What are the most common seller questions?”