Want to know if it’s, “a good time to sell my house in Aberdeen, Maryland?” This is a common question for home sellers given the current economic and housing market conditions.
Rising interest rates, high inflation, and fears of a potential recession have caused buyer demand to plummet in many housing markets. As a result, many home sellers are wondering whether they’d be better off waiting to enter the market.
In this article, our team at Your Home Sold Guaranteed Realty - Vinny Steo will discuss some of the uncertainties around the housing market in Aberdeen. We’ll break down what the market is currently experiencing, and go over what to know before deciding the best time to sell your home. Lastly, we’ll discuss some actionable steps you can take to sell your home in a tough market.
Is It a Good Time to Sell My House in Aberdeen in the Current Housing Market?
Aberdeen, Maryland, was experiencing a strong buyer’s market in March 2023. This means there’s a larger supply of homes on the market, and a smaller pool of prospective home buyers.
This decrease in buyer demand gives the remaining buyers all the leverage over home sellers, because they have a larger supply of homes to choose from.
The median sales price for homes in Aberdeen was $215,000 in March 2023, which was a 31.2% decrease from the same point a year ago.
In the same month, the number of homes sold decreased by nearly 60% from March 2022. Homes also spent a longer amount of time on the market– a median of 26 days.
These conditions aren’t ideal if you’re trying to sell a home, since it means you’ll have to work harder to attract home buyers. On top of that, it’s possible you’ll have to lower your asking price.
What Should You Consider Before Entering a Tough Housing Market?
If you’re wondering, “if it’s a good time to sell my house in Aberdeen,” there are several important considerations you should keep in mind. First, think about your personal situation.
For instance, if you’re relocating for a new job or need to sell for financial reasons, you may not have a choice about when to sell your home. In such cases, it’s essential to hire an experienced realtor to help you navigate the selling process.
Second, consider the status of the housing market in your area, and economic conditions more broadly. The Federal Reserve continued to raise interest rates in 2023, and inflation was still high. And some economists think a recession may be likely later in the year.
Of course, it’s impossible to completely predict what direction the economy could head in. But if it’s reasonable to assume a recession is in the future, selling sooner could be better. That way, you avoid selling in a recession, when there’s likely to be even fewer home buyers in the market.
But if you sell now, you’ll also have to consider whether you’ll be looking to buy another home. If that’s the case, you’ll face expensive mortgage rates. And depending on the housing market you move to, there may be more competition from other buyers.
Ultimately, consulting with a knowledgeable real estate professional can provide valuable insights and guidance to help you make an informed decision.
What Can You Do To Sell Your Home Successfully in a Down Market?
If you want to ensure your home sells fast in a down market, it’s imperative to invest in it to make sure it’s move-in ready.
When the market is tough, home buyers are actually more willing to pay a higher price for a home in good condition. That way, they won’t have to worry about having to pay for potential repairs or an appliance breaking down right after purchasing the home.
To start preparing your property for sale, invest in professional:
- Cleaning services to deep clean and sanitize your entire home
- Landscaping services to boost your curb appeal
- General contractors to fix urgent repairs, add new paint, and repair big-ticket items like the roof
- Home stager to maximize your home’s best features, layout, and natural lighting
In addition, it will be crucial to work with an experienced realtor who can come up with a pricing strategy for your home. In a market experiencing high interest rates, home sellers typically have to lower their asking prices to compensate for the increased mortgage expense for buyers.
But when there’s a buyer’s market at the same time, many home sellers may be tempted to lower their asking prices even further in order to appeal to home buyers.
When there’s a small group of buyers that have their pick of a large inventory– including new construction– lowering your price can seem like a good way to compete. However, you also risk losing thousands in profits.
A realtor can help you walk the line and get the best possible price for your home.
Sell Your Home in Aberdeen, Maryland, With Our Experienced Real Estate Team
If you need to sell a home in Aberdeen, contact Your Home Sold Guaranteed Realty - Vinny Steo today. Our team has years of experience serving home sellers in the community, and we can help you answer the question, “Is it a good time to sell my house in Aberdeen.”
We’ve become known as the best realtor in the area because of our exceptional selling speed. In fact, we sell homes 2.8 times faster and for 3.1% more money than our competitors.
On top of that, our clients love working with us because of our unique seller guarantees, such as our Guaranteed Sale Program.
With this program, you can ensure your home sells within your desired time frame, no matter what. If it doesn’t sell to a home buyer, our real estate team will buy it ourselves for an agreed-upon price.
To learn more about our other guarantees or what it’s like working with our team, call 410-220-0016. You can also fill out the form below for more information.