Are you wondering, “Is it a good time to sell my house in Baltimore City, Maryland?” Many home sellers have reasonable concerns about entering the housing market, given the economic challenges affecting much of the nation.
Rising interest rates, high inflation, fears of a recession, and other economic conditions began in 2022 and have continued into early 2023. As a result, many home sellers wonder if it’s a good idea to sell now or if it’s better to wait.
In this post, our real estate experts at Your Home Sold Guaranteed Realty - Vinny Steo will discuss the current market in Baltimore City. We’ll also cover the pros and cons of selling now or deciding to wait, as well as a few tips to achieve a successful home sale.
Is Now a Good Time to Sell My House in Baltimore City?
Baltimore City is still feeling the effects of high interest rates and inflation. These market conditions have led to a buyer’s market, with decreased demand and increased housing supply.
The home buyers that remain in the market have more power over sellers because they have a greater supply to choose from. They can also benefit from falling home prices.
As of March 2023, the median sale price for a home in Baltimore City was $200,000. This represents a 2.7% decrease from March 2022 and a significant decrease from the market’s peak in July 2022.
On top of that, the number of homes sold in March 2023 fell by 25.8% compared to the same point a year ago.
Homes also spent longer on the market– a median of 39 days, which is an increase of over a week compared to a year ago.
Should You Sell Now or Wait?
Many home sellers are wondering if it’s, “a good time to sell my house in Baltimore City.” Deciding when to sell your home ultimately depends on your personal situation. For example, if you’re moving due to a new job, you have no choice but to enter the market. If that’s the case, you’ll need help from an experienced realtor.
On the other hand, if you have some flexibility, it’s worth weighing all your options. First, consider the state of the economy. The Federal Reserve continued to raise interest rates in early 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, it’s important to consult with a real estate professional to help you decide the right time to sell. It’s also a good idea to reach out to a realtor in the area you plan to buy your next home.
What Can You Do to Achieve a Successful Sale?
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.
Work With Our Team to Sell a Home in Baltimore City
If you need to sell a home in Baltimore City, 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 now a good time to sell my house in Baltimore City.”
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.