“Is it a good time to sell my house in Bel Air, Maryland?” is a question on the minds of many prospective home sellers. Due to economic challenges from inflation and rising interest rates, many sellers are considering whether they should avoid the housing market entirely.
Others are wondering whether it’s better to sell now before market conditions potentially get worse, especially amid fears of a possible recession.
In this post, our realtors at Your Home Sold Guaranteed Realty - Vinny Steo will discuss the housing market in Bel Air, Maryland. We’ll also cover what you should consider when deciding when to sell and several tips to help you sell your home successfully.
Is It a Good Time to Sell My House in Bel Air Under Current Market Conditions?
Bel Air, Maryland, is currently experiencing a seller’s market, meaning home sellers generally retain power over buyers in the market. Buyer demand and home prices are both relatively high, and homes are selling fast.
The market is somewhat slower compared to the peak it hit in 2022, but it’s still a strong market overall. As of March 2023, the median sale price for homes in Bel Air was $405,000, representing a 5.7% increase from March 2022.
The number of homes sold in March 2023 experienced a 15% decline compared to the same period a year ago. Homes spent a median of five days on the market before selling, which is about how fast they were selling a year ago.
While these conditions seem favorable for home sellers, there are still some important factors to consider before jumping into the market.
What Should You Consider When Deciding Whether to Sell Now or Wait?
If you’re asking yourself if, “It’s a good time to sell my house in Bel Air,” there are several factors you’ll need to consider. First, you need to think about your personal situation.
Depending on your individual circumstances, you may not have a choice about entering the housing market. For example, if you have to move due to a new job. If you have no choice about selling, you’ll need to get help from an experienced realtor.
Aside from your personal circumstances, you’ll need to consider economic and market factors to decide when to sell your home. So far in early 2023, The Federal Reserve continued to raise interest rates, 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.
How Can You Increase Your Chances of Selling Fast and For Top Dollar?
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.
We Can Guarantee a Fast Home Sale For Your Property in Bel Air
If you need to sell a home in Bel Air, 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 Bel Air.”
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.