Asking yourself if, “it’s a good time to sell my house in North East, Maryland?” Economic conditions such as inflation and rising interest rates have created uncertainty in many housing markets across the U.S. These challenges have caused buyer demand to drop in some areas, making it harder for home sellers to sell fast.
On top of that, fears of a potential recession have some home sellers wondering whether they should avoid the housing market altogether
In this post, our real estate professionals at Your Home Sold Guaranteed Realty - Vinny Steo will provide insights into the housing market in North East, Maryland. We’ll also discuss key considerations when figuring out when to sell your home, along with tips for a successful home sale.
Is It a Good Time to Sell My House in North East in the Current Housing Market?
North East, Maryland, is somewhat of a neutral market, though it leans slightly towards a market that favors home sellers. This means sellers have a slight edge over home buyers.
In March 2023, buyer demand and home prices remained relatively high. The median sale price for homes in North East was $302,000, indicating a 2.7% increase from March 2022.
However, 63.6% fewer homes were sold in March 2023, compared to the same point a year ago. In addition, the homes that did sell stayed on the market longer before selling– a median of 29 days.
While high home prices might be a good sign for home sellers, it’s still important to exercise some caution when navigating these housing market conditions.
Factors to Consider When Deciding a Good Time to Sell Your Home
When contemplating whether, “t’s a good time to sell my house in North East,” there are several factors to take into account. Your personal situation should be the first consideration.
Depending on your individual circumstances, such as relocating for a new job, you may not have a choice about entering the housing market. In such cases, seeking assistance from an experienced realtor is crucial to navigate the selling process effectively.
Aside from your personal situation, 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.
What Steps Can You Take For a Successful Home 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 Real Estate Experts to Sell Your Home in North East, Maryland
If you need to sell a home in North East, 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 North East.”
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.