Many home sellers are asking themselves the question, “Is it a good time to sell my house in Parkville, Maryland?” These sellers hesitate to enter the market because of the current economic challenges that are impacting many areas of the U.S.
For example, rising interest rates, high inflation, and fears of a recession. These conditions began in 2022, but have carried on into 2023, causing many to wonder if it’s the right time to sell or if it’s better to hold off.
In this article, our realtors at Your Home Sold Guaranteed Realty - Vinny Steo will provide insights into the current market conditions in Parkville, Maryland. We’ll explore what to consider when deciding whether to sell now or wait, and share valuable tips for achieving a successful home sale.
Is It a Good Time to Sell My House in Parkville, MD?
While the housing market in Parkville is relatively neutral, it leans towards being a seller’s market. This means that homes are still selling fast and prices remain high. However, it’s still experiencing the effects from the economic challenges that much of the U.S. experiencing.
As of March 2023, home prices in Parkville had increased over the past year. The median sale price for homes in Parkville was $255,000, marking a 7.1% increase from March 2022.
And while home sales remained high, homes were spending an overall longer amount of time on the market before selling. There were 13% fewer homes sold compared to a year ago, and homes spent a median of 22 days on the market before selling.
These market conditions highlight some of the challenging conditions that home sellers in Parkville, Maryland, have to navigate.
Is it Better to Sell Your Home Now, or Should You Wait?
So, what should you know if you’re weighing the question, “Is it a good time to sell my house in Parkville?” Determining the ideal time to sell your home depends on your personal circumstances.
For instance, if you’re relocating due to a new job, you may not have a choice about entering the housing market. In such cases, seeking assistance from a seasoned realtor is crucial.
However, if you have some flexibility, it’s important to carefully consider all your options before making a decision. Start by considering the state of the economy and your local housing market.
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 Steps Can You Take to Sell Your Home Successfully?
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 Help You Sell a Home Fast and For Top Dollar in Parkville
If you need to sell a home in Parkville, 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 Parkville.”
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.