If you’re a motivated home seller, you may be wondering whether it is risky to sell your home in Baltimore City. After all, recent changes in the market have made buying or selling a home more difficult. Rising interest rates cast a shadow on the market and many home sellers are understandably nervous.
What you need right now is an expert realtor to break down the current state of the market and show you how you can be successful. Follow along as we take a deep dive into the state of the real estate market in Baltimore City and whether it’s a smart choice to sell your home right now.
Is Baltimore City a Buyer’s or Seller’s Market in 2023?
Typically, market conditions are expressed in terms of a buyer’s market or a seller’s market.
A buyer’s market is one that favors the buyer in several ways. Inventory of houses is high while demand is low. This means that prices trend lower than in a seller’s market. It also means that houses sell more slowly, as there is less competition for the supply. All of these factors are in the buyer’s favor.
A seller’s market, on the other hand, favors the seller. The supply of homes is low and the demand for those homes is high. Because there are fewer homes available, competition is fierce which drives up the prices.
Whether it is currently a buyer’s or seller’s market is up for debate. Nationwide, experts say that the real estate market is neither a buyer’s or a seller’s market.
So what does that mean it’s risky to sell your home in Baltimore City? It means that neither the seller nor the buyer has the upper hand – both parties are equal.
Below we look at the risks and benefits of selling a home now and how you can get a leg up on the competition.
Potential Risks of Selling a Home in Baltimore City Right Now
As always, there are potential risks whenever you sell a home.
Because of low supply, you may not be able to find a home you like. Low supply also makes competing with other home sellers for the bids of potential buyers difficult. You’ll also have to compete with other homebuyers if you are purchasing another home. Finally, you do have to assume the risk that your home may sell for much less than you expected.
However, there are ways to mitigate these risks. The best way is to work with the expert realtors at Your Home Sold Guaranteed Realty - Vinny Steo where we:
- Price your home to sell
- Market your home effectively
- Negotiate vigorously on your behalf
- Help you prepare for the unexpected, such as a bidding war
Without the help of a realtor, your home may linger on the market for months or not sell at all. You may be forced to lower the price of your listing to gain traction in the market – the very last thing you want to do!
Possible Benefits of Selling a Home in Baltimore City Right Now
It’s not solely risky to sell a home in Baltimore City right now. There are also possible benefits of selling a home. Because the market is neutral, there is always the possibility of higher home prices, less competition and faster sales.
The good news is that there are steps you can take to help your home sell fast and for the right price.
One high impact step you can take is to get your home showroom ready. Go beyond the typical tidying and opt instead for a deep clean. Organize your space and declutter your belongings. You could also consider returning your home’s palette to neutral tones.
You can also go a long way towards selling your home for top dollar fast by working with Your Home Sold Guaranteed Realty - Vinny Steo. We’ll make sure your home is priced to sell and marketed effectively. After all, the more exposure your home listing gets and the more attractive the price, the more potential homebuyers it will attract.
Factors to Consider When Making a Decision
Ultimately when deciding to sell a home, your personal situation and needs will affect whether you sell now or in the future. Unexpected circumstances such as a job loss or death in the family may make waiting impossible.
As with any decision, you’ll need to carefully weigh the pros and cons.
And just remember, at Your Home Sold Guaranteed Realty - Vinny Steo, we tip the scales in your favor regardless of the market.
Don’t Take Risks Selling Your Home in Baltimore City
If you want to buy or sell NOW you’ve come to the right place. The expert realtors at Your Home Sold Guaranteed Realty - Vinny Steo can help you buy or sell a home regardless of market conditions. To get started buying or selling your home today, call us at 410-220-0016, contact us here or fill out the form on this page.