Are you considering selling your home? How do you know if it's a seller's market? If you're in the enviable position that you don't HAVE to sell your home, here are few ways to determine if now is a good time to sell or not:
Desirability of Location - Every real estate market is localized. The desirability of a home can vary not only from state-to-state, but city-to-city and, in some cases, even as far as neighborhood-to-neighborhood. It would be smart to check with your Realtor® to see if you live in an up-and-coming neighborhood or if your area has already come-and-gone. If your home sits in a community with highly ranked schools, wonderful local amenities or is considered to a place of status and prestige, you may very well always be in a "seller's market" since it is always a highly desirable place to live.- Pending and Existing Home Sales - Begin your research on your local real estate market by obtaining reports of pending and existing home sales from your Realtor®. This will give you the best view of where your market stands. Some of the things to pay attention to on these reports are:
- What are homes selling for?
- How long have the homes stayed on the market before they were actually sold?
- Are there lots of foreclosures in the area?
- How does your home's size, condition, amenities, location, etc. compare with other homes sold recently in your area?
- Local Job Market - What is the job market like in your area? If you're living in a city with a strong local economy, you are most likely in a seller's market. People who are gainfully employed tend to be more likely to purchase a home than those who live in a shaky economy.
How do you know if it's a seller's market? A general rule of thumb for the real estate market is that, if homes have spent less than six months on the market before they were sold, you are in a seller's market. If homes spent more than six months on the market, you are in a buyer's market. If you're looking to buy or sell a Southern Maryland home, contact me for the most recent information on your market area.
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