If you have been considering selling your Bethesda home, but are not sure if now is the right time, there are several indicators you can turn to, which can help you make this important decision. Home owners have their own specific reasons for listing their property on the market. For some time is a big factor. The current market conditions may not be a main factor for when to list a home for someone who is relocating, for example. Whatever your reason for selling your home, understanding the following real estate factors and how they apply to your property, can help you determine if now is the right time to sell.
The first thing I suggest you do is determine how much equity you have in your home. If the value of your home has increased enough to bring you a good profit, the effort and costs associated with selling your home could be well worth the investment. Home values in Bethesda have been steadily climbing since 2014. As shown by Neighborhood Scout, home appreciation rates have gone up 1.97% over the last quarter, and up 7.9% for the year. Your Realtor can help provide an accurate assessed value of your property which you can then compare to the balance remaining on your mortgage. The difference between these two values is your approximate equity value.
Once you determine you have a fair amount of equity in your home, it is good to review the local real estate market. As a seller, it is ideal to list your property in a seller’s market. Whether a real estate market is favorable to sellers or buyers comes down in large part to Supply Verses Demand. The fewer homes on the market, with a greater number of buyers seeking property, the better the market is for sellers. Around Bethesda, and across the Washington Metro region, we are in the midst of a seller’s market for just this reason. As reported by Realtor.com, over the last few months, the median days on the market have gone down significantly; from 64 days in August down to 44 days in October. Faster selling homes supports the trend of growing demand for Bethesda real estate.
If these two factors are on the plus side for selling your home, as they are here in Bethesda, it is also helpful to look at the current interest rates for mortgage loans. Not only will this help you towards planning your own funding for your next home, current interest rates can affect the number of potential buyers in a market. The lower the rate the more people are willing to take the big step of buying a home. A larger pool of potential buyers is what drives the demand side of the market. Current mortgage rates around Bethesda are between 2.86% and 4.03% based on various mortgage resources. These historically low rates are helping to attract more buyers.
If you are considering selling your home, understanding current market indicators will help you know if now is the right time. Working with a Realtor® who understands the market will make the selling your home easier too. When you are ready to sell, contact me, Ellie Shorb, your local real estate resource. I am here to be your positive, helpful partner throughout the entire process. Visit my website, contact me or my team at 240-338-8919, or email us today.
