You may be wondering whether fall is a good time to sell a house. The short answer is Yes! Most realtors will tell you that spring is the best time to sell your house; and while this is a great option, selling your house in the fall can be just as profitable. Conversely, buyers often snag good deals as the market transitions from fall to winter. If you are thinking of buying or selling soon, here is what you need to know about selling your house in the fall and our Metro DC Fall and Winter real estate markets:
Selling Your House in the Fall
Historically, the Metro DC real estate market is very seasonal. The Spring real estate market kicks off in mid-February and stays strong through Memorial Day. The summer months of July and August are usually slower for new and pending sales due to hot weather, vacations, travel, and preparation for going back to school. Typically, the market picks back up after Labor Day, and weather permitting, stays active through Thanksgiving. Selling your house in the fall is a great way to earn top dollar for your home.
About fifty-five percent of sales take place during the first half of the year. However, business is still being done year round. When selling in the Spring is not an option, we often advise our clients to list in September or October. By selling your home in the fall, we help our clients maximize the price because homes sell faster and at a higher price after Labor Day. Depending on the timing of the market, sellers can take advantage of a 2-3% increase in value on an average home price or sale of over $600,000. This could translate to as much as $12,000 – $36,000 more for our clients. Because many of our clients are selling their first or second home as their family grows, they are often in the market as both sellers and buyers. Selling in the fall and buying as the market slows down after Thanksgiving could give our clients upwards of $40-50,000 when adding the two sales together.
Cheaper to Buy a House in Winter
If a seller remains in the market after Thanksgiving, it is usually a sign of motivation, either financially or circumstantially. Since it is usually cheaper to buy a house in winter, purchasing a home between Thanksgiving and Valentine’s Day is a great way to snag good deals below market value. Sellers who stay in the market over the holidays are typically motivated to sell. The same is true for buyers. People who are in the market to buy during the winter months are serious shoppers looking for real value.
When buying a new home, it is important to pay attention to the cost of the property and the money. Buyers often think in terms of sales prices. However, the cost of the money related to the interest rate and the type of loan is a major component of the overall purchase package. Even though there are fewer homes for sale over the holidays, there is usually less competition for buyers, making the winter months a great time to find a deal.
Rising Costs of Home ownership
As the cost of home ownership rises, it is important to be in communication with professional realtors, lenders, and your financial planner. The cost of home ownership may increase by as much as 16% by this time next year. As real estate appreciates and interest rates rise, these factors will directly impact a monthly mortgage payment. If you are thinking of buying or selling your home this year, meet with us sooner rather than later.
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