No matter where you look across the DMV, inventory shortages are driving the real estate market. With fewer properties for sale, home prices have grown higher while sales periods have tightened. These conditions present tremendous opportunities for sellers, with escalated prices, short settlement periods, and far fewer contract contingencies. It can also be worrying, however, for those sellers who also need to buy a new property after selling.
Thankfully, those worries can be overcome through preparation, planning, and working with professionals like us! Here are just a few ways that home sellers can become successful buyers, too.
Begin your new home search before listing your current house. With homes in the DMV selling quickly—sometimes in less than a week, depending on your neighborhood—you’ll want to make sure you have a head-start on your next home search before yours goes up for sale.
Take advantage of declining mortgage rates. Rates were expected to rise above 5% this year, but we’ve seen the opposite occur, with mortgage rates hitting their lowest point since November 2016. Talk to your mortgage consultant now to lock in the best rates. We’re happy to refer you to our team at Prosperity Home Mortgage, LLC, for assistance, or a number of other excellent local lenders.
Leverage contract contingencies for sales success. With today’s low inventory, buyers are much more amenable to contract contingencies that could delay closing until you purchase a new home or allow you to rent back until then. A professional real estate team like ours can walk you through the contract options available to you and negotiate the most favorable terms to ensure the success of your home sale and purchase.
There are many other techniques that you can leverage to successfully sell and buy in today’s market, and we’re always happy to chat with you about these best practices. Feel free to call or email us to set up a meeting to talk about how we can help YOU #makeyourmove this fall!