The real estate market is pretty favorable for people planning to sell their homes in Washington DC in the near future. Due to factors in the real estate market, present home owners are cashing in on the advantages of selling their properties in the capital.
2015 was a very steady year for realtors in Washington. While demand was consistent throughout the year, sales and prices kept going up as well. Overall, experts suggested that there was more decline than previous years, and here’s why selling your home in Washington DC in the current market might be a great idea.
Accelerated Sales
The dreaded rise of mortgage rates is expected sometime in 2016 and as a result, there is a huge demand for properties at this point in time. Therefore, if you are a homeowner, getting potential buyers would be no problem at all. With mortgage rates set to hover above 5% in the near future, property buyers are in a rush to lock in lower rates during the early part of the year.
Increased Home Value
According to market trends, there has been a steep increase in home values in certain areas of Washington. Alexandria, Prince George’s County, and Northern Virginia all noticed sharp increases in median home prices, with Alexandria leading the way with an astounding 21.1 percent increase from the last quarter of 2014. While experts say more appreciation is to come, coupled with the impending rise of mortgage rates, you could sell your property for a great price in the current market scenario.
Low Number of Homes
The number of available properties in the market is not a high one, and this makes the market predominantly that of a seller’s. On top of that, a lot of modern home owners don’t want to sell until their home values have completely recovered from the housing market debacle from 4 years ago. In this situation, you should take action and sell off your home now.
Increased Development in Neighborhoods
There was a pretty definite distinction between the various Washington neighborhoods. While urban zones commanded high prices, people looking for homes on a strict budget chose the suburbs. But in recent times, things have changed. A lot of development in areas such as 14th Street, Logan Circle, Petworth, H Street, Shaw, Cleveland Park and Woodley Park have seen a significant rise of property prices in these neighborhoods. If you reside in any of these areas and want to sell your home for a great price, sell it now!
Demand for Ready Properties
If you own a property that has all basic amenities and facilities installed, you are in luck. Real estate market trends suggest that prospective buyers want properties that are ready for moving in, without the need for any sort of repairs and renovations. Many property investors have taken notice of this and are making an extra effort to get properties repaired and renovated within the District to add to the low inventory on offer.
With improvements in the job market and economy overall, it seems that people in Washington have started to put the phase of real estate recession behind them. Increased consumer confidence is also being witnessed, which means your property would have more prospective buyers and you would have a chance to make a better profit. According to several experts in the field, 2016 is expected to be one of the best years for Washington realtors in recent memory. The market is expected to be especially beneficial to sellers. Ultimately, it is fruitless to peek into the future of something as unpredictable as real estate. But as things stand, Washington’s immediate real estate future looks bright, especially for sellers.
