Last time, we gave you five tips to have a successful home sale, with the number one point being, “know the market you’re in.” When you’re selling a home, you should know things like how many homes are for sale, how many new homes have been coming on the market, how many homes are selling each month, and how long it is taking them to sell.
It’s important for you to know these things because when your home goes on the market, it’s not going on in a vacuum. It’s going on the market in a competitive situation, so you want to make sure you measure up to the competition.
Understanding your competition is key. Think about an athlete training for an event. If they are trying to compete at a high level, they are going to study their competition beforehand in order to get a better result. That’s what you’ve got to do with your home sale, so you can make sure you win. What does winning mean? A good price, a great contract, and terms that are preferable to you. Now, let’s look at some real estate market numbers.
In the city of Washington, sales have risen in the month of May and are about 5% to 9% higher than what we saw in May 2015. Since the beginning of the year, we have seen a rise of inventory but it’s started to level off as of late. Our average days on market is short, the median is 10 days and the average sale takes 40 days to go through.
Out in Montgomery County, Maryland, where we do about half of our business, we have a slightly different market. Inventory is continuing to rise there and the average days on market is a little longer than in the city. We’re seeing a 15-day median time and a 53-day average.
We hope this information was helpful. If you have any questions for us, don’t hesitate to give us a call or send us an email. We would love to hear from you.
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