The world of real estate can be confusing to those on the outside who don’t spend every day studying the latest trends. When it comes to selling something as valuable as a home, however, it’s important to make as informed of a decision as possible because a mistake can cost you large sums of money in sale price. If you’re considering selling a home in the near future and want to know what the real Bethesda real estate market is saying, it’s very simple -- the time to sell is now! We are currently in a seller’s market but there are signs that a change is not too far off. We’ve broken down a few of the top reasons as to why it may be a good idea to put your Bethesda home for sale sooner rather than later.
1) The Room For Profit Remains High
At the end of the day, the goal in real estate is a pretty basic one. You want to sell your home for a healthy profit over what you paid for it and invested in improvements. The good news is if you’re a current homeowner then it is highly likely that there is a great deal of profit waiting for you if you sell your home. In the long term, there has been a great deal of growth in Bethesda real estate over the past couple decades, but that doesn’t mean you’re out of luck if you’re a newer homeowner, either. The market has been strong since recovering from the latest recession which means you likely are sitting on a home worth more than you paid for it, even if you’ve only owned it a few years.
2) Mortgage Rates Are Down
At the end of 2018, interest rates were on the rise and it looked like the buying market may have been preparing to cool off, but there’s been a surprising turn of events in Bethesda real estate in the new year as rates have gone back down. That means that house hunting is more appealing to potential buyers now and they can offer a higher rate while getting the same practical cost in the long run which is good news if you’re selling.
3) The Competition Is Coming
Right now the best thing for sellers is that there are not a lot of homes for sale in Bethesda at a given time. As new homes come on the market they are getting scooped up in bidding wars fast, meaning the competition among sellers is low. Unfortunately, with such an appealing selling market this can’t be expected to continue forever. More and more homes will be getting listed in the months to come as more sellers realize the time is right, so acting now lets you beat the rush of competition in the Bethesda real estate market.
4) Millennials Are Ready to Boost the Buyer Pool
There are few consumer groups more misunderstood than Millennials and that often leads to missed opportunities by those in sales. While it’s often reported that Millennials are not interested in a lot of the traditional rites of adulthood prior generations have been known to pursue, the reality is that the economic landscape they entered following the recession simply moved them behind schedule. Now not only are young Millennials ready to own their first homes, but older Millennials who were hit hardest by the recession are also in a position to shop, meaning an influx of new buyers are here in 2019.
5) The Next Recession Is Coming
While there are many reasons that the Bethesda real estate market is so appealing to sellers right now, perhaps the strongest reason to think about selling your Bethesda home is what the market is shaping to look like in the not-too-distant future. All good things must come to an end and the experts think the current strong economy is ready for a downturn sooner rather than later. While there’s no knowing exactly when it will happen, it’s widely believed that another recession will hit within a few years. If you’re not planning to stay in your current home long enough to ride out the downturn, 2019 may be the last chance you get to sell in a hot Bethesda real estate market.
If you’re a local to Metro DC and have been considering putting your Bethesda home for sale in the next few years, then there is simply no time like the present. The market is a great one for sellers and is only likely to grow less beneficial the longer you wait to sell. As a team of dedicated Bethesda real estate professionals, we would be honored to help navigate you down a pathway to profit. Please do not hesitate to contact us to discuss how we can help you today!