Gaithersburg, MD Real Estate How to Buy and Sell a Home in Gaithersburg, MD!
Advice from Peggy Lyn Speicher
Buying a home and selling a home are rarely done alone. Oftentimes, homeowners are tasked with doing both at the same time. So to help, I want to discuss some tips on how to do this in Gaithersburg, MD.
Should I buy or sell my house first?
I’m going to be honest with you. Either one works, as long as you can meet the demands of the process. But, I generally advise that you sell your house first. I recommend this because if you sell first, then you don’t have to worry about paying two mortgages at the same time (which can be a huge financial burden). Plus, you now have extra cash in your pocket that you can use to buy your new home. In other words, you know how much money you have at your disposal to spend on your new home. Let’s this take this scenario for example: If you buy a bigger home, but are forced to sell your home for a lower price than expected, then you could possibly end up in more debt than you want.
Before you do anything, talk to a local real estate agent (preferably one that handles both selling and buying houses) and a mortgage lender. They will know the status of the real estate market and how it can impact your housing decisions. Secondly, get some hard numbers from your agent and lender. You need to know if you can afford to buy a new home while paying off your current mortgage before you take any step. Plus, you’ll want to learn how long it could take to sell your house. Don’t think it will just magically happen in a week. Selling a home varies in time, depending on the market status. With hard numbers and expert advice, you should get a good picture on whether to buy or sell first in Gaithersburg, MD.
What are my options for managing a sale and a purchase?
Everyone goes into real estate with a plan, but be aware that you may have to adapt to the situation. Here’s a quick breakdown of possible options when buying and selling a house in a short time-frame:
- Buying First: You may be able to negotiate with a buyer for a longer escrow period, or to even rent the house after it’s sold. This could buy you some time on the buying side.
- Selling First: Research temporary housing options in your area in case you can’t get the timing right between buying and selling your home.
To get a better picture of what could have financially (when you sell your house), check how much your home is worth in Gaithersburg, MD. You can talk to a local real estate agent about estimates and see what the market is like at the moment. Or, you can use our free Home Valuation tool (see graphic) to get a figure right now. Again, keep in mind these are just estimates and they are factored by market statistics. Negotiations and your home’s condition could change your home’s value and selling price.
When is the best time to sell my home?
Let me start this response with the cold truth: You can sell your home anytime with great success. However, there are certain periods in a season that can turn up slightly better results … and I mean slightly. From sales data, we’ve seen that winter is the better time to sell your home (if you can do it during that time). Homes listed “for sale” between December 21 – March 21 sold one week faster and for a little bit more, on average. Again, this doesn’t mean you can’t sell for a great value in the spring and summer seasons. My advice is to do what fits your needs at the current moment.
What can I do to sell my home quickly?
There are lots of factors in your control when selling. The most obvious is choosing a price that will attract buyers. To figure out a good price, talk to your local real estate agent or get an estimate from our Home Valuation tool. Another way to help sell your home more quickly is by improving the first impression buyers receive (when they tour your home). This is done through home staging. By eliminating clutter and artfully decorating your house, you can garner a lot of positive reactions — resulting in more offers or higher bids for the property. For more information, check out the Home Staging video.
Another piece of advice to carefully consider is: Do you need to remodel? Most of the time, the answer is no. Remodeling your home won’t be worth it unless you are adding square footage (unless you’re renovating a seriously outdated kitchen or bathroom). Simple touches like pressure washing the exterior or steam cleaning the carpets (if you have pets or smoke) can be extremely helpful to your home’s value while still remaining inexpensive.
What’s the average selling price in Gaithersburg, MD?
The average selling price for homes in Gaithersburg hovers around $350,000. This figure bounces up and down with the real estate market and local economy. But from this estimate, you can get an overall ballpark figure of what to expect when selling your home. If the number is low in your eyes, check with your agent and see what you can do to get the most money for your home. On the flip side, if this number is high to you, check and see if your home matches similarly priced homes in the area.
What homes are for sale in Gaithersburg, MD?