Rockville, MD Real Estate Learn How to Buy & Sell a Home in Rockville, MD!
Advice from Peggy Lyn Speicher
You know it’s time to buy a new home, but you also have your current residence to worry about. This buying/selling dilemma is a common issue for homeowners looking for a new property. So to help, I want to discuss some tips on how to buy and sell your home in Rockville, MD.
Should I Buy or Sell My House First?
Each one has its own risks, but if I was to recommend one or the other, I’d say “sell your house first.” There may be some risks to selling first, but the advantages are far greater. First, it puts you in a stronger buying position. Like you, a property owner wants a buyer who has cash in the bank. If you decide to sell first, you can use the proceeds from your home’s sale to pay a 20% down payment or more. Second, you won’t have to rush the sale of your home. You don’t need to use ineffective selling tricks to get buyers in the door. Instead, you can remain in control and sell at the price where you’re comfortable. The main catch-22 to selling first is making sure you can find a new home soon. For more advice on that, contact us.
You know real estate is a huge financial commitment. The first thing you need to know is your financial situation. Know it inside and out — I cannot stress that enough. You’ll want to talk with a mortgage lender and see how much you can borrow (if you decide to buy first), and you’ll want to talk with a local real estate agent to discuss how much you can sell your house for. Basically, you need to determine your home selling and buying power.
After that, get a feel for the real estate market. Sometimes it’s what we call a “seller’s market,” where you can sell your house for a strong value and in a timely manner. Other times, it could be a buyer’s market, where you might have to work to get noticed by interested parties. Again, one of our local agents can give you detailed information on this.
What Are My Options for Managing a Sale and a Purchase?
In real estate, you need a game plan — but keep in mind that you may have to adapt to a changing 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 the timing needs to be adjusted between buying and selling your home.
Like I mentioned before, it’s extremely important to know your finances. This includes knowing how much your home is worth. To get a better understanding of your home’s value, use our home valuation tool to gauge your home’s possible price range. From there, you can begin calculating how much expendable income/cash you will have to buy your next property. It’s also important to remember these figures are estimates and the market will dictate the final selling price.
When is the Best Time to Sell?
Before we dive into the best season to sell, I want to say: “No matter which season it is, there will be buyers to purchase real estate.” Of course, each season has its pros and cons. However, one thing we have noticed is that the winter is a slightly better time to sell real estate. From our sales data, we saw homes sold one week faster and for a higher price point during the weeks between December 21 and March 21. Other peak times include the beginning of the fall/end of summer, as families need to find a new house before the school year, typically. If you want to see which time might be best for you to sell, contact us and we can discuss some options.
What Can I Do to Sell My Home Quickly?
If you’re looking to sell your home quickly, there are a couple options you can choose. The easiest way to get buyers interested is to competitively price your home. Buyers are always looking for great deals and strike quickly when they see one. So, if you want to get people in your door making offers, I’d suggest discussing pricing strategies with your real estate agent. You can even use our home valuation tool to get a ballpark estimate as well.
We also know from our experience that if you want to convince a buyer to make an offer, you need to make a great first impression. This starts with cleaning up your house, repairing any minor damage (such as chipped paint), and “staging” the property. The video above offers some helpful tips on how you can begin to make your home appealing to buyers.
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 Rockville, MD?
The average selling price for homes in Rockville hovers around $446,550. Home values are not expected to rise or fall next year, giving you a pretty firm figure to work from (i.e. for calculating available money you might have to buy a new house, if you decide to sell soon). Keep in mind, this figure does change regularly with the market. My advice is always act now rather than later. You don’t want to play “what-ifs” with real estate. Buy and sell when you’re ready. If the average selling price for Rockville is low in your eyes, check with our team and see what we can do to get the most money for your home.
What Homes are for Sale in Rockville, MD?