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September 25, 2022
Fall 2022 Housing Market Trends in Washington DC
Whether you’re planning to buy or sell a house in Washington DC, it’s helpful to know the trends and what you can expect from the housing market. This will help you prepare accordingly while also developing realistic expectations for the process ahead.
If you haven’t been following the trends, you might be surprised to learn that the housing market has changed dramatically since the start of the year. Below is everything you need to know about the housing market trends for Washington DC this fall and winter.
What is the Washington DC Housing Market Like Today?
According to Redfin data, Washington DC home prices have gone down 1.5 percent since last year, selling for a median price of $650K. On average, homes in the DC area are selling in about 37 days, compared to 32 days last year. Also, 710 homes were sold in August this year, compared to 895 last year.
The Washington DC housing market is still competitive. Some properties are still seeing multiple offers, and hot homes on Redfin sell for about 1 percent above the listing price and go pending in about 13 days. So, if you have a move-in ready home in a great area, you should have no problem selling your property.
Nevertheless, the housing market in DC is slowing down. As we head into the fall months, we’re already seeing prices drop and homes sitting on the market longer. Buyers have more choices, and this is giving them more leverage, too.
Are People Still Looking for Homes in DC?
Home sales have slowed, but buyers are still looking. Through the first eight months of 2022, the number of home sales fell by 17.3 percent from the same time a year ago. While this number may sound significant, keep in mind that the 2021 housing market was historically busy.
This article also points out that people are starting to look at close-in communities again, which was different from the start of the pandemic. At this time, there was more buyer interest in areas on the outskirts because people were working and attending school from home. But now that things are returning to normal, there’s an increased demand for homes in the District and closer-in suburban markets.
What’s Ahead for DC Buyers and Sellers
Buyers will be happy to know that the changing market conditions will leave them with more leverage and more options. House prices and interest rates might still be higher than usual, but buyers won’t be forced to make offers unseen. They’ll also have more time to get inspections, appraisals and even a home sale contingency.
Sellers will definitely have to be more willing to work with buyers and possibly even adjust their price expectations. They may also be waiting longer to sell their homes, especially if they need to address problems that turn up during the inspection. But, this doesn’t mean that they won’t be able to find a buyer.
Why Selling for Cash Might be Best
If you want to sell your Washington DC house fast but missed the mark, you can still walk away with a strong offer when you sell your house for cash. The best part about this opportunity is that you can sell your house in its current condition, meaning you’re not responsible for repairs, maintenance or upgrades. For a house that needs a lot of work, this is a great alternative!
To get your free cash offer from 4 Brothers Buy Houses, contact our team of cash buyers in Washington DC today.
September 15, 2022
My Pasadena MD Home Isn’t Selling. What are My Options?
Pasadena Maryland is a great place to live, with home prices increasing and more people moving to the area. Compared to some other parts of Maryland, Pasadena is quiet and has good schools, lots of parks and quick accessibility to restaurants and the Chesapeake Bay. Most sellers have had no trouble selling their homes.
However, now that the market is cooling off, you might find that your house isn’t selling. This can be especially true if your house isn’t in the best condition. As buyers have more options and leverage, they’re not as willing to make offers on houses that need work. This means that you might have to address issues that you wouldn’t have had to last year.
If your house in Pasadena MD isn’t selling, here are some of your options and the things you can do.
Try to Understand the Problem
The best way to come up with a strategy for selling your house is by understanding why it’s not selling in the first place. Be objective. Most of the time, the pricing is the problem. Look at comparable homes in your area to determine if yours is priced accordingly.
Some of the other reasons why your house might not be selling are:
- Poor curb appeal
- Repairs and maintenance needed
- Outdated kitchen and bathrooms
- Bad marketing and advertising
- Located in a changing neighborhood
Lower the Price
One of the first things you can do is lower the price. Be strategic about your pricing, as many people will use filters on their searches that could exclude your home. For example, if you lower your price to $452K, buyers who are capping their search at $450K won’t see your home. To get more buyers, it’s better to price it at $449K so it turns up in more searches.
Focus on the Areas that Need Attention
Whether your home could benefit from improved curb appeal, new carpet or repainted walls, now is the time to address these issues. Pay attention to the feedback that potential buyers are leaving – most are honest about what they like and don’t like about the property. Focus on the areas that are turning people away, such as dirty carpets or old appliances.
Try New Channels
If you’re currently working with a realtor, consider some other marketing channels that can help get your property in front of more eyes. Your online listing should be thorough and include professional photos, an online video tour and a descriptive listing. You can also post your property on social media or talk to your realtor about putting up a ‘for sale’ sign and hosting an open house.
Sell Your House for Cash
If you don’t have time to waste, consider selling your property for cash. 4 Brothers Buy Houses will pay cash for your property. We buy houses in as-is condition, meaning that we will not ask you to make any repairs or updates. All you need to do is move out! We waive the inspection and appraisal, and we cover most closing costs.
To get a free cash offer for your Pasadena MD property, contact 4 Brothers Buy Houses today. We can close in just two weeks, and you can walk away with the full cash offer.
September 8, 2022
Who Pays Overdue HOA Fees at Closing?
If you’re planning to sell a property that is part of a homeowners association, you’ll need to consider a few things. The HOA is an important part of the community, as it directly influences quality of life within the neighborhood. HOAs enforce rules in a subdivision, maintain grounds and manage recreational facilities.
In exchange for taking care of a community, residents pay their HOA a fee each month. Average fees are around $350 a year, though this can vary widely depending on where you live, the size of the community and the responsibilities of your HOA. When it comes time to sell your property, your HOA fees will need to be paid up. If they’re not, this will make it more difficult to sell.
Because many communities throughout MD, VA and Washington DC are part of an association, it’s important to know about these fees, what happens if you don’t pay them and whose responsibility they are at closing.
What are Homeowners Association Fees?
HOA fees, association dues, HOA assessments, etc. are all fees that homeowners must pay to the association for the services it provides. Only those who live in a homeowners association pay these dues. Whether you plan to buy or sell a house in an HOA, it’s important that you understand how these fees work.
Here are some of the amenities that HOAs typically cover:
- Maintenance services
- Common area utilities
- Security expenses
- Insurance premiums
- Property management
- Grounds management
- Gyms, lounges and pools
- Parks, playgrounds and trails
What Happens if You Don’t Pay HOA Fees?
Each household is responsible for paying their HOA fees on time. If people stop paying, this will affect your community as a whole. Your HOA won’t meet its budget, and this can cause your neighborhood to degrade. For example, your swimming pool or playground might not get repaired.
Fortunately, HOAs usually don’t sit around and wait for this to happen. They fine homeowners and may even put a lien on the property. Even lawsuits are possible. This is why it’s important that you pay your HOA bill each month.
In fact, any remaining HOA debt is your personal liability. In most cases, you won’t be able to sell your property until the debt is cleared. Usually, this means using the money from your sale to pay the overdue fees. If the issue isn’t resolved before closing, the HOA can still attempt to collect their debts.
Sell Your House – Even with Overdue HOA Fees
If you’re planning to sell your home in MD, VA or Washington DC, 4 Brothers Buy Houses can help. We have solutions for all types of real estate problems, including outstanding HOA fees.
Because we pay cash for houses, you can use the cash from your sale to pay off these debts and walk away from your property free and clear. To discuss your options for selling a house with HOA debt, contact 4 Brothers Buy Houses today.
September 1, 2022
Why Does the Maryland Housing Market Slow Down in the Fall?
The housing market in Maryland has slowed significantly over the last couple of months due to many factors, including rising house prices, increasing interest rates and low inventory. In July 2022, home prices in Maryland were up 5.4 percent compared to last year, selling for a median price of $407,800.
Currently, Maryland is a neutral market, which means it’s not a seller’s market or a buyer’s market. This is actually good news, considering that many areas are starting to see things shift toward the buyer. And, with limited inventory in the state, it’s possible that prices will go up even further.
But there’s another thing that’s slowing down the market, and that’s the fall season. Historically, autumn is when the housing market cools off. Let’s learn why this is the case and why selling your Maryland property now might be the best fit.
The Kids are Back in School
The spring and summer are popular times to buy a home because the kids are either out of school or almost done with school. Families prefer not to change schools in the middle of the year, so they start looking at homes in the spring, with the goal to close sometime in the summer. This way, they can move their family into their new home and have time to settle in before the new school year starts.
There’s Less Flex Time
Another perk to buying a MD home in the summer is that people tend to have more flexible schedules. They’re more likely to take time off in the summer for vacations and family time. And some employees are naturally off in the summers, like teachers! With more free time in their schedules, prospective buyers have an easier time making it to showings and working with a realtor.
The Weather is Not as Nice
Maryland gets cold, rainy and snowy in the fall and winter, which means it’s not an ideal time to move. Summer may be hot, but there’s a far less chance of rain or snow during this time of year. Not to mention, the spring and summer are growing seasons, when trees and flowers are at their peak. This can help buyers see the best in their potential new neighborhoods.
Harder to See the Neighborhood in Action
More people are out in the spring and summer. Neighbors are working in their yards, kids are out riding bikes and families are walking their dogs. This makes it easier for prospective buyers to meet their new neighbors and get a feel for the community. Once fall hits and school is back in session, there are far less people out and about.
Selling Your MD House in the Fall
If you missed the mark and want to sell your house before winter hits, now is a great time to do so! It’s hard to know what the market will be like in a few months, and you can get a good price for your MD property today.
4 Brothers Buy Houses will pay cash for your property. With our house buying services, you can eliminate an appraisal, inspection and home improvements. We buy properties as-is, and we take care of most closing costs. And, there are NO commissions or fees! Contact us today for your FREE cash offer!