Why Are D.C. Home Sellers So Stressed Out?

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Today we’re going to talk about the stress that a lot of homeowners experience during the home selling process. In this hot real estate market, with a shortage of inventory and bidding wars, you’ll hear all the time from the media that the market is “on fire” and you would think selling a home would be as easy as pie.

However, that’s as far away from the truth as possible. In this hot seller’s market, sellers are more stressed than ever. Part of this is because they are more involved than ever. They can track their properties views online, and doing so constantly can create a lot of stress. 

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In this hot seller’s market, sellers are more stressed than ever.

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Of the home sellers that were surveyed, 83% said they got enormous value from their real estate agent, but still said they were stressed out. In that same study, 30% of homeowners underestimated how long it would take to sell and 76% of these surveyed homeowners had to re-price their house.

Selling a home is much more stressful than it used to be, but it doesn’t have to be. You can still be involved in your sale without all that stress. That’s why it’s vital that you have the right professional representing you, someone who can take the stress off you and handle the job.

If you have any questions for me in the meantime or are interested in selling your D.C. area home, don’t hesitate to give me a call or send me an email. I would love to hear from you soon.

Updates and Predictions for North Virginia Real Estate

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Now that we’re well into the beginning of 2018, it’s time for a market update. Additionally, I’d also like to share some predictions for what I think might be ahead.

2017 was a fantastic year for real estate. Homes appreciated almost everywhere, with the exception of a few states. Homes in certain areas of California, for example, appreciated 17.4% year over year. 

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We can expect to have a wonderful year ahead of us in 2018.

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Many economists predict that homes will continue to appreciate in 2018.

Here in Northern Virginia and the surrounding areas, the statistics from last year were not as impressive as they were on the West Coast.

However, growth has still been positive. The median sales price did rise by 2.4% here on the East Coast, and the average sales price in the Metro D.C. area went up by 4.5%.

The market will continue to be strong and rising interest rates are likely to apply upward pressure. We can expect to have a wonderful year ahead of us in 2018.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Why Is It a Bad Idea to Sell Your Home on Your Own?

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Why are fewer and fewer people try to sell their homes on their own these days? Why is selling your home as FSBO a bad idea?

The NAR has been tracking the number of homes sold as FSBO since 1981, and this year was the third consecutive year where we’ve hit a new record low of FSBOs. From 2001 to 2008, FSBOs averaged about 12% of all home sales. Right now, we’re right around 8%.

Keep in mind, we’re in a seller’s market, so you’d think more people would be inclined to put their home on the market without an agent, but that’s not the case.

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Fewer and fewer people are trying to sell their homes on their own.

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I think there are three reasons behind this decline. First, FSBOs aren’t able to get the same price for their home. Also, the selling process usually takes a lot longer than they anticipated. Lastly, they typically have trouble with real estate contracts and the ever-changing laws included in them.

If you look at the average sale price of an FSBO home, it’s $150,000. That tells me that most of the FSBOs are in the lower-priced areas. In Virginia, Maryland, and Washington DC, you can’t buy much for $150,000.

If you have any questions about this topic or you’re thinking of buying or selling a home in 2018, don’t hesitate to reach out to me. I’d love to talk to you.