If you’re thinking about buying or selling a house, now is a good time to consider several factors as we enter into the height of the spring market.
Corey Burr, senior vice president with TTR Sotheby’s International Real Estate, says the peak of the market takes place between April 1 and May 31. While there has been a steady stream of sales, more properties have been sitting on the market for longer periods of time.
As more sellers are reducing prices, buyers should “expect to move quickly” and consider interest rates.
“For buyers, they entered the year thinking that they were going to have the upper hand. But now, they’ve got to be braced for competition,” he said.
Burr says that, while the market is cooling, buyers should still plan on seeing new listings immediately and ensuring they are preapproved before viewing those properties.
“Every house has the opportunity to sell really well, so buyers need to be prepared,” he stressed.
As for sellers, Burr says being too aggressive on listing prices could cost you big and result in longer days on the market. He says the old story of the last few years, which created a thriving seller’s market, is cooling down, which has led to a lot of fluctuation.
Overall, Burr expects the market to eventually level off come in June or July, when the height of the spring market is over.
“It’s so difficult to buy property as a young person in the D.C. metro area. A leveling of prices is actually going to be welcomed by a lot of people.”