Property in Washington DC can be an incredible asset. Whether it is a condo or a home, it will have value. However, you might wonder if now is the right time to sell your condo in Washington DC.
The right time to sell will vary depending on the individual. If you are moving and need the sale money to purchase a new home, it is the right time for you to sell. However, it might not be the right time for others.
This post will cover factors that indicate whether it is the right time to sell your Washington DC condo.
There are indicators that the local housing market is starting to cool. If you look at June, sales were down by about 20% compared to last year. Homes are also staying on the market a few days longer than last year.
These numbers might worry some, but the local housing market is strong. Homes are still in demand and are still a seller’s market. Sales are still up when compared to pre-pandemic numbers. They are also selling faster than pre-pandemic numbers.
Part of the cooling market is the increase in mortgage rates. As the cost of homeownership increases, some buyers may choose to wait. With rates above 5%, we are seeing a slight cooling in the local market. While the effects have been minimal, many experts expect more rate increases. If this occurs, it could cool the market further. There could be advantages to getting into the market sooner rather than later.
Even if there are fewer sales, home prices are holding strong. The median sale price in Washington, DC, is $725,000. That is an increase of 3% over the same time last year. The average home is also selling for 101.2% of the list price. That indicates that the market is still competitive.
It is also important to note that the market trends for condos and single-family homes can differ. As the market cools and housing prices increase, many buyers consider condos an alternative. Condos tend to be a more affordable option. Some buyers will view condo units as a way to achieve their housing goals at a lower price.
Are you considering selling a condo in Washington DC? Contact the team from the Condo Hub. We are experts in the local condo market and want to help.
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