How to Get that House Sold in Our Cooling Market

The DC Metro housing market still rivals that of California and New York City, people just don’t talk about our area as much. A year ago, buyers were outbidding eachother for three bedroom townhouses and sellers were clamoring to pack after only having their house on the market for less than a week. The term “asking price” was laughable. “Escalation clause” was standard. Today we hear more reference to “home sale contingency” and “sellers offer closing help”. Our market may not be blazing but it’s like bathwater…comfortable and non-threatening.

Now buyers can take their time, look at more properties, and make decisions without their heads spinning out of control. Sure, sellers don’t have the instant gratification that they are used to, but we’re hardly at the point where it’s taking over a year to sell (Trust me, there are markets out there). While the longer wait might be agonizing to some, here are some ideas to make your home sell more quickly.

First, make sure your house is priced right. Most real estate agents are happy to provide you with what’s called a competitive market analysis. This report lists all the houses in your neighborhood with similar features that have sold in the last six months to a year. These are great if the comparables in your neighborhood have sold in the last 2-3 months, but prices prior to this spring are not realistic for this new market. If you are truly trying to sell your house quickly, price your house slightly under the most recent sales in your neighborhood. Keep in mind that if you have not updated your home, added any amenities, and it is not sparkling – you should not expect to fetch the same price as a house in your neighborhood that has some or all of these features. Be realistic. Your house will get the most traffic when you first list the property. You could lose out on potential buyers if you decide to “test the market’ by pricing high at first with the idea that you will lower it later.
Second, stage your home. Start by removing family pictures, knick knacks, figurines, and other non-necessities from EVERY room. If it is absolutely necessary to access some items that could be considered clutter, dedicate one room to these items. This room will ideally be a den, an extra bedroom or a storage room. Make sure all rooms are well lit. Open all the curtains, shades, blinds, etc to ensure that the most natural light possible shines into the rooms. People love natural light so the more, the better! It is also important that you get rid of any excess furniture. Any extra endtables, chairs, tables, and ottomans have to go. This serves two purposes. It allows the buyers to visualize their belongings in the home AND it creates more empty space, therefore making the room look larger.

Finally, keep your house in showing form. The more buyers that get to see your house, the higher probability that it well sell. Set a realistic lead-time with your agent. An hour is usually a good idea. This means that your agent will request that other agents that would like to show your home give an hour’s notice. Keep your home neat and tidy on a daily basis and you will be able to use that hour to really make it sparkle! Do everything you can to say “Yes” each and every time a potential buyer wants to look at your house. It might be inconvenient and even annoying at times, but a buyer that is told “No” might not come back to try again. This might mean losing a sale!

Selling a house in the DC Metro area takes a little bit longer these days but the housing market is still going strong. Be strategic and set yourself apart from the other homesellers in the neighborhood. If you do, you are sure to reap the rewards.