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Time to sell your house?

The market is hot, prices are rising, and inventory is low

Created date

July 31st, 2017
Photo of a For Sale sign in front of a suburban house

The Maryland real estate market is strong because of limited inventory, causing multiple offers, bidding wars, and cash sales in many cases.

If you’ve decided 2017 is the year you want to sell your house, you have excellent timing. Housing markets around the country have been steadily on the rise for the last several years, and recent data is particularly encouraging for sellers.

A recent survey by online brokerage found that buyers are clamoring for properties, with more than half of them saying they would be willing to go beyond their budget to buy a home. In fact, prospective buyers say they’d exceed their budget by an average of $37,809. 

That’s all great news for home sellers, who can expect quick sales, multiple offers, and maybe even a bidding war. 

Seller’s market

The most recent statistics from the National Association of Realtors (NAR) indicate the median number of days on market hit a new low of 29 earlier this year. Meanwhile, the median home price nationwide was up 6% compared to 2016. 

According to a statement by Lawrence Yun, chief economist for NAR, “Homes in the lower- and mid-market price range are hard to find in most markets, and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales prices higher.”   

These national trends are playing out in the Maryland real estate market, where buyers are willing to compete for properties. 

That’s been good news for area retirees who have put their houses on the market in anticipation of moving to Riderwood, an Erickson Living community in Silver Spring. In fact, Personal Moving Consultant Diane Thometz says incoming residents’ houses have been selling in an average of a few days or a few weeks. 

“The Maryland real estate market is very strong,” Thometz says. “There’s limited inventory, which is causing some bidding wars and higher-priced homes.”

Exclusive moving resource

Those incoming Riderwood residents have an additional advantage when selling their properties. They have access to Erickson Realty and Moving Services, a special program that offers complimentary coordination of all realty and moving needs, including downsizing, home staging, packing, and selection of a real estate professional. 

Thometz and fellow Personal Moving Consultant Jennifer Hill work directly with incoming residents. They visit their houses and connect them with trusted real estate agents who are familiar with and have successfully sold homes in their neighborhoods. 

They also assist with things like home staging, downsizing, packing plans, and hiring movers, as well as decorating and arranging furniture in residents’ new homes at Riderwood.

“We connect all of our prospective Riderwood community members to our preferred real estate agents who go above and beyond for them,” Thometz says. “They also connect them with their excellent contractors for any improvements that need to be made before the house goes on the market. They take our residents step by step through the selling process and are accessible to answer all of their questions and concerns.”

Thometz recently helped Rita and Donald Schmidt sell their condo in a 55-plus community in Laurel. Thometz connected the Schmidts with Erickson Living-preferred real estate agent Rob Roy, who sold their condo within two weeks. 

“It turned out to be quite easy and painless,” Donald says. “The settlement and everything went off without a hitch.”

Thometz encourages other homeowners who are thinking of moving to Riderwood to take advantage of the current sellers’ market.

“The market is strong, and our residents will often say they wished they moved sooner,” Thometz says. “It’s never too early to meet with our preferred real estate agents, and you can never have enough information concerning the housing market.”