If you live in the Baltimore area and have been thinking about selling your home and moving, it can be tough to decide on the right time. How will your home fit into the current local market? Is it beneficial to sell right now in Fall of 2017?
Currently in Baltimore, active listings are down 13% from the same time last year. Prices are up 3% (compared to the same time last year), and in July 2017 the average sales price for a home in Baltimore was $338,367.
This means that Baltimore is experiencing low inventory right now; there aren’t as many homes for sale as there usually are. This means that buyers have fewer options to choose from—which means it could be a good time to list your home!
But there are many factors to take into account if you’re considering whether or not to sell your Baltimore home. Here are a few things to think about:
- This one might be obvious, but if you’re going through any significant changes in your life situation, it might be a necessity to sell. If you’ve purchased a new home and need to sell your current home to afford it, if you’re moving to a different city for work, if you need to upgrade or downsize—these are all great reasons to sell right now. (If the market were different, there could be scenarios where it would be beneficial to hold onto your home.)
- If your life situation is flexible, you can take a closer look at the numbers. How much did you purchase your home for? Does it make sense financially to sell, with prices being up 3% from this time last year? If nothing is forcing you to sell your home right now, then you have the flexibility to be strategic about your next move.
- What are your personal goals? Taking your own personal timeline and values into account can help you determine whether or not to sell your home. Would moving cut an hour off of your daily commute? Do you have a long-term financial plan to consider? Maybe you own a larger property but are tired of spending cherished weekends maintaining the yard, and want to move to a condo. Finding a living situation that aligns more with your current stage and values in life can certainly be a worthwhile reason to sell your home.
For more information on selling your home in Baltimore, check out our Seller’s Guide!
Whether you're getting ready to sell a home for the first time or you've done it all before, it doesn't hurt to take some time to refresh and learn a few new real estate tips and tricks.
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