David Bediz is a top-performing Washington, D.C. real estate agent who sells homes 61% quicker than the average agent in his market. He advises sellers to protect their proceeds, even when they’re in a hurry to sell.
“If you sell your home to any house-buying company, you are almost certainly going to be selling for less than if you sell directly to a [traditional] buyer,” he says. “This is because a company has to build a level of profit into the transaction or else it’s not worth it for them. Traditional buyers don’t have to do that.”
For some sellers, the speed and convenience of a cash offer may outweigh the lower proceeds drawback, but as Bediz notes, there’s wisdom in considering all your options.
“If you are able to market your home to a user buyer through an agent, you’ll almost certainly be able to take advantage of the [additional proceeds] amount that would typically be proper profit.”
Option 2: Hire a top Washington D.C. real estate agent
Even when time is not on your side, engaging a seasoned real estate agent can prove invaluable in navigating the dynamic Washington, D.C. housing market. An experienced agent, adept at orchestrating everything from staging to negotiating, can help you secure a favorable deal and still speed up your home sale.
Let’s take a brief look at current market conditions, the advantages of working with a real estate professional, and the methods to identify a top-tier real estate agent in the D.C. area.
How fast are homes selling in Washington D.C.?
Homes in Washington, D.C. typically go under contract after around 39 days on market (DOM). Once a contract is signed, it usually takes an additional 44 days for a buyer to close on their purchase loan, making the total time from listing to closing roughly two and a half months.
However, Bediz says a home’s price, condition, and location can alter this timeline. “The days on market can vary greatly depending on the neighborhood.”
U.S. News & World Report suggests that, “Thanks to low supply and consistent demand, the D.C. metro is poised to remain one of the nation’s strongest housing markets.” To put D.C.’s housing supply into perspective, the region is holding a tight 1.8-month supply of homes for sale. This is less than the national average of 2.1 months, and significantly below the 6 months usually indicative of a balanced market.
This supply constraint is partly influenced by higher mortgage rates, causing many homeowners to hold onto their properties rather than sell. As such, the inventory of homes available for purchase is unlikely to dramatically increase in the near term.
As for home prices, the median home price in Washington, D.C. ranges between $545,000 and $600,000. While this is a slight dip compared to the previous year, it still marks a substantial increase from the beginning of the year when the median price was $475,000. In comparison, the national median home price is just above $400,000.
Benefits of selling with a top Washington D.C. agent
Selling your home in a bustling market like Washington, D.C. can be a complex process, but partnering with a top real estate agent can significantly streamline the journey, ultimately leading to a faster home sale. Here are some of the key advantages: