Low Inventory and Less Competition Create a Sweet Spot for Home Sellers

Are you worried that you missed the peak of the spring selling season? Well, there's no reason to stress. Historically low inventory continues to offer an unprecedented opportunity for sellers looking to enter the housing market.

"A successful sale has less to do with a seasonal deadline and more to do with available inventory and accurately pricing your house," says Deborah Harari. 

Harari, a preferred real estate agent with Oak Crest, an Erickson Senior Living community in Parkville, Md., has years of experience helping longtime homeowners sell their houses.

"Experts predict that interest rates will continue to level out and the housing shortage we are experiencing in Baltimore County and Harford County will continue," she says. "Having fewer houses available for sale has helped keep the seller's market going strong."

In early 2024, the median home price in Baltimore County was $345,000, up from $302,000 the previous year. At the same time, homes in the top five counties of the Baltimore-Metro area sold an average of two days faster this year than in 2023. 

"The current trend is that homes that have been well-loved and maintained over the years--with some updates--are going for asking price or above," says Harari. "Asking a reasonable price, based on the market and similar houses that have recently sold, is key."

She continues, "Contrary to what many people think, homes that are overpriced will not bring inflated offers. Understanding your area's market and listening to the advice of your real estate professional will result in more money in your pocket." 

A successful sale

Jane and Gary Workman sold their four-bedroom house in Joppa, Md., in one day--above listing price--with help from Harari. 

"Deborah really understands the housing market. She guided us through how to price our house and explained why," says Gary. "We followed her advice and ended up getting quite a bit more than the listing price. She exceeded our expectations!"

Simple updates only

Before listing their house, the Workmans only made minor improvements, including fresh paint and new carpet. Harari notes that simple updates like these can make your house appeal to today's savvy buyers. 

"Even with low inventory, having your home stand out will bring in a big return. Buyers have become savvier with their money, given the higher interest rates. They are weighing the condition of the home as well as its features before making an offer," says Harari. "I can make recommendations on which updates will offer the best return on your money so you can make a smart investment."

A few simple things can help in the sale of any home, including cleaning, decluttering, and completing that honey-do list. 

"If something looks old and worn, replace it," says Harari. "For example, adding a fresh coat of paint and new carpet, just as the Workmans did, are simple updates that can bring new life to a house. Removing oversized furniture, cleaning out closets, and removing clutter makes a house feel more spacious. And professional staging can bring excellent results." 

Stress-free

Since moving into their maintenance-free apartment home at Oak Crest, Jane and Gary have gained ample free time to pursue new interests. 

"I have a garden outside our patio, and I love it!" says Jane. "Moving here opened a door to new opportunities and friendships. I was an antique dealer, so I volunteer at the Treasure Chest, which is a resale shop on campus. Gary has just gone crazy for pickleball. We also learned how to line dance--we had never done that before."

"When we lived in our house," says Gary, "we had a few church friends, but now I have a lot of friends to talk to and do things with. There is so much to do here that we don't even really think about our old house anymore!" 

Through the Erickson Realty and Moving Services program, retirees like Jane and Gary experience a stress-free move that helps them focus on their new, active lifestyle ahead. 

"We offer help with every aspect of the moving process, from real estate advice to packing and moving," says Oak Crest Planning and Moving Consultant Ashley Ruth. "Our goal is to simplify the moving process. The more obstacles we can eliminate, the sooner you can move and start enjoying your new home and an outstanding lifestyle."

To learn more about senior living at this vibrant community, request your free brochure to get the scoop on amenities, floor plans, and so much more.