Record-low Inventory Means High Prices for Sellers Looking to Make a Move to Riderwood

Temperatures could still be quite chilly in Maryland in March, but as far as the real estate market is concerned, spring has already sprung! Many people think the prime time for spring home sales is April, May, and June. But if you want to get a jump on the spring market—and increase your chances for a successful sale—the time to list your house is now.

“The pre-spring season starts in February to March,” says Riderwood Personal Moving Consultant Diane Thometz. “You'll get less competition on the market and more serious buyers. Some buyers are scared to wait until April or May since they'll be thick in the competition.”

'Most homes selling well over asking price' Tamara Kucik of RLAH Real Estate is an Erickson-preferred real estate agent who has helped several residents at Riderwood, an Erickson Living managed senior living community in Silver Spring, Maryland, sell their houses. She says the real estate market has been strong throughout the fall and winter months, and she expects to see more of the same this spring.

“Demand remains strong and most homes are selling well over the asking price with very favorable terms for sellers,” Kucik says. Record-low inventory in many zip codes is a driving factor in creating the robust seller's market, according to Kucik. For example, in the 20901 zip code, Kucik says there would typically be 100 to 150 detached homes on the market during the winter. “This winter, those numbers have been in the neighborhood of six to 20 homes on the market,” she says. “The average days on market have declined from 25 to 30 days on market to five days on market.”

Selling prices are also on the rise, as demand continues to outpace supply. Kucik says other purchase terms are also in favor of sellers right now. “Buyers are not insisting on the same level of upgrades and are not as particular about the overall condition,” she says. “In recent years, fresh paint and floors, as well as modest updates were essential. That's not the case right now.”

Sellers concerned about the impact of the pandemic on the real estate market need not worry. Kucik says this is the busiest market she's experienced in her 16 years in the industry.

“I've revised the methods I employ for presenting homes while complying with CDC recommendations and guidelines—electronic brochures, virtual open houses, in-person visits that are smaller in numbers and spaced apart, providing/requiring the use of masks,” she says.

Personal consultants on hand to help If you're thinking about selling your house in preparation for a move to Riderwood, Thometz and fellow Personal Moving Consultant Jennifer Hill, along with their network of preferred real estate agents and other moving professionals are on hand to help make the process easy.

“Now is the absolute ideal time to sell,” Kucik says. “Home sale prices haven't been this high since 2005, and yet in this go around, buyers are much stronger financially than those that drove the market in 2005. At some point, housing prices will have to level out.”

Written by Meghan Streit

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