Local outlook
McIlvaine cites a local reason for the Maryland market coming back into balance. “Base Realignment and Closure (BRAC) involves closing and relocating military bases mostly in the Northeast to Aberdeen and Fort Meade,” he says.
The Maryland Department of Planning reports gains upwards of 13,000 civilian and military personnel over the next few years. “With the influx of the BRAC-type scenario, we’re going to see a strong economy here in Maryland. That means housing prices are going to grow over the next five years, which is good for sellers,” McIlvaine says.
This growth may spur people to think about selling their house within the next few years. Some people, like those considering moving to a retirement community that has a waiting list, such as Charlestown or Oak Crest in the Baltimore area, may start planning now.
“Depending on the apartment a person wants, the Priority List waiting time ranges between six months and four years,” Andrus says. “Even if a person is not ready to move right now, he or she can join the Priority List in order to get the ball rolling without making any commitments.”
Oak Crest Move-in Coordinator Laurie Bender says once an apartment becomes available, the time between reserving an apartment and moving in usually matches the time required to sell a house in today’s market. “Once a person reserves an apartment, he or she has two months to take possession of the keys and three months to pay the 100% refundable entrance deposit,” she says.
The right time
Bender says although spring may seem like the most popular real estate season, in her market any time has potential. “For us, it really depends on when apartments become available because many people on the Priority List wait for specific styles or locations,” she says.
To these people, like most, a home is much more than an investment—it’s where they carry on their lives. By planning ahead, being prepared to sell their house when the time comes, and not waiting for that elusive “best time to sell,” they are able to settle comfortably in a home that will serve the way they want to live.
Whether you’re moving to a retirement community, a new house, or a new area, “Your best bet,” according to journalist Holden Lewis in a column for Bankrate. com, “is to time the buying and selling of your home based on your needs.”
Tips for selling in a competitive market
Be wary of going it alone.
The “for sale by owner” route has always been for the strong of heart, and in a market where buyers have lots of other choices, there is much less margin for error. Most would do well to get a reputable professional agent who understands the local market as it is today.
Price your home correctly.
A house that is priced too high is going to sit, and a house that lingers on unsold becomes a stale property. On the other hand, a right-priced home gets attention and perhaps even competing bidders. Listen to your agent’s recommendation, and don’t fight it too hard.
Make your house stand out.
With lots of other houses on the market, it’s crucial that your house shows its best. You don’t, and shouldn’t, have to spend a lot of money—fresh paint or a thorough cleanup can reap big returns in a home’s final selling price. Firms that specialize in “home staging” and the best real estate agents will help you dress your house for success.
Think creatively.
Your competitors in the market for newly built homes are throwing in free swimming pools, granite kitchen counters, and vacations. You and your agent might also think about added-value deal-makers—from basic things like a home warranty to helping with the buyer’s closing costs. A more unusual offer might be that extra car sitting in the driveway—perfect for that couple moving from the city.