When to sell a house in Potomac? (Rockville: real estate market, apartments)

[vasleta]

I'm about to inherit a house. Should I wait until this covid hysteria is over to sell it at a better price? I'm afraid that if I talk to a realtor, they'll tell me that I should sell right now, since they want to make a quick buck. The economy seems to be in a contradictory state with high unemployment and high stock prices.

Honest replies appreciated!

[MrRational]

Originally Posted by vasleta

I'm about to inherit a house.
Should I wait until this covid hysteria is over to sell it at a better price?

Better than what? <-- That means have an actual appraisal (which probate often needs anyway).

In a rarefied place like Potomac there is never a bad time to find a buyer...
because THOSE buyers aren't influenced by the same financial reality the rest face.

They also don't need "fix ups" on older homes or even want them.
In general... they would much rather have a virgin and do it up themselves.

[North Beach Person]

You also might want to consider that when you inherit a house you also inherit the costs related to it. How long can you hold the property and pay the taxes, utilities, etc. waiting for the price to go from $1 million to $1.1 million?

[bufflove]

Originally Posted by vasleta

I'm about to inherit a house. Should I wait until this covid hysteria is over to sell it at a better price? I'm afraid that if I talk to a realtor, they'll tell me that I should sell right now, since they want to make a quick buck. The economy seems to be in a contradictory state with high unemployment and high stock prices.

Honest replies appreciated!

The housing market is extremely hot right now, especially in suburban and rural areas. I would absolutely sell asap. The current sellers market (meaning favorable to you) due to low inventory, low interest rates, and a moderate reshuffling from urban to suburban/rural won't last forever. It probably won't even last until next spring, IMO. At some point the massive dam of pending evictions and foreclosures will break and the housing market is likely to dramatically sour. Sell now.

[Cruzincat]

Regardless of the state of the economy, a good time to sell is when there are a lot of people looking to buy a new house for whatever reason. If by some chance Biden wins in November, there may be an influx of new people to the area looking for a place to live. If that is the case, then between November and mid January the real estate market could get a little boost. Even if Biden does not win, there is usually a shake up early in the second term of a President, because they hold off leaving until after an election in order to avoid their leaving having an adverse effect on the election outcome.

These are the kind of people with money, and Potomac is a primary target for real estate hunting for people with money.

[Tom Lennox 70]

Originally Posted by Cruzincat

Regardless of the state of the economy, a good time to sell is when there are a lot of people looking to buy a new house for whatever reason. If by some chance Biden wins in November, there may be an influx of new people to the area looking for a place to live. If that is the case, then between November and mid January the real estate market could get a little boost. Even if Biden does not win, there is usually a shake up early in the second term of a President, because they hold off leaving until after an election in order to avoid their leaving having an adverse effect on the election outcome.

These are the kind of people with money, and Potomac is a primary target for real estate hunting for people with money.

Everyone says to buy a house before the election so there are a lot of potential buyers there now. I was told if Trump is not re-elected, the housing market and economy will crash, remember the economy was good because of Trump prior to Covid and it was Covid that hurt the economy, but Democrat policies will hurt the economy like unfair trade agreements and government overregulation.

My mom just sold her house in Rockville at exactly the listing price and is returning home to our native state of Louisiana where she just bought a new MUCH larger house and where I just bought my first and perhaps my permanent house. Plus Montgomery County is overpriced so you can easily make good money selling a house there. My new house is on a 1/2 acre lot in Louisiana on a riverfront with my own dock and boat launches, within the Baton Rouge metro area and costs less than a small house in Rockville.

[Digger 68]

Originally Posted by Tom Lennox 70

Everyone says to buy a house before the election so there are a lot of potential buyers there now. I was told if Trump is not re-elected, the housing market and economy will crash, remember the economy was good because of Trump prior to Covid and it was Covid that hurt the economy, but Democrat policies will hurt the economy like unfair trade agreements and government overregulation.

[personone]

Originally Posted by bufflove

The housing market is extremely hot right now, especially in suburban and rural areas. I would absolutely sell asap. The current sellers market (meaning favorable to you) due to low inventory, low interest rates, and a moderate reshuffling from urban to suburban/rural won't last forever. It probably won't even last until next spring, IMO. At some point the massive dam of pending evictions and foreclosures will break and the housing market is likely to dramatically sour. Sell now.

Agree....SFHs and homes with yards have become popular in the COVID-era where people are looking for less crowded living and more space (which you will find in suburban and/or rural areas). Demand of condos (and apartments) in more urban areas are hurting now, as people want don't want to live in crowded spaces.

[Digger 68]

Originally Posted by personone

Agree....SFHs and homes with yards have become popular in the COVID-era where people are looking for less crowded living and more space (which you will find in suburban and/or rural areas). Demand of condos (and apartments) in more urban areas are hurting now, as people want don't want to live in crowded spaces.

Maybe where you are. Older folks that can afford a condo around here are buying them.
None of this applies here.

SFH were popular before Covid.

[BigCityDreamer]

If you have a house in Potomac, don't sell it. Keep it forever.

You just crossed the finish line.