Got Equity? D.C. Homeowners Do, Report Points to Equity Rich Region
It seems homeowners in D.C. rank high in the nation for having the most equity in their homes — something that makes selling a desirable option.
The housing data company RealtyTrac says 27 percent of local homeowners with a mortgage in Washington are “equity rich,” which means their homes are worth at least 50 percent more than the outstanding mortgage balance.
That’s some great news when it comes time to hand that check over to you at closing.
The only states “richer” than D.C. when it comes to equity are Hawaii, New York and Vermont.
Washington’s suburbs also fared well, with Maryland garnering a 17 percent “equity rich” status and Virginia coming in at 19 percent.
So, if you want to tap into that equity — and create the most of it — it’s time to talk to a highly rated local real estate agent.
“Getting the best price for your home is part of our job,” says Traci Oliver, a Realtor with Coldwell Bankers in Fairfax, Virginia.
If you’re looking to cash-out fast, then try these four steps that should help you sell quickly and put money in the bank.
When people are thinking about buying a house, they're looking for reasons to rule it out. Simple things, such as a leaky faucet or a missing floor tile, can be a turn-off for buyers.
Take extra steps to make these small repairs and service your home's mechanical equipment regularly. Consider a home tune-up to to make sure the systems in your home are in good order.
Keep it clean
You never know when someone may stop by and want to see your home while it's for sale, so keep it clean and tidy. Remove as much clutter as you can.
If you can't commit, consider hiring a house cleaner to conduct a deep clean or even come weekly while it's for sale.
Don't forget the outside. Keep your grass mowed and weeds out of the flower beds.
Stage your home
If you have fewer personal belongings, prospective owners can picture their own belongings in the home more easily. Bring in some furniture pieces to fill an empty room.
The Internet is a popular place for people looking to buy a home, and it's one of the first places they look for potential properties.
Find a real estate company that has online listings, including a virtual tour and photos. Attractive, high-quality photos of your home are crucial.
The first impression is very important to buyers using online search tools. They will either click on that home or skip it and move on.