How Long will it Take to Get My Home Sold?

One of the first things you need to think about is how fast you want your home to sell. It is common knowledge that an overpriced home tends to take longer to sell. The unfortunate thing is that a home that is listed at a higher price may eventually sell for much less than its market value.

In a high demand real estate market, a home that is priced well can sell in two to three weeks. Most real estate sales professionals know the average number of days that a home in their area is on the market.

What Factors Determine How Fast a House Sells
Maybe the home was put on the market the day that a particular buyer started searching for that exact home. However, more than likely, the three factors listed below affect how long a house is on the market.

1. Price

Some sales professionals use a clever strategy; pricing your home slightly under market value. This is done to attract multiple buyers, which could lead to several offers. If this strategy is successful, the price of your home will rise as the interested buyers counter each other's offers.

The price range also makes a difference. Many times, the homes in the lower price ranges sell quicker than the homes in the higher price ranges. This is because there are more buyers who can afford the lower priced homes.

2. Condition

A home that shines and sparkles will sell much quicker than a home that is cluttered or needs repairs. It is essential that a homebuyer have the ability to see himself living in your house. If your home is a mess or looks like it belongs to someone else, he cannot accomplish this.

3. Location, Location, Location

This adage is true. If the home being sold is located in a neighborhood that is highly desirable with an excellent school system, the demand for the home will be higher.

The Temperature of the Real Estate Market also Matters

In a seller's market, homes will generally sell quicker because there are more buyers than sellers. When several buyers are interested in the same home, a bidding war may start. This could result in offers that are above list price. It is not strange for a listed home to sell within a week during a seller's market.

In a buyer's market, a buyer has more options available and may decide to take his time. If a home is not exactly what a buyer is looking for, he will pass it up and keep searching. Homeowners' who are selling during a buyer's market need to be patient.

The Importance of Relisting a Home

Buyers commonly look at the days a home has been on the market. To a buyer, the longer a home remains on the market, the more eager the seller becomes. Buyers also think that the home may have something wrong with it.

Both assumptions can be incorrect. Homes tend to linger on the market for several reasons including:

1. Overpricing

Overpricing is one of the most common reasons a home remains on the market.

2. A Stubborn Seller

Some sellers will want a particular price for their home. A number of them are willing to wait until the market reflects their asking price.

3. No Motivation to Sell

Sellers will test the market sometimes by overpricing their homes. They do this in hopes of finding a buyer that is willing to pay this elevated price. This is considered a seller's worst mistake.

4. Inability to Show

Many times, when a property is occupied by a tenant, obtaining an appointment to show may be difficult. In the majority of cases, a home that has a lockbox will be shown much more often than one without.

5. A Buyer's Market

As previously mentioned, a buyer's market causes a home to sell much slower. In a seller's market, a home that is expected to sell in five days may take 90 days in a buyer's market.

6. Unsuitable for Showing

Sometimes, a seller will put his home on the market too early. A seller needs to finish his repairs and/or painting prior to putting his home on the market.

7. Limited Exposure

Homes that only have one or two photographs available for buyers to view will most likely be passed by.

As is evident here, you need as much exposure as possible to sell your home in a timely fashion. Real estate sales professionals have the knowledge necessary to help you get the exposure you need to sell your home.

Daniella Aitken

Daniella Aitken

Sales Representative
CENTURY 21 Miller Real Estate Ltd., Brokerage*
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