When you’ve decided to sell your home, the last thing you want is to have it sitting on the market forever, especially if you’re already moved into your new home. You might not be ready for your home to go under contract within the first few days after listing it. So how can you plan? Is there a way to predict what might happen? Besides getting a psychic reading, there are some ways to make a fairly accurate prediction of how fast your home will sell. Here are some factors that will help you get a handle on how long your home will be on the market:
The price: the best way to predict how fast your home will sell is by the price you set. Want your home to sell right away? Price it at or below market value, a figure you arrive at based on what comparable homes in the area are selling for and your home’s appraisal value. Price higher if you don’t care how long it takes to sell. The best time to get noticed is the first few days your property hits the market. If you price too high, people searching for a lower price range might miss your listing. Meanwhile, your home competes in a price range with homes that are probably more attractive than yours because of location, size, or condition—or all three. You’ll probably need to eventually reduce the price to sell. If you don’t in some cases you might start chasing the market instead of buyers chasing you.
Your willingness to negotiate: if you’ll not accept a penny less than full asking price, expect your house to sit longer than others in your area. After pricing too high, a reluctance to negotiate is the second reason why homes stay on the market longer. A solid offer is nothing to turn down.
The photos: want your home to sell fast? Besides getting it looking all nice on the outside and staging it indoors, get it photographed by a pro. Having good photos of your home can definitely shorten the amount of time your property sits on the market. Buyers naturally gravitate to homes that have better photos.
Crunching the numbers: if the inventory of homes is low, your home will sell faster. Your house will take longer to sell in a buyers’ market that has lots of inventory. Looking at how many days on average it takes for similar homes in your area to sell gives you an idea of how long yours will take. This is assuming a median sales price. Pricing below or above affects how long your home will sit. Percentage of list-to-sales prices is an indicator for how closely the list prices assigned by sellers reflect the value a buyer is willing to pay. If the percentage is over 100%, homes sell for more than list price. Less than 100%, and homes sell for less. The actual number tells you how much more or less.
A good agent: it’s important to choose an agent with experience selling the type of home you have and one who’s familiar with the area. The right real estate agent can make a huge difference in how long it takes to sell a home. A good agent knows how to prep your home for sale and will be good at marketing it.
CENTURY 21 Miller Real Estate Ltd.
BrokerageIndependently Owned and Operated
#4 Office in Canada
By Production CENTURY 21 Canada 2013
467 Speers Road,
Oakville, ON L6K 3S4