If you have any questions or would like more information about how long it will take to sell your home please Contact Us. If you are planning on buying your next dream home visit our Home Buying page or if you are planning to sell your home visit our Home Selling page.
That is THE QUESTION, isn’t it! There are three main factors that affect a property’s time on the market: location, condition, and price.
Location is the one thing that you cannot control in the home selling process. In conjunction with condition and price, people choose a home based on the location and accessibility of the property. In many cases, homes will sell faster in desirable neighborhoods because the demand is high. Take into consideration what the demand is to live in your neighborhood. Your REALTOR® can provide information on yours and surrounding neighbourhoods to help you assess this factor.
The condition of your property is also a major contributing factor to the time it will take to sell. When evaluating a home, buyers will first assess the structural condition of items such as walls, ceilings, floors, doors and windows. They will want plumbing and electricity to work efficiently. They will then consider paint, carpets and floor coverings. The front and back yards should be in reasonably good shape. If there is major damage or deterioration to any of these items, buyers will likely hesitate in making an offer. Discuss ways to cosmetically improve your home for a more rapid sale with your REALTOR® professional.
Pricing your property to sell in the current market is absolutely crucial. Obviously, the condition and location of your property should be major considerations when deciding on a price. If your home is priced too high, it will likely remain on the market longer, resulting in a lower final sales price. Your REALTOR® can guide you on appropriately pricing your property for the shortest listing time with maximum profits.
There are several additional factors that can affect the speed of a sale including: local supply and demand, marketing, and closing terms. Is there a surplus of homes for sale in your area? Are technology tools and networking resources being utilized to market your property? Are your closing terms favorable to buyers? The right REALTOR® will be able to coach you in dealing with each of these things to ensure the quickest possible sale.
Unfortunately, there is no magic time frame when it comes to selling real estate. Some properties sell before a sign hits the front yard, and others may sit for months before the first offer comes in. Your REALTOR® can provide you with the average days on the market for properties that have recently sold in your neighborhood; however it is important to remember that the variables affecting this data are not detailed in these comparables. Your REALTOR® will most likely have viewed a majority of the properties included in the comparables and can give you a better idea of why a specific property sold in the time frame recorded.
Do not get discouraged if a sale takes longer than you anticipated. Instead, try to analyze the reasons your property is not selling and ask a Real Estate Professional Like Us what you can do to facilitate the process. There are a variety of factors that will influence the time it takes to sell your home. One factor is market condition. Just like stocks or commodities that sell on a public market exchange, your home is affected by the three basic market conditions: "Bull Market", "Normal Market", and "Bear Market. These conditions exist outside of your control and will come and go like waves. But, there are many other pieces of the puzzle that you do have control over. These variables will greatly influence the activity on your home may significantly reduce the time it takes to sell as well as what your home sells for.
Price it at the Market. A well priced home is the most important factor in selling for a top price within a reasonable time. Naturally, listing too low may generate a faster sale but will preclude the opportunity for getting top dollar. On the other hand, setting the price too high discourages showings to the people who are most likely buyers. And if a home sits on the market for too long, buyers may perceive a problem and avoid buying a home they believe will be hard to resell
Marketing that professionally advertises your home to a broad market. The amenities of your home should speak for themselves, but attracting buyers to your door is where an aggressive, intelligent, and tasteful marketing plan is key. Use of new technologies like the internet should be a top priority. The first showing of your home will likely be on-line as over 80 percent of home buyers are using the internet.
Accessibility cannot be overstated. A home that is difficult to see will likely take longer to sell, if at all. Create an inviting atmosphere and minimize the appointment barriers to view your home.
During "Normal" market conditions it generally takes 6 to 9 weeks to sell a home if the above items have been met. Some homes will sell in a few days and some may take several months. Buyers make their buying decision based on the comparison of logical and emotional appeal.
This information is meant as a guide. Although deemed reliable, information may not be accurate for your specific market or property type. Please consult a REALTOR® professional for more information on selling your individual property.