How Long Will It Take to Sell My House?
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 gotten new digs. Conversely, 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?
Here are 5 ways to make a fairly accurate prediction of how fast your home will sell:
1. The price
The best way to predict how fast your home will sell is by the price you set. Want yours to sell right away? Price your home 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. Pricing is the most important factor when selling your home.
RELATED: The Importance of Proper Pricing
Pricing is the most important factor when selling your home. “The best time to get noticed is the first few days your property hits the market,” says Patrick Parker, owner of Patrick Parker Realty in Bradley Beach, New Jersey
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. “You’ve now started chasing the market instead of the buyers chasing you,” says Parker.
RELATED: Request A Free Home Market Analysis
2. 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 homes stay on the market a long time. A solid offer is nothing to scoff at.
3. The photos
Want your home to sell fast? Besides getting it looking all nice and spiffy on the outside and staging it indoors, get your home photographed by a pro.
“Having good photos of your home can definitely shorten the amount of time your property sits on the market,” says Parker. Buyers naturally gravitate to homes that have better photos.
4. Crunching the numbers… for those who love stats!
If you got an A in statistics class, you’ll love this method to determine how long your house will sit. It involves inventory levels, median market time, median sales price, and percentage of list-to-sales prices.
If the inventory of homes is low, the house 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 the house 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. This stat varies depending on location.
5. 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. One huge benefit of working with Patrick Parker Agents is our local market expertise. We grew up here. We live here. We love it here.
Have you recently sold your home? What have you learned about time-on-market? Are you currently selling? What are your time-on-market challenges we can help you address? Sound off on our Facebook or Twitter pages and don’t forget to sign up for our monthly Patrick Parker Realty eNewsletter for articles like this delivered straight to your inbox!