Whether you’re selling your home to purchase a larger home, or downsizing, one of the biggest questions is, how long will it take to sell? According to Redfin data, it can take anywhere from 10 to 70 days to sell a home, and there are several factors that go into that. While real estate agents don’t have a crystal ball to predict the exact date and time your home will sell, there are measures your real estate agent can use to predict how quickly your home might sell.
Location
I’m sure you’ve heard the first rule of selling real estate is location, location and location. If your home is located in a highly sought after area, whether it’s because of a great school district, proximity to public transportation or is an up and coming revitalized area, the location of your home plays a major role in how long your home stays on the market. However, it’s not the only factor.
Price
It will sell, if The Price is Right! Homes that are priced properly typically sell faster. According to the National Association of Realtors, homes priced at market value will bring in 60 percent of potential home buyers who are looking at that price point. However, pricing your home 10 percent under market value will capture 75 percent of available buyers. Homes that are overpriced for the market will have longer market time and will often result in low offers or no offers. Pricing your home slightly under market could result in a multiple offer situation for the homeowner, and may lead to a sale over list price. Check the Redfin Estimate on your home to get an idea of its value, and then talk to an agent for a free, professional estimate based on your home’s unique characteristics that might be missing from the MLS.
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Comparable Homes
You have to look at the past to predict the future. Looking at recent home sales in your area is one matrix real estate agents use to help determine market time. Typically, Realtors search the MLS (Multiple Listing Service) for homes with a similar makeup as yours, same style, number of bedrooms and baths, square footage, etc. to see how long they were on the market prior to closing.
Condition
The condition of your home will also contribute to the length of time your home stays on the market. Homes that are updated, well kept and have great curb appeal, will have a better chance of being sold quickly. Walk through your home as though you are buying it. Are you noticing the walls could use a coat of paint? What about the kitchen and bathrooms, are they stuck somewhere between “The Good, The Bad and The Ugly” and “Raiders of the Lost Ark”? It may be time to give your home a good facelift. Homes that show very well have a better chance of selling quickly.
Keep in mind, once you are ready to put your home on the market, you must be prepared to live a little like a houseguest in your own home. Buyers will want to have access to your home at varying times of the day. As the homeowner, you should be prepared to have your home shown to a prospective buyer within an hour or two’s notice. The more available your home is for showings, the more buyers will view your home, and the more likely you are to get that right buyer in your home.
Lastly, professional photos of your home are essential. Beautiful photos of your home that are well lit and show its full potential are more likely to grab prospective buyers’ attention.
According to The National Association of Realtors, 88 percent of homebuyers start their search online. Listing your home with a real estate agent who can ensure your home is on the MLS, and who has access to multiple online home search websites, further exposes your home to potential buyers.
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