How long does it take to sell a home? Is thirty days reasonable? Will it take ninety days, six months – even a year?
In fact, the “market” determines the time required to attract a buyer. The “market” is simply the buying activity presently occurring in this area. It includes factors such as how many families are moving in, local interest rates, number of homes for sale, the local business climate, and the value buyers are placing on available properties.
Your real estate agent can offer a wealth of information and statistics on your local real estate market. For example, ask for a report on all the sales of similar homes that have occurred in your neighborhood over the past year. Analyze the time it took to sell each home, the financial help the sellers gave the buyers (the amount the seller paid for the buyer’s closing costs and downpayment assistance,) and the final sale price. Eliminate the longest and shortest sale times, then average the rest.
This calculation yields the time required to sell the “average” home. Offer your home in above average condition, at an asking price below the average price, and you may expect a shorter sale time. The reverse is also true. Offering your home in average condition at a price above the market, and you may experience an extended sale time or no sale at all.
Keep in mind that need does not determine value. The amount you think you “need” to get out of your home does not have anything to do with the actual value of your home. When you’re ready to purchase your next home, you won’t really care what amount the seller has decided they “need” to get out of the home. You’ll be willing to pay him fair market value, but you won’t be willing to pay him above market value just to help him pay off the second mortgage he took out to pay off his credit cards, will you?
Analyze the information your real estate agent provides for you about the local market, and then make an informed pricing decision based on the facts. Offer your home in excellent condition, with the whole house and termite inspections completed, at a fair price with a home warranty, and you’ll get the attention of the qualified buyers. You might just be rewarded with a quick sale.