How Long Does it Take to Sell Your Home?
Even if you love your home at the moment, it is always a good idea to know what your home is worth and about how long it will take to sell your home if you choose to. The time it takes to sell your home varies from area to area, but in each area there are things that make the home sell faster or make the home sit on the market longer.
Some factors that help determine the amount of time a home takes to sell:
Location, Location Location
How many times have we heard that saying in real estate? The thing is, it is a very true statement. No matter what you do, your location can have a positive or negative impact on the amount of time your home takes to sell. If you are in a bad neighborhood there is only so much you can do to entice a buyer to purchase your home.
Asking Price
What asking price bracket is your home in? For example, homes over $1,000,000 typically take longer to sell than homes under $250,000. The reason is that the pool of potential buyers is smaller for homes over $1,000,000.
Another example of asking price affecting time on market is an example of the least expensive home in a nice neighborhood. That home will probably sell faster that most homes.
Time of Year on Market
Generally homes sell faster in the summertime than the winter time. In the summer the weather is nice and people are more likely to get out and shop for homes. It is not fun to move in the winter in a Northern state. Also, in the summer families are eager to move and get settled in before school starts.
Number of Homes on Market
It may seem obvious, but it definitely holds true. When there is a larger inventory of homes on the market than the number of potential buyers, homes take longer to sell.
If you put your home on the market when there is a shortage of other homes on the market, then your home is more likely to sell quickly.
School District
Is the home in a highly rated school district? If so, there are usually families that are waiting to get their kids in that school.
Your home will definitely be more appealing to most families when it is in a highly rated school district.
There are a lot of things that are out of your control when trying to speed up the sale of your home, but there are a few things you can do.
Competitive Asking Price
After you have had your realtor run comps on your house, you can see the price range you could list your home for. If you choose to list your home at the lower end of the comps, it is more likely to sell faster and you may even create a bidding war, therefore possibly getting a selling price above your asking price.
Finish Up Those Projects
Giving your home a little TLC before putting your home on the market is always a good idea. Look for the things that are partially finished or in need of minor repair, and make sure to get those done before putting your home on the market.
Declutter and Stage Home
A staged home, on average, sells almost 90% faster than an unstaged home.
Make sure you take care of what you can control when getting ready to put your home on the market and the rest is out of your hands. Good luck and happy selling!