The Things That Dictate How Quickly Your Home Will Sell
Preparing your home for sale is all about timing for the whole process from start to finish. There is planning that goes into getting it ready, negotiation and the transaction. While it is pretty clear on how long it will take you to get it ready for putting it on the market for sale, nobody has a crystal ball to tell them how long it will take to actually sell. What we do know is there are some statistics that will give us an idea of how long it will take but there are also several other factors that have a direct impact on the time it takes to sell. Here is a closer look at them.
Average sale times of comps
A big influence on your sale time will be your location. While nationally things are selling faster than usual, your particular area can dictate how long to expect to sell. The local comps will have data including the average time on market to use as a benchmark.
Local supply and demand
Nationally we see that buyer demand is high and inventory is low. Buyers are being enticed by historically low interest rates and there isn’t enough inventory to keep the market in balance. This factor can fluctuate in one direction more or less depending on other local influences such as school rankings, public transportation, etc.
Most buyers will be looking for something that is move-in ready. The majority of people will want to purchase a home and not have to worry about organizing or financing additional repairs or major upgrades. Additionally, homes that may have underlying issues may be discovered during the inspection process which can extend negotiations and in turn prolong the selling process.
Your home’s general appearance can also have a big influence on how quickly it will sell. Statistically speaking homes that are staged will sell faster as not everyone can visualize its potential. Keeping the home clean, decluttered, freshly painted and well staged matters.
Overpricing your home can be detrimental to its sale and your final selling price. A price too high will rule out some buyers, make it sit longer on the market and potentially solicit a low ball offer. Pricing it at market value or even slightly under can help you garner a lot of interest by serious buyers that can even result in a bidding war where you get more than expected.
Finally, your negotiation methods and willingness to budge will also play into your timeframe. Those who hold out for asking price or don’t negotiate on terms will certainly run the risk of extending selling time. Ultimately the power is in the seller’s hands on what they choose to work with to get their home sold.