The Truth About How Long It Take to Sell Your Home
When meeting with clients to list their home, one of the first questions that I typically ask is how quickly they would like to and/or need to sell their home. Of course, pricing the home right is a key factor as to how quickly you will receive an offer. However, there are several other factors that sellers should be prepared to consider. Even if your home receives and offer the week it goes on the market, it will most likely still be 1 ½ - 2 months before your home will close.
Average Days on Market
This is a factor that is typically indicative of both the market and your particular neighborhood. While there are many items that you can control such as pricing, appearance and working with a Real Estate Professional, it is unrealistic to expect for your home to sell within 30 days when the average number of days on the market it 180+ for your neighborhood. This is definitely a number that you should discuss with your Agent.
What Makes a House Sell Quickly?
There are always circumstances that seem to be “good luck” or “good timing.” However, more likely, these three factors determine how quickly a home receives an offer.
Pricing a home competitively is key. If a home goes on the market and is significantly overpriced, it is almost certainly going to extend the length of time it sits for sale. Remember, you can’t negotiate with a potential buyer is you don’t receive an offer.
The old adage “location, location, location" is true. Even if two homes are in the same neighborhood, one may have a distinct advantage. The home that sits at the back of the neighborhood with a beautiful view vs. the home that backs up to a train track or a busy road is most likely to sell first (as long as it is priced right).
It is no secret that a home that is in turn-key condition is going to be more marketable than a home that needs repairs. So, spending time fixing minor repairs and staging your home to look clean and neat before it goes on the market will often pay off in expediting the time it takes to sell.
Inspections and Appraisals
Sellers often forget the amount of time that will be spent scheduling inspections and appraisals. And, if deemed necessary, time for repairs and potentially, re-inspections. These factors can all affect the length of time it will take for a home to sell. And, in a worst case scenario, your offer can fall through due to repair terms or appraisals not meeting expectations. Then, you are back to ground zero and have to go back on the market.
So, whether you are preparing your home to go on the market. Or, it is already listed for sale. Keep these items in mind when planning how long it may take to sell your home. And, remember, there are several things that you can do before and during it being listed that can help to encourage a faster sale.
If you would like to schedule a time to discuss your home’s value or your upcoming home search in the Charleston area – I would love to help! Happy New Year! And, best wishes in your home sale or search!
Whitley Boyd, Full Service Realtor, 843-324-4761 cell, W.Boyd@AgentOwned.com