How long a home sits on the market depends on several factors. Some of these factors can be influenced but many depend on conditions outside of the seller's power. To learn more about the main things that can either speed up or slow down the selling process, read on.
Pricing
Homes priced just right tend to go quickly. Knowing how much your home is worth can make or break your chances of selling quickly. The best way to price your home is to have a real estate agent perform a practice known as comps. Comps means comparisons with other similar homes in the same general area. Trying to set your own price based on emotions or what you think it should sell is not advised.
Time on the Market
Listings with the word "New Listing!" attached tend to generate a lot of interest from buyers. On the flip side, homes that have been on the market for many months tend to be overlooked. Buyers probably figure that something is wrong with the home and want nothing to do with it.
Market Conditions
It can be a buyers' market or a sellers' market. A sellers' market usually means that there are fewer homes available given the number of buyers who want to buy. A sellers' market can be spurred by fewer homes being built, more people staying put in their homes, and more. Buyers' markets are marked by lots of availability, which also tends to lower the average sold price.
Home Conditions
Most buyers don't have time to make big repairs to a home. Move-in ready homes are far more likely to sell quickly than fixer-uppers. Also, homes with major and expensive problems that get uncovered by a professional inspection can take longer to close and may end up back on the market as buyers back out of the deal.
Location
The three most important factors that affect how fast a home will sell is its location. Unfortunately, that is also something that cannot be adjusted by the seller. Even homes priced well and in pristine condition will be left behind if they are in bad neighborhoods. Other things that turn buyers off are:
- Noise from industrial areas, airports, and more.
- Too far out of town for those who need to drive to work, school, and shopping.
- Neighborhoods with run-down buildings, trash, broken windows, and more.
- Neighborhoods that have a reputation for being dangerous.
Speak to a real estate agent to learn more.
