When I list a home for sale, one of the first questions I am asked it how fast their home will sell. It’s no secret that an overpriced home takes longer to sell and perhaps less that the market value. In a high demand market, a correctly priced home could sell within 10 to 21 days.
What Makes a House Sell Quickly?
Sometimes there is no logical reason for the length of time it takes to sell a house. It could be sheer luck as in “right place, right time.” A house could come on the market on the very day a specific buyer is looking to buy. However it is more likely, how long it takes depends on three factors:
Price range makes a difference. Lower price ranges sell faster than higher price ranges simply because there are more buyers who can afford these homes. Before I list a home, I do a thorough market analysis of the homes (active and sold) in your area to determine a correct price range.
Location, location, location! It is true – if a home is located in a high demand neighborhood, there will be more demand for the home. If it’s located on the wrong side of the tracks near a toxic dump, it might never sell.
Homes in great shape that are clean and up to date sell much faster than homes that need repairs or are cluttered.
Market Determines How Long it takes a House to Sell
In seller’s markets, homes tend to sell faster because there are fewer sellers and more buyers. When you have multiple buyers trying to buy the same home it can result in a bidding war with offers above list price. It’s not unusual for a home to sell in a seller’s market in less than a week.
In buyer’s markets, buyers have more choices and can take their time. If the home isn’t exactly what they want, a buyer will pass on it and keep looking. If you are a seller in a buyer’s market, patience is key.