Determinants of how fast a home will sell
Now that you have decided to sell your home, the last thing you want to happen is to have it sitting on the market receiving no reasonable offers, especially if you have already moved into to your new house. In the worst case, if several months have passed without any positive news, it is probably time to change one or all current policies and/or decisions. On the other hand, if you are listing but do not want to move in an abbreviated time frame, you probably are not ready for your home to go into contract in an expedited manner.
Consider the following factors when determining the expected timing of how long you want your home to remain on the market
1. The sales price
To no one’s surprise, the largest single factor in determining how long your listing will stay on the market is the sales price you list at. If you want to sell your house quickly, then due your due diligence with your agent and local comps and price the property below current market value. Remember, an appraisal is required by all lenders and the house price must be reasonable, which could potentially mean, too low a price will make the lender suspicious of undisclosed damage. If you are on the other end of the spectrum and do not care how long the house sits on the market, price the property above market value and see what kind of legitimate offers you get. However, in this case, remember that if the property is seen as priced unrealistically, qualified buyers may cross the house of the list regardless of future price reductions.
2. Reasonable negotiation
Are you someone who sets the price and refuses to accept anything less? If so, you may find yourself sitting on a property for some time. In classic negotiation theory, two sides meet in the middle at a mutually-agreeable price. If you are not willing to move, buyers may find the deal unpalatable, even if the asking price is reasonable and supported by comps. Conversely, if you price a little high in relation to prevailing comparable properties and are willing to take an offer and make an accommodating counteroffer, buyers may be far more willing to pay slightly more than they would have otherwise. This is especially true if they see the willingness on your part to “meet them half way” – literally or figuratively.
3. It is all about the agent
There are certainly instances in life when the best decision may not be to use professional services provided by family, relatives or friends. If you want to move the property in a predictable amount of time, consult with an agent that is a specialist in your neighborhood or home type. Of course, you will want to ask for agent referrals from folks you trust and certainly check references. Bottom line, you will want to choose an agent with experience selling the specific type of home you have in your unique location – under comparable conditions. A superior agent will know what your home needs to make it market ready, what marketing will support and assure the sale, and at what price the property will ultimately move.