How fast do homes sell? It really depends! If you have recently placed your home on the market (or plan to do so shortly!) you are in the right place for all the information that you need to know.
In this article, we will take a look at the most common factors that accelerate the rate of home sales, so that you can sell your home quickly – and for the best price possible.
How Fast Do Homes Sell?
Here is a quick answer:
If the market conditions in your area are currently favoring sellers, then a well-priced home could sell within a week – sometimes in as little as two or three days.
However, if the market conditions are leaning towards favoring buyers at the moment, then the same house at the same price could take a month (or sometimes even longer!) to sell successfully.
Need to know more?
Here is everything you need to know to optimize your property transfer timeline:
Average Days on the Market
To help determine the current market conditions, it is a good idea to work with your Realtor to determine the average days on the market for homes in your area. A professional and experienced Realtor should be able to quote this number to you instantly. However, if you are interested in doing it yourself as well, it is easy to do so.
All you have to do is find out which day each home in any given month goes on the market. Then, you count the days until its sale is listed as pending. Add those days together and divide by the number of homes.
Voila! Then you have the average days on the market. If the number is low, it is a seller’s market. The higher the number is, the more the market currently favors those looking to purchase a home instead.
One of the biggest conditions that affect how quickly a home sells is its price!
To sell quite fast, a home needs to be fairly priced. This means that the seller and his agent need to partner with a home assessor to determine a home’s fair market value. This can be determined based on a home’s age, location, condition, and comparable home sales.
Comparable home sales are what other homes extremely similar to and near to yours are currently selling for.
For example, if a ranch-style home with two bathrooms on an acre of land sold for $375,000 last week, your ranch-style with two bathrooms on half an acre is not going to do well on the market for $400,000. If only because local buyers will know that a better price is currently possible.
Another strategy in pricing a home to sell quickly is to set asking price a little bit below its actual market value. This way, you can easily get multiple buyers interested quickly and start a bit of a bidding war – driving the price back up to where you actually wanted it to be.
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It’s no secret that nicer homes tend to sell better.
But don’t worry! Nicer doesn’t have to mean newer. It doesn’t have to mean bigger. It just needs to mean well cared for.
Before placing your home on the market, if you want it to sell quickly, make sure that you repaint the walls a calming, neutral color, or patch up any peeling or faded paint throughout the home.
Power-wash your home’s driveway and sidewalks. Add some mulch into the freshly weeded flower beds. Remove any statement furniture or decorations from the home that would remind potential buyers too much of you.
Just a few small touches like these can entice a buyer into seeing your current home as their future one.
It’s pretty simple.
Homes that are near good amenities tend to sell faster. If your home is nearer to nice schools, parks, and shops, potential buyers are likely to become attached to it quickly.
Of course, there are locations that are going to be difficult to resell, no matter what. For example, homes near active prisons, homes in flood plain’s that have recently seen terrible weather, and homes that front freeways and other main roads, etc.
If your home is located in one of these less-desirable areas, it is important that you work with your Realtor to highlight other areas of excellence – like an updated kitchen, large backyard, or ease of access to public transportation.
There is always something positive about a home. It’s all about how you frame it.
Want to sell your home quickly? List with Clever!