One of the most common questions people have when trying to sell their home is this: what is the average time a house is on the market?
While nobody wants to be in housing purgatory, that is, being ready to move on to their new home, but still be tied to their former property because of a slow market, the opposite – having the sale close almost immediately after the initial listing and needing to move out before you may be ready – can be equally as daunting.
Being able to forecast how long your particular home will be on the market is an excellent way to reduce the stress of moving, as it can help you feel more financially secure.
If you know what your average days on the market will be, you can budget for the possibility of paying two mortgages for a short while or, hopefully, using the money from the sale of your first property for the down payment on your next one.
What is the Average Time a House is on the Market?
While the average listing time varies greatly by location, the average time for your home’s area is a number your listing agent should know by heart! If you are curious about how long your home will take to sell, the first thing you need to do is simply ask your agent.
However, if you’d like to determine the number yourself, all you need to do is use an online listing tool.
First, you will need to discover what day a home in any given month went on the market. Then, you should count the days from the initial listing to when the sale is listed as pending. You can then add those days together and divide by the number of homes to calculate a rough idea of the average listing time in your area.
Factors Impacting the Speed of Your Sale
There are also a few factors which impact the average time a house is on the market, most of which are unfortunately out of your control. However, by being aware of them, you can incorporate them, even with the setbacks they bring, into your sales strategy.
These two are the most common:
The Time of Year
Home sales usually move in the same direction as the temperature. When the weather starts heating up, so does the market – usually because families with kids in school see the summer as a good time to make major changes, as the kids can start fresh in the fall without too much disruption.
Because of this, homes listed in the winter or fall months might spend more time on the market than those listed in the spring or summer.
The Local Market
A home’s location and other properties for sale nearby also will have a huge impact on the average days on the market.
For example, if a home is near railroad tracks, a busy intersection, or backs up to a main road, it might remain listed longer than a home at the end of a cul-de-sac or otherwise farther away from noise pollution. It’s also worth it to consider the social amenities your home has to offer – like nearby shopping centers, swimming pools, schools, etc.
Similarly, if there are six other homes for sale in your neighborhood, all competitively priced, your home will remain listed for substantially longer, simply because of the market saturation.
How to Sell Your Home Quickly
If you are ready to make your move and are interested in selling your home quickly, there are still ways that you can fight back against a competitive market and chilly weather. If you’d like to reduce a home’s average days on the market, here are some suggestions to get you started:
Consider the Curb Appeal
You want potential buyers to see themselves making a life in your home – not making repairs to it.
By taking the time to make minor cosmetic changes to your property before the commencement of showings, like repainting the walls a neutral color, planting flowers in the front yard, or even power washing the driveway, you can increase your chances of a quick, and lucrative, sale.
First impressions matter – so make sure yours counts!
Set the Right Price
Work closely with your listing agent to set a competitive price for your home, based on its appraisal value, location, and the current market. While you don’t want to undervalue your property, it’s important to consider these factors so you don’t get stuck in housing purgatory.
Want to work with a top-rated local agent to sell your house quickly? With great reviews and a flat rate price, you’ll wonder why you didn’t go with Clever earlier. Call us today at 1-833-2-CLEVER or fill out our online form to get started.