A very popular question from home Seller's: "How quickly can you sell my home?"
It's no surprise that an overpriced home takes longer to sell and, may eventually sell for a lot less than market value.
According to Zillow, the typical US home in 2018 spent between 65 and 93 days on the market, from listing to closing. That means that a home with a typical 30 to 45-day close was on the market for between one and two months before accepting an offer. Keep in mind that the time a home spends on the market varies greatly depending on market conditions, demand and seasonality. Thirty days are built into this time frame to account for the period between the seller accepting an offer and closing so sellers waited about five weeks for the right buyer to come along.
Let's take a look at the Ball Ground, Canton, Cumming and Woodstock market:
It's no surprise that an overpriced home takes longer to sell and, may eventually sell for a lot less than market value.
According to Zillow, the typical US home in 2018 spent between 65 and 93 days on the market, from listing to closing. That means that a home with a typical 30 to 45-day close was on the market for between one and two months before accepting an offer. Keep in mind that the time a home spends on the market varies greatly depending on market conditions, demand and seasonality. Thirty days are built into this time frame to account for the period between the seller accepting an offer and closing so sellers waited about five weeks for the right buyer to come along.
Let's take a look at the Ball Ground, Canton, Cumming and Woodstock market:
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How long will it take to sell in Cumming, Canton, Woodstock, or Ball Ground? |
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How many showings can i expect before someone sends me an offer? |
Calculating Average Days on Market
Most agents know the average number of days on market (DOM) for their areas so all you have to do is ask. This number can be calculated by figuring out the day each home goes on the market in any given month, then counting the days to pending to determine the number yourself.
Add those days together and divide the total by the number of homes.
What Makes a House Sell Quickly?
Sometimes there's no logical reason for how long it takes to sell a house. It could happen quickly out of sheer luck—a buyer is in the right place at the right time. Your house might come on the market the same day a buyer is looking to buy exactly the house you're offering for sale. But more likely, it depends on one or more factors.
Asking Price
One strategy is to price the house a little under market value to entice multiple offers, which ultimately tends to push the price higher. More than one offer tends to drive up the value because competition breeds desire.
Price range makes a difference, too. Homes in lower price ranges often sell faster than those in higher price ranges simply because there are more buyers who can afford lower-priced homes.
Passionate, determined buyers will often pay more than the asking price.
Location, Location, Location
So true. There will be more demand for a home that's located in a highly desirable neighborhood near excellent schools than for a property located on the wrong side of the tracks near a toxic dump.
Homes that front the freeway involve their own particular set of challenges. The sellers who own these homes have often become oblivious to the location because they've simply adjusted to the noise and the view. But a new buyer sees the situation clearly and might logically be turned off.
The Home's Condition
Homes in top condition sell much faster than homes that need repairs or cluttered. Buyers need to imagine themselves living in the home and will have a hard time doing so if the home looks like it belongs to the Seller or, if it's a total mess.
A quick solution is clear out half the furniture. Large pieces can overwhelm a space and make the area appear smaller. You will want to pack away those family portraits on the walls too.
Market Temperature Also Affects Time to Sell
Homes tend to sell faster in a sellers' markets because there are more buyers than sellers. This increases competition among buyers. A bidding war can result with offers coming in above list price when more than one buyer is trying to buy the same property. It's not unusual for a house to sell in less than a week in this type of market.
Buyers have more choices and can take their time in buyers' markets. A buyer will pass over a not-quite-perfect property and keep looking. Patience is key if you're a seller in this type of market.
Buyers will often attempt to offer less if a listing lingers on the market longer than 30 days, erroneously believing this gives them cause to low ball.
Seasonal Factors
Days on market can also depend on exactly when you list your house for sale. Most people aren't actively looking to buy a new home during the December holidays, and the weather can be a factor too. You might have to tack on additional time until January or even February, but spring often causes a spike in sales as families' kids are finishing up their school years. Summer is a preferred time to close and move for families with children.
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