The speed at which your home sells will depend on a handful of factors. Your market, the time of year you list, the condition of your home, and your agent will all play roles.
Sometimes there's no logical reason for how long it takes to sell a house. It could happen quickly out of sheer luck (maybe a buyer is simply in the right place at the right time), or it may be the result of one or more factors below.
How Much Competition Is There?
Homes tend to sell sooner in sellers' markets—when inventory is low and buyer demand is high. That increases the competition for properties and may even push prices higher.
In buyers’ markets, when there are more options to choose from, shoppers can bide their time and wait for the right home. Homes tend to take longer to sell in market conditions like those.
Your agent may want to price the house a little under market value. That can entice multiple offers, which ultimately leads to a faster sale and pushes the sales price up.
Location, Location, Location
The old adage "Location, location, location" still rings true. There will be more demand for a home that's located in a highly desirable neighborhood near good schools, restaurants, or businesses than for one that's located in a less opportune area.
The Home's Condition
Homes in tip-top shape will typically sell more quickly than those that need repairs or are cluttered with personal belongings. Buyers must be able to imagine how they'll live in a house, and they'll have a hard time doing that if the home looks like it belongs to you or if it's full of knick-knacks. One quick solution to this problem involves clearing out half the furniture. Large pieces can overwhelm a space and make the area seem smaller. You might want to tuck away those family portraits on the walls, too.
Days on market can also depend on when you list your house. Most people aren't actively looking to buy a new home during the winter, and the weather can be a factor in some areas, too. Overall, November, December, January, and February tend to be the slowest times for home sellers.
Spring and summer tend to be the best times to sell a house, as many families want to move before the new school year begins.
Seasonality can vary by market, talk to an agent about what you can expect in your area.
Choosing to list your home using a real estate agent, can also factor into the speed of your sale. Your agent’s marketing tactics, experience, and overall market know-how can all play roles in how quickly you find a buyer and at what price you sell. Not all agents are created equal. Make sure to interview a few agents before determining who will list your property.
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