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How long should it take to sell?
The time it takes to sell a home varies, but there are things within your control that will help it sell faster. Some homes take days to sell, while others take months. Generally, a desirable property priced in the "market zone" should sell within four weeks in a normal real estate market.
But don’t get discouraged if a sale takes longer. Instead, see if you can determine why it’s not selling and ask your listing agent what you can do to help speed things up.
Curb appeal
First impressions go a long way. Before you list your home, give it a quick face-lift. Take care of minor cosmetic repairs both inside and out. Wash your windows, weed the garden and trim back any overgrown shrubs or trees. Give your front hallway a fresh coat of paint, replace light bulbs and dust for cobwebs. All of these quick fixes can make a big impact on selling your home quicker.
The price is righteous
Listing your home at the right price is key when it comes to selling. It can be difficult for homeowners to determine their homes’ true worth because of emotional ties and lack of exposure to the market. So get your listing agent to do a competitive market analysis (CMA) to objectively pinpoint your home’s optimal price. You don’t want to scare off potential buyers with an unrealistically high price.
But often, the time it takes to sell your home will depend on factors that are beyond your control.
Market demand
If your neighbourhood is hot and there aren’t many homes for sale, you have what’s called a seller’s market. So if the demand for homes is greater than the supply, you should sell quickly and receive a good offer. On the flip-side, if you’re selling in a buyer’s market where supply exceeds demand, it will likely take longer to sell and you may have to accept less than you wanted.
Economic influences
The local business climate and fluctuating interest rates can also influence how long it takes to sell your home. For instance, if interest rates fall, people can afford to borrow more. However, if the area’s largest employer announces layoffs, very few people will be thinking about buying a new home. The best way to get a good understanding of the market conditions in your area is to monitor current property sales.
But as I have often told my clients, selling is like entering a lottery and you just have to wait until "your number comes up".
March 27, 2008 in Selling Toronto Real Estate | Permalink
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Comments
The UK's quick house sale market has been targeted by investors looking for discounted property deals. 2009 is believed to be the best year to invest in UK property. Investors are picking properties at almost 50% below their market value at the moment.
Posted by: Oliver Darraugh | Feb 18, 2009 8:19:15 AM
Although it is found that most people sell their homes within four weeks, there is no sure answer to how much time you need to sell it. Some homes take days to sell, while others take months. The most important think I guess is the brain storming process = the questions that need to be considered when selling a house are: How am I going to sell my house? Who will help in the process of selling my house? Will I get enough profit when I sell my home fast? How long will it take to sell my house? How credible mediators will be in selling a house? Etc. Good planning is the base of good selling. However, there are some factors, as you mentioned above, that are beyond your control.
Posted by: Toronto realtor | Apr 4, 2008 10:30:13 AM
