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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

Right now things aren't too bad. They were better earlier last year and have slowed (although prices have not) but it is still steady. Because of uncertainties there are quite a few people looking for rentals too. With a minimum down payment, some smart shopping and a savvy realtor one can pick up a home that carries for the same as or cheaper than rent in some cases. The market is still very decent!

Cheers,

Tony Brayley.

Posted by: Brampton Real Estate | Jan 16, 2013 12:57:46 AM

The scene in Europe is very different due to markets are down , but in Canada interest rates are all time low now and its a good time to buy by contacting an experienced and responsible mortgage advisor

Posted by: Donna | Nov 14, 2012 5:01:59 AM

Although internet these days offers quiet a lot of help in terms of instructions to sell a home or buying a new one and one may find individually his or her client but if one is looking through a responsible and experienced broker then his experience might bring them extra value to their home as he may know when is the best time to get the best price for your home during a year, like is it just Before Christmas or somewhere in between etc

Posted by: Susan | Nov 14, 2012 1:22:30 AM

With market conditions they way they are today in our market it's been all about pricing. If you don't price your home to sell it will sit for months.

Posted by: Rodney | new home building guide | Nov 25, 2010 6:58:08 AM

brampton real estate
One of the greatest and most obvious reasons to consider buying a home is the interest rates. Interest rates today, are some of the lowest rates that we have seen in years. It is possible that they will go even lower. You may think that getting a home loan in order to take advantage of these rates is impossible. Although credit standards and loan approval may be higher than before, obtaining a loan is well within the reach of homebuyers with a good credit rating and a steady income that can support the monthly mortgage payments.

Posted by: torontohomeandhouse123 | Jun 11, 2010 4:09:26 AM

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