How Long Should a House Stay On The Market?
How Long Should a House Stay On The Market?
The average time a house is on the market before it sells.
The average time a house is on the market before it sells is around a month, sometimes less. This length of time depends on what kind of market you're in. In a seller's market, and even better a hot market, buyers move quickly because there are many of them and not many sellers. A quick sale is not always the best sale, but it beats a property listing withering on the internet and losing over a thousand dollars a week in perceived value.
On the other hand, in a buyer's market, the buyer's agent may advise people to wait for a property that either has a lower price or fits their criteria better. In that scenario, comparable homes ar need to use a different selling strategy to attract and lock in buyers.
Today's market fluctuates greatly because of the unprecedented times we live in. Open houses have mask restrictions, and financial stresses make older sales a poor indicator of whether or not an open house is going to perform well or not.
One thing to remember is that not all prospective buyers are equal. One may send a lowball bully offer early while another may wait to match the listing price or beat it if there are multiple offers on offer night.
Along with a listing price, an experienced real estate agent can give you a timeline with ideas of how to attract buyers and overall tips on the home buying process from the seller's point of view.
Why do people want to sell their homes quickly?
There are many reasons why people want to sell their homes quickly.
Sometimes, people need to sell their homes quickly because they need the money for a different purpose. The home being sold could be a second home or a vacation property and selling it would help finance something like college tuition, a new vehicle, or a down payment toward buying a whole new home.
Other times, people may not be able to afford the mortgage payments anymore and need to sell their homes quickly to avoid foreclosure. The damage that foreclosure does to someone's credit score is huge and as a borrower, it may be better to settle prepayment fees and sell the home than continue to pay for mortgage payments that they can no longer afford.
Additionally, some people may just want to move to a new home and don't want to wait a long time for their old home to sell. A home on the market depreciates the longer it's there. There are more possibilities for huge returns on an investment when the sale is done swiftly as it translates to people perceiving the home as valuable.
What to do if your house doesn't sell within the expected timeframe?
If you work diligently with your real estate agent, said all the right things and feel confident about the sale of your home... there's still a possibility that potential buyers don't want to move onto the next stage.
The first thing you should ask your real estate agent is if your home is at the right asking price. Most sellers and real estate agents will then turn to recent sales to see how much a comparable home sold to figure out the right price.
This is the first and easiest step to determine what went wrong with the sale of the property. The truth is that a buyer can back out of a sale for a vast number of reasons.
If you find a price mismatch or need to sell quickly, then lowering the price is one approach to increase the interest of prospective buyers. It goes against the usual adage of seeking out the highest possible price but enough money is often better than more money at the risk of no money at all.
There is also the option to relist your home, making it seem like it just hit the market and that you are just now beginning the process of selling your home. Some people believe this tactic to be unethical but it usually also comes with a price reduction.
If price is not the main cause, then it may be time to look at other factors.
Listing photos.
These are the first things people will see of your home. If the original listing photos were not taken by a professional then it may be time to rethink that. To sell a house fast, you need to make a good impression. Professional photography designed for real estate is your first line of attack.
Professional photos will let a buyer know that your home is inviting and a worthwhile investment.
Decluttering.
Speaking of photos, during open houses, family photos and other small personal items should be removed from the property. You want buyers to feel like they are walking through their dream home and not the home that you are selling. There's an important nuanced difference there.
Take a minimalist approach to your decor during the sale period. Make all visible spaces clutter-free and give each part of the home a lot of breathing room. Though you may have some great photos, you are not hosting a dinner party, you're a seller first and foremost.
A fresh coat of paint.
This is more involved. If your home has a lot of flashy colours then consider taking the house out of the market while you paint with some neutral colours to make it easier for other people to picture themselves in the home. Not everyone has the same preferences when it comes to colour but natural light works very well with neutrals.
Other issues.
As a home seller, it's time for you to look at your home as a product and less as your home. You may be satisfied with the state of your yard but if you trim trees, it may give it a cleaner more easily maintained look.
In the end...
The purchase of a home is as much a financial endeavour as it is an emotional one. Give potential buyers all the reasons they need to make the call to buy. Cost is a critical part of the equation but it is not the only one.
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