How Long Will It Take to Sell My Home?
One of the first questions many homeowners ask is, “How long will it take to sell my home?” That is a question that can only be answered after looking at several factors.
The first factor is learning about the local market condition for sales of existing homes. Real estate markets are cyclical and the level of demand for homes determines how many buyers are in the market. Total homes for sale also play a big role in determining how fast your home might sell. Realtors call this the current market inventory.
The second factor in selling your home is the price you are asking compared to comparable prices, or “comps,” for similar homes in your area. Pricing your home against those comps is an important decision determining how fast your home sells. Asking prices below market generally attract more buyers faster than those at the top of the comparables.
Also, your asking price should reflect the condition of your home. Is it “move-in-ready” or is it in need of small or major repairs or updates? Different sets of buyers are attracted by these factors and use them in their buying decisions, determining how fast your home will sell.
Combining these factors of market, price, and condition gives you a good idea of how fast your house can attract a buyer.
Negotiating with that buyer and agreeing on contingencies is the next step. Once you have a valid contract, the process of closing resolving contingencies is a time consideration. This process requires inspections, loan qualifications, and title work. Controlling these variables is a part of selling your house fast.
Knowing the market conditions, deciding on pricing, and controlling your closing times can give you a good estimate of how fast you can sell your home.