Since we’re in a strong sellers market with low inventory, some people expect their home to sell within a couple days. When that happens, it’s super exciting but should selling your home quickly be the main goal? While it may seem tempting to receive and accept an offer so quickly, you should be aware that by doing that you could be losing out on maximizing your selling price.
In an appreciating market where there are more buyers than homes for sale, allowing your listing to reach as many people as possible is incredibly important. And typically, that takes more than a couple of days. First off, you need a marketing plan that incorporates traditional and digital methods, maximizing market exposure. It should target neighbors, potential buyers, and successful local agents. Ideally, your home should be viewed by many people prior to the acceptance of an offer. The agent you hire to sell your home should be able to fully articulate the strategy and how they will reach various target audiences to maximize the exposure and selling price.
We frequently see homes entered in the MLS as already in escrow with “0” or “1” day on the market. Many, many times, the offer accepted is below market value and below what the seller could have obtained if they’d hired a reputable agent who provided full market exposure for the home before recommending they accept an offer.
The length it will take for your home to sell is dependent on a few factors: home condition, location, competition, and pricing & marketing strategy. In terms of averages, most homes take a little over two months from listing to closing to sell.
Location – Some locations are simply more desirable than others so homes in those areas will sell quicker. A lot of times these super desirable areas are also on the smaller side and in a regular year they have low housing inventory. So today, while inventory is low all around those homes will sell in the blink of an eye.
Condition – Updated homes sell quicker and for more money than fixer-uppers. In today’s market, buyers are burnt out from house hunting and are more likely to place an offer on a home that doesn’t require a lot of work.
Timing & Competition – In real estate, timing matters. Whether it’s the day of the week that your home goes up for sale, or the season in general, timing is a huge factor when it comes to how quickly a home will sell. At the same time, the number of homes for sale in your area and the condition can also affect you. Before listing your home, do your research on the number of homes for sale in your area, their condition and their selling price.
Pricing & Marketing Strategy – Finally, your pricing and marketing strategy can be huge factors in how long it will take to sell your home. You don’t want to list your price too high or too low. Similarly, the right marketing strategy and getting your home in front of as many people as possible can ensure the right buyer sees your home and can maximize your profit.
If you’re considering selling your home and have any questions, give us a call at 562-896-2456.