Have you ever noticed that predictions made by economists and futurists rarely occur exactly as their timetables would have had you believe? Predicting the exact time it takes to sell a home can also fall short of expectations, yet one of the questions most often asked by sellers is, “How long will it take to find a buyer?”
There are three factors that can influence the selling time of your home. They are: price, condition of the home, and the average selling time experienced by other sellers in your area.
To begin, ask your real estate agent for detailed information about homes comparable to your that have sold recently. Review the listed price, the final sale price, and a list of features such as size, number of bedrooms and baths, etc. Ask for the sale time and the financing method used by the buyers.
If your agent provides eight to ten comparable sales, eliminate both the longest and shortest sale times. Average the remaining sale times. Although this figure cannot be used to predict a certain sale time for your home, it can give you an approximation of the time you should allow. If you want to shorten your sale time, adjust the price and/or the condition of your home.
Put your home in significantly better condition than other comparable homes, or adjust the price downward to “fair market value” or below. Combining these two factors will significantly reduce your sale time.