Selling your home is the first step in closing one chapter of your life and moving onto the next. Typically, home sellers are eager to make that transition, and they want to sell their homes as quickly as possible.
While this is achievable in some circumstances, it isn’t always that easy. When it comes to selling a home and how long it takes to do so, there are several factors that one must consider.
In this guide, we’ll take a look at four of the most important.
Sale Price
If you want to sell your house quickly, you need to price it right. If you overshoot on the price, you’ll likely see it sit on the market for a long time.
No matter how much you stage it or use clever marketing tactics, an overpriced home will not sell quickly – in many cases, it won’t sell at all until you lower the price.
With that in mind, do your research on your home’s market value to price it appropriately off the bat. You can do this by checking out online home sale calculators, such as the one here.
Home Condition
If your home is in rough shape, then it’s probably going to sit on the market longer than a home that’s pristine and move-in ready. If you are selling a fixer-upper in need of some renovations, you have three options to help it sell faster.
Your first option is to price it lower. This will attract the interest of more buyers and help them justify spending money on renovations.
Your second option is to complete some of the renovations yourself before you list the home. In the vast majority of cases, buyers are seeking convenience. If you take some of the hard work out of the equation for them, they’ll be more likely to put in an offer.
Lastly, you can sell to a cash buyer. Companies of this nature will typically purchase homes regardless of their condition. They will make competitive cash offers and charge zero fees or commissions. That means you can sell your house fast without sacrificing on time or price.
Location
The area in which your home is situated plays a major role in how quickly it will sell. For example, if your house is located in a safe family neighborhood or near awesome local attractions, it will likely fly off the market.
On the other hand, if your home is in a neighborhood with a slightly higher crime rate or next to a noisy train track, it may not attract as many buyers.
While you can’t change the location of your home, you can adjust the sale price or contract clauses to incentivize people to make offers.
Real Estate Market Health
Trends in the local and national real estate market will also impact the duration of your home sale. Be sure to research market trends to determine what goals are realistic for sale, particularly in terms of profits.
Pricewaterhouse Coopers (PwC) offers a comprehensive report that outlines emerging trends home sellers and buyers should know about. There are many elements that contribute to how quickly your home will sell. When preparing to sell your home, it’s important to educate yourself on these factors and how you can adjust them to your benefit.
The more knowledge you have, the quicker you’ll sell your home and receive the compensation you deserve.