Each real estate market is unique, which is especially important to remember when trying to figure how long your home might be on the market.
In so-called “hot communities,” properties move quickly. In less desirable markets, it typically will take a little longer to sell a house.
Nationally, real estate experts estimate that it takes an average of three to six weeks to sell a home. That, of course, means that some sell in a matter of days while others might languish for several months.
While there are numerous factors that influence how quickly a home will sell, there are six key variables all prospective sellers should be aware of:
Product: The product is the property. If a home shows poorly or has huge defects that cannot be or are not corrected, a sale may not take place until the problems are fixed or the price is adjusted to reflect the problems.
Price: If the home hasn’t sold after a reasonable length of time, but other comparable homes have moved during the same time frame, the cost of the home may need to be adjusted accordingly.
Financing: If the cost of financing is too high, or if the seller requires a larger down payment than most people have available, the sale may be delayed.
Timing: This refers to the condition of the specific community’s real estate market. It may be a seller’s market or a buyer’s market. Whichever it is, though, is a factor beyond the control of the homeowner and real estate agents. It’s something that simply has to be accepted for what it is.
Competition: Every buyer makes decisions about what home to buy and its worth at the time they purchase. The supply of other homes to consider purchasing changes on daily basis. Competition always affects a buyer’s opinion of a property, meaning the rest of the market will have an impact on potential buyers.
Promotion: The marketing and promotion of any property is unique to that property. However, keep in mind that even the best and most aggressive promotion in the world won’t be enough to offset the other five factors.