A question that I often get asked is how quickly will my home sell?
Well, one of the factors is actually the market climate. In a hot market where there’s limited inventory, meaning there are more buyers than homes to purchase, you can sell your home in a day, although I highly recommend never allowing this to happen. You need to allot proper marketing time so you can receive the most amount of offers with the best terms. You want buyers to compete. Anytime someone tells you they sold their house in a day, I almost shake my head because I know that, that means they left money on the table.
Now more about the market. If there are more homes on the market and buyers, then you can expect a little longer for the home to sell. Now we can discuss timing and how quickly we feel your home will sell based upon market conditions and when we meet you in person.
It’s really important to also look at the absorption rate in determining timing. The absorption rate is a term most commonly used in real estate, in the real estate market, to evaluate the rate at which available homes are sold in a specific market during a given period of time. It’s calculated by dividing the average number of sales per month by the total numbers of available homes.
According to Investopedia, a sellers market would have an absorption rate that equals more than 20% and a buyer’s market would have absorption rate lower than 15%. I personally feel that these numbers are a bit fast and right now in today’s market, we are seeing homes take longer than 60 days to sell and it’s overpriced in my opinion. Read how to see what to consider when pricing your home next.
I’ve sold hundreds of homes right here in our local community over the past 17 years, so we know about timing when selling a home. So call us here at Homes by Krista and we’ll let you know based upon today’s climate, how many homes are on the market and how many buyers that we’re seeing and give you a really good estimate of how long it’s going to take for your home to sell.
Owner and Broker of Homes by Krista.