The timelines to sell your house can depends on several factors that can influence a buyer’s decision to purchase the house such as location, price, condition, time to close and other factors. We will discuss a few of them.
The biggest factor on the time to sell is pricing the home correctly. The older philosophy of pricing higher and negotiate the price has been less effective over the years. In the age of online shopping, buyers have information available at their fingertips regarding values of properties. If the perceived value is not present, potential buyers may not visit the property if the property appears to be priced above other houses in the area.
Pricing the house to be competitive with other properties for sale can produce quick responses or even multiple buyers presenting offer on the property. Allow you agent to present comparable sales on properties that have closed, under contract and currently on the market to decide how to price your property. Longer days on market or markdowns may cause buyers to question the property or submit lower offers.
The old saying in real estate is “Location, Location, Location! “This is certainly true in a slow market. Buyers may look at certain locations to be positive or a negative light. It’s not possible to pick the house up and move it, however it should be recognized that some areas are less desirable and should be priced accordingly.
Having a longer than average close time may deter some buyers from purchasing the property. The seller may need time to find suitable replacement housing. Although not an unreasonable request, some buyers may be concerned about locking an interest rate. Offering a rent back situation should also be considered as a possibility. This allows the buyer to lock an interest rate and the seller to remain in the home until suitable housing is found.
Make obvious repairs on the house that are visible. Pealing paint, damaged wood or materials around the exterior may send a signal to a buyer the property has been neglected. It may raise concern that other, more costly aspects of the house, have also been neglected.
The average closing time once the property goes under contract is 45-60 days. It is possible to close a property in 30 days or less under the right conditions.