You may have more control over the timing of your sale that you think.
Cervone, Deegan + Associates knows that preparing your home for sale is all about timing for the whole process from start to finish. There is planning that goes into each step including getting it ready, negotiating and the actual transaction. While it is pretty straight forward on how long it will take you to get it ready for putting it on the market, nobody has a crystal ball to tell them how long it will take exactly to sell. However, what we do know is there are some statistics available that will give us an idea of how long it will take as well as other factors that have a direct impact on the timing. Here is a closer look at them.
Selling pace of comps
A big factor on your sale time will be your location. While nationally things are selling very quickly, your hyper local area can dictate how long to expect to sell. The nearby comps will have data including the average time on market to use as a benchmark for your home.
Supply and demand locally
Nationally we see that buyer demand is high and inventory is low with buyers being lured by historically low interest rates and there isn’t enough inventory to keep the market in normal balance. However, this factor can vary in one direction more or less depending on other local influences such as school rankings, public transportation and the like.
Most buyers want something that is move-in ready. The majority of people will want to invest in a home and not have to worry about organizing or financing multiple repairs or have the headache of doing major upgrades. Furthermore, homes that may have underlying issues may be discovered during the inspection process which can extend negotiations and in turn prolong the selling process.
Your home’s general appearance can also have a major influence on how quickly it will sell. Statistically speaking homes that are staged will sell more quickly as not everyone can visualize its potential. Keeping the home clean, decluttered and well staged matters!
Overpricing your home can be detrimental to its sale as well as to your final selling price. A price too high will rule out some buyers, can lead to it sitting longer on the market and potentially soliciting a low ball offer. Pricing it at market value or even just under can help you garner a lot of interest by serious buyers that can even result in a bidding war where you get more than expected.
Finally, your negotiating and willingness to work with buyers will also play into your timeframe. Those who hold out for asking price or choose to avoid negotiating on terms will certainly run the risk of extending selling time. Ultimately the power is in the seller’s hands on what they decide to work with to get their home sold.