“how long will it take?”
One of the most common questions someone selling their home asks
The length of time it takes to sell a home depends on many factors. First, there is the current market in your area. If there are a lot of people trying to buy houses in your neighborhood, it may create a seller’s market, which will help you sell faster. If more people are moving out of the neighborhood, you may be looking at a buyer’s market, making your home harder to sell.
One of the first things a buyer asks about a listing is its days on market (This measures the average length of time each home has been for sale in a given market). Days on market matter. When buyers see extensive days on market, they figure the seller is desperate to sell because the home is still on the market. Buyers also believe there might be something wrong with the home that caused other buyers to pass it up.
To determine the average days on market, agents take the last 30 days to six months of sold listings, add together the days on market (before each listing went pending) and divide that total by the number of listings.
A reasonably priced property, in a reasonable marketplace, with a decent agent will normally get at least two viewings a week. This means you can fairly reasonably predict that the average time to find a buyer is not more than 8 weeks or to put it another way; 16 viewings.
Another important factor to sell a house, is location. If the home is located in a highly desirable neighborhood there will be more demand for the home. If the house is located in an undesirable location, such as near a garbage dump or a busy highway, it may never sell. Also, homes that are updated, clean and move in ready, will sell much faster than homes that need repairs or are cluttered. Buyers need to be able to imagine how they will live in the house.
There are many factors that affect the average time to sell a home. Being aware of these factors, making the necessary adjustments, and being able to be flexible and patient will help smooth the process and bring your home to a close within a desirable time frame.
If you would like information on your local real estate market, or are first time home buyer not working with a Realtor and would like to schedule a consultation with a qualified Oakland County and Macomb County Realtor, please complete the Lang Premier Properties contact form to have a real estate agent contact you.
Lang Premier Properties are Birmingham Realtors specializing in Oakland County Real Estate. Stephanie is an agent with Max Broock in Birmingham, Michigan. See what past clients have to say about Stephanie Lang. Lang Premier Properties looks out for your best interests when you purchase a new custom luxury home. We always recommend working with an experienced luxury real estate agent when buying a new luxury estate.