How Long Will It Take To Sell Your Home? I am often asked how long it will take to sell a home in today's market. Many parts of
country are generally enjoying a seller's market and have been for several years. Apart from obvious factors (e.g., homes in very high price ranges have fewer buyers than $300,000 homes), a word about economic reality is in order. We have all been taught that real equation in real estate is "location, location, location." This is utterly false. People actually live in Kansas!
The real equation in real estate is price vs. condition. If your home is marketed effectively, (i.e., at least two dozen showings, and it's in best possible showing condition) you should get a favorable response in 1 to 3 weeks. By "favorable" I mean second showings, requests for additional information, or an actual offer.
Unfortunately, most homeowners have been brainwashed into thinking that to get price they want, they must list their property for 10-15% above it's actual market value. While in actuality, they are actually hurting their chances of getting what their home is worth.
Think about it for a second. Most buyers are actually using an agent to find that "perfect property". Any agent doing business, for any amount of time, has a very accurate knowledge of home values for each particular area and community. What is first step in that Buyer getting to your home for exposure? Their agent looking through MLS and finding your property in search results, is first step. Most agents, when they see a home that is 10-15% overpriced or more, alongside 7 or 8 others with comparable features, won't even set up showing.
After weeks and weeks, with no bites or offers on your property, you have to make a price reduction to get it back to it's true market value. Now, because home was overpriced to begin with, this price change will seem pretty drastic to any agent looking through MLS, for their clients. At this point, only offers you will probably receive are going to be lower than your new reduced price. It's all about mindset. The Buyer sees a drastic price reduction, several weeks or months on market, and they think, "They NEED to sell. They'll take less."
