Monday, November 25, 2019 / by Kylene Emery
Selling your house is a multi-step process that can take weeks, if not months, from start to finish! The biggest unknow for most sellers is how long your house will be on the market. Today, I will go over the most relevant factors that influence the time it takes to sell a house.
1. Asking Price
A homes asking price is the most important factors in terms of time on the market. Homes that are attractively priced relative to their market value attract offers even if they are not in great shape or in a prime location. Homes that are overpriced take longer to sell even if they are in a great location and in new or like-new condition.
2. Home Condition
Your home’s age and condition generally aren’t as important as your asking price in how quickly your home will sell. Sometimes, an old fixer-upper with a bargain price can sell faster than a new, prime-condition home that’s overpriced. However, in some instances, say in a hot market with many modernized or revamped homes, an older DIY house might linger looking for a buyer.
3. Lot and location
Obviously, location is a key factor in a home’s market value and how long it takes to sell. Buyers aren’t all alike, but generally speaking, certain factors tend to make a home’s location more or less valuable.
4. Market Conditions
Real estate markets are notoriously cyclical. Selling a home in a hot market can be a very different experience from selling in a cold market. Markets can shift quickly. If a market is in transition, selling a home can be more challenging. Generally speaking, if your local market is rising, you may be able to set your asking price slightly higher than the recent sales prices of comparable properties.
Currently Spokane is considered a hot seller’s market. This means you can be slightly more aggressive with your pricing, but often times you will actually end up getting a higher price for a home you don’t price at the top end of its potential price range. This is because you will end up getting more aggressive offers from buyers that are competing to buy your home.
5. Seasonal Patterns
Many real estate markets also feel the impact of seasonal cycles. Spokane is certainly one of these markets. There are far less houses on the market during the winter months, and home sales slow as well. We are still in a seller’s market, but it is a very different experience to sell your home in the winter in Spokane as compared to summer.