Friday, November 8, 2019 / by Elizabeth Sorensen
How quickly will my home sell??
This is a common question I get asked by home sellers and the answer is- it depends.
The current market climate will determine how quickly your home will sell.
In a hot seller’s market, where there is limited inventory, meaning there are more buyers than homes to purchase, you can sell your home in a day (although I highly recommend allowing the home to have proper marketing time so that you can receive the greatest amount of exposure and receive the most offers).
Anytime someone tells me they sold their home in one day, I always shake my head because I know that means they left a lot of money on the table- often thousands!
You want to give your time home to get maximum exposure. In this market, I don’t recommend you accept any offers sooner than 72 hours after listing. This will make sure all of the buyers out there have a chance to see it. In this way, you’re much more likely to get multiple offers and drive the offer price well over asking price.
If there are more homes on the market than buyers, then you can expect a little longer for your home to sell.
It’s really important to look at the absorption rate in determining timing. Absorption rate is a term most commonly used in the real estate market to evaluate the rate at which available homes are sold in a specific market during a given time period.
It is calculated by dividing the average number of sales per month by the total number of available homes. According to Investorpedia- a seller’s market would have an absorption rate that equals more than 20% and a buyers market would have an absorption rate lower than 15%.
I personally feel that these numbers are a bit too lax as right now in today’s market if we are seeing home taking longer than 15-20 days to sell, then it is definitely overpriced.
I’d be happy to discuss timing and how quickly I feel you’re home will sell under the current market conditions.
Please reach out to me!
Haven Real Estate Group