Thursday, December 5, 2019 / by Connie Tracy
That is the million dollar question... Seller's that want to get their homes on and off the Spokane market quickly need to price their homes competitively, work with a Spokane Realtor that knows what is happening with the market, and make smart renovations, if needed.
Major factors that may impact a home sale timeline includes the time of year, local housing market conditions, and the condition or type of home being sold.
Your timeline will also depend on your Spokane agent's listing strategy, such as, pricing, marketing, networking, and the buyer's financial situation-- that is the amount of time it takes for them to secure approval for their loan.
Sometimes there is no logical reason for how long it takes to sell a house. It could happen quickly out of sheer luck or if the buyer is in the right place at the right time. Your house might come on the market the same day a specific buyer is looking to purchase the house you're offering for sale. But more likely, it depends on a few more factors than just luck. Timing can be essential for quick sale.
What's the Price?
Some agents will price the house a little under market value to entice multiple offers which can push the price higher.
Also the price range makes a difference, too. Homes in lower price ranges often sell faster than those in higher ranges because there are more buyers who can afford lower-priced homes.
Location, Location, Location
You have heard it said time and again... but it holds true. Location is sooo important. There will be a demand for a home that's in a desirable neighborhood near excellent schools than for a property that's located in a less desirable area near a sketchy area or highway.
How Does Your Home Look?
Homes that are in excellent shape and sparkle sell much faster than homes that need a whole laundry list of repairs or are cluttered. A quick solution to this problem involves clearing out half the furniture. Larger pieces are overwhelming and take up a lot of space. Tuck away any personal items such as family portraits and knick-knacks.
What Kind of Market are You In?
Homes sell faster in a sellers' market because there are more buyers than sellers. This increases competition among buyers. A bidding war can result with offers coming in above list price when more than one person is trying to buy the same property. It is not unusual to see a house go pending in less then a week in this type of market. Patience is key if you're the buyer in this type of market.
In a buyers' market there are more choices and buyers can take their time. A buyer will pass over a not-quite-perfect property and continue the search. Patience is key if you're a seller in this type of market.
When Should You Sell?
If you are thinking of selling and don't want to get it listed during the holidays, wait until Spring when people are thinking of homes. The BEST time is February and March right before the Summer Sales Dash!