"How long will it take for my home to sell?" This is a question I hear from Cincinnati home sellers a lot these days. For a little more clarity on the subject, I want to explain two concepts that you've probably heard your Realtor talk about.
- Days on Market and
- Absorption Rate
Days on Market (DOM= our abbreviated version) is simply the amount of time a home was on the market before the seller accepted a contract and the home went "pending sale." Although you won't be able to see this figure when you're looking at Cincinnati real estate listings online, your Realtor can provide this to you. Days on Market does start over at zero when an expired home re-lists after it has expired. Because of this, you should look at the CUMULATIVE Days on Market for the home to get a true picture.
Absorption Rate is the rate at which homes sell. If there are 10 homes on the market in your neighborhood, and only 5 homes sold all of last year, this means it could take the market two years to absorb (or sell) that current inventory of 10 homes. This figure assumes that no new inventory comes on the market.
Both of these figures are very important as you plan how fast you need to sell your home. If there is two years of inventory in your neighborhood and you need to sell by next month, you will need to come up with a marketing approach that will make sure you are the first to sell out of the group.
For the days on market or absorption rate for your specific Cincinnati neighborhood feel free to get in touch with me and I'll be happy to provide this to you.
Comments(0)