How Long Will It Take To Sell My Mason Home?

How Long Will It Take To Sell My Mason Home?

"How long will it take to sell my Mason home?"  That question is probably only second to "How MUCH can you get for my Mason home?"!  And they're both pretty important questions, and the answers to both can be fluid.  The fact that you live in the Mason School District is a definite advantage for you!  Top ranked schools, top notch Mason Community Center, plenty of activities and offerings that are friendly to both families and singles.  Convenient to Cincinnati & selected Money Magazine's #24 Best Small Town last year.  Yes, there's a lot driving the demand and value from an overall community level.

Now the answer to how long will it take to sell your Mason home has a few variables that influence the answer.  We can answer both in overall Mason community generalities and provide you the macro answer, but to get to the root of how fast YOUR particular home will sell will be dependent upon YOU, YOUR HOME, and just how much freedom you provide us to do our jobs (more about that later!).

From a top level look, we've extracted and analyzed the Cincinnati MLS data for the Mason School district.  To provide a smoother view, we've split the data into quarterly buckets starting with 2011, and also split the price ranges.  You'll note as we went up the price scale we increased the size of the buckets to review.  All data is for single family residences ONLY and does NOT include condos, that's an entirely different market segment.

NOTE:  Days on market is cumulative, not just the time from the current MLS number until a contract was accepted.  Days on Market or DOM, can be a deceptive number if not approached from a cumulative view.  DOM counters may start over when a new agent is hired, or when the current agent cancels and reissues the home to MLS under a new MLS number.  What you want to know is how long does it REALLY take from putting a Mason home on the market until you accept an offer.  And don't forget to typically add another 30-45 days to that to actual closing and move out of your home.

So here's the Average Cumulative Days on Market table:

Now obviously there's no blatantly obvious answer here, other than for the most part, homes priced $400,000 and lower have the best chance of moving quicker.  Now that obviously is just logical.  More buyers with the financial capability to buy creates more competition which creates faster sales.  As you go up the price ladder, the number of potential buyers noticeably decreases.  There are only so many VPs and CEOs shopping for a Mason home, as evidenced by the three quarters in a row with no sales above a million dollars!

The next table captures the total number of Cincinnati MLS sales by quarter for each of those price brackets, and we've also listed the total number of homes for sale in Mason School District by price as of TODAY'S Cincinnati MLS.  We've intentionally omitted any homes currently under contract.

So what are the key takeaways from this table?  Obviously the largest portion of homes for sale are sold for less than $500,000.  It also tells us that a home to buy under $100,000 is pretty scarce (most likely a bank owned, older property in less than ideal condition...trust us, been there, done that with our recent buyers!). 

We added an extra column on the right for Months of Inventory.  Now this is a bit inexact, even if the formula we used is precise:  Total homes for sale today/(total homes sold last 15 months divided by 15 months).  The result is how many months it would on average take to sell all homes if NO more homes came on the market.  Now reality is speed to sell ebbs and flows according to WHAT the inventory is, and of course other homes WILL come on the market.  And when they do, if that home is "better" in the buyer's eyes to your home, they'll push YOU to the back of the line.

What other message does the table clearly send?  It's not good to be a luxury home seller in today's market.  There's a LOT of competition and FEW buyers.  Assuming no change, it would take YEARS to sell all the current luxury homes for sale.  Now the reality is the economy will recover and these homes should sell faster than the current stats indicate.  That said, NOW is a great time to be a luxury home buyer!  You've got some motivated sellers out there and we're not seeing it as uncommon for MAJOR discounts in price from asking to final price.

Now to close the loop on our earlier statement, your home and it's price position relative to your competition is going to have a significant impact on your speed to sell.  Additionally, the freedom you grant us to market your home is also going to have an impact.  We may ask to stage your home for instance.  Are you willing to remove extra furniture, paint or otherwise update the home?  Are there restrictions to how easily the buyers can access your home?  There's quite a few factors that will influence how quickly your specific home will move.

To search for Mason homes to buy, or to check your potential competition, click SEARCH MASON OHIO HOMES FOR SALE. 

And if you'd like a personalized evaluation of your home and the factors influencing your home's time to sell, just give The Liz Spear Team of RE/MAX Elite a call for a no hassle, no pressure consultation!

Serving Mason's residential real estate needs,
Liz and Bill aka BLiz