San Antonio TX Real Estate-How Long Will it Take to Sell My House
Being a San Antonio area Realtor®, I get many questions and a big one is, "how long will it take you to sell my house?" I would love to be able to tell you to the day how long it will take you to sell your San Antonio area home. If I could do that with complete accuracy, I am pretty sure I would be the most popular San Antonio Realtor® there was, (well...I would be EVEN more popular :). ). The truth is, is that there is no crystal ball to give that exact number of days of how long it will take to sell your home.
However, no worries. There are ways in which I can get an indication of how long it will take to sell your home. I first try to get an indication of how the Real Estate Market is doing in your particular area. When I meet with a seller, I like to get as much information as I can possibly get about your home, condition, upgrades etc. I will then compile a Comparative Market Analysis for you to give you the low down about what price range you should place your home in to successfully sell your San Antonio TX area home. I will also calculate the absorption rate in your particular neighborhood. What's an absorption rate you may be asking? Well, it's a calculation many Realtors® use to give a seller an idea of how many months of inventory of homes are available in your neighborhood. It can tell us based on the answers whether you are in a buyer's market or a seller's market. Those answers will let you know as a seller where you want to place your home on the market based on your needs.
How do we get an absorption rate and what do the numbers mean? Well, I will first look up your San Antonio subdivision in our MLS and pick a time frame such as 6 months. I will then add up the number of Sold Homes during that time frame. Let's just say your neighborhood had 18 sold homes in the past 6 months. I will take that number and divide it by the number of months I am using. That give me the number 3 (18/6). I will then take the number of available homes for sale in that same neighborhood, let's say that number is 25 and divide it by my original answer which is 3 (25/3). In this case the answer would be 8.3 (I cheated and used a calculator for all my calculations). This means that there is 8.3 months of supply of homes for that particular San Antonio neighborhood. Whenever you have less than 6 months of supply of homes, it indicates a seller's market, but because you see that the number is higher than 6 months at 8.3, this indicates a buyer's market.
Why is that information important to you as the home seller? Well, in a buyer's market that means that there is more supply than there is demand. Because of this, buyers have a lot of inventory to choose from. When supply is greater than demand, in order for a quicker sale, the price needs to be very competitive (in the lower range). I could probably safely tell you that most neighborhoods in San Antonio are currently experiencing a buyer's market.
Based on that Comparative Market Analysis and where you choose to price your home based on the additional information I present you with the absorption rate, I can look at or give you a good guestimate on how long it will take you to sell your home. Pretty neat, huh :).