Every home seller should know the average time it will presumably take to sell their home. This information should also interest home buyers.
Seller's can use this information as a general guide to home selling time-frames. The variables are condition, location and price. I would add one more very important consideration to the list. Marketing and the exposure of your home to buyer's by the seller or the agent or broker hired as the real estate sales agent.
Buyer's many times play "chicken" with their future by waiting for the price on a particular property to go down before making an offer. This can be contributed to the "Good Deal" syndrome! Everyone wants a "Good Deal" no matter what they buy. When buying a house or car everyone knows you made a major purchase. Now here is the reality for many home buyers. They wait and someone else ends up enjoying what was going to be their dream home!
In our economy buyers that are "real buyers" not lookers, buy and do it 95 days in the Grand Rapids Real Estate housing market. When you see the chart below that outlines the average time it takes in the Grand Rapids Housing Market to sell a home, I think you will be surprised.
This length of time in real estate terms is called "Days on Market" or DOM.
As with any statistical report, this information changes by the hour and day as homes sell, additional homes are listed for sale and other home listings expire. The key is what is the trend. One week or month does not make a trend. You can see the time to sell your home in the Grand Rapids housing market is very consistent month over month.
One additional factor to consider is this report is based on a very wide price range. Within specific price ranges, when the number are more specific i.e.: 3 Bedroom Ranch, priced to sell at $130,000.00 may have a different selling time frame than a 3 Bedroom Ranch, priced for sale at $350,000.00
You are looking for trends and guidelines. Then step into the specifics of your home, sell price, location and condition to create a comprehensive analysis of estimated time frame to sell your home.