What is the Average Time to Sell a Home? | Baltimore Real Estate

What is the Average Time to Sell a Home? | Baltimore Real Estate

Let's Chat!  Sellers & Buyers: (443) 465-8443 

FREE Home Valuation 

 

What is the Average Time to Sell a Home?

In recent years, the average time to sell a home has dramatically increased. This is largely due to the unemployment rate and credit crunch, which are limiting the number of first time home buyers entering the market, as well as the increasing number of short and foreclosure sales. These stats have changed in the sellers favor now.  However, there are many factors that can impact how quickly your home will sell.

Factors Affecting the Average Time to Sell a Home

Home listing price - An asking price that is either too low or too high can dramatically reduce the chances of selling your home on a timely schedule. Your agent should be familiar with the local market and provide you with local comps (comparable homes that have recently sold) to help determine what your asking price should be. Whether you take or ignore this advice is a contributing factor to the length of time the house will remain on the market.

Condition of home - The condition of your home during viewings or appraisals is also a contributing factor. When anticipating a showing or other appointment, your home should be spotlessly clean and tidy with no visible flaws. Nail holes, carpet stains and other defects must be patched, cleaned or corrected. Many agents also suggest you ôdepersonalizeö your home by removing personal items such as photos, memorabilia, etc. If you own pets, they should be contained in a separate area of the house with no evidence they live on the premises. Home buyers need to be able to envision themselves living in the home - the less clutter or distraction, the more likely it will sell.

Location of home - Location is always a top factor in the desirability of a home, especially in a soft or surplus market. A home that is adjacent to a busy road, a messy neighbor, or a busy shopping center will be more difficult to sell than a home with open range, unobstructed views, or better school districts. If your home is not in a desirable location, it may take a price reduction as well as additional time to sell.

Region - Home markets vary from city to city based on the employment rate and inventory of available properties. For that reason, the average time to sell a home can vary by months depending on what city or market it resides in. According to Clear Capital, the average time to sell a home for soft markets such as Miami, Las Vegas or Detroit could be 10 to 12 months, whereas in a healthier market such as Washington D.C. or Houston, it can take as little as one to two months.

Home Seller Flexibility - A flexible seller who is willing to accept spur-of-the-moment or random viewings may be more likely to receive an offer than those who limit the schedule or frequency of potential buyers to view the property. Likewise, a seller who is flexible on the price of the property will be more likely to accept a reasonable offer. The seller needs to be realistic and understanding that, in order to sell a home, compromises are needed.

Type of Home Sale - The type of home sale is also a contributing factor in how quickly a house will sell. If the property is a short-sale or foreclosure, the process can take six months to a year (or more). However, if it's a traditional home sale with a quick close, it can take as few as two to four weeks. Unfortunately, in these scenarios, the seller has little control over how long the process will take, as the majority of acceptance and paperwork lies with the lender and title companies.

Clearly there are a variety of factors that affect the average time to sell a home. Being aware of these factors, making the necessary adjustments, and having flexibility and patience will help smooth the process and bring your home to a close within a desirable time frame. If you want to get a better estimate of how long it will take to sell your particular home, let me know. Agents are happy to take these requests even if you aren't sure you are selling your home.

 

 

Provided courtesy of Helene Kelbaugh of
Keller Williams Legacy Metropolitan
   
 
Follow Me Socially!!
  
  Instagram      
Helene Kelbaugh of
Keller Williams Legacy Metropolitan
443-465-8443 DIRECT | 410-342-4444 OFFICE
 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Selling
Location:
Maryland Baltimore County
Tags:
sell a house
helene kelbaugh
what is the average time to sell a home baltimore real estate

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
431,709
Betsy N. Robinson - Serving the Sandhills, NC
Everything Pines Partners, LLC. - Whispering Pines, NC
CNS

Price, location, condition.  Always the three most important factors affecting when, and if, a home will sell.  Yes, not every house will sell unless these three factors are properly balanced.  One cannot change location, so the other factors have to take that condition into account.  That is why the services of a qualified Realtor can be crucial to getting a home sold at the best possible price in the least perod of time.

Jan 26, 2015 07:35 PM #1
Ambassador
1,118,820
Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com

I agree price, location, external, internal factors, and condition determine the length.

Jan 26, 2015 07:37 PM #2
Rainer
186,916
Helene Kelbaugh, REALTOR, Internet Marketing Specialist
eXp Realty - Middle River, MD
eXp Realty

Back to basics.  Condition, Location and Price  Thanks for reading! 

Jan 26, 2015 08:22 PM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
186,916

Helene Kelbaugh, REALTOR, Internet Marketing Specialist

eXp Realty
Contact me about your Real Estate needs now
*
*
*
*
Spam prevention

Additional Information