As a homeowner planning to put her house on the market, one of the things you want to know is how long it usually takes to sell a property. Based on reports, it takes about an average of three weeks for houses to get sold.
While this is the trend, it does not necessarily mean that the same thing will happen to you. It’s possible for your house to stay on the market longer than the average duration.
However experienced real estate agents do not want a property to have no buyers beyond the third week. Your home’s days on the market (DOM) matter. The longer a house is on the market, the higher the chances of its selling price dropping. Moreover, thinking that there’s something wrong with the property, homebuyers lose interest in it. This is why, it is important that you sell your property fast and you can do this with the help of a reputable real estate agent.
Factors that Prevent the Immediate Sale of Houses
There are various factors which can affect your home’s days on market (DOM). Knowing these factors allows you to make the necessary adjustments to mitigate their effect and ensure the immediate sale of your property.
If it is a seller’s market, meaning house supply is scarce and buyers are abundant, your house is going to get sold quickly. Furthermore, you may even get more than your actual selling price. When supply is low, it is not unusual for a certain property to get multiple offers and for buyers to try to outbid each other, ramping up the value of the house.
On the other hand, during a buyer’s market, wherein supply is high, your property may not get an offer for quite a while. Knowing that there are various options available, homebuyers tend to shop around first instead of immediately purchasing the first property they like.
When you are selling during a buyer’s market, it is highly advantageous for you to have a competent real estate agent. With her knowledge and skills, she can get more homebuyers to view your house. Most importantly, an experienced real estate agent can make a compelling argument as to why buyers should purchase your property and why they should make an offer ASAP. You can also count on her to negotiate with potential buyers for you to get a good price.
Your asking price, particularly when it’s on the higher price range, can deter homebuyers from purchasing your house. So, unless your house is truly worth what you are asking for, make sure you come up with a realistic figure. To do this, check out how much comparable homes in your area are priced or ask help from your estate agent.
Keep in mind, pricing your house high at the onset with the intention of lowering it later on is a bad move. It sends the wrong message to house hunters. It can even keep your home from being sold. A better strategy is to choose a figure within the lower price range or slightly below the comparable sales to attract more potential buyers. Typically, when more people are interested, you can expect the offers to go up.
Staging is an important part of the house selling process. When competition is stiff, staging your house the right way can give you an edge. Conversely, not preparing it for viewing, especially when glaring problems exist, can drive away house hunters. So, exert effort to make your house look appealing to buyers.
You do not need to completely remodel your home. Simply repairing cracks or holes, applying a fresh coat of paint and making the house look cosy will do the job.
Location matters. There’s no denying that houses in good neighbourhoods sell faster. If your property sits in an area near important establishments like hospitals and schools, then it would fair better than those in problematic places such as high crime areas. Your house has a good potential of going off the market quickly and at an excellent price if it is situated in an up and coming neighbourhood, too.
Need help selling your house quickly? We have experienced real estate agents who can help you find a buyer immediately. Call us at 01 495 9020 today!