How fast your home sells is largely up to you. Really, you may say? Absolutely! In my experience, there are three main factors that we can work together to affect that will definitely help your home sell easier and quicker than other comparable homes on the market in your area. Here they are:
- Local Market Conditions – When deciding the best time and strategy to sell, one of the first factors to look at is your local market and what’s happening with the macro-economy such as jobs, incomes, and housing. Other factors we consider include, how homes are selling in your area including the ratio of sales price to list price. We also consider the absorption rate, which is the rate at which homes sell in your area. When absorption rates are lower – measured in months – it tells us that homes are selling quicker and the inventory of available homes is low – which is a good time to sell.
- It’s About Time – Timing is also an important factor we like to plan in selling your home. Knowing the best time of year to sell as well as the anatomy of the sale will help you be more successful. In our area, the best time of year to put your home on the market is January to June, when over 50 percent of all home sales occur. In understanding timing and the anatomy of a home sale, remember that when you list your home, buyer interest builds rapidly during the first two weeks, peaking at the two-week mark and tapering after that. So, if you can, capture those buyers in the first two weeks to give your home the greatest chance of selling at the best price.
- Asking Price – It cannot be understated how important the setting of the asking price is in the success and speed of your home sale. This is especially important these days when the huge majority of buyers do lots of their own initial home shopping online. In fact, sixty percent of buyers purchase their home at market value. It’s for this very reason that I have studied Pricing Strategies and received a Pricing Strategy Advisor (PSA) certification by the National Association of Realtors. In order to develop the best price, it’s important to take into account all the local market conditions as well as factors particular to your home, while understanding what current buyers are looking for or shying away from.
When you are ready to sell, be ready to discuss the above factors with your Realtor® – hopefully me! – so that you are both on the same page when it comes to how fast and for what price you must sell. Everyone’s situation is different–whether you have a purchase depending on your sale, have a new job to start, kids that need to be settled by the time school starts, or need to sell quickly for financial reasons. I always want to understand what’s happening in your particular situation that effects how quickly you want to sell and how we can use the above factors to our advantage.
As a note, in our particular market, we are smack-dab in the middle of the peak home-buying season and by all indications it’s going to be a robust year for sales. Our inventory is tight and sellers are often getting above asking price, so if you’re considering a sale, get in touch, let talk it over.
I’ve also created a handy infographic to go along with this post. Enjoy!