Average Days on Market
Average days on market is a number almost every real estate agent knows by heart. If your agent can't give you that number, you might want to think about hiring an agent who can. To determine the average number days on market yourself, figure out the day each home in any given month goes on the market and count the days to pending. Add those days together and divide by the number of homes.
What Makes a House Sell Quickly?
Sometimes there is no logical reason for the length of time it takes to sell a house. It could be luck. Your house could come on the market on the very day a specific buyer is looking to buy such a house. But more likely, how long it takes to sell a house depends on the following 3 factors:
A smart strategy some agents use to entice multiple offers, which tend to push the price higher, is to price the house a little bit under market value. Price range makes a difference, too. Often, lower price ranges sell faster than higher price ranges simply because there are more buyers who can afford lower-priced homes.
The adage: location, location, location is true. If the home is located in a highly desirable neighborhood near excellent schools, there will be more demand for the home. If it's located on the wrong side of the tracks near a toxic dump, it might never sell.
Homes in tip-top shape that sparkle and shine sell much faster than homes that need repairs or are cluttered. Home buyers need to imagine how they will live in that house, and they can't do that if the home looks like it belongs to you or is a mess.
Market Temperature Determines How Long it Takes a House to Sell
In seller's markets, homes tend to sell faster because there are fewer sellers and more buyers. When more than one buyer is trying to buy the same home, that can result in a bidding war with offers above list price. It's not unusual for a home to sell in a seller's market in less than a week.
In buyer's markets, buyers have more choices and can take their time. If the home isn't exactly what a buyer wants, a buyer will pass it over and keep looking. If you are a seller in a buyer's market, patience is key.
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.