How quickly will my home sell?
It’s one of the most common questions that all my sellers ask me. The market climate will determine how quickly your home will sell. In a hot market where there is limited inventory, meaning there are more qualified buyers than there are homes to purchase, you can sell your home sometimes in days verus weeks or months. Although I recommend allowing the home to have a proper amount of marketing time so that you can really receive the most amount of offers with the best terms for you as a seller. If there are more homes on the market than buyers, then you can expect a little longer for your home to sell. The time of year, especially here in central Minnesota, also has a big impact on the amount of buyers available and the time to sell. Traditionally, you see properties have more average days on the market over the winter. Surprising. Even in a normal market, you will see a hotter market in the spring with all those buyers ready to come out of hibernation. They are ready to buy those homes that they can now see free of winter snow piles and ice. Specific neighborhoods and highly sought after types of houses can also have an impact on how quickly you will sell. Let’s also not forget that pricing the home correctly to begin with is one of the biggest factors in how long it will take to sell. We can discuss all of these factors when we meet to discuss pricing and marketing your home. It’s also really important to look at months of supply, which is a measurement in real estate of how many months it would take for the current inventory that we have of homes on the market to sell, given the current pace of how many homes are being sold a month. So for example, if there are 50 homes on the market, and 10 homes are selling each month, there is a five month supply of homes for sale. Makes sense. Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than six months of supply. While more than six months of supply indicates an excess of homes for sale that favors buyers. Here in central Minnesota, we are running on a three month supply since April, making it a seller’s market. While those are all good indicators, I personally feel that if a home is taking longer than the average days on market in your area, then it is likely overpriced. For more answers on what it would take to sell your home quickly and for more money, call me. Creating a tradition of trust. Your realtor for life. Paula Quinn with Re/MAX Central.
How quickly will my home sell?
