A common question real estate agents will get is “In what amount of time should I expect my home to sell?” As you might imagine, that’s a complex question dependent upon several variables. There are several reasons houses do not sell: they may be over priced, a buyer may not want to make needed repairs, the house itself may have an odd layout or could be in a poor location. Assuming that you’re working with a real estate agent, you’re receiving professional help in marketing your home.
There really is no quick answer to an appropriate amount of time on the market for your home. You can try to gauge an estimate for what might be reasonable based upon similar homes in the same area of your city, and see how fast they have been selling. As you move through the selling process, you want to keep track of how many showings you receive each week. If you don’t receive showings, you have a marketing problem that you need to address with your realtor. If you’re getting showings but no offers, you need to get feedback. Follow up with potential buyers and ask why they didn’t make an offer (price, location, etc.)
If your home is on the market for longer than average for your area, you may try dropping the price. Also take into account the demand for homes in the area. If dropping the price hasn’t helped and your home is still on the market more than 90 days past what other homes of similar value and in similar areas are doing, you may want to consider other options.
Keeping a home on the market is ultimately detrimental to you for several reasons. First and foremost, the longer your home is on the market the more money you are spending. Obviously during this time you’re still making payments on the home and responsible for electricity, water, etc. If you’re still living in the home while waiting for it to sell, you may be unable to move or take advantage of a great price on the next house you want to purchase. Also, the longer a home is on the market, the more skeptical the buyer will be that you attract.
Four Signs it’s Time to Consider other Options and get your House Off the Market.
You’re going into serious debt trying to stay afloat while waiting for your home to sell.
Your real estate agent has stopped showing your home and potential buyers are few and far between.
Your home has been on the market far past what a typical length of time is for other homes similar to yours in the area.
Buyers are objecting due to extensive repairs needed.
Author: Sandra Nesbitt