Selling December 18, 2013

How long can I expect my home be on the market?

It is in your best interest to sell your home as fast as possible, and that is my goal as a Realtor. I have yet to meet someone who hopes it takes 6 months to sell their home. There are many things that go into selling you home including marketing on the internet,  yard signs, open houses, flyers, mailers, and all the word of mouth a Realtor can manage. But sometimes a bidding war doesn't happen and a home does not sell the first day on the market – and that is ok. 

Based on 2013 data through early November, here are the average days homes are on the market. In Seattle, the average time on the market is 64 days – a healthy number. San Francisco (and California in general) are the hottest markets right now with not only the shortest amount of days on the market, but fastest growing home prices. Anywhere you see red, this is where it is taking longer to sell the inventory. There are a number of reasons this is the case, but that's for another blog. 

Many of you have heard that there are bidding wars and homes snatched off the market in under a week. This does happen! There are a number of reasons why a home is sold quickly including initial appeal, it shows well (inside is staged/clean), but most importantly (by far) is that is is priced correctly. Your agent should ALWAYS complete a Comparative Market Analysis on your home before listing. This will compare recent sold/pending homes in your area which will determine a good selling price. If you are about to list your home, expect any agent you interview to prepare a CMA for your home. 

In conclusion, don't get discouraged if it takes a month or two to sell your home – this is normal. If it is 

taking longer than average, have a frank conversation with your agent about why they think it is not selling. Be open to their suggestions, but don't be afraid to look for a new agent if you feel they are not doing their job. 

How many days was your home on the market before it sold?