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Real Estate Investment Blog

When selling real estate lots of questions come up. How long does it take to sell property? These days that’s the Number One question! Some properties sell in a few days, others may take several months or more than a year. Recognizing some key factors that influence marketing home, you can gain better control over market time.

The are several factors to balance but the single greatest factor has to be location. Location will always be the single greatest factor affecting value. It is not just where the house is located but also how it is located on the site. And don’t forget the neighborhood - the desirability of the houses around you is basic to a property’s fair market value. You can’t move the house so you have to be reasonable to your expectations. Over improving a property will not necessarily increase its value. It just makes you the most expensive home on the block.

Competition - what are the other homes on the market offering and what price are they asking? Your real estate agent can show you who you are competing against. Ask him or her to bring you comparables of what is currently on the market, what has recently gone under contract and what has recently sold. Buyers compare your house against others in the area. Buyers are very savvy and have access to all the same information. They will interpret value based on the facts of your competition. Do your homework on the competition.

One factor you can control is condition of the home. Getting ready to sell is something you can do. Check out my other blogs on “Getting Ready to Sell Checklists” How your home looks will dramatically affect the time it takes to sell your home. Preparing in advance is worth the effort. You want the inside and outside to be show perfect. But remember that Buyers make decisions very quickly. Sometimes they won’t even give the inside of a home a chance just by the curb appeal.

The more terms available, the larger the market, the quicker the sale and the higher the price. Offering closing costs; all appliances; home, septic and well inspections; assumable mortgages; flexibility is key. Structuring terms to meet your objectives is important to successful marketing.

And for the final factor - you have to look at the price you are asking. Will the local market bear the price you are asking. Go over your Comparable Market Analysis in detail with your real estate agent. If you don’t properly price your home you could delay or totally prevent the sale. You want to be priced right to begin with vs. put it on higher “just to see” or so that you have “negotiating room”. Work with your real estate agent to determine the best possible price from the beginning.

Take all of this into consideration before putting your house on the market. And you can be in a better place to determine how long your home will be on the market.