How Long Does It Take
to Sell Your Home?
It takes, on an average, three to five months to sell a home. it is possible
that some sell in just a few days and some may take several months. There are
six factors that influence the time it takes to sell a property. Let’s examine
them:
PRODUCT:
The product, of course, is the property. If the property shows poorly,
or has major defects which cannot be or are not corrected, a sale may not take
place until the defects are corrected or until the price is adjusted to
compensate for them.
PRICE:
If the property has not sold after a reasonable length of time but other
similar properties have sold, then a reduction in price may be in order. If this
is true and the price is not reduced, the price may delay or prevent the sale.
The appraisal will be based on the most recent sales in the area and the
property must appraise no lower than the sale price.
FINANCING:
If the financing costs too much, or if the seller requires a higher
down payment than most people buying in that area are paying, then the financing
may delay or prevent the sale.
TIMING:
Timing is the condition of the real estate market at the time of the
sale. It may be a Seller’s market or a Buyer’s market. Neither the seller
nor I can change the condition of the market at the time the property is for
sale. It must be accepted for what it is.
COMPETITION:
Buyers make decisions about which home to buy and how much it is
worth by comparing other choices available at the time of purchase. The supply
of other homes the Buyer will compare with your home is constantly changing from
week to week and month to month.
PROMOTION:
My promotion techniques are unique. However, even the very best
promotion has its limitations because promotion cannot overcome any of the first
five factors if they are out of balance and are not corrected.
So, in addition to the best promotion, I will supply you with a constant flow of
information which will help you determine if:
The
PRODUCT
is right
The
PRICE
is right
The
FINANCING
is right
and what the
TIMING
and
COMPETITION
are.
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