Friday

How Long Will It Take?


After figuring out the Fair Market Value of your home --- the next question is usually "How long will this take?". The answer to that is unknown, but your Realtor can give you their expert opinion based on the average time on the market in your area.

I chose three similar areas where I work ---- and the average Days on Market until a contract is accepted is 75 days* (including homes that sold from March 1, 2010 to November 12, 2010).

However, there is much that goes into how long it takes for a buyer to make a move on a home.

- If the home is overpriced ---- it will most likely sit until the price is dropped.

- If the home is not prepared to show to buyers ---- the buyers will lean towards all of the other homes that are for sale in this market. They'll put a new kitchen in if it is outdated, but they will want a "deal" on the purchase price.

- Local conditions play a big factor in home selling. If the local economy is adversely affected due to business closings, disaster, etc ..... you may expect less buyers looking for a place to live.

The important thing here is to be realistic. In today's world, we want things fast. Waiting 5 minutes for a hamburger from your local fast food joint is too long, isn't it?

Once you understand how long the home selling process may take --- you will be better prepared for the move and there should be less stress. That's a good thing!


*Statistics from Central Penn Multi-List