How long does it take to sell a house? Between price, location and market climate – there are many elements to consider. Know what to expect by reviewing the following 4 factors and utilizing these tips:
1. Price. Price is one of the biggest factors affecting how quickly a house sells. For example, while a house priced above market value may deter buyers from making an offer, a house priced slightly-below market value can entice multiple offers and increase competition. Competition breeds desire and passionate, determined buyers tend to act quickly. Your best bet is to speak with your REALTOR® about the best pricing strategy for your home. The price range in which your home falls into will also determine how long it is on the market. A house within a lower price range will likely have more interested buyers simply because more people can afford it.
2. Location. How sought-after is your location? Are you near good schools? Are you close to a highway for those commuting? If your home is located in a central area within a desirable neighbourhood, it is likely going to sell quickly. Your REALTOR® can give you information about the desirability of your area, who would be most interested in your home, and how much you can expect to get for it.
3. Condition. Consider the state of your house – does it look shiny and new? Does it require any repairs or upgrades? Is it full of clutter and in need of a deep-clean? Homes that appear clean and move-in-ready will likely sell a lot faster than a home in need of repair. Buyers need to be able to envision themselves in your home – keep things clean and clutter-free.
4. The Market. When the market is hot, it is referred to as a seller’s market. In seller’s markets, homes tend to sell fast. It is a simple case of supply and demand – lower supply means higher demand. Timing can greatly affect how long it takes you to sell your home. It is not unusual for a home to sell within a week in a seller’s market.
Additional Tips to Help Ensure a Speedy Sale:
De-clutter – Open up your space by removing around 50 percent of your belongings. Keep floors and counters free of clutter and put any oversized furniture in storage.
Properly Arrange Rooms – Arrange furniture in such a way that they show off the potential of each space. Every room should serve a purpose and this purpose should be highlighted by the items in the space. For example, bedrooms should have a bed and dresser, the living room should have a seating area, the deck should have a table and chairs, etc.
Show Buyers that You Take Care of Your Space – Present a well-cared-for home with clean windows and floors, spotless washrooms and no sign of pet odours. Add little touches like plush robes and slippers in the washrooms, fresh flowers in the kitchen, and a dining table set for a romantic dinner for two.
De-personalize – Potential buyers want to envision their own family in your space; keep decorations generic, take down personal items and remove any sign of your move. This means that there should not be a large garbage bin in your driveway or a stack of your moving boxes in the hall. Place any family photos, diplomas, awards and keepsakes in boxes safely stowed away.
Amp Up the Curb-Appeal – A first impression is so important. Make sure the exterior of your house is welcoming and attractive. People decide whether or not they like a house within the first few minutes of seeing it – a nice exterior and entrance-way can help create a great first impression.
Need a better idea of how long it takes to sell a house? Give me a call at 416.921.1112 – I would be happy to help!