That answer is a difficult one to answer as there are many factors, often ones beyond our control, which will contribute to the length of time your house stays on the market. High interest rates will cause potential buyers to wait for more favourable conditions before they choose to buy. This is just one of the many factors that will affect the length of time it takes for us to sell your house.
Timing: As with a good joke, cooking thanksgiving dinner or hitting a baseball, timing is everything. Basic economical supply and demand principles greatly affect real estate markets. If you put your house on the market when the supply in your area is high, it will likely take longer to sell your house. When you decide it’s the right time to sell, you must then look at who else is selling at that time. This will be your competition.
Competition: Sales representatives look at comparable properties to establish where they place a house in the market. Potential buyers, who come to view your house, are also going around the neighbourhood viewing all other houses of comparable value. So, what have you done to your house to put it at the top of the heap? Be sure you prepare your house before it goes to market and blast your competition out of the water so it leaves a lasting impression with the buyers.
Price: If we have a clear understanding of the current market conditions, and we know our competition, then pricing your house shouldn’t pose much of a problem. Price is only what a buyer is willing to pay for the property. Buyers have looked at the other houses in the neighbourhood and will determine what they are willing to pay. If your expectations are vastly different from what the buyer is willing to pay, you will watch neighbouring houses throw up SOLD signs while your house sits collecting dust. Get your sales representative to put together a comprehensive comparative market analysis and read it until you thoroughly understand the contents. You will then understand what all other buyers know when they begin their property search. Know your competition and price to sell!
The Property: What impression will be left with the buyer if they view your house and find crayon murals all over the walls in the great room? What would they think of loose doorknobs at the entrance to the master bedroom? How about mouldy caulking lining the tub in the bathroom? Well, the answer should be clear and the solution simple! Either spend some money to fix up the areas of concern or be prepared to receive offers well below your list price….or worse, receive no offers at all! Don’t be afraid to spend a little to get a lot more in return. If you do nothing………be prepared for nothing.
Financing: As mentioned in the introduction, the economy and the cost of borrowing money will prove significant in relation to the time it will take to sell your house. The list price of a home becomes less of an issue as interest rates rise. If a buyer is unable to find terms they can afford, they won’t be buying. Unfortunately, the national economy and lender’s interest rates are beyond the scope of our control and we sometimes just have to be patient during these times.
Marketing: This is where we have all the control! Every sales representative develops a marketing plan (or at least we hope so) that factors in everything mentioned above and sets out a course of action to sell your house at the best possible price (as determined by the present market), in the shortest period of time with the least inconvenience to you. When you interview sales representatives for your business, be sure to pay special attention to this portion of their presentation. This will ultimately determine how long it will take to sell your house.
For a free home evaluation, competitive market analysis or just a chat about Real Estate in your area, give me a call or send me an email so we can set up a time to meet. Keep visiting my website as I will continually be updating it with information I hope you find useful. If there is a topic you would like to read about, send me a quick message and I’ll be sure to write a post on that topic shortly after receiving your request.
Thanks for reading. Please visit again soon for current and relevant information on the Burlington, Oakville and Toronto real estate markets. If there are any questions you may have regarding market conditions, mortgage rates, investing in real estate or how to sell your house for maximum profit, please don’t hesitate to call or email me with whatever is on your mind.