For many sellers once they decide to put their home on the market the first question they may ask themselves is, "How long will it take to sell?" Sadly, there's no set formula on how long it will take to sell, but there are things that sellers can do to help shorten that time.
The first step a seller must take to help shorten that timeframe is pricing. This can be a very tricky part in the selling process. During this time emotions do run high, but sellers have to be realistic about their expectations on the pricing of their home in order to be competitive in the marketplace. This is what's called fair market value.
This is the time to sit down and consult your Realtor because they can show you some comparative properties that are currently on the market in your neighborhood. How do those homes rate in comparison to your home? Look at your home realistically and decide how to price it correctly. Correctly pricing your home is the most important step in shortening how long it will take to sell your home.
The next step is to keep your home perfectly clean and show ready. Potential homebuyers want to walk in to a home that's ready for purchase. In the real estate market that is what's called
"turn key ready", meaning that all the homebuyer does is buy the home and move in without any other work. By maintaining your home in this "move-in" condition is difficult but you can certainly reduce the number of days the home is on the market.
Next, talk to your Realtor and discuss the average number of days homes in your neighborhood are on market (DOM). This will be a good indicator as to the average days your home could be on market. You can utilize this information to develop a strategy plan that fits in with your timeframe.
And finally, once you decide how long you are willing to have your home on the market you can work with your Realtor putting together certain dates to lower the price of your home to entice buyers. If a seller wants to try and sell the home in 90 days usually there are three planned price changes. That's basically a price change every 30 days. Sadly, if a home is seen on the market for a long period of time it could be considered a problem home and may cast a shadow over its sale. Being aggressive with your pricing can help sell your home quicker.
Being a proactive seller can keep your timetable on track. Never forget that a seller should always be proactive, in any market, good or bad.