How quickly will my home sell is a question we get all the time from sellers.
The market climate is what’s actually going to determine how quickly your home will sell. After being involved in real estate for over 10 years, here in central Maryland, I get asked that question all the time.
In a hot market where there is limited inventory, meaning there are more buyers than homes to purchase, you can actually expect your home to sell in just a few days. Although I highly recommend for allowing the home to the get proper marketing time so you can get the most amount of offers with the very best terms.
Anytime someone tells me they sold their home in just one day, I always kind of shake my head because I know that probably means they left money on the table. Now, it’s a little different than that right now with everything that’s going on in the market.
Because of the circumstance of our economy, you might want to look at offers as they come in. But again, the market climate and whats happening always determines if you should allow more marketing time.
If there are more homes on the market than buyers, then you can expect a longer time for the home to actually sell. We can discuss the timing and how quickly we think your home will sell when we meet with you. It’s really important to look at absorption rate in terms of pricing.
Absorption rate is a terms most commonly used in the real estate market to evaluate the rate at which homes are sold in a specific market in a given period of time. It calculated by taking the average number of sales per month divided by the total number of available homes.
According to Investopedia, a sellers market would have an absorption rate that equals more than 20%, and a buyers market that’s actually lower than 15%. I personally believe that those numbers are a bit too vast. Right now in todays market, if we see a home take longer than 20-30 days to sell, then it’s usually overpriced.
I’m Makeda Phillander with execuhome realty. And if you want to discuss specifically the market where your home is located, please follow this link to book a call with me.