How Long Will It Take to Sell My Home?
by Rebecca Wolfe Spratlin
Anyone contemplating selling their home has two BIG questions. How much is my home worth and how long will it take to sell? While a home’s value is worth only what someone is willing to pay for it, an estimate can be obtained by a professional who knows the market. It is not an exact science. Time on the market, however, can be measured empirically.
By looking back at the past two years, we can see that homes over and under $1.0 million in the HPWBANA area have very different sales times. In January through September of 2016, homes under $1.0 million sold in an average of 61 days, while homes over $1.0 million dollars where on the market for an average of 85 days before selling. In January through September of 2017, homes under $1.0 million sold in an average of 60 days, while homes over $1.0 million dollars where on the market for an average of 126 days before selling.
It’s interesting to note that right after May, sales times generally increase. The average time to sell homes under $1.0 were very similar in 2016 and 2017, 61 days and 60 days respectively. There was, however, a striking increase in the time to sell homes over a million dollars, comparing 85 days in 2016 versus 126 days in 2017. Prices are still increasing, albeit at a much slower rate, but it is taking much longer to sell these homes. The best course of action to sell a home quickly, especially those over $1.0 million, is to get your home on the market in very early spring when there is less inventory, therefore, less competition.