How long should it take to sell?

The time it takes to sell a home varies, but there are things within your control that will help it sell faster. Some homes take days to sell, while others take months. Generally, a desirable property priced in the “market zone” should sell within four weeks in a normal real estate market.

But don’t get discouraged if a sale takes longer. Instead, see if you can determine why it’s not selling and ask your listing agent what you can do to help speed things up.

Curb appeal

First impressions go a long way. Before you list your home, give it a quick face-lift. Take care of minor cosmetic repairs both inside and out. Wash your windows, weed the garden and trim back any overgrown shrubs or trees. Give your front hallway a fresh coat of paint, replace light bulbs and dust for cobwebs. All of these quick fixes can make a big impact on selling your home quicker.

The price is righteous

Listing your home at the right price is key when it comes to selling. It can be difficult for homeowners to determine their homes’ true worth because of emotional ties and lack of exposure to the market. So get your listing agent to do a competitive market analysis (CMA) to objectively pinpoint your home’s optimal price. You don’t want to scare off potential buyers with an unrealistically high price.

But often, the time it takes to sell your home will depend on factors that are beyond your control.

Market demand

If your neighbourhood is hot and there aren’t many homes for sale, you have what’s called a seller’s market. So if the demand for homes is greater than the supply, you should sell quickly and receive a good offer. On the flip-side, if you’re selling in a buyer’s market where supply exceeds demand, it will likely take longer to sell and you may have to accept less than you wanted.

Economic influences

The local business climate and fluctuating interest rates can also influence how long it takes to sell your home. For instance, if interest rates fall, people can afford to borrow more. However, if the area’s largest employer announces layoffs, very few people will be thinking about buying a new home. The best way to get a good understanding of the market conditions in your area is to monitor current property sales.

But as I have often told my clients, selling is like entering a lottery and you just have to wait until “your number comes up”.