How quickly will my home sell?
Well that's a question I get asked all the time from sellers. It's actually the market climate that's going to decide how quickly your home sells. Having been involved in over 200 transactions, it's a question I hear a lot.
Hi, I'm Amanda with eXp Realty and 100 Mile House.
In a hot market, that means when there's more buyers than sellers, you can expect your house to sell in only a few days. Although I do recommend having enough marketing time to make sure you are not leaving money on the table. I always cringe a little when people say they sold their house in one day, first offer that came along.
It's a little different than that right now with everything that's going on in the market. Because of the circumstances of our economy, you might want to look at the offers as they come in, but again, the market climate and what's happening will always determine, if you should allow more marketing time. If there's more homes on the market than there are buyers, then you can expect longer time to take to actually sell your house. We can discuss the timing and how quickly we think your home will sell when we meet.
It's really important to look at absorption rate in terms of pricing. The absorption rate is a term most commonly used in real estate marketing to evaluate the rate at which homes are sold in a specific market in a given period of time. You calculate it by taking the number of average sales in a month and divided by the total number of available homes. According to Investopedia, a seller's market would have an absorption rate that equals more than 20% and a buyer's market would have an absorption rate lower than 15%. I think those numbers are a little too vast.
Right now, in today's market, if we see a home take longer than about 45 days to sell, then it's usually overpriced.
As always, my name's Amanda Oldfield with eXp Realty and I'm here to help.