The length of time it takes to sell a property will vary according to market conditions, pricing and how the property shows. While some properties sell in just a few days, others may take several months. The following factors influence the time it can take to sell a property.
Competition & Market Conditions
Buyers make decisions about which property to purchase and how much it is worth based on the other choices that are available to them at the time they are looking. The supply of other properties that the buyer will compare to your property is constantly changing each week. Current competition always affects the buyer’s opinion of your property and what they think your property is worth. Demand also impacts the time a home is on the market and is influenced by many factors including the economy, interest rates and employment.
Proper pricing generates a faster sale and less stress to the seller. Additionally, the property is exposed to more prospective buyers and increases agent responses who are actively working with qualified buyers. Ultimately a property that is priced at market value, or better, will attract higher offers, which in the end means more money for the seller. If a property has not sold after a reasonable length of time but other similar properties have sold, then the price may have to be reduced otherwise a sale may be delayed or even prevented.
If a property shows poorly or has major defects, which cannot be or are not corrected, a sale may not take place until the defects are corrected or until the price is adjusted to compensate for them. When defects are found during a home inspection buyers will often come back to the seller and look for monetary compensation.