How long should we expect our house to be on the market?

Q: So… If our house is priced right, in a great neighborhood, and appealing to “a lot” of buyers, how long should we plan on?

A: I think it is very hard to make a blanket statement that you will sell in x days. It depends on how much activity is in your marketplace. Ask your Realtor to run a report of the past 6 months to see how long comps in your area stayed on the market before selling and at what price. This way you can get aggressive with your pricing with the knowledge of more likely what it would take to sell faster.

For example in one community, the inventory may be at 8 months (meaning it would take 8 months to absorb the existing number of properties for sale at the current rate of sale). In a nearby community, the inventory may be at 20 months. If you are up against 20 months of inventory, you may find it necessary to be patient and price very competitively. If your goal is to sell quickly, you must be competitive and shine brighter than your neighbor.

This entry was posted on Monday, November 12th, 2007 at 8:26 am and is filed under RE Questions. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.