How Long Will It Take to Sell My DC Home
“How long will it take for my home to sell in Maryland?” This is one of the most commonly asked questions a seller has for their real estate agent. The answer? “That depends.”
The single most important factor when trying to determine how long it will take for your home to sell is the price you list it for.
If your home is priced is low enough, your home will sell quickly. If it is too high, it will be on the market until the market catches up or you lower the price. In order to determine the best possible price for your home, look at comparable properties first, keeping in mind that the price a property sells for is typically slightly different depending upon the amount of time it took to close and how long ago it closed.
Take a look at comps in the DC area, for example. There are “micro-neighborhoods” within the city and each has its own set of specific pros and cons to be considered. Look at the condition of your home vs. the condition of the properties you are comparing. If it differs greatly, you may need to make an adjustment on the listing price.
Next, look at the cost per foot and multiply this number against the square footage of your home, remembering that in today’s market a 2 bedroom home is not a good comp for a 1 bedroom home since the cost per foot for a larger home is often higher than a smaller one. Now you have your target price.
However, you will not want to price your home at the target price. Look at the average spread between the list price and the recorded price in order to arrive at an asking price. This average spread is far more useful than the “days on market” statistic. Avoid pricing your home too high and not receiving any bids, not even low ones, by sticking to the average spread between the list price and the recorded price.
What is the overall number of qualified buyers you can get into your home? This is the second factor you will need to consider when trying to determine how long it will take for your home to sell.
Assuming that your property has been priced appropriately for the market, we are now able to deal with the numbers. Numbers show that at least 20 QUALIFIED buyers must go through your home before you will receive an offer, and two to three offers must be received in order to bring the deal to a close.
Dozens of buyers will go through your home within the first 30 days of being listed if your home is priced right and has the features buyers are looking for – space, layout, upgrades, condition, lighting, views, location.
Heavy buyer traffic within a month (20 plus QUALIFIED buyers through the door of your home which has been well-priced) should lead to quick first, second and third offers and on to a quick sale. However, if any of your home features buyers are looking for fall below average, your buyer pool will be reduced and the amount of time your home remains on the market will increase even if your home is priced “right” for the market.
Remember, when priced low enough even the least desirable listing will sell quickly, and even if the price is too high, a perfect home can sell quickly. But with the right combination of price, features buyers are looking for and time a listing is on the market, the average homeowner will get enough qualified buyers through their door and close on the sale of their home.