How Long Does it Take to Sell a Home?

The answer is it depends. There are 5 factors that determine how quickly and successfully a home will sell:

1. Price
2. Condition of the Home
3. Location of the Home
4. How the home is marketed for sale
5. Status of Housing Market, including availability of Buyer Financing

As a seller, you only have control over the first 2 factors (unless you are a For Sale by Owner in which case you can also control Factor No. 4). However, the first 2 factors are very important and will have a substantial impact on when your home sells and for how much.

In a slow or down market, where the inventory of homes is high, the proper pricing of your home is very important. If you set your initial asking price too high, this one factor alone can significantly lengthen the number of days your home stays on the market before it sells.

The best way to determine an appropriate asking price for your home is to ask your agent prepare a Comparative Market Analysis, also known as a CMA. A CMA will provide you with the selling price of similar homes in your area, which will allow you to gauge how much a buyer might be willing to pay for your home.

One piece of advice: Never choose an agent based on how high they tell you the asking price should be. Agents do not control the market and they cannot force buyers to pay more than what a home is worth. Moreover, an asking price is just for the asking, it does not tell you the price your home will ultimately sell for. Instead, you should make your decision based on the agent that offers the best services and marketing plan, for a reasonable fee.

Another factor that will influence how quickly you sell your home is the condition of the home itself. Your home should be in good repair and free of major defects. It should be sparkling clean, with any clutter neatly packed away. If you don’t use it on a daily basis, consider packing it away now. If you don’t have room in your garage to store unused items, you can always rent a storage space. Buyers want to see and experience what it would be like to live in your home, and if they can’t see your home through all of the clutter, how will they know what they’re missing?

The location of your home will have a big impact on the asking price. It is in a quiet neighborhood or next to the freeway? Does the neighborhood look young and inviting or old and declining? How well do the schools in your area rank? Is your home located in an area that is within easy driving distance of a major metropolitan area or an employment hub? These are just a few of the questions a buyer may ask before looking at a home in your area, but the variety of potential answers illustrates how important location can be.

When you put your home on the market, you want to make sure it is exposed to the greatest number of potential buyers. In today’s market, more than 80% of all buyers start their search for a home on the internet, which means your home had better be there too.

<< Back to Orange County Home Seller Information