Voak Homes – Real Estate Matters
How Long Should it Take to Sell my Home?
If you are planning on selling, how long should you expect your home to be on the market, and is there an advantage to selling fast versus taking more time? The average time on the market for detached homes is between 40 to 50 days depending on where in San Diego you are. Attached homes average 30 to 40 days. The median time on the market is 10 to 15 days less than the average time in most areas. This is due to the few “stale” houses that are overpriced and sit on the market for six months or more. Their long market times affect the average but aren’t really a true reflection of the market.
Starting from these averages you need to take into account your home, your goals, and the marketing you will do. If you live in a subdivision with a lot of similar homes, yours is in good shape with no obvious issues, and you are priced competitively, you should sell faster than average. If your home is more unique or in the higher price ranges, expect to take longer.
Is there a problem with homes that take too long to sell or sell too quickly? Yes. In both cases.
If your home goes into escrow in less than a week, it’s great for your agent, not so good for you. Seven days is not enough time to expose the home to the market, start showing it and then counter offers to get to the highest price possible. If your home sells in two days, even if it’s for over asking price, you left money on the table.
Conversely, if you put your home on the market with professional photos and video and it is advertised in the right places, you should get showing traffic. If you get a lot of showings but no offers, there is something at the house that bothers people. Find out what it is. If you don’t get any showings, the specs and photos of the house don’t justify your asking price. Make an adjustment sooner rather than later to increase traffic and avoid being one of those stale listings.
Scott Voak, the top selling agent in 92127 since 2008 (data from SANDICOR MLS as of 6/1/2013) and the host of Real Estate Matters that airs Sunday mornings at 10 a.m. on AM 1450, provided this information. Email him to subscribe to his weekly real estate newsletter – Monday Morning Coffee.