How Fast Are Homes Selling in My Area?
The housing market is always changing, making it essential for real estate agents to advise their clients on how to buy or sell a home (or do both at once) with up-to-date information in mind. Whether we’re in a buyer’s market or seller’s market matters greatly, since this affects the velocity of home sales and whether one can sell a house at the asking price or must make seller concessions.
Realtors that represent homebuyers or homeowners need to know how fast homes are selling so they can help their clients adjust their expectations regarding many factors. Since the real estate market is always changing, it’s important to keep a steady watch on trends.
How Quickly Are Single-Family Homes Selling?
According to Realtor.com, single-family homes in 2023 are selling within an average of 83 days, which we shared in our previous blog. According to Homelight.com, the answer is 2.6 months. This is an increase of about 2 months compared to last year’s frenzied seller’s market. As you can see, things are trending more toward a buyer’s market, but with the anomalies of a low inventory and high prices, which are traditional indicators of a seller’s market.
Nationwide, factors like high mortgage rates affect the overall story, but local markets have so many different market conditions. However, every local market is different. You may be able to sell a house fast, like get it under contract a week after listing it, in some hot markets. Or, your area may have an unusual number of homes available, making demand low and competition high among sellers.
For Home Sellers: Factors That Make a House Sit on the Market Longer
1. The list price of the home.
If it’s too low, it will look suspicious as if something is wrong with it. if the price is too high, people will choose more affordable comparable properties and you will be forced to lower the listing price anyway after it spends a large number of days on the market without selling.
2. Not giving seller concessions in a buyer’s market.
If there are few qualified buyers, you will need to give some incentives, like a new roof credit, or a big-ticket repair, to make it worth the buyer’s while. Otherwise, your house will be passed over for one in a better condition.
3. The home’s condition.
Homes in today’s market need to have little to no flaws to sell quickly. Buyers are looking for value and something that they won’t need to fix in 6 months. Due to higher mortgages, they prefer to not repair a roof or replace windows after moving in.
4. The level of competition among buyers.
If you’re in a buyer’s market, there will be less competition for your house, either through an oversaturated inventory or a lack of buyers. In 2023’s case, it’s the lack of buyers and affordability.
5. The quality of its marketing.
Having a real estate agent who is responsive, who gets the market’s trends, who takes the time to show off your house’s best qualities makes the sale go faster too. Never settle for an agent who wants to do a few amateur cell phone snapshots… or do the dreaded “exterior photo only” marketing. That’s not marketing. It’s laziness, and Marketplace Homes won’t do that to you! We are here to sell your home!
6. Your home’s curb appeal.
First impressions matter, buyers are more influenced by your home’s exterior than you realize. According to recent statistics, good curb appeal like professional landscaping can increase your home’s ultimate sale price by up to 12.7%. Since a higher sale price also indicates that it sold before the dreaded price drop slump, curb appeal is also a vehicle to sell more quickly too. After all, who wants to walk into a house with dirty siding and weeds in the front yard?
For Home Buyers: Tips for Buying a House in Any Market
1. Know the average home price for the home you want.
Knowing the median sale price of your dream home will help you set the right expectations. This protects you from overpaying for a new home while understanding what you can get for the amount you’re prequalified for.
2. Prepare for bidding wars — or not.
If you plan to buy and there is a lot of buyer competition, then you can expect to see some bidding wars in your future. In 2022, a lot of buyers were overpaying with cash offers just to get their offers accepted. However, this is becoming less common after interest rates more than doubled year-over-year in the following year.
3. If you own a home and need to sell it to buy a new home, market it correctly.
Many buyers are current homeowners that count on their existing home’s equity to buy a new home. It is important to ensure that your first home is set up to sell quickly with the right marketing tactics that include:
- Setting the right listing price according to average home values in your local market.
- Work on curb appeal and home staging to make your home desirable.
- Use a real estate agent who has experience helping buyers who also have homes for sale.
4. If you need to time your move right, find a brokerage that can help you.
Most brokerages just have one solution- putting your house on the market and hoping that it gets an offer and closes right when your new home is ready. However, timing can be off, especially in a market where homes are taking 2 months longer to sell compared to last year. To ensure that your first house sells exactly when you need it to sell, you can use a remote cash offer to buy out your home, so you have the funds toward your new home when you need it. No double moving, no hotels, no storage units needed!
Selling Your Home Fast in Your Area
As you can see, some things are in your control, while other things aren’t. The best thing you can do to sell your home fast is to make it appealing to potential buyers. To find out how to sell your home fast in today’s market, speak to one of our real estate experts today.
