Median Days on Market – How Fast Are Homes Selling?

Days on Market State by State March to May 2015

If you’re wondering how fast homes are selling around the United States, here’s a great infographic from Keeping Current Matters.

Whether you’re a Buyer or a Seller, it’s important to know how quickly homes are selling in your neighborhood and/or the neighborhood you want to live in.

Why?

 

 

EXPECTATIONS:

Buyers – Knowing how quickly homes are selling tells you how quickly you need to react when you see a home you love. In some markets, homes are languishing for months. While in others, they are snapped up the day they hit the market. Taking a look at median number of days on market will help set your expectations so you don’t feel pressured.

Sellers – If you’re selling a home, the median days on market will give you an idea of how long you’ll need to keep your home in “showing condition”. It’s not easy to keep your house looking like a showroom. Knowing what the median time frame is helps with expectations of how long it will take your home to sell. (And note – if you are aiming to “push” pricing past what recent comps show – you’ll likely need to add time onto this estimate, and be aware that you may actually sell for less than if you had priced to where the market is.)

PRICING:

Buyers – You can use days on market as part of the criteria for determining what price to offer. If you see a property that has been on the market for a LONG time – it’s fair to assume you may want to offer something below list price – the longer the days on market, the lower the price. But if you’re making a lowball offer on a home that just hit the market – it’s unlikely the owner will accept your offer.

Sellers – Median days on market is one criteria you should consider in your pricing strategy. If you home has been on the market longer than the median number of days – you most likely need a price adjustment. (You may need to take other action – such as repairs or staging, but it’s highly likely a price adjustment is in order as well.)

Here are some of the local stats for days on market. How fast are homes selling in:

Median days on market is just ONE of many criteria Buyers and Sellers should consider. For a personalized consultation including ALL the criteria – contact Terry Belt & The Belt Team at (703) 242-3975. We’ll help you make the RIGHT move!

42 Questions To Ask BEFORE You List Your Home For Sale

Selling Your Home

“Why didn’t we call you in the first place?! We would have saved so much ________!”

Over the years, The Belt Team has gotten this phone call many times. You can fill in lots of different words in the blank: “time”, “money”, “hassle”, “heart-ache”. The word is often different, but the sentiment is the same. Some Sellers express this thought after selling and realizing they could have done better. Others call us when they are unsuccessful in selling and realize they need help.

Here are some of the 42 questions we recommend you ask your Realtor BEFORE you hire them to sell your home.

1. Since most buyers search for homes online, I know how vital good photos of my home are. Do you hire & pay for a professional photographer on my behalf?

2. Do you pay for me to have a consultation with a professional stager so my home will look its best when I go on the market?

3. How many homes did the average Realtor sell in our area? And how many homes did you sell last year? Are you the top agent in the area?

4. How fast did homes sell on average & how fast did your listings sell? How fast did yours sell compared to the top agents?

5. What percent of list price did the average home sell for and what percent of list price did your listings sell for? How does this compare to the top agents?

If you’re thinking of selling, email us or call our Listing Specialists Terry Belt or Kevin Kleifges at (703) 242-3975 for a FREE REPORT including all 42 questions! You’ll like our answers!  (You can even schedule a FREE Home-selling Consultation!)

Terry & Kevin are known nationally for their top-notch negotiating skills and our listings sell FASTER and for MORE MONEY than average. It’s why The Belt Team has sold more homes than almost any Realtor or team in Northern VA and why we’re ranked in the Top 10 Teams in the entire state!

Our mission is “Changing Lives For The Better”. If it’s time to change YOURS, call us at (703) 242-3975!

How Fast Are Homes Selling in Vienna & Oakton?

Wondering how fast the real estate market is moving in Vienna & Oakton?

Well, Mohammed Ali had a quote about how fast he was. It goes like this: “I’m so fast that last night I turned off the light switch in my hotel room and was in bed before the room was dark.” The market isn’t moving quite THAT fast. But it’s swift.

Last week in Vienna, 27 homes sold. 74% of those homes sold in a week or less. And 89% sold in 2 weeks or less! That’s the fastest week yet this year.

Last week in Oakton, 7 homes sold. 43% sold in a week or less. And 57% sold in 2 weeks or less. So the Oakton market is not moving quite as swiftly as Vienna.

Here’s what else happened last week:

Vienna Real Estate (22180,22181, 22182):

Search Homes For Sale in Vienna

  • Number of Contracts: 27
  • Average Days on Market for Active Listings: 89 days
  • Average Days on Market for Listings That Went Under Contract: 6 days
  • Inventory: 125 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 1.4 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 1 month

What Is My Vienna Home Worth?

Last week in Oakton Real Estate (22124):

Search Homes For Sale in Oakton

  • Number of Contracts: 7
  • Average Days on Market for Active Listings: 98days
  • Average Days on Market for Listings That Went Under Contract: 22 days
  • Inventory: 63 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 1.6 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 1.3  months

What Is My Oakton Home Worth?

Our mission is “Changing Lives For The Better – One Family At A Time!”Top Realtors Vienna and Oakton