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.
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.)
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!