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Putting your house on the market: how long to keep it there

anix 3 months ago

How long should you keep your house on the market?

When they start their search for a new home most people focus on finding the right time to buy, but having an exit strategy is just as important. Being familiar with the factors that help determine how quickly your home can sell, which include price, location and condition, is important. Knowing when is the best time to sell your home and how long to list it on the market will help the process of selling your home be as smooth as it can.

For how many days should you list your home?

How long it takes for your listed home depends on many variables. In a high-demand seller’s market, where the demand for houses is high, your home can sell in a few days and it usually takes less than 50 days.

In a buyer’s market, so named because buyers have the luxury of multiple homes to choose from, it could take a month, or an average of 90 days to sell.

Generally, the longer a house sits on the market, the less the offer that you receive may be. It’s recommended that if your home sits on the market for more than 120 days before being sold, you should consider taking it off to reevaluate your strategy and price.

The longer your home is on the market, the more inclined you may be to accept an offer that is well below your asking price. However, if you are lucky enough to create some type of a bidding war between multiple buyers, the number of days it is on the market is of no consequence.

Listing differences

As a seller, you are entitled to decide how long you want your house to remain on the market. Each time frame has its own benefits, and your real estate agent should be able to tell you what the average days on the market is for other homes in your area to give you an idea of what to expect and what is right for you  

30-day listing:

  • This is a good option when the market is looking good, and homes are selling very quickly.

90-day listing:

  • This is the most common listing time frame. The first 30 days should show a lot of action if the home is priced right. This time frame option also gives you time to consider feedback and change anything that may be holding back the sale.

180-day listing:

  • This option might make sense to help you avoid your listing contract expiring while the sale is pending in escrow. When homes are plentiful and buyers have the luxury of choosing and waiting for their ideal home, this may be the best option for the seller.

Overlooked key aspects

To help you save time and get offers that are closest to your asking price, consider listing your home at the best time of the year and getting guidance from your real estate agent about absorption rates.  

Typically, it is harder to sell a home during the winter or a rainy season because it slows down showings and conflicts with school schedules. Families tend to move during the summer months when their children’s education will not be affected a relocation.

Another determining factor is the absorption rate, which helps determine when your home is most likely to sell. Before listing your home, ask your Realtor to review the absorption rate so you have the best idea of when your home will sell.  

Vámonos Realty agents want to help you have the best experience and results when you sell your home and also help you buy a new one. At Vámonos Realty, we value our clients and will do whatever it takes to help you find the perfect home.

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