If the average, for example, where 120 days and you needed a sell within 75 days, you may need to speed up the time it takes to find a buyer. Four factors will affect the actual or average marketing time on your home: 1. price, 2. terms, 3. condition and 4. Marketing. Price is obviously the first item to consider. It does not take a rocket scientist to under price a home and walk away from thousands of dollars in equity. On the other hand it does take substantial knowledge of the market to price a home that reflects a favorable image in comparison to other homes that are for sale and have sold within the past few months. The following items will also have a substantial bearing on the price that is ultimately decide upon. Terms are a large factor which may be adjusted or offered to create value and attract buyers faster. If your home is priced correctly at "market value", you could consider offering seller financing at a lower than market interest rate or a seller carry back on a portion of the sale price. Flexible terms may attract an entirely new group of buyers that would not be available through normal financial channels. Terms can also include items like: seller help with closing cost, extended escrow periods, early move in for the buyer (not highly recommended), buy down of the buyer's interest rates. If your homes condition is substantially better than others for sale in your area and you are offering terms that are similar, your price might be adjusted to reflect greater value to prospective buyers. Because comparison shopping is normal among buyers they should perceive greater value in your property at less money. This approach, by itself, can cause a substantial improvement in your DOM. Condition is a major factor in the buyers decision making process. A home with considerable upgrades and pride of ownership can often be sold at market or above in a shorter amount of time. Homes that have deferred maintenance or do not show well will quite often take a substantial reduction to facilitate a sale and sometimes well beyond the average DOM.. The obvious secret to creating a shorter selling time is to be creative, work with your Realtor, to establish unique benefits that fit your home and make you stand out from your competitors.
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Don't forget to ask your Realtor for the average selling time of homes in your area. This is an important number as it can have a bearing on the price you decide upon. Average Days On The Market (DOM) are readily available figures for your Realtor and can be applied to your home fairly easily.
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