How Fast Are Homes Selling?

Market Trends

This is the age-old question that all homeowners ask me when we prepared to sell their property: how long is this going to take?

Of course, there is no straight up answer, but the straight-up answer, if you get an offer right off the bat, is about 3 to 4 weeks. But let me explain; because in most markets, it takes anywhere from a few hours to several months for a homeowner to actually get an offer. From there, it takes another 30 to 45 days or even a little bit longer to close the deal. Selling the home or giving an offer is much different than the selling and closing process. You might get an offer within hours but then anything could go wrong and you could end up back on the market

right now, as of the publishing of this post, the median number of days on the market for most homes nationally is about 20 days. That is a great number. Of course, pricing the home, the condition of the home and staging all plays into how the market will see the home. Because of inventory shortage and the growing economy, there's been much more interest in homebuyers over the last couple of years. Some people are even fighting for the few homes that are on the market.

According to a Money.CNN article, historically, "roughly 1.2 million new homes hit the market every year, and so far this year, only 800,000 have been built."

It's because that in prior years, mainly the past decade, there's been a lack of demand. So now we are making up for it with a huge lack of inventory. In some hot markets across the country, 20 days seems like an eternity, especially if homes are flying off the market.

The Columbus Ohio area has been an extremely popular market for the last couple of years and home prices are extremely low, rates are still low in the demand is high. This perfect storm means that most homes are not lasting very long on the market and if they are, there's something wrong. It's important to take a look at what could be causing the slowdown in interest. It could be the price, condition, location or some unknown issue that moves to be explored through real estate agent feedback.

All in all, it's a great market to sell your home and chances are you'll get an offer within the first couple of weeks if it's priced correctly. You don't necessarily need to under price your home but you don't want to overprice it either. The fewer weeks your home is on the market the better for all.

If you're looking to sell your Columbus home give me a call. Prices are great right now in the demand is high so for the is asking price but evaluate your home and see how quickly you could get moving.