Is 60 Days a Long Time for a House to Be on the Market?
When considering how long a house should stay on the market, it largely depends on the real estate market you are in. In a seller's market, homes tend to sell more quickly, often for more than their asking price. Conversely, in a buyer's market, homes may take longer to sell and could even remain on the market for an extended period. This article will explore the factors that can influence how long it takes for a house to sell, and provide insights for both buyers and sellers.
Factors Affecting Home Sale Time
In Seattle and its nearby suburbs, a 60-day listing period is considered quite long, and especially painful for sellers. The real estate market in Seattle is competitive, with fast-paced home sales. I personally managed to sell my home in Redmond in just one week during a particularly busy market. However, in weaker markets, the process may take significantly longer, especially if prices are high or conditions are poor, potentially causing sellers to lose valuable opportunities and income.
Market Factors and Home Sale Duration
Several factors can contribute to a house remaining on the market for an extended period. One of the most significant factors is the price range. For example, at one point in St. Petersburg, even in a hot market, properties priced above $750K were not moving and remained on the market for nearly 14 months. If your property remains on the market while comparable properties in the surrounding area are selling more quickly, it may indicate a problem with the home itself or the conditions surrounding it.
Curb Appeal and Exterior Condition
The first impression a house makes to potential buyers is crucial. Examine the curb appeal of your property. Is it styled in a way that looks well-maintained, with well-groomed lawns and plants? Does the grass look freshly cut, and does it match the other houses in the neighborhood? These small details often play a big role in the first judgment buyers make before even entering the house.
Interior Condition and Upgrades
Next, consider the interior of the house. Is it well-maintained, or does it show signs of neglect? Recent upgrades such as a new kitchen, modernized bathrooms, and a fresh paint job can significantly impact the home's appeal to buyers. Older homes that have not been painted in years or still bear original paint or wallpaper can be more challenging to sell, as they may require additional investment from the new owner.
Price and Market Comparison
The price of the property is also critical. Compare the asking price to the selling prices of similar homes in the immediate neighborhood. If your home is priced significantly higher or lower than others in the area, it may take longer to sell. Properties that are priced within 5% of the recent market average tend to sell more quickly. However, if your home is priced too high, buyers may need to spend more than they are willing to, making the sale less likely.
Seeking Expert Advice
If you are concerned about the length of time your property has been on the market, it is beneficial to speak with a real estate agent. Many agencies maintain records of the average time it takes to sell the average house. Contact them to gain insights and understand if adjustments to your marketing strategy or listing price could help you achieve a more favorable outcome.
Conclusion
In summary, a 60-day listing period can be considered long depending on the market conditions. However, there are numerous factors that can influence the length of time a property remains on the market. By understanding these factors and making necessary adjustments, homeowners can optimize their chances of achieving a successful sale within a reasonable timeframe.
By leveraging market data and staying informed about local trends, you can navigate the complexities of the real estate market more effectively.