Having said that, in Burbank for the past couple of months, the average days on market is 63 days, so if your home is priced correctly you could be in escrow within a couple of months.
Price, location, condition, floorplan all influence a buyer's decision. It's important to have an agent that knows the market and can show you the area comparables and discuss why homes would or would not be in competition with your home.
Make sure you discuss the different pricing strategies that can be utilized in selling a home as each has it's pros and cons.
To answer your question, it all depends upon price. If you price your home where it should be, then it will sell in a couple of weeks and close in a month or two. If your price is unreasonably high, it will sit on the market. Of the 64 sales recorded in May, about half a dozen were on the market for 6 months or more. Fourteen sold within the first two weeks. A full 25% of the homes currently available have been on the market for more than 6 months.
Right now, inventory for Burbank is climbing. That says there is going to be downward pressure on the market. So, suppose your home is really worth 500k in today's market. If you price it at 525k, you may not get any offers. Two months from now, your house is worth 480k but you drop your price to 499k. You are still not at market price. You are chasing a downward curve.
I had a client that would not listen to the price I told them they needed for their house. They ended up waiting a year and lost 70k. Many times a good real estate professional will not take a listing if the price is too high. Some less experienced agents will take the listing with the thought that they can get the seller to lower the price. This rarely happens. Then there are the really new agents that will take any listing, no matter how unreasonable.
So if you are really wanting to sell your home, hire a good real estate professional, price the property right based on comps, and even price it slightly below comps so you get multiple offers. This allows you to ask for "best and final" which will drive up the price a bit. Also, offer a full 6% commission. If you really want serious activity, offer 7% and give 4% to the buyers agent. That extra commission is a powerful motivator for buyers agents.
Please give me a call if you need help.
Tommy Lee DRE#01723594
I could let you know, for example how many homes in your zip code are 'shadow inventory' or within 2 -3 square miles, those would be the upcoming sales that would probably hurt the value of your home.
It will not take you 6mos to sell your house if you're well informed of what the area sales are & what truly is Fair Market Value. Buyers out there are frustrated with the length of time it can take to close on a short sale and are also frustrated w/ the condition of most REOs, the Standard Equity sales that come on the market, can actually obtain a more 'premium' price because buyers see it as a convenience & are happier about writing a contract on a house & being confident that they could actually move right in, in 40 days or less.
Email me directly if you'd like to know about the shadow inventory in your area or if you'd like a well researched opinion on what your fair market value is. If you are a CPA, I do have a question for you: About form 982 & whether any owners who short sold property are able to negotiate with the IRS to pay partial tax on their 'income' / amt. they were negative when the short sale closed. (for those who may not have qualified under the mortgage debt forgiveness act.
Again, email me directly as I won't check back on this same Trulia thread.
It all depends on your situation, and how you motivated you are. If the property is priced right, and well-marketed, it should not take 6 months to sell. I would be happy to discuss with you further, and give you a complimentary Comparative Market Analysis (CMA) to give you a better idea of your home's current value and what you should expect to price it at. I also have some strategies I have used with success to help get you the best possible price for your property. Feel free to contact me at any time.
Keller Williams Realty