The amount of time on market will vary depending upon where the home is located, the type of property, the price point of the listing, and if there are special terms or circumstances of the sale such as owner occupied only, any age or income restrictions, short sale/foreclosure/probate/regular equity sale etc.. Right now, however, the rates are so low that there are far more people trying to buy homes than there are properties that are listed for sale, so there is a housing inventory shortage that is drivng up prices. Homes can literally sell before they hit the open market because the listing agent typically has buyers who would love to purchase a home right now tat they, themselves have not been able to get them into.
It is not usually in the best interest of the seller to sell to someone before allowing the property to be exposed to the open market for at least 5-7 days.
A good example of how a seller can be "damaged" by selling before adequate market exposure is a property that recently sold for $400,000. The seller wanted $400K and the agent had a buyer who was willing to pay $400K, so they accepted the offer without exposing it to the market. I had a listing that was in far worse condition in which someone had died in the home and was a model match to the $400K one that I listed just after that one closed and mine was listed at $375K. I had offers over asking price before it hit the market just from the coming soon sign and the coming soon marketing I did the week before. The people had not even seen interior pictures and they did not care. In fact, they did not even care if it appraised or not; they were willing to pay the difference between the apraised value and their offer price (If a home does not appraise for the agreen upon price, the buyer's lender will not loan on it unless the buyer brings in the amount of money needed to close the gap between the appraised value and the offered price of the home).
We stuck with our plan had a broker's tour and open house that generated over 100 people through in 7 hours and lots of agents brought their clients by on their own as well. First showing was on a Friday. Offers had to be submitted by Wednesday morning and the buyer had to purchase the home owner occupied and show proof of funds to close the appraisal gap of they offered more than the list price. We ended up with 9 offers and many were 10-15% OVER the listed prce; two were from my own buyers who have been trying to buy a home!
Remember, my listing was in worse shape than the one that sold for $400K without going on the market. Hence, that seller lost out on more than $30,000 they could have gotten for the property if their agent had advised them about exposing the home to the open market rather than just taking the offer from the listing agent's buyer.
In the Tri-Valley area, there are not nearly as many short sales and foreclosures as there have been in years past (typically less than 14% of the market are these types of sales now), so people are willing to pay more for properties because they can close escrow sooner and with less hassle. In fact, home prices have gone up so much in some areas (for example, more than $100K in less than a year) that many people who were under water last fall actually have equity now and can either refinance or sell their home!
If you would like to find out what your home may be worth in today's market for free online right now, visit http://RobinsHomeValues.com
for a no obligation home valuation.
If you are facing foreclosure or are simply struggling to keep your home, you can download my free report 9 Alternatives to Foreclosure at http://RobinBirdTeam.com
Did you know that your home can be in foreclosure and you still may have many options that may keep you in your home if you want to stay or you can sell it. Sometimes your lender will even give you $3,000 or more to help you with moving expenses! We help people who are behind in their payments and in foreclosure quite often and are happy to provide complimentary consultations for people who want to know what their options are given their situation. At Realty World-No Pressure Realty, we pride ourselves on the fact that we help people make their real estate dreams come true. If that means helping you stay in your home if possible when you are struggling or underwater, then so be it. As many of the people who have contacted me know, we first find out what your goal is and try to see if we can help you obtain that. Sometimes people have called me to list their home because they thought that was their only option when in fact, I was able to help them stay in their home. Did I make any money on that transaction? Not a penny. In fact, it cost me money in time, gas, research, etc., but it was the right thing to do.
I feel if you are honest and do what is in the best interest of the person who has reached out to you, then that will come back to you many times over. Robin@NoPressureRealty.com