The length of time on the market depends upon the price and exposure. The more you can do to make your home more marketable (declutter, clean, make it easily accessbile) the better. Any weaknesses in the product (your property) can be offset by a lower price. If you want a higher price, keep your place tidy, clean in up, and make it easy for buyers to see when they want. You can't alter the location. Price can offset a poor location, or price can be ajusted upwards for a superb location.
Now, it comes down to setting the right price and aggressive marketing that will reach the largest pool of potential buyers. Aggressive marketing of an overpriced home will not help sell your property. Instead, it will help sell the competing properties in your neighborhood. If your property is overpriced, it will call attention to the fact that your property offers less than the competition. In turn, the competition looks better and is more likely to receive an offer. If you have a great price, but don't tell anyone, you won't have a true test of what the market can bring you.
The average days on market, if priced right and marketed aggressively should not exceed 90 days for this time of year. It is important to be responsive to the market feedback. If you do not get showings immediately, the market is rejecting your offering and you need to adjust.
Make sure to choose a listing representative who has a comprehensive understanding of internet marketing. Depending upon who you hire, the marketing functions may be provided by the company that represents you, or it may rest largely with the agent. It only matters that it gets done. I suggest that sellers learn who will provide that support at the time they chosoe their lisitng broker. Our company supports all listings and places them, as well as monitors them mulitple times per week on 30+ websites. Our company staff does this for all seller clients. Some agents have premium positioning spots on internet sites. When your property receives this preferential positioning, it can increase the click through on your property 300%.
How long is average for the day on market? How long should you expect? It depends.
YOUR PART: Hire well, listen to market feedback and respond, don't overprice, heed the advice of your agent, make your property easily accessible, clean, tidy and declutter.
YOUR AGENT/BROKER'S PART: Provide accurate pricing advice, monitor the market condiditons and feedback constantly, network w/ other agents for their input on your property and competing properties, take great photos, write great copy, tweak copy based upon market feeback (if the buyers aren't aware from the lisitng sheet that the proeperty has 3 garages, tweak and edit to make sure info is clear), monitor the inqiries, showings and feedback. Market, market, market....everywhere.....particularly on the web. Check and follow up on web postings to ensure accuracy and quality. Know the property well, and be able to answer questions asked by bueyrs or buyer agents. Track where inquries originate. Present the property and represent the seller in the manner that best serves the seller's goals and interest. Present and negotiate contracts well. Secure a contract.....that takes us to when a property goes under contract. Round 2 (contract to closing) consists of a whole new set of responsibilities.
How soon? How long? The better job you do on your part, and the better job your agent does, the more likely you are to receive a contract sooner....providing you do not have a unique non-conforming property. Unusual properties with a limited potential buyer pool can take longer. i.e. Historic properties with an abundance of character but functionally obsolete with small closets, tight kitchens and shortage of bathrooms.
Deborah Madey - Broker
Peninsula Realty Group