Homes are selling quickly thus far in 2018, and the demand for homes continues to outpace the number of listings on the market. As a result, competition is expected to be fierce among buyers in most areas, but many homes are still taking 3 months or longer to find a buyer. Here are a few things that could affect how quickly your home sells:
1. Value. This one is probably obvious – if your home is listed for a fair price, it’s much more likely to sell quickly. In order to determine your home’s fair market value, be sure to consult your EveryHome agent’s Comparative Market Analysis (CMA) and you may also wish to consider obtaining a third-party appraisal.
2. Price. Generally speaking, the more expensive the home, the longer it takes to sell. This is simply because there is a much bigger market for budget-friendly homes, whereas fewer people can afford pricier properties. Homes above $500,000 tend to take an additional month or two to sell, and homes above $1,000,000 often take an additional 3-6 months.
3. Neighborhood. Suburbs that are closer to Philadelphia and located in strong school districts tend to sell more quickly, whereas more rural areas (including Berks County, eastern Chester County, and northern Montgomery and Bucks Counties) tend to take longer to sell.
4. Online presence. Homes that are marketed well tend to have more showings and go under contract more quickly. This includes things like clear, attractive photos, a well-written description, and visibility on top real estate websites (like EveryHome.com!)
5. Condition. Move-in ready homes tend to sell more quickly, as the majority of buyers prefer to avoid doing significant work to the home prior to moving in. If you’re selling a fixer-upper or a home that otherwise needs to be updated, it may take an additional couple of months to sell.