On average, a house in the United States will take about 65 days to sell. In some markets, however, getting a good offer can take much longer. For instance, homes in a buyers’ real estate market or high-end properties are often more difficult to sell.
If you’re a savvy seller, you can get your house off the market in far less time. To be successful at selling your home, you must have a good understanding of your area’s real estate market. If you’re ready to get started on the research you need, here are the five pieces of information you should focus on.
Research Comparable Properties
The sale of similar properties, or “comps,” in the area around your home is one of the most important indicators of the market in your area. The price that buyers are willing to pay for similar homes demonstrates what the market’s opinion of your home is.
When you are looking at comps, make sure to consider homes that are truly comparable to yours. For instance, even if a home has a similar square footage to yours, it may still be worth more if it has an updated kitchen and bathroom but yours doesn’t.
On that note, keep in mind that updating and renovating your property is one of the few ways you can actually make it more valuable. You don’t have control over where your home is located, or how big the lot is. However, you can install new kitchen cabinets or improve the landscaping, both of which can make the home more enticing to buyers.
Of course, another strategy to sell a home quickly is to forego renovations. This way, you can price your home competitively and appeal to buyers by making them feel like they’re getting a deal.
If It’s Not the Right Time, Wait
Like any other market, prices in real estate rise and fall. If houses around you are not selling for as much as you would like, consider waiting to sell if you can afford to.
You will have little control over the factors that dictate whether you’re in a buyer’s or seller’s market. For instance, buyers tend to be more motivated to buy when interest rates are lower because they can get a better deal on a mortgage.
Work With a Real Estate Professional
No matter how much time you spend researching your area’s market, you still won’t have the same depth of knowledge as an experienced real estate professional. Also, a real estate agent will be able to dedicate their full-time attention to researching market trends in your area. This way, you can make sure to best position your home to sell for what it’s worth.
Learn More About the Real Estate Market Today
By focusing on these aspects of your area’s real estate market, you will be able to make smart decisions as a sell. Ultimately, this will help you sell your home faster.
Need more help selling your home? Check out our maximum home value audit to find out how much your house is really worth so you can get top dollar.