5 factors that impact selling time
Several things can affect how much time it takes for a property to sell. Even though each owner has the power to influence the selling time in various ways, some aspects are outside their control.
DuProprio’s real estate coaches have targeted 5 factors you should take into consideration when deciding to sell real estate:
1. Asking price
The asking price is critical. It has a direct impact on the number of potential buyers who will be interested in your property. For instance, fewer buyers can afford prestige properties, so these may take longer to sell. Deciding on the asking price is a crucial first step.
Not every area has the same appeal for buyers. If your property is in a neighbourhood a lot of people want to live in, the time to sell will likely be shorter because there will be more buyers interested in your property. Note that selling times are generally shorter in large urban areas than in more remote locations.
3. Economic situation
Similarly, the economic situation in a particular area affects how active the real estate market is. Broadly, this means that selling times tend to be longer when interest rates rise, because fewer buyers can afford to own.
4. Property type
Like location, the type of property has an impact on the number of potential buyers, and therefore, on the selling time. Let’s take hobby farms or businesses for instance. Because they attract more specific clienteles than do single-family homes, these specialty properties will generally take longer to sell.
5. State of the property
A property that’s in poor condition will sell more slowly than one that’s in a good state. Having work to do in a new home can be perceived by buyers as a source of frustration. To stack the odds in your favour, show your property’s features in their best light.
Remember that preparing the property is the first of the 4 steps to selling your home.