“How quickly will my home sell?” is a question we get all the time from sellers. We get it. The market climate is actually what’s going to determine how quickly your home will sell. After being involved in many transactions, we get asked this question all the time.

I’m Christine Almarines. I’m Letty Luna with CARE Group.

How long until your home sells?

In a hot market where there is limited inventory, meaning there are more buyers than homes to purchase, you can actually expect their home to sell in just a few days. Although I highly recommend for allowing the home to get proper marketing time so you can get the most amount of offers with the very best terms. Anytime someone tells us they sold their home in just one day, we kind of shake our heads because we know that it probably means that you left money on the table.

Now, it’s a little different than that right now with everything that’s going on in the market. Because of the circumstances of our economy, you might want to look at all offers as they come in. But again, the market climate and what’s happening always determines if you should allow more time in marketing. If there are more homes on the market than buyers, you can expect a longer time for the home to actually sell. We can discuss the timing and how quickly we think your home will sell when we meet with you.

It’s really important to look at the absorption rate in terms of pricing. Absorption rate is a term most commonly used in the real estate market to evaluate the rate of which the homes are sold in a specific market in a given period of time. It is calculated by taking the average number of sales per month divided by the total number of available homes. According to Investopedia, a seller’s market would have an absorption rate that equals more than 20% and a buyer’s market would have an absorption rate lower than 15%. We personally believe those numbers are a bit vast. Right now in today’s market, if we see a home take longer than 30 days to accept an offer, then it’s usually overpriced.

As always, I’m Christine Almarines…I’m Letty Luna with CARE Group. And remember, people don’t care how much you know until they know how much you care.