How long should it take to sell my home?
That’s a great question, and absent a crystal ball, we have to rely on market data to answer that question. There are several things to consider, beginning with supply and demand.
Accordingly, I like to consider absorption rates as the best indicator of your odds of selling. It’s a relatively simple calculation of the number of sales in the past 6 months divided by the current inventory. So, if there have been 4 sales in the past 6 months in Happy Acres, and there are currently 15 active listings in Happy Acres, then your home has a 27% chance of selling within 6 months. You can perform this same calculation for any time period desired, but the longer the time, the more accurate the predictive rate.
Like any other statistics, it is absolutely essential to focus on the correct data set in order to get a true result. Looking at the local market in general, for instance, is not likely to give you a practical idea of how long it will take to sell your home, as that data set includes first time buyer properties under $200,000 all the way up to luxury homes over $1 million, and everything in between. Averages and medians on that wide a scope are not likely to be accurate indicators of a specific price point.
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