How long will my house be on the market? This is an often asked question. Sellers have made the big decision to sell their home and now want to make future plans. Unfortunately, a definite answer to the question is difficult. There are so many variables (location, price, condition, market demand, availability of mortgage money, etc. etc.). That said, there is some information available that might be helpful.
The Western Kentucky Regional MLS tracks listings and sales of homes in the 13 Western Kentucky counties. Data from that source can provide some information about conditions of sale, including the Days on Market of each home sold. Here are some figures from the MLS data base that might be of interest.
As of November 27, 2017, there had been 168 single family homes sold, YTD, in Trigg county. On average, sold homes were on the market for 176 days. So, on average, it takes about 6 months to sell a home in Trigg County. But, remember that averages are made up of larger number and smaller numbers and sometimes a little more research is helpful.
I recently looked at Days on Market of those sold homes considering sales price. You may find this interesting.
Homes that sold for less than $100K were on the market an average of 160 days.
Homes that sold for between $100K and $200K were on the market an average of 157 days.
Homes that sold for between $200K and $300K were on the market an average of 194 days.
Homes that sold for between $300K and $400K were on the market an average of 245 days.
So what can we conclude? Ours is a slow market. There are not a large number of buyers for homes like you find in the Metropolitan areas. While lower priced homes sell quicker that high priced homes, they all average months on the real estate market.
What can a seller do to reduce the Days on Market? They must consider the condition of the home. Presentation,presentation, presentation!! Neatness, cleanliness, and good to prime condition makes a huge difference in a Buyers opinion of the property. Advertising - Photos now represent the first impression most Buyers get of a home. If the Seller does not use great photos they are losing buyers without them ever seeing the house. Also, the Seller must consider the competition. What other similar homes are on the market that a Buyer is going to consider. Buyers will always purchase the property that represents the best VALUE to them. Seller must determine if their house is a better value than other similar homes.
OK, hope you found this helpful. If you are considering listing your home I would be happy to assist you in preparing, pricing and advertising your home. Call me. Charlie