Clients looking for change sometimes debate between a remodel and buying a new house. The latter route involves selling the old home, and that comes with baggage that the homeowner may not have taken into account yet. Here, Redfin's Cheryl Mallard presents the key factors that determine how long selling a home will take:
Location: If a home is located in a highly sought after area, whether it’s because of a great school district, proximity to public transportation or is an up and coming revitalized area, the location of your home plays a major role in how long your home stays on the market.
Price: Homes that are priced properly typically have a shorter market time. According to the National Association of Realtors, homes priced at market value will bring in 60 percent of potential home buyers who are looking at that price point. However, pricing your home 10 percent under market value will capture 75 percent of available buyers.
Comparable Homes: Looking at recent home sales in your area is one matrix real estate agents use to help determine market time.
Condition: Homes that are updated, well kept and have great curb appeal, will have a better chance of being sold quickly.