There are times in real estate when it feels like your propertyjust sits on the market with no bites and other times when your property “fliesoff the shelf.” There are many different factors that contribute toproperties “flying off the shelves.” One factor that is a little out ofour hands is the current local real estate market.
Market conditions determine a lot of things and that includesthe average days on market for any given property type. When looking atsingle family residential homes right now the average days on market for ourarea is 113 days. Now those 113 days are including the average 30-45 daysit takes to go from Under Contract to Closed. If you subtract thecontract days of 45 you’re looking at an average of 68 days. That’s 68days that your home is on the market and being shown to potential buyers.
As real estate professionals we can give you some insight intothe current market and prepare you for what we anticipate will be the lengththat your property will be on the market. With a proper market analysis,we are able to determine the right price for your home and we can take a lookat the current area statistics for an idea of the days on market you shouldexpect.
Now there are more pros than cons to selling your home in a fastmarket, but some sellers do have concerns when listing their home in a quickmarket. Consider if your home went under contract within the first weekit was listed, would this pose any problems for you? If so, we’veoutlined below some coming concerns sellers have when their property sellsquickly, as well as, some solutions and ways to prepare for selling your homein a fast market.
Potential Concerns and the Solutions:
You will need to live in the home until you purchase your newhome:
You will be moving to a new home but will be closing on the newhome after you close on your current home. If your property is located in afast moving market you may have this concern. The best way to workthrough this is to let the agent selling your home know about this up frontbefore you list your home for sale.
In situations such as this your realtor can prepare a “sellerstemporary lease back agreement”. A lease-back agreement is a formal leasewhere all documents will be signed and dated by both parties. This isnegotiated between the selling and buying parties. It allows you anagreed upon amount of time to stay in your current home until you close on yournew home and are able to move out of the current property.
You live out of town and still need to get back to empty out thehouse:
If you live out of state and will not be able to get back to theproperty to empty it out for a couple months, but the property goes undercontract way faster than you anticipated, this could be a concern for you.
In this situation the best solution again is to let your realtorknow this information up front. Your realtor can advise you as to whatyour best option would be. Sometimes this may mean delaying the list dateuntil you’ve got the home ready to sell or coming up with a backup plan foremptying the home in the event that the property goes under contract muchquicker than anticipated. Either way knowing this information up fromwill help you and your realtor plan and prepare ways to empty the property outin this situation.
You (or your tenants) will have to deal with multiple showingsdaily:
This can be a tricky one, especially in a fast market. Many sellers feel overwhelmed with the idea of showings in any market and whenyou’re looking at a fast market you may deal with multiple showings, daily.
In this situation the best way to handle showings is workingwith your agent on setting up some showing restrictions. When you selectthe restrictions for showings this allows you (or your tenant) some comfort inknowing what times/days to you are expected to be ready for a potential showingas well as what days/times you will not be required to show your home. Nowon the flip side of this you do want to make sure you have enough availabilityfor all of the potential buyers out there. It is not idea to block offthe showing times so much that potential buyers are unable to get in to viewthe property and end up going with another property they were able tosee. There is a fine balance between reasonable and unreasonablerestrictions.
No matter the reason, if you and your realtor are anticipatingthe sale of your home to be faster than the current days on market for yourarea there are ways to prepare for this. The best way to prepare ishiring a good agent and keeping them informed of any concerns you have alongthe way. From beginning to end if you continually let your agent in onwhat you’re thinking or any concerns you have they will be best equip to helpyou work through your concerns. Remember, they work in this industry andhave seen many different scenarios. The more experienced your agent isthe more likely they will know the best way to guide you through the sale ofyour home, especially in a fast paced market.