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Chris Biasucci
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How Long Does It Take To Sell a Home?

The length of time it takes to market a house will vary.
Some properties will sell in just a few days, others may require several months.

Following are the six factors that influence the time it takes to sell a property

1. COMPETITION
Every Buyer makes his decision about which home to buy and how much it is worth by his other choices at the time he buys. The supply of other choices the Buyer's will compare with your home is constantly changing each week and month. The current competition always affects the Buyer's opinion of your property and what he thinks it is worth. So, the question is: What will be the Buyer's other choices at the time they are shown your property?

2. PRICE
If the property has not sold after a reasonable length of time, but other similar properties have sold, then the price may need to be reduced. If this is true and the price is not reduced, a sale may be delayed or prevented.

3. PROPERTY
If the property should show poorly or have major defects which cannot be, or are not corrected, a sale may not occur until the defects are corrected or the price is adjusted to compensate for them.

4. FINANCING
The current cost of mortgage financing plays an important role in affordability to most prospective buyers. If these costs are too high, then the financing may cause a delay or prevent a sale.

5. TIMING
Timing is the condition of the real estate market at the time of the sale. Supply and demand are the factors influencing whether it is a Seller's or a Buyer's market. Neither the seller nor the listing agent can change the market conditions at the time the property is for sale. It must be accepted for what it is.

6. MARKETING
Marketing techniques are being constantly tested and updated for the best results. But, even expert marketing has limitations because marketing cannot overcome any of the first five factors if they are out of balance and remain uncorrected. You will be supplied with a constant flow of updated information which will help you determine the marketability of your property.

 

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