When a home first goes on the market, sellers anticipate moving the house as quickly as possible. Yet, in some circumstances, a home may take longer than expected to sell. There are many reasons why a home may stay on the market longer than anticipated. Here we’ll look at why a home won’t sell and ways a seller can expedite its sale.
What Is the Average Time a Home Spends on the Market?
As of January 2023, the average time a home stayed on the market was 56 days. This was up from the most recent low of 31 days during the height of last year’s seller’s market in May 2022. Yet, there are many things that can influence how long a house stays up for sale. One thing sellers and buyers should also consider is the time needed to close a loan, which can take as long as 50 days.
As interest rates continue to rise, sellers can expect a decline in potential buyers and, in turn, a longer time period for moving a home. Yet, in some markets, demand continues to remain high, and houses continue to sell at a very fast rate.
How Long Is Too Long for a Home to Remain on the Market?
There are many factors that a seller should consider when contemplating how long their home should remain on the market. If the house is located in a hot sales area and yet the home has been on the market for several months, the seller may want to consider making some adjustments in their approach.
One way a seller can increase buyer interest in a home is a price reduction. Yet, many sellers may be hesitant to reduce the price of their homes. The owner may also want to remove the house from the market and relist it at a later date. But, again, relisting will more than likely come with a lower price.
Another factor is that some consider relisting a home to be disingenuous to potential buyers. It gives the impression that a home is just hitting the market, which is misleading.
Things You Can Do To Make Your Home Sell Faster
The first thing you can do to make your home sell faster is work with an experienced realtor. Working with someone that is familiar with the market is essential when you want to sell a house quickly. They’ll have the skills and knowledge to guide you through the entire process. Additionally, a real estate agent will provide you with critical information as to what steps you’ll have to take as the owner to ensure the house is attractive to potential buyers. With their assistance, you’ll be able to take the necessary steps, like staging and other improvement projects, to prepare your home before it hits the market.
The Mike McCann Team: A Premier Real Estate Agency in Southeastern Pennsylvania
If you’re looking for a real estate team that knows how to help sellers move their homes quickly, no matter the market, look no further than The Mike McCann Team. We serve a wide range of communities throughout the region, including Grays Ferry and Bella Vista, Philadelphia. Contact us today if you’re interested in purchasing or selling a home in the area!
