That is THE QUESTION, isn’t it! There are three main factors that affect a property’s time on the market: location, condition, and price.
Location is the one thing that you cannot control in the home selling process. In conjunction with condition and price, people choose a home based on the location and accessibility of the property. In many cases, homes will sell faster in desirable neighbourhoods because the demand is high. Take into consideration what the demand is to live in your neighbourhood. Your REALTOR® can provide information on yours and surrounding neighbourhoods to help you assess this factor.
The condition of your property is also a major contributing factor to the time it will take to sell. When evaluating a home, buyers will first assess the structural condition of items such as walls, ceilings, floors, doors and windows. They will want plumbing and electricity to work efficiently. They will then consider paint, carpets and floor coverings. The front and back yards should be in reasonably good shape. If there is major damage or deterioration to any of these items, buyers will likely hesitate in making an offer. Discuss ways to cosmetically improve your home for a more rapid sale with your REALTOR® professional.
Pricing your property to sell in the current market is absolutely crucial. Obviously, the condition and location of your property should be major considerations when deciding on a price. If your home is priced too high, it will likely remain on the market longer, resulting in a lower final sales price. Your REALTOR® can guide you on appropriately pricing your property for the shortest listing time with maximum profits.
There are several additional factors that can affect the speed of a sale including: local supply and demand, marketing, and closing terms. Is there a surplus of homes for sale in your area? Are technology tools and networking resources being utilized to market your property? Are your closing terms favourable to buyers? The right REALTOR® will be able to coach you in dealing with each of these things to ensure the quickest possible sale.
Unfortunately, there is no magic time frame when it comes to selling real estate. Some properties sell before a sign hits the front yard, and others may sit for months before the first offer comes in. Your REALTOR® can provide you with the average days on the market for properties that have recently sold in your neighbourhood; however it is important to remember that the variables affecting this data are not detailed in these comparables. Your REALTOR® will most likely have viewed a majority of the properties included in the comparables and can give you a better idea of why a specific property sold in the time frame recorded.
Do not get discouraged if a sale takes longer than you anticipated. Instead, try to analyze the reasons your property is not selling and ask a Real Estate Professional Like Us what you can do to facilitate the process.
This information is meant as a guide. Although deemed reliable, information may not be accurate for your specific market or property type. Please consult a REALTOR® professional for more information on selling your individual property.
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The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.
Information is deemed reliable but is not guaranteed accurate by TREB.
Toronto Real Estate Board - IDX Last Updated: 6/20/2018 1:24:06 PM