Increasingly, I'm asked by buyers and sellers, "How many days are homes on the market before they go under contract?"
Here's the answer: It depends on...
- how well the home is prepared;
- how accessible the home is for prospective buyers; and
- properties in direct competition.
We are experiencing a hot market for sellers, where properties priced and prepared appropriately can spend as little as 24 hours on the market before receiving a first offer. 24 HOURS! And it's not out of the ordinary for a home in demand to be under contract within 36 hours. But it is also not out of the ordinary for a good property to linger on the market for a while as buyers kick the tires.
What does this mean for Sellers? Plan modestly. There is no guarantee your home will go under contract so quickly, nor that it will attract multiple offers with escalations. Sorry - there is simply no science to it. The expectation should be that your home is on the market for anywhere from one week to one month ...if you're doing things right. Be cognizant of the spike-factor: A home's presence spikes highest immediately after being listed. Additional secondary spikes may can be generated if there are improvements made to the property (property condition or price) that are communicated effectively to the buying public.
What does this mean for Buyers? Be prepared. Have all financing lined up. Know the market - will your target property drop in price or increase in price to get sold? Your offer needs to out-compete all other buyers to make the property yours. Highest price doesn't always win. Sometimes proposing terms that are easy for the Seller to accept are winning offers. But a combination of both are the best guarantee to success.
Building strong, tailored strategies that suit the needs of real estate consumers is at the heart of my job. All you need to do is ask, and I'm poised to help.
**On a side note, the Pope's visit to Washington, DC this week will have traffic routes tied up like a pretzel. Best to bone up on road closures throughout the city, or better yet, bike to your destination with Capital Bikeshare!
If information is power, I'd like to help make you the most powerful consumer of real estate on the market!