You may have heard from neighbors or realtors that your local market is hot, hot, hot and homes are selling in just a couple of days. While that may be true in a few select cases, it’s certainly not the norm. Let’s take a look at the reality of “two day” closes and debunk some common real estate myths.
Look to Days on Market Averages:
Right now, in San Diego, it takes an average of 38 days to sell a home. To contrast, the United States average is 65 days. According to Business Insider, the average seller receives an offer for every 20 potential buyers who look at the home and accepts the third offer. This means that 60 potential buyers usually look at a home before a sale is made – and that takes some time! Almost always more than two days. Curious how long it takes to sell in your city? Check here.
Quick Sales are Not the Norm:
When a home sells in just a few days, there’s almost always a specific reason for that. In some cases, the seller or real estate agent already knows an interested buyer and let that buyer know about the listing before it was officially for sale. This practice is often referred to as a “pocket listing”. In other cases, sales are pre-arranged, by the seller. In this case, sellers are typically approached by a family member, friend or agent who is interested in buy or who already has a buyer lined up.
You Can Impact How Fast You Sell:
The number of days your home is on the market isn’t completely up to chance. By making sure your curb appeal is attractive, the interior is clean and staged and you market your home effectively, you have the potential to decrease the number of days your home is on the market.
By basing your expectations on real statistics and preparing your home before listing, you can improve your home-selling experience, selling sooner and bringing in top dollar.