Ready to sell your home? Have you chosen an agent to represent you? How much time will you give the agent to sell your home?
Many consumer and money magazines offer advice for home sellers. Some say the agent should be given only a 30 day listing. This short time frame, they suggest, puts pressure on the agent to perform quickly. They don’t realize that top agents will not subject themselves to unreasonable listing times. Others say 90 days is right, and some reason that six months is fair.
These magazines simply don’t understand that there is no such thing as a “national” real estate market – only thousands of “local” markets. Thus, the right length of time in our area depends on the average sale time in this market only. So, how long would that be?
When selling, ask your agent for a detailed breakdown of sales in the immediate area over the past year. Compare actual selling times with prices paid, taking into consideration special terms and condition of the homes. Eliminate the longest and shortest sale times, then average the rest.
This provides the approximate sale time required to sell a home, provided it is in excellent condition and offered at fair market value. Add 15-30 days to the average sale time when listing to provide the agent ample time to produce a willing, qualified buyer.