Over the past couple of years, it seemed like every home in Volusia county was selling within a few days of hitting the market. According to the New Smyrna Beach Board of Realtors, monthly market detail for January and February 2023, the number of days from listing to contract has extraordinarily increased when compared to last year. When considering the local market report’s median and average days to contract, it is important to keep in mind that some homes sell more quickly than others.
Sellers want as much money as they can get and most prefer “quicker the better”.
What defines quick in real estate? There is no absolute definition and it depends on a few factors. The market conditions, price range of a home and choices made by the seller can all impact how quickly a home sells.
The amount of time it takes for houses to sell is moderately cyclical and driven by the market. Neither of which can be controlled by a Realtor or a seller. Below is a list of some things that can be controlled in order to sell a home quickly:
- Know the local average days on market. A Realtor can review the local recent sales data to determine how many days on market and the movement in the property’s price bracket.
- Price the home appropriately. Overpricing will cost a seller more time. This is one of the most common mistakes made by a seller. A Realtor can research comparables and advise the best selling strategy.
- Make it easy for showing buyers. The more flexible the scheduling can be, the better. The seller should make a plan to be away from the home and provide the best times of day to the Realtor. Take into consideration the most convenient times for buyers.
- Adjust the price if necessary. The first week or two of listing brings the most serious buyers. The “active buyers” are already shopping the market. Lack of activity, interest, or an offer within this time frame is likely a sign for a price reduction. A Realtor can identify if patience at the price point is necessary or if it is an indication the price needs to be reduced.
Sellers may want to list sooner than later, before prices fall more. Buyers that used to have to race to beat the competition can now take their time touring homes. However, in coastal communities like New Smyrna Beach, Port Orange and Ormond Beach, still few homes are being listed. If a house is listed, that checks all the buyers’ needs, buyers in the current market are prepared to negotiate hard. While value may fall in the near term, economists predict equity can be gained within the first five to ten years of owning the home.
News about taking longer to sell, should be taken lightly. Research data shows that even during a “hot market”, the number of days on market can vary greatly. If planning to sell soon, consider how long it is taking to sell in the property’s neighborhood and at what price range.
There are many benefits to hiring a Realtor to list the property. Historically, properties listed with agents receive more at the bottom line than for sale by owner (FSBO) listings. A Realtor can hand over researched, current and reputable data regarding the neighborhood’s comparables, demographics and location in order for a seller to make the best decision of how to proceed with pricing for the quickest the sale.