DOM is the real estate acronym for Days on Market. This metric gives you the average time to sell a house in your area.
Right now, we are in a seller’s market. In general, there are six months of inventory (houses) available for sale at any point in time. Presently, there is only about one month of homes available.
Lack of inventory is just one factor that affects the time it takes to sell a home. Read on to learn the other factors you can change that affect how long to sell a. house.
Inventory affects the length of time that is needed to sell a house. In addition, the types of other homes in your area that are on the market will also affect the speed of your sale.
Unique houses are often harder to sell because they speak to a smaller pool of potential buyers. On the other hand, homes that appeal to a broader audience often sell faster, especially if your house is in the best condition.
Location, Location, Location
The average time to sell a house is always quicker in a desirable location. Highly desired locations combined with the other factors may cause your home to sell not only quickly but also enter a bidding war.
Bidding wars artificially inflate the cost of the home. But can be beneficial for you as the seller in the long run.
Condition of Your Home
The condition of your home can help or hurt you in this market.
Scenario 1: If your house needs work but is in a highly desired area, the poor condition will help. In a highly desired area, many people plan to tear down the house and build one that fits all their needs. As a result, your house may sell faster under this scenario.
Scenario 2: If your house is in turn-key condition, meaning no work needs to be done. It will more than likely sell quickly to those people looking for move-in-ready homes.
Either way, the other factors, combined with the condition of your home, will impact the average time to sell a house.
In general, houses sell faster in the summer/hotter months than they do in the cooler/winter months, according to the National Association of Realtors. But, more than temperatures, there is some common sense logic involved.
Do you want to move between Thanksgiving and Hannaka/Christmas Holidays? Are you interested in moving your mothers’ heirloom china cabinet in the snow?
I didn’t think so! So, it is important to consider the seasons when planning a move.
If you are looking to sell your house quickly, check out Manausa.com.
Need to Know, How Long to Sell a House?
Now that you know the factors that affect how long you sell a house, you can make minor changes to learn how to sell a house quickly.
Check out our articles on real estate for more interesting reads.