Real Estate Column: Why is it taking longer to sell my home?

By Jeff Wiren, Principal Broker, Premiere Property Group, LLC for the Sherwood Sun

SHERWOOD, Ore. — A common question that I get asked on listing appointments is “How long do you think it will take for my home to sell?” The answer to that question is more complicated than just stating the average days on market according to the MLS. That is helpful to know, but there are many factors that will determine length of time on market.

Price - If you are selling a home that is more affordable for first time buyers, then you can expect a shorter market time than if you are selling a more expensive home. You may even get multiple offers on a home at the lower end of the price spectrum. The median sold price in Sherwood is sitting around $670,000. While every home is different, this can be a good guide for helping you evaluate how your property compares to the market regarding price. Trust the advice of your Realtor®. We know where the market is, and how your home compares to the other properties we tour in the area. Overpricing your home will increase your market time and in many cases will lead to you getting a lower price than if you priced the home correctly from the start. Think about this from the buyer’s perspective – if you were touring three properties and one of them was overpriced, which property would you make the offer on? My experience is that an overpriced listing will typically help the other homes on the market sell because they look like a better value in comparison. 

Condition – Unless your home is a fixer, then buyers are expecting it to be clean and move-in ready. Buyers are putting every dollar they have into the purchase these days, and they typically don’t have extra money to make improvements after the purchase.  Your home should sparkle for every showing, and any significant issue with the condition of the home should be addressed before putting it on the market. I am not suggesting that you need to gut your home and replace every surface just to sell it. If you have an older kitchen that is functional and clean, then price the home for that reality and make your kitchen look as good as possible. On the other hand, if you have damaged flooring and non-neutral paint, then replacing the flooring and repainting in a neutral color will make a huge difference in how quickly it will take to sell your home and the price that you will get for it. This is an area to trust your Realtor® on as well. We know what buyers are looking for, and we tour lots of property. We can help you make a detailed list of suggested improvements to make sure that you maximize the value without overspending.

Personal Preparation – In 22 years of selling real estate, I have learned at least one truth, which is that homes sell when the current owner is truly ready to move on to their next property. If you have any uncertainty about your next steps when you sell or what your future plans are, then you are setting yourself up for difficult negotiations and some potential frustration. Make a plan with your Realtor® and have confidence in what your next steps will be when you get the right offer on your current home. If you are “all in” when you put your home on the market, buyers can feel that energy – and energy creates enthusiasm in the mind of a buyer. 

To sum up:

1. Be realistic regarding market time based on your home's price compared to median.
2. Make sure that your home is in the best condition possible for the home that it is. 
3. Make a plan for what you will do when your home sells.
4. Trust your Realtor® and engage with them as early as possible if you are planning to sell your home. A three to six month lead time is common in order to truly accomplish all of these things.

As always, if you have a great Realtor® that you trust, then you are Blessed! If you don’t, call me. I would be honored to have your business.