How Long Will It Take For My Home To Sell?

Are you thinking about selling a house in McKinney TX? Or selling a home in the Dallas-FortWorth Area? You might be wondering if you sell, how quickly your home will actually sell. Well there are a couple of factors that go into predicting this including the market climate and the absorption rate as well as other factors. This video will help you understand key factors that will impact how fast your home goes under contract.
After over six years in the real estate industry and having sold tens of millions of dollars in real estate, I get this questions all the time. How long will it take to sell my Dallas-Fort Worth Home?
Whether you are looking to upgrade, downsize or relocate, making sure your closing dates align can sometimes be tricky. So what should you expect when you sell your house? Well, it all depends on the current market climate.
In a Seller’s market where there is limited inventory and buyer demand is high, you might be able to expect your home to sell in just a few days.
In a buyer’s market, you might expect your home to be on the market for longer.
So what determines if it is a seller’s market or a buyer’s market?
A seller’s market arises when demand exceeds supply. In other words, there are more interested buyers than homes for purchase. When supply is low and demand is high, sellers will have the upper hand in negotiations.
Typically, in a seller’s market, homes sell faster, and home buyers must compete with each other to win the bid on a home. Due to the shortage of housing, these conditions often lead to bidding wars. During bidding wars, buyers will make competing offers and drive up the price, typically above what the seller initially asked for. These market conditions force buyers to pay more for a home than they otherwise would and cause them to have to be more willing to accept the property as-is, rather than negotiating repairs.
A buyer’s market arises when the supply exceeds demand. Or in other words, when the amount of available homes for sale exceeds the number of buyers wanting to purchase one. Essentially, there is a greater supply of homes and a lower demand of buyers. Because there are more homes available, it gives buyers leverage over sellers.
In a buyer’s market, home prices tend to decrease, and real estate may stay listed on the market longer. This causes sellers to compete to attract buyers. In response, sellers typically drop their asking prices to be more competitive and are often willing to negotiate more with buyers. While the lower prices are bad news for sellers, it creates a buyer’s market and can be very advantageous if you are in the market for a new home.
So how do you determine whether its a seller’s market or a buyer’s market?
There are two metrics agents use to determine the market conditions.
The rate at which homes are sold, called Absorption Rate
The average number of days it takes for homes to sell, called Days on Market
What is the absorption rate? The absorption rate is is the number of homes for sale divided by the number of homes sold per month. This figure shows how many months it will take to sell the present supply of homes on the market.
Here is an example. Let’s say that your city has 1,000 homes for sale currently on the market (active listings). If 100 homes sold each month, the supply of homes available for purchase will be consumed in 10 months. Hence, an absorption rate of 10.
In real estate, a market with 0-4 months’ worth of inventory is considered a “sellers market”.
At 4-6 months worth of inventory we refer to this as a “balanced market”.
Once the amount of inventory available for sale climbs above 6 months we are entering a “buyer’s market”.
If you have a home in McKinney TX or the Dallas Fort-Worth area, and you want to know how much it would sell for today, click this link to request a free comparative market analysis: www.kamihallre....
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Kami Hall
Kami Hall Real Estate Group
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