A question I get asked a lot is, How Quickly will my home sell?
One of the factors is the market climate. In a HOT market, where there is limited inventory, meaning there are more buyers than homes to purchase, you can sell your home in a day (although I highly recommend allowing the home to have proper marketing time so that you receive the most amount of offers with the best terms.
Anytime someone tells me they sold their home the first day on MLS, I always shake my head because I know that means they left money on the table.
If there are more homes on the market than buyers, then you can expect a little longer timeframe for the home to sell. We can discuss timing and how quickly we feel your home will sell when we meet with you. It’s really important to look at the absorption rate in determining timing. Absorption rate is a term most commonly used in the real estate market to evaluate the rate at which available homes are sold in a specific market during a given time period. It is calculated by dividing the average number of sales per month by the total number of available homes.
According to Investopedia a “Sellers Market” would have an absorption rate that equals more than 20% and a buyer’s market would have an absorption rate lower than 15%. I personally feel that those numbers are a bit too vast and right now in today’s market if we are seeing a home take longer than 150 days to sell, then it is overpriced.
We have sold 100’s of homes in the Scottsdale market over the past 21 years & we know about timing when selling a home. Call us at The Shackelton Group and we will let you know based on today’s market climate how many homes are on the market and how many buyers were seeing and give you a really good estimate on how long it’s going to take your home to sell.