In 2020, homes have been selling faster than in the past. This is mainly due to lower inventory and historically low interest rates. In fact, Zillow.com shares a statistic that homes went under contract in an average of 25 days this year. This is down from a national average of 30 days in 2019. If your home isn't selling in 45 to 60 days, it's been on the market for too long. Work with your real estate agent to figure out why.
Location, Location, Location
Location is the number one reason a house sells quickly or not. If your home is on a busy road or backs to a busy road, it may take longer to sell. If your home is within view of commercial buildings or stores, it may take longer to sell. Homes that are located in cul de sacs may be more attractive because there is less traffic.
If you overprice your home, it will take longer to sell. Even though homes are selling faster across the board, sellers shouldn't ask too much for them. Zillow.com cites that home values have appreciated an average of 3.8% this year. The National Association of Realtors says that the average home appreciation is between 3% to 5% per year. If you list your home too high and it isn't selling, you should consider reducing the price after approximately 30 days.
Buyers are looking for homes that are in good condition and are move-in ready. If your home is in poor condition, it will take longer to sell. This is especially true of the major mechanicals and high ticket items in your home. If your roof is old, it may need to be replaced. If your windows are old and leaking, they need to be replaced. The same is true of furnaces, central air conditioners and hot water heaters. If you have old appliances that aren't working optimally, buyers may pass on your home.
Updating and Upgrading
Buyers are also looking for homes that are 'on-trend' and have certain updates and upgrades. Buyers are looking for kitchens and bathrooms that are updated. For example, Granite and Quartz countertops are top picks for buyers nowadays. Buyers are looking for upgraded flooring, carpeting and paint colors as well.
Time of Year
The spring and summer are typically the best times of year to sell a home. This year is different, however. The National Association of Realtor's Chief Economist, Lawrence Yun, says this winter market is predicted to be the busiest winter market ever.
Lack of Curb Appeal
When buyers are walking up to the front door of a home, the first thing they see is the curb appeal. Buyers are looking for lawns and landscaping that are in good condition. If your lawn and landscaping beds have weeds or overgrown plants and bushes, it's time to spruce them up. It's amazing what a fresh layer of mulch or stone in your landscaping beds will do. If your siding is dirty, power washing it will help. Buyers often think that if you take good care of the outside of your home, that you must take care of the inside as well.
If your home isn't selling in a few weeks to a month, make some changes and see if that makes a difference. Home values are rising and homes are selling faster. In today's market, 45 to 60 days is too long for a home to be on the market without being under contract.