Hurry, Homes Are Selling Faster

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April 27, 2016 by Jeff Lowen

The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report, which revealed that homes were on the market for an average of 47 days in March. STM-ShareThis is a decrease from the 59 days reported in February, as well as the 52 days reported back in March 2015.

42% of homes across the country were on the market for less than a month, which is the highest it’s been since July 2015 (43%)!

So what’s that mean in terms of real dollars and cents? The time it takes to sell, or “Days On the Market, (DOM)” takes into account the time from the day you stab a sign in the yard to the day you have an offer, everyone agrees to price and terms and now, you have a contract. What it doesn’t take into account is the time it takes from contract date (or “Ratified date) to closing, or settlement. In other words, if your property sells in a week, your “DOM” will be 7. If it’s under contract for another 8 weeks, it’s not counted.

How does this affect you? Back to the dollars and cents question. As a Seller, you’re responsible for paying the mortgage along with interest, taxes, insurance, homeowner association dues, any other special assessments, not to mention utilities, yard maintenance, typical upkeep, etc. Until you hand the keys over at settlement. Note: Unless it specifically states different in the contract. Remember, everything is negotiable. I once had the buyers pay the mortgage while the sellers stayed in the home over a month after the settlement date. Along with utilities, too! The longer it takes to sell, the more money you have to put out.

Among the states with homes selling in 30 days or less are Washington, Oregon, and Minnesota. The map below was created using results from NAR’s Monthly Realtor Confidence Survey.

STM-1-4

The moral of the story…

Buyer demand is increasing as the inventory of homes available for sale remains low. If you are thinking about listing your home for sale this year, let’s meet up so I can help you take advantage of current market conditions. …And show you how I was able to get the buyers to pay for the mortgage while you’re still living there!

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2 thoughts on “Hurry, Homes Are Selling Faster

  1. Susan Akard says:

    Austin Tx. Area, houses are pending as soon as they are listed! Lots of people from CA are buying! Do you have any suggestions for buyers to beat everyone else?

    • Jeff Lowen says:

      Absolutely! There’s a strategic way you can craft an offer based on any given market. Jumping into an inevitable multiple offer situation means you’ll have to work fast. It may mean having an offer written and ready to drop immediately, and better to find out as much info about the Sellers as you can, which isn’t easy. It may mean canvassing a neighborhood for homes before they come on the market, too. Having an agent very skilled in negotiating to gather information and position your offer so it either is, or ‘appears to be’ the absolute best choice for the Seller. That would mean the rest of the offers are (in Austin speak) “All hat and no cattle!” 🙂 For more help, just call, text or email me!

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