Do you ever wonder how long it takes to sell a home?
According to the multiple list service, the average, in Glendale, is about 50 days. This means it takes 50 days to go on the open market, accept an offer and complete the buyer’s due diligence (inspections and loan contingencies).
However, many people think of “sold” as getting an accepted offer. That number is a lot harder to identify (the multiple list does not report the average time to accept an offer), but it is closer to 21 days.
There are two ways to use that knowledge if you are an active home buyer or home seller.
Home Buyers Advice
If the home has been active on the market with no accepted contracts the list price may be too high. This might mean the home is “overpriced” or it might mean the current buyers are missing out on a great house. This happens when a home has features that “aren’t for everyone”. If this home is for YOU, make an offer. You might be pleasantly surprised by the results.
Sometimes there is nothing out of the ordinary with the home- the list price is simply too high. Some homeowners start out thinking they have all the time in the world and later change their minds. Make an offer.
Sometimes the homeowner is firm on their price and is not willing to change.
Home Sellers Advice
If your home is active on the market more than 21 days it is time to review your strategy. One of three things could be happening
- You are getting lots of showings, and weak or low offers
- You are getting lots of showings and no offers
- You are getting few or no showings
If your marketing is on point and your showing availability is reasonable, your price is probably too high. Home sellers will typically wait too long to reduce their price or their reduction is too small to make a difference.
In this market, a home that reduces a price enough to recreate excitement in the marketplace will often see multiple offers, often above the newly reduced price. The rule of thumb on that reduction is 10%.