Jeremy Jenks: My team enjoys throwing things at me and keeping me on my toes and they’ve put together a list of questions and I’m going to pull one out of the box for you today and you’re going to get little surprise expert commentary, and the fun here is I’m going to answer this just like I was sitting in your living room and we were having a chat. So let’s see what we get today.
“How long will it take to sell my home?” Well, that’s a great question. Most of the sellers that ask me that in this market, and the homes that I analyze, the time on market is running – in great neighborhoods that are moving quickly – it’s a little bit under 90 days, and in the neighborhoods that it’s a little but slower, I’ve seen up to 120, 130 days. What that is is, a typical escrow period, when any lender’s involved, it’s going to be at least 45 days. The days of getting a 30-day closing when you’ve got to do loan documentation and everything else, are getting harder and harder. I’ve seen it done, but it’s very difficult, so typically that’s going to be 45 days.
Maybe there’s an extension involved, maybe the seller needs a little bit more time to get out. So that could be 60 days of the process right there. Even the homes that sell in a matter of minutes, which I’ve seen quite a few, if they’re priced right and they’re in good condition, they’re still going to have … the minimum is going to be probably 30 to 40 days on the market. That’s the absolute minimum. Then, of course, you have homes that are on the market for a year, so that’s why you average all things out. You’re going to average about 90 to 100 days on the market.
That’s a good rule of thumb, but of course every situation is different, and if you’re planning on your timing for selling a house, we’ve been successful in negotiating leasebacks, 90-day closings, different things like that for our sellers, so just give me call and I’d be more than happy to talk to you about your specific situation.
For more information: Jeremy Jenks, Vice President of Sales, TheTrembleyGroup.com, 843.638.3002
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