How Long Will It Take to Sell My Home?

August 19, 2020 7:00 am Published by Terry Paranych Real Estate Group

How long will it take to sell your Edmonton home? As per the Canadian Real Estate Association (CREA), most residential listings average less than two months on the market (56 days in 2019), with that number slowly decreasing year over year. However, how long it takes to sell your home can vary greatly depending on a few key factors, all of which can affect your sale timeline.

Here’s what you need to know:

Asking Price

Listing price is the most significant determining factor in how long it takes a home to sell. Keep in mind, this doesn’t mean pricing your home higher to get more money, nor does it mean pricing so low you shortchange your home’s true value. The key is pricing to sell – in which case you’ll need to a) get an idea of your property’s current market value b) research recent sales of comparable homes in your area and c) determine what features make your home stand out from the competition.

Your Home’s Condition

Since your home’s condition has a direct impact on your asking price, this is the next major determiner. An older home in need of a few upgrades may still sell more quickly than a home in top condition that’s priced too high. That being said, an unkempt property in need of repairs will likely turn buyers off, so be sure to boost your home’s appeal with a few easy renovations and some simple home staging.

Market Conditions

Current market conditions may also affect how long it takes to sell your home. For instance, it may sell much faster in a seller’s market (where there are more buyers than inventory) than a buyer’s market where conditions are opposite. Here too, the right asking price is critical, especially in a buyer’s market where buyers are more inclined to take their time (as a seller, this may require a little more patience on your part).

See our previous post: 3 Key Benefits of Selling Your Home in a Buyer’s Market

Time of Year

Really, any time is a great time to sell a home. However, average days on market may increase slightly depending on the time of year. During the Christmas season, for example, buyers may be less inclined to make such a significant purchase, in which case your home may remain listed until the New Year. Spring and Summer are considered “busy season,” but here again, rain, snow or shine, your home’s asking price is key.

Working With a REALTOR vs. Going It On Your Own

While it’s not a requirement for selling your home, we recommend partnering with an expert Edmonton REALTOR®. As agents ourselves, we’ve sold over 10,000 homes in the Edmonton real estate market alone. We also have the skills, experience and expertise to guide you through the home selling process. From assessing your home’s “true” value and coming up with a great asking price to helping you market and promote to buyers (27/7), working with a REALTOR® will enable you to sell your home quickly and for more money!

How much is your home really worth? Find out today with the help of our FREE Home Evaluation. During this process, we will come to your home and determine the best listing price based on current market conditions. Not sure if you’re ready to sell? No problem! We can simply suggest ways to improve your home’s value until you’re confident about hitting the market.

While you’re here, don’t forget to check out our Free Seller’s Resources:

Photo credits: Shutterstock.com

Tags: selling

Categorised in: Selling a Home

This post was written by Terry Paranych Real Estate Group