Marketing a Property
According to the market conditions, the length of time it takes to market a house will vary. While some properties sell in just a few days, others may require several months.
There are 6 factors that influence the time it takes to sell a property:
Competition - Every buyer makes his decision about which home to buy and how much it is worth, by the other choices at the time they buy. Realtors do not set the list price, buyers do! A buyer is only willing to pay for a property. The supply of other homes is constantly changing every week and the current competition always affects the buyer’s opinion of your property. So, the question is what will the buyer’s other choices be at the time they are shown your property?
Financing - To complete financing, two things must happen. The buyer must qualify for the mortgage and the property must appraise for the agreed upon price.
Price - If the property has not sold after a reasonable length of time but other similar properties have sold, then the price may need to be reduced. If this is true and the price is not reduced, a sale may be further delayed or even prevented.
Property - If the property should show poorly or have major defects which cannot be corrected, a sale may not take place until the defects are corrected or until the price is adjusted to compensate for them.
Timing - Timing is the condition of the real estate market at the time of the sale. Supply and demand are the factors influencing whether it’s a seller’s or buyer’s market. Neither the seller nor the agent can change the condition of the market at the time the property is for sale.
Marketing - Marketing techniques are being constantly tested and updated for best results. But even expert marketing has its limitations because marketing cannot overcome any of the first five factors if they are out of balance and remain uncorrected.
