When looking for a house or apartment on commonly used internet platforms, the advert often displays the length of time that the property has already been on the market. The advert may be current and new, or maybe the house of your dreams has already been advertised for quite some time, but what does the number of days, weeks, months actually mean? Does the same rule of thumb apply for all types of properties, and when does long become too long?
What does the length of time a property has been on the market reveal?
The right price and the right platform
The length of time that a property has been on the market can be due to various factors. Often, a professional and reasonable property valuation has a major impact on how fast your property sells. What is important in this regard is selling your property the right way: it must be offered at the right price, marketed on the right platforms and handled flexibly.
When property owners manage the sale of their property themselves, they often make a number of mistakes. These mistakes then influence how long the property remains on the market. Using a real estate agent to sell your property is well worth it, as it will help you attain the best possible price. At the same time, you should not scare off potential buyers by asking too much for your property. Furthermore, it is much more difficult marketing your property comprehensively on your own. A real estate agent has various portals at his disposal that he is very familiar with, which allows him to sell the property much faster.
The type of property and selling a home quickly
The type of property also influences how long the property remains on the market. Luxury properties tend to sell slower than single-family homes with garden in sought-after suburbs. Why is that? The main factor is the price, because the higher the price, the fewer potential buyers there are. Furthermore, the owner of a luxury property can normally afford to wait until the desired selling price is achieved, as cash flow is not all that important. So if a luxury property is on the market for a longer period of time, this does not necessarily mean much.
A fast home sale can mean many different things. Maybe the house was offered at the right price, maybe the buyer was flexible with regard to price. Maybe the house was showcased often enough at different times, or maybe it was simply in a good condition. Of course, it is also possible that the sale was handled by a competent real estate agent who knew exactly how to market a property properly. These are the main reasons for a property selling quickly.
But, of course, they are not the only reasons. Even though the price is the most decisive sales and purchase factor in most cases, current market conditions can also have an impact on how long the property remains on the market. At Engel & Völkers, you can have your property appraised for free and get support from competent professionals with extensive real estate expertise. This will allow you to sell your property the right way - within your given time frame and at realistic terms.