Calculate the Average Time for Selling a House

What is the best way to calculate the average time for selling a house?

3 Answers

When you list your house for sale with a realtor, they will market the property to the best of their ability. Their livelihood depends on it.  If the house is priced correctly, meaning it is priced based on what the market will bear in the current economic adjustment, it will sell. 

The average realtor will list your home for 6 months, in exchange they will expose the home to thousand of other realtors who have throusands of buyers, advertise on the internet, newspaper, MLS, hold open houses and represent your home with care and with a sense of personal responsibility.  Of course, many people try and are successful in selling their home themselves, however, the average homeowner doesn't have the time or prior experience needed to perform all the back office duties once the contracts are signed. 

There are many ways to calculate the average time needed to sell your house and to calculate an average sale price.  One of the easiest ways is to contact 3 real estate companies / agents and have them provide you with a comparative market analysis as part of the listing process.  You may have to compensate them pending your area's protocols. 

Another way, will be to contact your assessors office and have them provide a list of comparable sales from your area.  Many assessors' offices use data from the county / regional clerk's / recorders office to validate their methodology and assessments on real property.  Your county real property office will also have real time data available as to properties sold in your area, and can usually provide data as to how many, and price, though they will not have days on market data. 

Also, many local papers have a real estate section that lists properties sold, and prices sold as well.  The hard part will be determining days on market, and comparing house details with that of your property.  For this, you will likely need to engage the services of a reputable real estate office / agent with access to a multiple listing service provide you with this data.  Also ask for a average (mean) of listing price to sale price as well. 

You could give it away in less than a day...I'm sure, right?  But if you expect someone to pay top dollar, it will take a little longer....

That's not sarcasm, just trying to set the right background.  A good realtor will sell your house in a less than average time because they are better than average themselves.  They have more connections, are respected more highly than other realtors, and generally get what they want...they're successful right?  Those are traits of successful people.

Interview your they have a professional background prior to being in real estate?  How well are they educated?  How LONG have they been a realtor?  How many homes did they sell last month? 

Now matter what you're doing, you want to deal with a PRO.  Go with someone who knows what they're doing and you'll find that you sold your house faster than average.