In the real estate market, some properties can take a few days to sell while others take longer, ranging from months to even years. Most people, before putting their properties up for sale, would like to have a fair idea of how long the property will stay on the market.
The following factors are the most common determinants of how long a property will stay on the market:
- Location: The location of the building is one of the main factors that determine the period of time a property will stay on the market. A good location is easily accessible to homebuyers, and should be linked to the CBD and other parts of the city by roads. The environment should also be pleasant and safe.
- Price of the property: A number of people list their properties leaving room for negotiations. However, if you set a price too high, this may deter prospective home-buyers from inquiring about the property. Before listing a property, resort to the services of a professional to help determine the fair price of the property.
- Willingness to negotiate: William Quaynor of Elegant Homes Real Estate Agency remarked: “A number of real estate agents refuse to negotiate with home-buyers about the price of the property. They stick to the listed price and this can deter a prospective home-buyer from acquiring the property.”
- State of the property: Uncompleted buildings sometimes sell even faster than completed ones. The state of the property does not necessarily imply they should be complete, but if you want to sell an older property faster, ensure the structure is in good shape. Fix all broken windows and tiles, apply a fresh coat of paint, and ensure all the cracks on the walls are fixed.