How Quickly Will Your Home Sell?
Wondering how quickly your Wilmington, NC home will find a buyer? It all depends on the market! Whether it’s a seller’s market with quick turnarounds or a more stable climate, pricing and strategy are key. Let’s chat about timing, absorption rates, and how to maximize your sale!
How quickly will my home sell is a question we get all the time from sellers. I get it AND the market climate is what’s actually going to determine how quickly your home will sell. After being involved in many transactions here in the Wilmington, NC area over the past several years, I get asked that question all the time.
I’m Kimberly Crouch with EXP Realty. How long will your Wilmington, NC home take to sell? In a hot market where there is limited inventory, meaning there are more buyers than homes to purchase, you can actually expect your home to sell in just a few days. In fact, we’ve all gotten used to that in the past few years! Even in such a market, I highly recommend allowing the home to the get proper marketing time so you can get the most amount of offers with the very best terms. Anytime someone tells me they sold their home in just one day, I always kind of shake my head and wonder if they left money on the table.
Right now, given everything that’s going on in the market, we are in a more stable market. Because of the circumstance of our economy, you might want to look at offers as they come in and not expect multiple offers in one weekend. But again, the market climate and what’s happening always determines if you should allow more marketing time. If there are more homes on the market than buyers, then you can expect a longer time for the home to actually sell. We can discuss the timing and how quickly we think your home will sell when we meet with you.
It’s really important to look at absorption rate in terms of pricing. Absorption rate is a term most commonly used in the real estate market to evaluate the rate at which homes are sold in a specific market in a given period of time. It’s calculated by taking the average number of sales per month divided by the total number of available homes. It’s inverse gives you the months of inventory on the market. 3 months of inventory or less is considered a sellers market, 4-6 months is a stable market, and over 6 months is a buyers market.
Right now in todays market, which is pointing towards stability following several years of a seller’s market, if we see a home take longer than 30 days to sell, then it’s usually overpriced. Sometimes other factors come into play, but that’s usually the case.
As always I’m Kimberly Crouch with EXP Realty, authentic coastal luxury at every price point.
Hi there!
Hi, I'm Kim Crouch, and I help people and investment entities buy and sell their homes in Wilmington and coastal southeast North Carolina!
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910-679-6072
1001 Millitary Cutoff Rd Suite 101
Wilmington, NC 28403
kim@thecoastalrealestategroup.com
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