Understanding the Timing of Home Sales: Insights from a Seasoned Realtor
Home sellers often find themselves pondering a common question: How quickly will my home sell? It's a query that echoes frequently in the real estate realm, and as someone deeply ingrained in the market dynamics of Cherokee County, with a portfolio boasting over 2000 transactions, I can attest to the crucial role timing plays in the selling process.
Greetings, I'm Bonnie Lelak, proudly associated with eXp Realty, and I bring forth insights garnered through years of navigating the intricacies of the real estate landscape.
In a hot market characterized by limited inventory and soaring demand, homes can swiftly change hands within a day. Yet, despite the allure of a lightning-fast sale, I advocate for a measured approach. Rushing the process may jeopardize optimal marketing strategies and the possibility of attracting offers with favorable terms, potentially leaving money on the table.
On the flip side, when the market is saturated with more homes than buyers, the selling process tends to elongate. This variability underscores the importance of personalized consultations. When we sit down with you, we delve into the nuances of timing, offering our estimation of how swiftly your home might sell.
Central to our discussions is the concept of absorption rate—a metric vital for determining pricing and timing strategies. The absorption rate quantifies the pace at which available homes are absorbed by the market within a specific timeframe. As per Investopedia, a seller's market typically exhibits an absorption rate of less than 3 months of inventory, while a buyer's market sees a rate of 6 months or greater.
Understanding this metric is pivotal. If your home lingers on the market for more than 90 days, it's a telltale sign of overpricing, indicative of a buyer's market scenario. Therefore, discerning whether the prevailing market favors sellers or buyers is instrumental in gauging the velocity at which your home will sell.
I'm Bonnie Lelak, leading the Lelak Real Estate Team at eXp Realty. And remember, our passion lies in uniting homes and people. Let's embark on this journey together.
Understanding the Timing of Home Sales: Insights from a Seasoned Realtor
Home sellers often find themselves pondering a common question: How quickly will my home sell? It's a query that echoes frequently in the real estate realm, and as someone deeply ingrained in the market dynamics of Cherokee County, with a portfolio boasting over 2000 transactions, I can attest to the crucial role timing plays in the selling process.
Greetings, I'm Bonnie Lelak, proudly associated with eXp Realty, and I bring forth insights garnered through years of navigating the intricacies of the real estate landscape.
In a hot market characterized by limited inventory and soaring demand, homes can swiftly change hands within a day. Yet, despite the allure of a lightning-fast sale, I advocate for a measured approach. Rushing the process may jeopardize optimal marketing strategies and the possibility of attracting offers with favorable terms, potentially leaving money on the table.
On the flip side, when the market is saturated with more homes than buyers, the selling process tends to elongate. This variability underscores the importance of personalized consultations. When we sit down with you, we delve into the nuances of timing, offering our estimation of how swiftly your home might sell.
Central to our discussions is the concept of absorption rate—a metric vital for determining pricing and timing strategies. The absorption rate quantifies the pace at which available homes are absorbed by the market within a specific timeframe. As per Investopedia, a seller's market typically exhibits an absorption rate of less than 3 months of inventory, while a buyer's market sees a rate of 6 months or greater.
Understanding this metric is pivotal. If your home lingers on the market for more than 90 days, it's a telltale sign of overpricing, indicative of a buyer's market scenario. Therefore, discerning whether the prevailing market favors sellers or buyers is instrumental in gauging the velocity at which your home will sell.
I'm Bonnie Lelak, leading the Lelak Real Estate Team at eXp Realty. And remember, our passion lies in uniting homes and people. Let's embark on this journey together.
We Love Bringing Homes and People Together.
