This is a question on all Portland home seller’s minds, “how quickly will my home sell?” While there is no exact answer there are things that sellers can do to make the process happen faster. Currently homes are sitting on the market an average of 30 to 90 days but it all depends on what type of sale it is, short sale, foreclosure, bank owned, or owner/seller, and it depends on price, condition and location.
Sellers may not be able to control some of these factors but others they have complete control over such as condition. The condition of the property will affect its ability to sell quickly. If the home is in excellent condition, no major or even minor repairs are needed, and move-in ready, buyers will be much more apt to place an offer on the home if it’s priced correctly.
Price is another factor that sellers can control but not always. Sellers may need to receive a certain amount for the home to cover what they currently owe on it. If they owe more than it’s worth sellers may need to consider a short sale or a loan modification should they choose to stay in the home. If sellers can price their home above what they currently owe they need to consider pricing it less then there competition. If sellers price the home lower yet offer more than their competition they naturally will sell. Buyers will look at similar homes in similar price ranges and if they find one that’s less but offers more they will naturally be drawn to it.
Short sales, bank owned and foreclosure homes take anywhere from 2 to 12 months to close depending on the bank, the sellers, and the situation. These types of transactions are all different and rarely can a short sale or foreclosure home close within a couple months.
Location is also a factor that sellers have no control over. If the home is on a busy street, sellers may want to consider putting up a fence to separate the street from the home making it more appealing to buyers. If the home is located in the downtown area such as a condominium, the location may be ideal and buyers may snatch up these condos or homes faster.
Corporation also is a huge factor when it comes to selling timelines. If the sellers are being unreasonable, hard to get a hold of, or postponing appointments and deadlines, it can extend the closing time out much farther. When buyers and sellers as well as escrow, title, lenders and the agents all work together in a timely manner, closing and recording can happen quickly.
As your Portland real estate agent I want your home to sell just as quickly as you do. By working together with your current situation, your pricing parameters, and staging and preparing your home to sell can all make for a faster closing and a quicker sale.