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Wednesday, September 17, 2014

Home Seller Tips: Price to Sell in Six Months?

I had a recent listing appointment where the prospective seller wanted to sell no sooner than six months from now.  After all, in his words, the Melbourne, Florida real estate market is improving so my selling price will be better, right?

His statement brings to light two issues pertaining to selling your house -  timing and pricing.

Timing your Home Sell

How long should it take to sell a house in Brevard County,  Florida?   There are multiple variables impacting the exact time to sell your Brevard County home but, most importantly, it is the the product - your house.  A property that is move in ready, a seller who is move out ready, and who makes presentation easy (easy appointments) is a great start. 

With no hiccups along the way a buyer obtaining a mortgage is usually looking at a 30-45 day time from contract to closing (allowing time for inspections, survey, appraisals, etc.).   This is for a standard sale and not a foreclosure or short sale.    A cash buyer can close in a week to ten days easily if there are no title issues as well as the inspection and appraisal (recommended) are accomplished.

So, how long will it take to sell my house?    There is no easy answer but a good rule of thumb is 90 days from listing to close (taking my 30-10-1 rule and adding the days mentioned above).  The above areas touch upon two of what I call the Three Ps of Selling Your Home (price, preparation and presentation).     I will address pricing next.

Pricing your Home to Sell

A competitively priced house is key to getting an offer.  The key here is being competitive.  Competitive does not mean priced to sell in six months.  

Based on the time to close suggested by my prospective seller my seller would have a property sitting at least four months before getting an offer.   That is a lot of days on the market.  Extended days on the market can cause a prospective buyer to think "What is wrong with the house?"   Pricing high is close in six months only serves to make competitive listings more attractive.

Why would a seller want to go through the hassle of having their home viewed for months knowing it is pried too high for the current market?

And if the seller did get an offer there are plenty of things that could go wrong in the interim while waiting to close.  Buyers have health issues or changes in family makeup.  Buyers lose jobs. Buyers change their mind (even with a contract) and walk away.  Buyers credit worthiness can change  so a mortgage is out.

Finally, how could I really predict what a home may sell for in six months? 

When you are ready to sell your Melbourne, Florida home give me a call at 321-693-3850. 

We can talk six months early.  We can do all the things necessary to prepare your home for the market.  We can put in on the market 90-100 days ahead of your desired closing and price it for the current market not some unknown.

 Image courtesy of digitalart at

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