Video Transcript Below
Are you considering selling your home? How long will it take? What determines how quickly it will sell. Hi I’m Tristan Colborg with The Denver Real Estate agent.com and eXp Realty in Denver. These are just a couple of questions we hear sellers asking and where here to help.
The market climate is one item that will determine how quickly your home will sell. In a HOT market, where there is limited inventory, meaning there are more buyers than homes to purchase, you can sell your home in a day. However, I highly recommend allowing the house to have proper marketing time to receive the most amount of offers with the best terms. Anytime someone tells me they sold their home in one day, I always shake my head because I know that means they left money on the table. If there are more homes on the market than buyers, then you can expect a little longer for the home to sell.
Another thing to look at when determining how fast your home will sell is the absorption rate. Absorption rate is a term most commonly used in the real estate market to evaluate the rate at which available homes are sold in a specific market during a given period. We calculate it by dividing the average number of home sales per month by the total number of available homes. For example, if there are 50 homes currently on the market to be sold in your local area, and buyers are purchasing approximately 100 homes per month, the absorption rate is 200% (100 homes sold per month divided by 50 homes available for sale). This also indicates that the supply of homes will be exhausted in 2 weeks (50 homes divided by 100 homes sold/month). There you have it, just a couple of the items we can use to determine how quickly your home will sell. If you are ready to sell your home and want to work with someone who knows the market, reach out I’m here to help. Again I’m Tristan Colborg with the Denver Real Estate agent.com and remember you deserve an elevated real estate experience.