How Long Will It Take To Sell My Home?

How Long Will It Take To Sell My Home? Featured Image

How long will it take to sell your Edmonton home? As per the Canadian Real Estate Association (CREA), most residential listings average less than two months on the market (44 days in Summer 2023), with that number slowly decreasing year over year. However, how long it takes to sell your home can vary greatly depending on a few key factors, all of which can affect your sale timeline.

Here’s what you need to know:

Asking Price

Listing price is the most significant determining factor in how long it takes a home to sell. Keep in mind, this doesn’t mean pricing your home higher to get more money, nor does it mean pricing so low you shortchange your home’s true value. The key is pricing to sell – in which case you’ll need to a) get an idea of your property’s current market value b) research recent sales of comparable homes in your area, and c) determine what features make your home stand out from the competition.

Your Home’s Condition

Since your home’s condition has a direct impact on your asking price, this is the next major determiner. An older home in need of a few upgrades may still sell more quickly than a home in top condition that’s priced too high. That being said, an unkempt property in need of repairs will likely turn buyers off, so be sure to boost your home’s appeal with a few easy renovations and some simple home staging.

Market Conditions

Current market conditions may also affect how long it takes to sell your home. For instance, it may sell much faster in a seller’s market (where there are more buyers than inventory) than a buyer’s market where conditions are opposite. Here too, the right asking price is critical, especially in a buyer’s market where buyers are more inclined to take their time (as a seller, this may require a little more patience on your part).

See our previous post: 3 Key Benefits of Selling Your Home in a Buyer’s Market

An Effective Marketing Strategy

Marketing plays a crucial role in reaching potential buyers. Various channels like online listings, social media platforms, and real estate websites can help increase exposure for a listed property, potentially attracting a larger pool of buyers. Collaborating with a skilled real estate agent with ample marketing expertise can expedite the process by effectively showcasing the property to the right audience.

Time of Year

Really, any time is a great time to sell a home. However, average days on market may increase slightly depending on the time of year. During the Christmas season, for example, buyers may be less inclined to make such a significant purchase, in which case your home may remain listed until the New Year. Spring and Summer are considered “busy season,” but here again, rain, snow or shine, your home’s asking price is key.

Negotiations and Closing

Negotiations can also impact the time it takes to sell a home. The back-and-forth between buyers and sellers can extend the process, particularly if there are disagreements over specific terms and conditions. However, working with experienced real estate agents skilled in negotiations can help resolve issues efficiently, ultimately leading to a smoother closing process.

Home Inspections and Appraisals

Once an offer is accepted, additional steps such as home inspections and appraisals come into play. These processes aim to evaluate the property’s condition and value. The duration of these steps can vary depending on factors such as the property’s age, complexity, and location. Addressing issues promptly and being proactive during these assessments can help avoid unnecessary delays.

Working With a REALTOR vs. Going It On Your Own

While it’s not a requirement for selling your home, we recommend partnering with an expert Edmonton REALTOR®. As agents ourselves, we’ve sold over 10,000 homes in the Edmonton real estate market alone. We also have the skills, experience and expertise to guide you through the home selling process. From assessing your home’s “true” value and coming up with a great asking price to helping you market and promote to buyers (27/7), working with a REALTOR® will enable you to sell your home quickly and for more money!

10 Essential Tips for Selling Your Home Fast

1. Set the Right Price

As mentioned above, setting the right price is critical. Collaborate with a reputable Edmonton REALTOR® who can provide insights and help you establish a competitive and attractive price point.

2. Enhance Curb Appeal

The first impression is everything. Boost your home’s curb appeal by maintaining a tidy exterior, clearing clutter, mowing the lawn, and (season permitting) planting colourful flowers. Consider repainting the front door and fixing any visible issues, as an appealing exterior can entice potential buyers and set a positive tone for the entire viewing experience.

3. Stage your Home

Create a welcoming atmosphere by decluttering, depersonalizing, and arranging furniture to maximize space. Neutral colours and decorations can help potential buyers envision themselves living in the space, leading to quicker offers.

4. Invest in Professional Photography

In today’s digital age, most buyers begin their search online. Grab their attention by investing in high-quality, professional real estate photography. Clear, well-lit images of each room can significantly increase interest (don’t worry, your agent can help you with this).

5. Optimize Online Listings

In addition to photos, make sure your online listings stand out by providing accurate and detailed information about your home. Highlight its unique selling points, such as upgraded features, energy-efficient systems, or desirable amenities in the surrounding neighbourhood.

6. Leverage Social Media

Expand your reach by utilizing social media platforms to promote your listing. Share images, videos, and virtual tours across platforms like Facebook, Instagram, and Twitter. Remember, a good Edmonton REALTOR® will come backed by an effective marketing strategy and will take care of these details for you.

7. Be Flexible with Showings

To sell your home fast, be as flexible as possible with showing appointments. Accommodating potential buyers’ schedules, including evenings and weekends, can help increase the number of showings and potential offers. Don’t forget to stage your home before listing to minimize the time required for each showing.

8. Highlight Energy Efficiency

Incorporate energy-efficient features into your home and highlight them during showings. Energy-saving appliances, windows, and energy-efficient HVAC systems can attract buyers looking for long-term savings. Providing documentation or energy rating certificates can enhance the credibility of these features.

9. Address Repairs and Maintenance

Take care of any necessary repairs and maintenance tasks before listing your home. A well-maintained property can instill buyer confidence and expedite the selling process. Fix leaky faucets, squeaky doors, and any visible cosmetic issues. Consider a pre-listing home inspection to identify and address potential concerns ahead of time.

10. Collaborate with an Experienced Realtor:

Here again, engaging the services of a knowledgeable and reputable real estate agent will greatly enhance your chances of selling your home quickly. Look for an agent with a proven track record of fast home sales in your area. They will guide you through the selling process, offer valuable insights, negotiate on your behalf, and assist in coordinating all aspects of the transaction.

How much is your home really worth? Find out today with the help of our FREE Home Evaluation. During this process, we will come to your home and determine the best listing price based on current market conditions. Not sure if you’re ready to sell? No problem! We can simply suggest ways to improve your home’s value until you’re confident about hitting the market.

While you’re here, don’t forget to check out our Free Seller’s Resources:

Photo credits: shutterstock.com

Originally published August 19, 2020, updated August 16, 2023

Posted by Terry Paranych on August 16th, 2023

How Long Will It Take to Sell My Home?