Market conditions have a big impact on market time and sale price. In a hot market, inventory is limited because there are more buyers than homes to purchase. Hi, I’m Eric with Eric Andersen Homes, and in these conditions, also known as a seller’s market, you can sell your home in a day. However, I highly recommend giving your home proper marketing time so you can get the most amount of offers with the best terms. The last thing you want to do is leave money on the table!
If, on the other hand, there are more homes on the market than buyers, then you can expect your home to take a little longer to sell.
We can discuss timing and how quickly your home might sell when we meet. One really critical factor to consider when selling is absorption rate. Absorption rate is a term used in real estate to determine the pace at which available homes are sold in a specific market during a given time period. Absorption rate is calculated by dividing the average number of sales per month by the total number of homes on the market.
According to Investopedia, a seller’s market would have an absorption rate that equals more than 20%, and a buyers market would have an absorption rate below 15%. When you look at the entire Chicagoland market, the median market time is 35 days, though local markets may see considerable variation from that. If you’d like to know what the absorption rate specific to your area is or to discuss anything else with the sale of your home, contact me today. I’m Eric with Eric Andersen Homes, and I’m here to provide you with a smarter approach to real estate.
Eric Andersen Homes: A Smarter Approach to Real Estate
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eric@eandersenhomes.com