Don't Slow Down The Sale Of Your Home

11 / 28 / 11

By: Jill Urban | Read the original article on NY1.

While it usually takes months to sell an apartment, some tips can help speed up the process. NY1's Real Estate reporter Jill Urban filed the following report.

Before a home goes on the market, sellers usually first ask how long will it take to sell. Selling a home is a lengthy process and many often underestimate how long it can take.

Doug Perlson, the founder of the online brokerage firm RealDirect, says sellers really need to manage their expectations when it comes to time on the market.

"Our research has shown that it takes somewhere in the neighborhood of 20 qualified buyers before you get your first offer and two to three offers before one actually sticks," says Perlson. "So you are looking a somewhere between 20 to 60 people through the door before you actually sell your home."

Unless the sale involves an all-cash buyer in a condo, it can take a while to get a deal done. However, there are a few things that can speed up the process, such as choosing the price wisely.

"Pricing accurately is key. You've got to make sure you are under those common price ceilings, an even increment where people are commonly searching," says Perlson. "So if the average one-bedroom in a certain neighborhood is about $700,000, you want to make sure you are under that $700,000 price ceiling and not pricing it at $705,000 or $710,000. You might shrink your pool of buyers dramatically."

He says owners can arrange their homes to resemble what buyers really want. For example, Perlson says his data shows that 15 percent of buyers list storage and a home office as a top priority. So reworking a closet or clearing space for a desk could help increase a buyer pool.

Distribution is also key. Make sure the listing can be found on all the sites where buyers are looking.

Now, even once the deal is signed, don't assume it is headed straight to the closing table.

"Just because you sell quickly doesn't mean your deal is going to close quickly. There are still other items that need to be removed from your checklist," says Perlson. "You need to qualify for a mortgage, you need to go before a board. Mortgages take longer than ever before, so you're talking another two, three months."

Lastly, in some cases, an owner looking to sell too fast may be selling the space short. Apartments with unique characteristics or unusual layouts usually take longer to sell, so if someone who waits it out is more likely to get the wanted price.

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